The Effect of Social Influence, Hedonic Motivation, and Financial Literacy Moderated By Gender On The Use of Digital Wallets Among College Student
Abstract
This study’s goals was to determine (1) the effect of social influence on the use of digital wallets, (2) the effect of hedonic motivation on the use of digital wallets among college students, (3) the effect of financial literacy on the use of digital wallets among college students, (4) find out whether gender can moderate the effect of social influence on the use of digital wallets among college students, (5) find out whether gender can moderate the effect of hedonic motivation on the use of digital wallets among college students, (6) find out whether gender can moderate financial literacy on the use of digital wallets among college students. The sampling technique was completed using purposive sampling. Data collection was carried out using questionnaires and tests. The validity test techniques used are convergent validity and discriminant validity. Data analysis uses the Moderating Regression Analysis (MRA) model. This reaserch found: (1) social influence has a positive and significant effect on the use of digital wallets among college students. (2) hedonic motivation has a positive and significant effect on the use of digital wallets among college students. (3) financial literacy has a positive and significant effect on the use of digital wallets among college students. (4) the effect between social influence and the use of digital wallets among college students is stronger for women. (5) the effect between hedonic motivation and the use of digital wallets among college students is stronger for men. (6) the effect between financial literacy and the use of digital wallets among college students is stronger for men.
References
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Bucher-Koenen, T., Lusardi, A., Alessie, R., & van Rooij, M. (2017). How Financially Literate Are Women? An Overview and New Insights. Journal of Consumer Affairs, 51(2), 255–283. https://doi.org/10.1111/joca.12121
Chawla, D., & Joshi, H. (2018). The Moderating Effect of Demographic Variables on Mobile Banking Adoption: An Empirical Investigation. Global Business Review, 19(3_suppl), S90–S113. https://doi.org/10.1177/0972150918757883
Ergün, K. (2018). Financial literacy among university students: A study in eight European countries. International Journal of Consumer Studies, 42(1), 2–15. https://doi.org/10.1111/ijcs.12408
Esawe, A. T. (2022). Understanding mobile e-wallet consumers’ intentions and user behavior. Spanish Journal of Marketing - ESIC, 26(3), 363–384. https://doi.org/10.1108/SJME-05-2022-0105
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303
Ha, D., Şensoy, A., & Phung, A. (2023). Empowering mobile money users: The role of financial literacy and trust in Vietnam. Borsa Istanbul Review, 23(6), 1367–1379. https://doi.org/10.1016/j.bir.2023.10.009
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5, 347–373. https://doi.org/10.1146/annurev-economics-082312-125807
Jaiswal, D., Kaushal, V., Mohan, A., & Thaichon, P. (2022). Mobile wallets adoption: pre- and post-adoption dynamics of mobile wallets usage. Marketing Intelligence and Planning, 40(5), 573–588. https://doi.org/10.1108/MIP-12-2021-0466
Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. https://doi.org/10.1016/j.jbef.2021.100569
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). The Journal of Consumer Affairs. The Journal of Consumer Affairs, 44(2), 358–380. http://www.councilforeconed.org/wp/wp-content/uploads/2011/11/Financial-Literacy-for-Young-Lusardi.pdf
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Montalto, C. P., Phillips, E. L., McDaniel, A., & Baker, A. R. (2019). College Student Financial Wellness: Student Loans and Beyond. Journal of Family and Economic Issues, 40(1), 3–21. https://doi.org/10.1007/s10834-018-9593-4
Morgan, P. J., & Trinh, L. Q. (2020). Fintech and financial literacy in Viet Nam Asian Development Bank Institute. ADBI Working Paper Series, 1154. http://hdl.handle.net/10419/238511
Nandru, P., Chendragiri, M., & S.A, S. (2023). Factors affecting the adoption of mobile payment services during the COVID-19 pandemic: an application of extended UTAUT2 model. Journal of Science and Technology Policy Management. https://doi.org/10.1108/JSTPM-03-2023-0044
Negm, E. M. (2023). Consumers’ acceptance intentions regarding e-payments: a focus on the extended unified theory of acceptance and use of technology (UTAUT2). Management & Sustainability: An Arab Review. https://doi.org/10.1108/msar-04-2023-0022
Park, J., Amendah, E., Lee, Y., & Hyun, H. (2019). M-payment service: Interplay of perceived risk, benefit, and trust in service adoption. Human Factors and Ergonomics In Manufacturing, 29(1), 31–43. https://doi.org/10.1002/hfm.20750
Prasasti, A., Zonna Lia, D. A., & Putri Nuari, K. (2022). e-Wallet usage intensity and the determining factors during pandemics. International Journal of Research in Business and Social Science (2147- 4478), 10(8), 94–99. https://doi.org/10.20525/ijrbs.v10i8.1475
Sikapiuangmu.ojk.go.id. (2021). Alat Pembayaran Makin Berkembang, Transaksi Makin Mudah, Makin Bijak Mengelolanya. Sikapiuangmu.Ojk.Go.Id. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/20533
Soegoto, D. S., & Tampubolon, M. P. (2020). E-Wallet as a Payment Instrument in the Millennial Era. IOP Conference Series: Materials Science and Engineering, 879(1). https://doi.org/10.1088/1757-899X/879/1/012139
Sukaris, S., Renedi, W., Rizqi, M. A., & Pristyadi, B. (2021). Usage Behavior on Digital Wallet: Perspective of the Theory of Unification of Acceptance and Use of Technology Models. Journal of Physics: Conference Series, 1764(1). https://doi.org/10.1088/1742-6596/1764/1/012071
Tenk, T. T., Yew, H. C., & Heang, L. T. (2020). E-Wallet Adoption: a Case in Malaysia. International Journal of Research in Commerce and Management Studies, 2(02), 216–233. http://ijrcms.com
Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. Bottom Line, 34(2), 170–197. https://doi.org/10.1108/BL-08-2020-0053
Turan, M., & Kara, A. (2018). Online social media usage behavior of entrepreneurs in an emerging market: Reasons, expected benefits and intentions. Journal of Research in Marketing and Entrepreneurship, 20(2), 273–291. https://doi.org/10.1108/JRME-09-2016-0034
Ullah, R., Ismail, H. Bin, Islam Khan, M. T., & Zeb, A. (2024). Nexus between Chat GPT usage dimensions and investment decisions making in Pakistan: Moderating role of financial literacy. Technology in Society, 76(December 2023), 102454. https://doi.org/10.1016/j.techsoc.2024.102454
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Utaut 2. MIS Quarterly, 36(1), 157–178.
Walintukan, C., Tumbuan, W. J. F. A., & Tulung, J. E. (2018). the Effect of Product Quality, Sales Promotion and Social Influence on Customer Purchase Intention in Bellagio Shoes Store in Manado. The Effect…… 3533 Jurnal EMBA, 6(4), 3533–3542.
Wang, K. (2018). Research on Influence Factors of the Elderlyrs Intention to Use Mobile APPs. 230(Icesame), 196–202. https://doi.org/10.2991/icesame-18.2018.41
Yang, M., Al Mamun, A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability (Switzerland), 13(2), 1–18. https://doi.org/10.3390/su13020831
Yoshino, N., Morgan, P. J., & Long, T. Q. (2020). Financial Literacy and Fintech Adoption in Japan. In Asian Development Bank Institute Working Paper 1095 (Issue 1095). https://www.adb.org/publications/financial-literacy-fintech-adoption-japan
Zaid Kilani, A. A. H., Kakeesh, D. F., Al-Weshah, G. A., & Al-Debei, M. M. (2023). Consumer post-adoption of e-wallet: An extended UTAUT2 perspective with trust. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100113. https://doi.org/10.1016/j.joitmc.2023.100113
Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99–110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002
Balasubramnian, B., & Sargent, C. S. (2020). Impact of inflated perceptions of financial literacy on financial decision making. Journal of Economic Psychology, 80(July), 102306. https://doi.org/10.1016/j.joep.2020.102306
Bommer, W. H., Rana, S., & Milevoj, E. (2022). A meta-analysis of eWallet adoption using the UTAUT model. International Journal of Bank Marketing, 40(4), 791–819. https://doi.org/10.1108/IJBM-06-2021-0258
Bucher-Koenen, T., Lusardi, A., Alessie, R., & van Rooij, M. (2017). How Financially Literate Are Women? An Overview and New Insights. Journal of Consumer Affairs, 51(2), 255–283. https://doi.org/10.1111/joca.12121
Chawla, D., & Joshi, H. (2018). The Moderating Effect of Demographic Variables on Mobile Banking Adoption: An Empirical Investigation. Global Business Review, 19(3_suppl), S90–S113. https://doi.org/10.1177/0972150918757883
Ergün, K. (2018). Financial literacy among university students: A study in eight European countries. International Journal of Consumer Studies, 42(1), 2–15. https://doi.org/10.1111/ijcs.12408
Esawe, A. T. (2022). Understanding mobile e-wallet consumers’ intentions and user behavior. Spanish Journal of Marketing - ESIC, 26(3), 363–384. https://doi.org/10.1108/SJME-05-2022-0105
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303
Ha, D., Şensoy, A., & Phung, A. (2023). Empowering mobile money users: The role of financial literacy and trust in Vietnam. Borsa Istanbul Review, 23(6), 1367–1379. https://doi.org/10.1016/j.bir.2023.10.009
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5, 347–373. https://doi.org/10.1146/annurev-economics-082312-125807
Jaiswal, D., Kaushal, V., Mohan, A., & Thaichon, P. (2022). Mobile wallets adoption: pre- and post-adoption dynamics of mobile wallets usage. Marketing Intelligence and Planning, 40(5), 573–588. https://doi.org/10.1108/MIP-12-2021-0466
Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. https://doi.org/10.1016/j.jbef.2021.100569
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). The Journal of Consumer Affairs. The Journal of Consumer Affairs, 44(2), 358–380. http://www.councilforeconed.org/wp/wp-content/uploads/2011/11/Financial-Literacy-for-Young-Lusardi.pdf
Merhi, M., Hone, K., Tarhini, A., & Ameen, N. (2020). An empirical examination of the moderating role of age and gender in consumer mobile banking use: a cross-national, quantitative study. Journal of Enterprise Information Management, 34(4), 1144–1168. https://doi.org/10.1108/JEIM-03-2020-0092
Montalto, C. P., Phillips, E. L., McDaniel, A., & Baker, A. R. (2019). College Student Financial Wellness: Student Loans and Beyond. Journal of Family and Economic Issues, 40(1), 3–21. https://doi.org/10.1007/s10834-018-9593-4
Morgan, P. J., & Trinh, L. Q. (2020). Fintech and financial literacy in Viet Nam Asian Development Bank Institute. ADBI Working Paper Series, 1154. http://hdl.handle.net/10419/238511
Nandru, P., Chendragiri, M., & S.A, S. (2023). Factors affecting the adoption of mobile payment services during the COVID-19 pandemic: an application of extended UTAUT2 model. Journal of Science and Technology Policy Management. https://doi.org/10.1108/JSTPM-03-2023-0044
Negm, E. M. (2023). Consumers’ acceptance intentions regarding e-payments: a focus on the extended unified theory of acceptance and use of technology (UTAUT2). Management & Sustainability: An Arab Review. https://doi.org/10.1108/msar-04-2023-0022
Park, J., Amendah, E., Lee, Y., & Hyun, H. (2019). M-payment service: Interplay of perceived risk, benefit, and trust in service adoption. Human Factors and Ergonomics In Manufacturing, 29(1), 31–43. https://doi.org/10.1002/hfm.20750
Prasasti, A., Zonna Lia, D. A., & Putri Nuari, K. (2022). e-Wallet usage intensity and the determining factors during pandemics. International Journal of Research in Business and Social Science (2147- 4478), 10(8), 94–99. https://doi.org/10.20525/ijrbs.v10i8.1475
Sikapiuangmu.ojk.go.id. (2021). Alat Pembayaran Makin Berkembang, Transaksi Makin Mudah, Makin Bijak Mengelolanya. Sikapiuangmu.Ojk.Go.Id. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/20533
Soegoto, D. S., & Tampubolon, M. P. (2020). E-Wallet as a Payment Instrument in the Millennial Era. IOP Conference Series: Materials Science and Engineering, 879(1). https://doi.org/10.1088/1757-899X/879/1/012139
Sukaris, S., Renedi, W., Rizqi, M. A., & Pristyadi, B. (2021). Usage Behavior on Digital Wallet: Perspective of the Theory of Unification of Acceptance and Use of Technology Models. Journal of Physics: Conference Series, 1764(1). https://doi.org/10.1088/1742-6596/1764/1/012071
Tenk, T. T., Yew, H. C., & Heang, L. T. (2020). E-Wallet Adoption: a Case in Malaysia. International Journal of Research in Commerce and Management Studies, 2(02), 216–233. http://ijrcms.com
Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. Bottom Line, 34(2), 170–197. https://doi.org/10.1108/BL-08-2020-0053
Turan, M., & Kara, A. (2018). Online social media usage behavior of entrepreneurs in an emerging market: Reasons, expected benefits and intentions. Journal of Research in Marketing and Entrepreneurship, 20(2), 273–291. https://doi.org/10.1108/JRME-09-2016-0034
Ullah, R., Ismail, H. Bin, Islam Khan, M. T., & Zeb, A. (2024). Nexus between Chat GPT usage dimensions and investment decisions making in Pakistan: Moderating role of financial literacy. Technology in Society, 76(December 2023), 102454. https://doi.org/10.1016/j.techsoc.2024.102454
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Utaut 2. MIS Quarterly, 36(1), 157–178.
Walintukan, C., Tumbuan, W. J. F. A., & Tulung, J. E. (2018). the Effect of Product Quality, Sales Promotion and Social Influence on Customer Purchase Intention in Bellagio Shoes Store in Manado. The Effect…… 3533 Jurnal EMBA, 6(4), 3533–3542.
Wang, K. (2018). Research on Influence Factors of the Elderlyrs Intention to Use Mobile APPs. 230(Icesame), 196–202. https://doi.org/10.2991/icesame-18.2018.41
Yang, M., Al Mamun, A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability (Switzerland), 13(2), 1–18. https://doi.org/10.3390/su13020831
Yoshino, N., Morgan, P. J., & Long, T. Q. (2020). Financial Literacy and Fintech Adoption in Japan. In Asian Development Bank Institute Working Paper 1095 (Issue 1095). https://www.adb.org/publications/financial-literacy-fintech-adoption-japan
Zaid Kilani, A. A. H., Kakeesh, D. F., Al-Weshah, G. A., & Al-Debei, M. M. (2023). Consumer post-adoption of e-wallet: An extended UTAUT2 perspective with trust. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100113. https://doi.org/10.1016/j.joitmc.2023.100113
Published
2024-10-09
How to Cite
FAUZIAH, Annisa; SABANDI, Muhammad.
The Effect of Social Influence, Hedonic Motivation, and Financial Literacy Moderated By Gender On The Use of Digital Wallets Among College Student.
Soedirman Economics Education Journal, [S.l.], v. 6, n. 2, p. 115-131, oct. 2024.
ISSN 2686-6277.
Available at: <https://jos.unsoed.ac.id/index.php/seej/article/view/12813>. Date accessed: 13 mar. 2025.
doi: https://doi.org/10.32424/seej.v6i2.12813.
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