Exploring the factors of customer acceptance of digital payment : Technological and security factors

Mohamad Arshad, Saidatina Naelah (2023) Exploring the factors of customer acceptance of digital payment : Technological and security factors. Project Report. Universiti Teknikal Malaysia Melaka, Melaka, Malaysia. (Submitted)

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Abstract

Recent reports highlight a growing trend in the usage of mobile payment services (m-payment), yet their adoption in Malaysia still lags, contributing to unclear attitudes toward the system. This slow adoption, attributed to factors like perceived usefulness (PU), perceived ease of use (PEOU), and perceived security (PS), poses challenges for the potential progress of digital payment systems. Therefore, this research examines the relationships between PU, PEOU, PS, and customer acceptance of m-payment. It was conducted in Ayer Keroh, Melaka, and used explanatory research purposes. The researcher employed a structured quantitative research design, and the strategy utilised was a survey strategy targeting 320 m-payment users in Ayer Keroh, using the Likert Scale for data collection. The results of the empirical analysis revealed that all three hypotheses were accepted, underscoring the significant relationships of PU, PEOU, and PS in influencing customer acceptance. The findings of this study contribute to the existing knowledge on m-payment systems, providing insights that can inform industry practices, enhance user experiences, and address the slow adoption challenges. By understanding consumer behaviours and the factors influencing continuous adoption, businesses and service providers can adapt strategies to drive more comprehensive acceptance of digital payment systems. In conclusion, this research not only sheds light on the current state of mpayment adoption in Malaysia but also offers practical implications for stakeholders navigating the evolving landscape of digital financial technologies. The critical factors in this research are perceived usefulness, perceived ease of use (TAM) and security.

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