Advancing Towards a Cashless Society: The Acceptance of eWallet in Brunei Darussalam

Advancing Towards a Cashless Society: The Acceptance of eWallet in Brunei Darussalam

Munirah Ajeerah Arine (Universiti Brunei Darussalam, Brunei), Hidayatul Aziyah Zain (Universiti Brunei Darussalam, Brunei) and Norzaidah Hidayah Rashid (Universiti Brunei Darussalam, Brunei)
Copyright: © 2020 |Pages: 13
DOI: 10.4018/978-1-5225-9183-2.ch011

Abstract

This exploratory research study looked into the younger population of Brunei Darussalam in terms of the feasibility of eWallets. By utilizing the unified theory of acceptance and use of technology (UTAUT) model established by Venkatesh et al., this research hoped to assess the country's technological readiness and the level of acceptance of eWallet adoption in a future of an e-Payment economy for the purpose of to improve the efficiency of financial institutions as well as for the provision of new services for the convenience of the customers. The study found that none of the main four constructs of the UTAUT model to be predictors of behavioral intention but rather, attitude towards using technology and anxiety. This may be as a result of the younger populace being in constant interaction with various types of technology, paired with the rising internet connectivity which led to the minimal impact of a new technology, in this case, eWallets.
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Literature Review

The FinTech 3.5 and Its Impact to Mobile Financial Services

In addition to continuous technological advancement and the widespread Internet usage, The Global Financial Crisis of 2008 was a climacteric for the emergence of the FinTech 3.0 era (Arner, Barberis and Buckley, 2015). However Arner et al. (2015) clarified that the unfolding of the FinTech 3.5 era was deeply motivated by the emerging countries’ efforts in progressing economically. They also highlighted that the younger communities are typically equipped with smart devices earlier on and are technologically shrewd in this era (Arner et al., 2015). The Internet and mobile communications payments is noted to be a predominant focal point for FinTech 3.5 which provides opportunities to fintech companies. Furthermore, the continual and exponential rise in technological advancements may encourage merchants to provide alternatives to physical cash and cheque payments and opt for contactless payments to customers as this may help to reduce operating costs whilst simultaneously increase revenues. Hence, eWallet service is introduced as an alternative where it can store user details such as multiple credit and debit card account numbers, bank account information, passwords, loyalty cards and vouchers, whilst also allowing the user to make a transaction allowing for a more efficient payments between the customers and merchants.

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