The Digital Shift: COVID-19 as a Catalyst for Mobile Payment Adoption in Malaysia
DOI:
https://doi.org/10.37075/FABA.2025.2.03Keywords:
Mobile payment, Technology Acceptance Model, Perceived usefulness, Perceived COVID-19 risk, Subjective norms, Malaysia, Digital finance, Behavioural intentionAbstract
Purpose: This study aims to investigate the underlying factors influencing the behavioural intention of Malaysians to adopt mobile payment during the COVID-19 pandemic, focusing specifically on the effect of both technological and situational variables, namely perceived usefulness, perceived ease of use, subjective norms, and perceived COVID-19 risk.
Design/Methodology/Approach: A quantitative research design was employed using a structured online survey to gather data from 393 Malaysian respondents. The study extends the Technology Acceptance Model (TAM) by integrating constructs from the Theory of Reasoned Action (TRA) and situational risk factors related to COVID-19. Multiple regression analysis was used to test the influence of each variable on the behavioural intention to adopt mobile payment.
Findings: The results show that all four variables- perceived usefulness, perceived ease of use, subjective norms, and perceived COVID-19 risk - significantly influence the behavioural intention to adopt mobile payment. Among these, perceived usefulness exhibited the strongest effect. These findings suggest that Malaysians' adoption of mobile payment is driven more by functional utility and ease of use, with situational awareness of health risk also contributing positively.
Practical Implications: The findings imply that banks and e-wallet providers should focus on enhancing the perceived usefulness and ease of use of their platforms while also highlighting the health and safety benefits of cashless transactions. Policymakers and stakeholders may also use these insights to promote broader digital payment adoption as part of national financial inclusion and health safety agendas.
Originality/Value: This study contributes to the field by including situational risk variable, perceived COVID-19 risk, into the extended TAM framework. It offers timely insights into consumer technology adoption behaviour under public health crises, specifically within the Malaysian context.
Keywords: Mobile payment; Technology Acceptance Model; Perceived usefulness; Perceived COVID-19 risk; Subjective norms; Malaysia; Digital finance; Behavioural intention
Paper Type: Research Paper.
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