Towards a Sustainable Financial Future: Exploring the Influence of E-Wallet Adoption Among Gen Z in Malaysia
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Abstract
The COVID-19 pandemic has prompted a shift in payment approaches, with
a preference for e-wallets. Despite their potential, Malaysians lag in adopting e-wallets.
It is necessary to gain a deeper understanding of the factors influencing e-wallet
adoption, especially through Gen Z. Therefore, we conducted this study using the
Unified Theory of Acceptance and Use of Technology (UTAUT) framework to explore
the factors influencing e-wallet adoption among Gen Z. Interviews with eight members
of Gen Z reveal that advantages like time savings and the ability to manage and monitor
transactions drive the adoption of the e-wallet payment method. Emergent themes, such
as government incentives and the convenience of donating, further delineate the adoption
of e-wallets. The adoption of e-wallets will eventually promote sustainable consumption
by replacing cash transactions and reducing carbon emissions due to the reduced
physical transit of financial resources. This study enhances the UTAUT and suggests
prospective avenues for the growth of e-wallets in Malaysia. Practically, the findings are
advantageous for financial service providers that are enhancing their e-wallets, as well
as for government initiatives to transition to a cashless society and ultimately achieve
sustainable development goals.
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