Modeling mobile payment acceptance among working-age users in the emerging market

Abstract

Mobile payments are poised to become the predominant method of transaction as we progress towards a society with reduced reliance on cash. Despite the rapid growth of mobile payments, not everyone is willing to accept them due to their perception of a lack of security and confidence (Aboobucker & Bao, 2018). This study aims to examine the factors influencing the acceptance of mobile payment among working-age individuals in Malaysia. Data was collected through questionnaires, generating a 49 percent response rate. Descriptive, univariate, and multivariate analyses were performed to analyze the data. Based on the underpinning of the technology acceptance model (TAM) the study discovers that perceived ease of use, personal innovativeness, and behavioral intention have a significant positive relationship with working-age acceptance of mobile payment. In contrast, perceived risk and social influence demonstrated an insignificant effect on working-age acceptance of mobile payment. Understanding these factors may enable service providers to allocate resources effectively and create a sustainable mobile payment ecosystem in the country (Moghavvemi et al., 2021). The study further holds significance for both managers and policymakers in their efforts to harness the potential of mobile payment services, in line with Bank Negara’s objective in transitioning towards a cashless society.