Factor affecting the use of e-money in millennial generation: Research model UTAUT 2

Lizar Alfansi, Muhammad Yasser Iqbal Daulay


This study aims to determine the factors that influence users in using electronic money in transactions. The Unified Theory of Acceptance and Use of Technology (UTAUT) is used as a research model with independent variables: performance expectations, facility conditions, social influence, expectations, perceived values, habits, beliefs, and hedonic motivation. The dependent variable in this study is actual use and interest to be used as a mediator variable. This research method uses an online survey method that is distributed using Google Surveys. This study's sample was 194 electronic money users spread across three major cities in Indonesia, such as DKI Jakarta, West Java, and Central Java. Primary data collected were analyzed using SmartPLS software. The study results explain that trust is a substantial factor in influencing the use of electronic money. Companies, in this case, must pay attention to system security factors to be able to attract millennials using electronic money.


Actual users; electronic money; millenial generation; UTAUT; UTAUT2.

Full Text:


Article Metrics

Abstract views : 0| PDF views : 0


Aggelidis, V. P., & Chatzoglou, P. D. (2009). Using a modified technology acceptance model in hospitals. International Journal of Medical Informatics, 78(2), 115-126. https://doi.org/10.1016/j.ijmedinf.2008.06.006

Alwahaishi, S., & Snášel, V. (2013). Consumers' acceptance and use of information and communications technology: A UTAUT and flow-based theoretical model. Journal of Technology Management and Innovation, 8(2), 61-73. https://doi.org/10.4067/s0718-27242013000200005

Balouchi, M., Aziz, Y. A., Hasangholipour, T., Khanlari, A., Abd Rahman, A., & Raja-Yusof, R. N. (2017). Explaining and predicting online tourists' behavioral intention in accepting consumer-generated content. Journal of Hospitality and Tourism Technology, 8(2), 168-189. https://doi.org/10.1108/JHTT-09-2016-0059

Bank, I. (2019). Statistik Sistem Pembayaran Uang Elektronik: Laporan Transaksi Uang Elektronik Tahun 2012-2019. Bank Indonesia.

Baptista, G., & Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, 418-430. https://doi.org/10.1016/j.chb.2015.04.024

Barnes, S., & Vidgen, R. (2009). An evaluation of user acceptance of a corporate intranet. 17th European Conference on Information Systems, ECIS 2009. http://is2.lse.ac.uk/asp/aspecis/20090065.pdf

Casey, T., & Wilson-Evered, E. (2012). Predicting uptake of technology innovations in online family dispute resolution services: An application and extension of the UTAUT. Computers in Human Behavior 28(6), 2034-2045. https://doi.org/10.1016/j.chb.2012.05.022

Chauhan, S. (2015). Acceptance of mobile money by poor citizens of India: Integrating trust into the technology acceptance model. Info 17(3), 58-68. https://doi.org/10.1108/info-02-2015-0018

Cheng, S. I., Chen, S. C., & Yen, D. C. (2015). Continuance intention of E-portfolio system: A confirmatory and multigroup invariance analysis of technology acceptance model. Computer Standards and Interfaces, 42, 17-23. https://doi.org/10.1016/j.csi.2015.03.002

Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods 12th Edition. In Business Research Methods.

Cruz, P., Neto, L. B. F., Muñoz-Gallego, P., & Laukkanen, T. (2010). Mobile banking rollout in emerging markets: Evidence from Brazil. International Journal of Bank Marketing, 28(5), 342-371. https://doi.org/10.1108/02652321011064881

Etemad-Sajadi, R. (2014). The influence of a virtual agent on web-users desire to visit the company: The case of restaurant's web site. International Journal of Quality and Reliability Management, 31(4), 419-434. https://doi.org/10.1108/IJQRM-05-2013-0077

Fadillah, F. F. (2018). Sudah Saatnya Beralih ke E-money, Alat Pembayaran Zaman Now. Kementerian Keuangan Republik Indonesia. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/sudah-saatnya-beralih-ke-e-money-alat-pembayaran-zaman-now/

Fishbein, M., & Ajzen, I. (2011). Predicting and changing behavior: The reasoned action approach. New York: Taylor and Francis Group, LLC. https://doi.org/10.4324/9780203838020

Goh, T. T., Suki, N. M., & Fam, K. (2014). Exploring a consumption value model for Islamic mobile banking adoption. Journal of Islamic Marketing, 5(3), 344-365. https://doi.org/10.1108/JIMA-08-2013-0056

Gurǎu, C. (2012). A life-stage analysis of consumer loyalty profile: Comparing Generation X and Millennial consumers. Journal of Consumer Marketing, 29(2), 103-113. https://doi.org/10.1108/07363761211206357

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis 7th edition. London: Pearson Education Limited.

Hampton-Sosa, W. (2017). The impact of creativity and community facilitation on music streaming adoption and digital piracy. Computers in Human Behavior, 69, 444-453. https://doi.org/10.1016/j.chb.2016.11.055

Ho, S. H., & Ko, Y. Y. (2008). Effects of self-service technology on customer value and customer readiness: The case of Internet banking. Internet Research, 18(4), 427-446. https://doi.org/10.1108/10662240810897826

Howe, N., & Strauss, W. (2009). Millennials rising: The next great generation. New York: Vintage

Iliyin, A. (2020). Pengaruh persepsi kemudahan penggunaan dan persepsi keamanan terhadap keputusan penggunaan OVO PT Visionet Data Internasional (Studi pada pengguna OVO di Kota Surakarta). Journal Ilmu Administrasi Bisnis, 9(2), 85-92.

Kamal, S. A., Shafiq, M., & Kakria, P. (2020). Investigating acceptance of telemedicine services through an extended technology acceptance model (TAM). Technology in Society, 60, 1-10. https://doi.org/10.1016/j.techsoc.2019.101212

Khatimah, H., & Halim, F. (2014). Consumers’ intention to use e-money in Indonesia based on The Unified Theory of Acceptance and Use of Technology (UTAUT). American-Eurasian Journal of Sustainable Agriculture, 8(12), 34–40.

Kim, C., Tao, W., Shin, N., & Kim, K. S. (2010). An empirical study of customers’ perceptions of security and trust in e-payment systems. Electronic Commerce Research and Applications 9(1), 84-95. https://doi.org/10.1016/j.elerap.2009.04.014

Lim, F.-W., Ahmad, F., & Abdul Talib, A. N. (2019). Behavioural intention towards using electronic wallet : A conceptual framework in the light of the Unified Theory of Acceptance and Use of Technology (UTAUT). Imperial Journal of Interdisciplinary Research, 5(1), 79-86.

Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734. https://doi.org/10.5465/amr.1995.9508080335

Mcknight, D. H., Carter, M., Thatcher, J. B., & Clay, P. F. (2011). Trust in a specific technology: An investigation of its components and measures. ACM Transactions on Management Information Systems 2(1), 1-25. https://doi.org/10.1145/1985347.1985353

Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., & Lytras, M. D. (2018). Social Commerce as a driver to enhance trust and intention to use cryptocurrencies for electronic payments. IEEE Access, 6, 50737-50751. https://doi.org/10.1109/ACCESS.2018.2869359

Mittendorf, C., Berente, N., & Holten, R. (2019). Trust in sharing encounters among millennials. Information Systems Journal, 2019, 1-37. https://doi.org/10.1111/isj.12237

Myers, K. K., & Sadaghiani, K. (2010). Millennials in the workplace: A communication perspective on millennials’ organizational relationships and performance. Journal of Business and Psychology, 25(2), 225–238. https://doi.org/10.1007/s10869-010-9172-7

Najib, M., & Fahma, F. (2020). Investigating the adoption of digital payment system through an extended technology acceptance model: An insight from the Indonesian small and medium enterprises. International Journal on Advanced Science, Engineering and Information Technology, 10(4), 1702-1708. https://doi.org/10.18517/ijaseit.10.4.11616

Nisha, N. (2016). Exploring the dimensions of mobile banking service quality: Implications for the banking sector. International Journal of Business Analytics, 3(3), 60-76. https://doi.org/10.4018/IJBAN.2016070104

Oblinger, D. (2003). Boomers, Gen-Xers, & Millennials: Understanding the "New Students." Educause Review, 37-47.

Pantano, E., & Corvello, V. (2014). Tourists’ acceptance of advanced technology-based innovations for promoting arts and culture. International Journal of Technology Management, 64(1), 3-16. https://doi.org/10.1504/IJTM.2014.059232

Papadopoulos, G. (2011). Electronic money and the possibility of a cashless society. SSRN Electronic Journal, 1-22. https://doi.org/10.2139/ssrn.982781

Park, S. Y. (2009). An analysis of the technology acceptance model in understanding University students’ behavioral intention to use e-Learning. Educational Technology and Society, 12(3), 150-162. https://www.researchgate.net/publication/220374248

Payne, A. F., Storbacka, K., & Frow, P. (2008). Managing the co-creation of value. Journal of the Academy of Marketing Science, 36(1), 83-96. https://doi.org/10.1007/s11747-007-0070-0

Purwanto, E., Deviny, J., & Mutahar, A. M. (2020). The mediating role of trust in the relationship between corporate image, security, word of mouth, and loyalty in m-banking using among the millennial generation in Indonesia. Management and Marketing. Challenges for the Knowledge Society, 15(2), 255-274. DOI: 10.2478/mmcks-2020-0016.

Raza, S. A., & Hanif, N. (2013). Factors affecting internet banking adoption among internal and external customers: A case of Pakistan. International Journal of Electronic Finance, 7(1), 82-96. https://doi.org/10.1504/ijef.2013.051746

Raza, S. A., Shah, N., & Ali, M. (2019). Acceptance of mobile banking in Islamic banks: Evidence from modified UTAUT model. Journal of Islamic Marketing, 10(1), 357-376. https://doi.org/10.1108/JIMA-04-2017-0038

Sambasivan, N., Cutrell, E., Toyama, K., & Nardi, B. (2010). Intermediated technology use in developing communities. Proceedings of the 28th International Conference on Human Factors in Computing Systems. CHI 2010: HCI and the Developing World, April 10–15, 2010, Atlanta, GA, USA. https://doi.org/10.1145/1753326.1753718

Sharma, S. K., & Sharma, M. (2019). Examining the role of trust and quality dimensions in the actual usage of mobile banking services: An empirical investigation. International Journal of Information Management, 44, 65-75. https://doi.org/10.1016/j.ijinfomgt.2018.09.013

Stewart, L. (2011). Technology Acceptance in Organizations. [Unpublished master thesis, Department of Communication, College of Arts and Sciences. Kansas State University, Manhattan, Kansas].

Tarhini, A., Arachchilage, N. A. G., Masa’deh, R., & Abbasi, M. S. (2015). A critical review of theories and models of technology adoption and acceptance in information system research. International Journal of Technology Diffusion, 6(4), 58-77. https://doi.org/10.4018/ijtd.2015100104

Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(4), 1-9. https://doi.org/10.1186/s40854-016-0023-z

Teo, T. (2011). Technology Acceptance Research in Education. In: Teo T. (eds) Technology Acceptance in Education. SensePublishers. https://doi.org/10.1007/978-94-6091-487-4_1

Tsai, W.-C. (2012). A study of consumer behavioral intention to use e-books: The Technology acceptance model perspective. Innovative Marketing, 8(4), 55-66.

Tsiakis, T., & Sthephanides, G. (2005). The concept of security and trust in electronic payments. Computers and Security, 24(1), 10-15. https://doi.org/10.1016/j.cose.2004.11.001

Utami, S., & Kusmawati, B. (2017). Faktor-faktor yang memengaruhi minat penggunaan e-money (Studi pada mahasiswa STIE Ahmad Dahlan Jakarta). Jurnal Balance, 14(2), 29-41. http://journal.um-surabaya.ac.id/index.php/balance/article/view/1265.

Vanduhe, V. Z., Nat, M., & Hasan, H. F. (2020). Continuance intentions to use gamification for training in higher education: Integrating the technology acceptance model (TAM), Social motivation, and task technology fit (TTF). IEEE Access, 8, 21473-21484. https://doi.org/10.1109/ACCESS.2020.2966179

Venkatesh, V., & Brown, S. A. (2001). A longitudinal investigation of personal computers in homes: Adoption determinants and emerging challenges. MIS Quarterly: Management Information Systems, 25(1), 71-102. https://doi.org/10.2307/3250959

Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540

Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: Extending the unified theory of acceptance and use of technology. MIS Quarterly: Management Information Systems, 36(1), 157-178. https://doi.org/10.2307/41410412

Widayat, W., Masudin, I., & Satiti, N. R. (2020). E-Money payment: Customers’ adopting factors and the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 57-70. https://doi.org/10.3390/JOITMC6030057

Williams, M. D., Rana, N. P., & Dwivedi, Y. K. (2015). The unified theory of acceptance and use of technology (UTAUT): A literature review. Journal of Enterprise Information Management, 28(3), 443–448. https://doi.org/10.1108/JEIM-09-2014-0088

Wu, B., & Chen, X. (2017). Continuance intention to use MOOCs: Integrating the technology acceptance model (TAM) and task technology fit (TTF) model. Computers in Human Behavior, 67, 221-232. https://doi.org/10.1016/j.chb.2016.10.028

Yang, A. S. (2009). Exploring adoption difficulties in mobile banking services. Canadian Journal of Administrative Sciences, 26(2), 136-149. https://doi.org/10.1002/cjas.102

Ye, J., Zheng, J., & Yi, F. (2020). A study on users’ willingness to accept mobility as a service based on UTAUT model. Technological Forecasting and Social Change, 157, 120066, 1-9. https://doi.org/10.1016/j.techfore.2020.120066

Yu, C. S. (2012). Factors affecting individuals to adopt mobile banking: Empirical evidence from the utaut model. Journal of Electronic Commerce Research, 13(2), 104-121.

Zhang, L., Zhu, J., & Liu, Q. (2012). A meta-analysis of mobile commerce adoption and the moderating effect of culture. Computers in Human Behavior, 28(5), 1902-1911. https://doi.org/10.1016/j.chb.2012.05.008

Zhou, T., Lu, Y., & Wang, B. (2010). Integrating TTF and UTAUT to explain mobile banking user adoption. Computers in Human Behavior, 26(4), 760-767. https://doi.org/10.1016/j.chb.2010.01.013

DOI: http://dx.doi.org/10.25105/jmpj.v14i1.8212


  • There are currently no refbacks.

Copyright (c) 2021 Muhammad Yasser Iqbal Daulay

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.



Lisensi Creative Commons

Jurnal manajemen dan pemasaran jasa  Lisensi Creative Commons Atribusi-NonKomersial 4.0 Internasional.