Urus, Sharina Tajul and Kurniasari, Florentina and Nazri, Sharifah Nazarul Faiza Syed Mustapha and Utomo, Prio and Othman, Intan Waheedah and Jimmy, So Yohanes and Hamid, Nadiah Abd (2022) A COMPARATIVE STUDY OF FINTECH PAYMENT SERVICES ADOPTION AMONG MALAYSIAN AND INDONESIAN FRESH GRADUATES: THROUGH THE LENS OF UTAUT THEORY. Eastern-European Journal of Enterprise Technologies, 5 (13). pp. 73-88. ISSN 17293774
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Abstract
The Covid-19 pandemic had changed the business model in various industries. Companies have switched to digital business processes in order to survive in this challeng-ing situation. Financial Technology (Fintech), especially digital payment services, has become the most preferred solution for handling finan-cial transactions in conditions of limited mobil-ity and interaction. The phenomenal emergence of Fintech has captured the attention of the world and the Asian region, including Malaysia and Indonesia. Despite various benefits offered by Fintech, the adoption rate is still relative-ly low, especially for IT-savvy groups of fresh graduates in both countries. This comparative study aims to analyze the adoption of Fintech payment services in Malaysia and Indonesia using the UTAUT theory approach. The research measures the relationships between performance expectancy, effort expec-tancy, social influence, consumers’ trust, and national culture with the adoption of Fintech. Each indicator of national culture, such as indi-vidualism, power distance, uncertainty avoid-ance, masculinity and long-term orientation, was measured to see its relationship with the adoption rate.The quantitative method was employed, and the data were collected via an online sur-vey of a total of 486 respondents. Using multi-variate regression analysis, 57.9 % behavioral adoption of Fintech payment services both in Malaysia and Indonesia was explained through performance expectancy, effort expectancy, social influence, customer trust and national culture. The study revealed that performance expectancy and the cultural factor individu-alism had the highest effect on the decision to adopt digital payment services. This study con-tributes to the Fintech ecosystem in both coun-tries by providing some recommendations to Fintech providers, financial institutions, and governments in policy making. It is also expect-ed that the research will support the govern-ment’s goal to become a cashless society as a strategy to increase financial inclusion
| Item Type: | Article |
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| Keywords: | performance expectancy, effort expectancy, social influence, Fintech, national culture, trust |
| Subjects: | 300 Social Sciences > 330 Economics |
| Divisions: | Faculty of Business > Master of Technology Management |
| Depositing User: | Administrator UMN Library |
| Date Deposited: | 03 Apr 2023 01:04 |
| Last Modified: | 03 Apr 2023 01:04 |
| URI: | https://kc.umn.ac.id/id/eprint/25200 |
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