Intention to Use e-Wallet for Mobile Payments: A Study Employing the Unified Theory of Acceptance and Use of Technology

Abstract

Non-cash alternatives, like e-wallets, can now be used to make payments that were previously only possible with cash in this digital age. They are currently one of Pakistan's most widely used forms of payment. This research study uses the “Unified Theory of Adoption and Use of Technology”, or UTAUT paradigm, to determine whether e-wallets are adopted in Pakistan and what factors affect their use. The aim of the study is to determine how an individual's behavioral intention is impacted by using an e-wallet. 210 respondents, dispersed across Pakistan, participated in the study, which used a quantitative methodology. IBM SPSS and PLS-SEM Smart-PLS (version-3) were utilized to assess the structural equation of data modelling and regression analysis. Effort Expectancy, Performance Expectancy, and Social Influence were found to have a significant and positive effect on behavioral intention. Perceived risk, perceived cost, perceived trust, and facilitating conditions, on the other hand, have been shown to have less influence on and be less accurate predictors of users' behavioral intention. According to this research, Pakistani e-wallet users prioritize convenience, functionality, and social impact over factors like risk, trust, and security, which is consistent with behavior seen in less developed countries.