Analysis of Preceding Determinants on E-money Actual Usage in the Philippines: An Integration of TPB and UTAUT2

Abstract

E-money services have swiftly spread throughout emerging and lower-middle income countries like the Philippines, offering new opportunities for people and businesses to conduct payments, save and send remittances. However, the lack of studies about the consumers’ intention to utilize these services in the Philippines emphasized the significance for the researcher to assess this field. The objective of this study was to pinpoint the significant factors that have an impact on consumers’ intentions to utilize e-money services to build on strategies for further improvements and developments for actual utilization. This study considered 747 responses from Filipinos across different demographics to generally measure the intention and actual use of e-money in the Philippines. For this purpose, the integrated theory of planned behaviour and the unified theory of acceptance and use of technology (UTAUT2) were used to holistically assess the factors of using e-money. Structural equation modelling was utilized, revealing how price value, facilitating conditions, subjective norm, effort expectancy and perceived behavioural control significantly affect behavioural intention and actual use of e-money among Filipinos. It could be inferred that the more advantages and benefits customers receive, the more likely they are to use e-money despite the additional charges. The findings of this study could be utilized by e-money service providers and business owners to improve their offerings and attract more customers to use e-money. On a practical note, businesses in the Philippines may capitalize on this by streamlining registration, enabling e-money payments and reducing transaction time – creating a more efficient process.