Unlocking Digital Wallet Adoption Through UTAUT Model: Unveiling the Factors Shaping Consumer Decisions

The utilisation of mobile devices as payment options has spurred the evolution of mobile digital payment methods. Despite being in its nascent stage, the COVID-19 pandemic and the upsurge in smartphone usage have increased the adoption of digital payments. Notably, the adoption of digital wallets remains low in Malaysia and needs to be investigated. The paper reviews the Unified Theory of Acceptance and Use of Technology (UTAUT) model and related literature, highlighting the significance of these factors in influencing consumer adoption. Hence, the objective of this study is to examine the factors influencing digital wallet adoption, such as perceived usefulness, ease of use, social influence, facilitating conditions, lifestyle compatibility, and perceived trust. The study employed a quantitative research design. The sample size of 255 was garnered through online convenience sampling using Google Forms across various social media platforms, namely Facebook, WhatsApp, and Instagram. Data analysis includes normality tests, validity, reliability tests, Pearson's correlation, and multiple regression analysis using JASP version 0.17.1 and SPSS version 24. The findings showed significant relationships between perceived usefulness, facilitating conditions, lifestyle compatibility, and perceived trust with the intention to use digital wallets. However, perceived ease of use and social influence do not significantly impact adoption. The research sheds light on the complex interplay between these factors and their implications for digital wallet usage.