Factors Impact on Customer Intention—A Technology Acceptance Model Perspective on E-wallets Among Sri Lankan University Students

E-wallets represent a novel approach in the financial technology sector where it optimizes and elevates financial activities. E-wallets have exploded in previous years, allowing customers to have a convenient and fast financial digital transaction. Electronic wallets are often known as e-wallets and digital wallets. Developed countries like China and India are recognized globally as nations with the highest adoption of e-wallets. The purpose of the study is to identify the factors that affect customer intention to use e-wallets by using an extended model of the technology acceptance model (TAM). The identified gap is that no studies have been done that focused on applying the extended TAM model to examine customer intention to use e-wallets in Sri Lanka based on university students. The investigation utilized perceived ease of use (PEOU), perceived usefulness (PU), and privacy and security (PS) as predictors of customer intention to use e-wallets. The research aims to address three main research questions. Firstly, it aims to investigate whether the perceived ease of use has a significant impact on customers’ intention to adopt e-wallets. Secondly, it seeks to determine the extent to which perceived usefulness influences customers’ intention to use e-wallets. Lastly, the study aims to ascertain whether security and privacy concerns play a significant role in shaping customers’ intention to adopt e-wallets. To achieve these objectives, the study adopts the technology acceptance model (TAM), which serves as a framework for understanding how these factors shape the intention to use e-wallets within the Sri Lankan context. Data collection was done through a questionnaire distributed to 150 university students in Colombo District, which was selected using a simple random sampling technique, with analysis conducted using the statistical package for the social sciences (SPSS). Simple linear regression was used to assess the data. The findings indicate that perceived ease of use, perceived usefulness, and security and privacy significantly influence customer intention to use e-wallets among Sri Lankan university students. Despite these findings, the study encourages service providers, policymakers, and customers to enhance customer engagement with e-wallets in Sri Lanka.