Malaysian Cashless Economy: Analysing E-Wallet Payment Solutions
Through Satisfactions

by Muhamad Khairi Bin Zakaria @ Supar

February 2022


In 2011, Bank Negara Malaysia published a 10-year blueprint stating their objective for Malaysia to become a cashless society by 2021. As the country moves forward, in 2021, there has been slow progress on the adoption of cashless payments. The community still transacts by physical money even though there is progress in the adoption.

This study determines the relationship between the adoption, concern, and preference towards satisfaction of the ewallets user. Consumer satisfaction is paramount for any new product or service to be successfully adopted. Since the Bank Negara Malaysia’s objective is to transform Malaysia into a cashless economy in the future, customer satisfaction is essential. There is not much literature focusing on e-wallet satisfaction, probably because e-wallet usage is relatively green in Malaysia.

Hence, this study hopes to fill the gap in examining the relationship between the adoption, concern, and preference towards satisfaction on e-wallets in Malaysia. A set of questionnaires was administered personally through e-mail and messages to get the answers from respondents. A convenience survey sampling technique was utilised, and 300 questionnaires were successfully returned for data analysis. For the data analysis, all responses from the questionnaires were summarised using the IBM Statistic Packages for Social Science (IBM SPSS). The IBM Analysis for Model Structure (IBM AMOS) software forms a structural equation model (SEM) to validate and model the measurement and test the hypothesis.

Results indicated that adoption, concern, and preference significantly correlate with satisfaction for e-wallet usage in Malaysia. It shows that the awareness to adapt, solve the consumer concern and win over the consumer preference is vital to influence the consumer to move from physical cash to cashless payment solution is essential for Malaysia in becoming a cashless economy.

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