POLISH JOURNAL OF MANAGEMENT STUDIES 2018

Alaeddin O., Rana A., Zainudin Z., Kamarudin F. Vol.17 No.2

FROM PHYSICAL TO DIGITAL: INVESTIGATING CONSUMER

BEHAVIOUR OF SWITCHING TO MOBILE WALLET
Alaeddin O., Rana A., Zainudin Z., Kamarudin F.1
Abstract: Even though the digital payment methods are taking the intention of scholars
nowadays as new trend to investigate it, there are still few studies that examine the
consumer switching decision from the traditional way to digital way while performing the
payments. Besides, the monetary market has some substitution effects; as users care about
security, ease to use and the wide acceptance for the payment method they are using. The
main aim of this research is to investigate the witching attitude and intention from the
traditional payment by using the bank notes, debit or credit card or what called physical
wallet to digital one by using mobile apps for doing payments. In total, 140 surveys were
emailed to UNIKL business school’s staff, 98 questionnaires were returned fully answered
and able to use. The results showed that perceived usefulness and perceived ease of use are
effective factors into consumer attitude towards switching. Moreover, the relation between
the attitude and the intention is significant while the perceived risk pull down the level of
this effect.
Keywords: mobile digital wallet; TAM; consumer behavior; perceived usefulness;
perceived ease of use; perceived risk DOI: 10.17512/pjms.2018.17.2.02
Article’s history:
Received February 27, 2018; Revised March 18, 2018; Accepted April 12, 2018

Introduction
In serving the latest century generation’ needs the innovative ideas providers are
rapidly widening their own market share in competition with traditional ones, by
furnishing irresistible platforms which can satisfy the subscribers’ needs under
highly secure environment. The fast adopting of new technologies became the most
competitive factor among goods and services providers in aim to serve the rapidly
improving customers’ expectations, which are derived by wide orientation towards
technology leading environment(Liu et al., 2015).
For last decade the mobile phones have been reported to be the highest influencer
into human lives in compare to other technologies (Jack and Suri, 2011).
Furthermore, the mankind daily activities has been switched from traditional world
to virtual one by relying on those hand-held devices, which made big
transformation caused by the rapidly adoption of mobile phone (Thakur and
Srivastava, 2014).
As stated in the global attitude survey directed by PEW research center, 65% of
adults in Malaysia reported owing a smartphone, which is considered high

1 Dr. Omar Alaeddin, Altounjy Rana, Ph.D scholar, Dr. ZalinaZainudin, Universiti
Kuala Lumpur, Business School; FakarudinKamarudin, PhD candidate, Accounting and
Finance Department, Universiti Putra Malaysia, Malaysia
Corresponding author: rana.altounjy@unikl.edu.my

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comparing to the average of smartphone users in Asia-pacific countries which

reported as 37% in general (Poushter and Stewart, 2016). With the high percentage
of smartphone users in Malaysia the concept of adopting the digital wallet became
the main concern of the researchers who are studying the consumers’ behavior in
purpose to build the most suitable platform which can satisfy most of adopters’
needs.
In this paper we claim that the perspective of ‘‘attitude towards use’’ and
‘‘intention to use’’ are no more applicable when talking about decision making to
switch from physical to digital, consequently the stance of ‘‘attitude towards
switching’’ and ‘‘intention towards switching’’ are more able to demonstrate the
switching effect between physical and digital market(Featherman and Fuller, 2003;
Lee, 2009; Lin, 2006; Porter and Donthu, 2006). Furthermore, this concern comes
due to the effect of switching in decreasing the users’ acceptance level of the
conventional payment market. Additionally, this paper used an integrated model
contains the technology acceptance model in collaboration with perceived risk to
comprehend the consumers’ attitude and intention towards switching from physical
to digital while performing their payments.

Literature Review
Digital wallet and customers’ acceptance
Few years back the idea of digital wallet has been initiated, starting with switching
from using bank notes to accepting debit and credit cards, followed by forming
EMVCo as a secure payment method rely on smart payment cards with
membership of six organizations namely American Express, Discover, JCB,
MasterCard, UnionPay and Visa (EMVCo, n.d.). Using EMV required to provide
point-of-sale (POS) machine at the shops to read the encrypted information which
has been saved in the “ship and pin” cards. By mid of 2012 over 1.55 billion EMV
cards and 21.6 million (POS) have been launched worldwide (Shaw, 2014).
Afterward, with invention of Near Field Communications (NFC) the process of
making payment became easier if the card and the processing terminal are near to
each other (pay wave) but this option kept just for less risky transactions with
limited small amounts(Cavoukian, 2012).
This technology has been later added to mobile phones where the user can securely
save all the financial information in digital wallet which can be used later ‘to
commence, verify and confirm an exchange of financial value in return for goods
and services’ (Rajan, 2011). Moreover, using the mobile phone to process
transactions has been reported to be more secure based on customers’ point of
view, with 2004 US respondents concluded that z generation (born from
approximately 1996 to 2015) are smarter with money. Correspondingly, while 63%
of z generation are concerned about privacy and security when paying with credit
or debit card online, but only 54% of them have same concern when using a mobile
payment app (Villa, 2017).

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Alaeddin O., Rana A., Zainudin Z., Kamarudin F. Vol.17 No.2

The mobile wallet has been categorized into four different types based on the
ability to reload, linkage with the bank and the option of cash withdrawal (Wadhera
et al., 2017). (Table 1).
The acceptance of mobile digital wallet has many steps yet to go further, and a lot
of obstacles to overcome, such as the need to develop a generalized mobile digital
wallet ecosystem includes the main players and required capabilities, this matter
has been discussed by Cole et al., (2009) and came out with illustrating elements of
a mobile digital wallet ecosystem. Furthermore, there is a need to figure out the
factors affecting the adoption behaviour towards mobile digital wallet, based on
systematic literature review of 21 papers studied consumers’ behaviour towards
adopting digital payments which has been published at 2017, found that technology
acceptance model (TAM) and its extension is the most used technology adoption
theory (used in 14 papers out of 21 under investigation) followed by Unified
Theory of Acceptance and Use of Technology (UTAUT) and other theories like
Diffusions of Innovations Theory (DOI) (Rathore, 2016).

Table 1. Mobile digitalwalletcategories

Specification
Category linked to a Example
Re-loadable cashwithdraw
bank
Semiclosedwallets  × × Paytm
Semi-open wallets ×  × Airtelmoney
Open wallets    M-pesa
Closedwallets × × × Giftvouchers

Few studies have been considered the consumers’ point of view by conducting
research to figure out the factors affecting their attitude and intention to use. As
example, in his study to understand the consumer acceptance of mobile wallet at
2009, Shin has been defined the mobile wallet as “a form of payment that enables
users to conduct payment electronically via use of a mobile device, replacing the
physical wallet so that payment transactions can be completed at a merchant’s
location”. Furthermore, by using UTAUT his research’s result confirmed the
importance role of classical TAM constructs (perceived usefulness and ease of use)
and also explored new significant effect of perceived security and trust into users’
attitudes and intentions (Shin, 2009). Additionally, at 2013, Shaw in his study
about adoption of the mobile wallet among Canadian business school’s students,
using the TAM found that factors positively affecting users’ intention are perceived
usefulness, Trust and Informal learning. Nevertheless perceived ease of use found
to not have positivise influence into the intention to use mobile wallet based on this
study settings (Shaw, 2014). While many underpinning theories have been applied
to study humans’ behaviour toward technology using, this paper applied the most

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common theory TAM to investigate the factors affecting customers’ intention to

switch from physical wallet to digital wallet.

Technology acceptance model

This model has been hypothesized by Davis (1989), which proposed two constructs
as primary elements in creating attitudes and behaviours toward IT adoption named
as perceived usefulness and perceived ease of use. Later TAM has been widely
implemented and validated by researchers in many empirical papers as a model can
explain the significant factors affecting technology usage. (Ariffin et al., 2017; Kim
et al., 2017).
The usage of TAM has been varied among researchers, some of them implemented
it in settings of social media usage by exploring the importance of additional key
variables and managed to create a revised edition of TAM for social media
(Rauniar et al., 2014), while others used it to study the players acceptance of social
network games (Park et al., 2014), adoption of mobile cloud service (Park and
Kim, 2014) and huge number of researches have been adopted TAM for e-learning
acceptance (Abdullah and Ward, 2016; Chang et al., 2017; Ratna and Mehra, 2015;
Tarhini et al., 2017).
Furthermore, TAM reserved huge concern among online payment acceptance
researchers whom have been implemented it during their studies in aim to
understand the human behaviour toward using this technology (Martens et al.,
2017; Ooi and Tan, 2016; Ramos-de-Luna et al., 2016) . Even though the previous
researches which have been used TAM, have completely proved the constructs
affect peoples’ intentions towards using online payment but majority concerned
about using and intention to use, while this research focusing on switching
behaviour from the physical type of wallet including the usage of debit and credit
card to the digital type of wallet.

Mobile digital wallet acceptance in Malaysia

Beginning of 2017 was the time when has been declared Widley that the Malaysian
market is going toward mobile payment. With high smartphone penetration’ rate
reported among Malaysian 59.20% at 2016 “Fig. 1,”(Statista, n.d.), also at 2014
Malaysia has been occupied the third position after Hong Kong and Singapore with
80% smartphone ownership comparing to non-smartphone mobile users. KB Ng
Visa Country Manager for Malaysia said that “We are seeing double-digit
monthon-month growth in contactless payments and remain positive that the
introduction of mobile payments such as Samsung Pay and MaybankPay will
continue to fuel this growth,” (Webmaster, n.d.)
Share of Population with Smartphone

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Alaeddin O., Rana A., Zainudin Z., Kamarudin F. Vol.17 No.2

80,00%
70,00%
60,00%
50,00%
40,00%
30,00%
20,00%
10,00%
0,00%
2015 2016 2017 2018 2019 2020 2021 2022

Share of Population with Smartphone

Figure 1. Smartphone users in Malaysia as share of the population from 2015 to 2022

Mobile payment adoption among Malaysian became the main topic to be

mentioned during the speech of most financial decision makers in the country while
most of them found that “the outlook for mobile payment in the country looked
promising” as stated by Mandeep Singh the head of global liquidity and cash
management at HSBC bank Malaysia Bhd. Furthermore, he added that “If you
want to expand your market, it has to be via electronic payment (e-payment) or the
adoption of mobile commerce,” (Wadhera et al., 2017).
Additionally, the released forecasting statistics about Mobile POS Payments in
Malaysia at 2018 including all Mobile wallet point-of-sale payments processed
with any kind of personal smart devices, reported that transaction value is expected
to show an annual growth rate (CAGR 2018-2022) of 41.4 % resulting in the total
amount of US$1,141m in 2022 (Table 2) (Statista, 2017).
The above-mentioned statistics show that Malaysian market now rapidly moving
towards adopting the mobile digital wallet, and now it’s the right time to study the
factors affecting into the adoption decision in aim to figure out the key advantage
factors to maintain it and the weak points to improve it.

Table2. Mobile POS Payments statistics, Malaysia

Indicator Value Year
Transaction Value in the "Mobile POS Payments" US$285m 2018
The average transaction value per user in the "Mobile POS
US$184.54 2018
Payments" segment
The number of users In the "Mobile POS Payments" segment 2.9m 2022

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Switching attitude and intention from physical to digital wallet

While investigating the acceptance and adoption of digital wallet most of the
researchers ignored the side effects of switching to digital wallet onto the physical
wallet using or the traditional payment way market. The offered framework by
TAM is basic in case of mobile wallet because it was not yet initiated at that time,
and to a certain level, it replaces the traditional wallet, as well. This replacing effect
raises the matter of switching instead of just using, while using technology refers to
operating the technology to accomplish a certain mission (Autzen, 2007), switching
goes further in front to propensity or aim to convert or move from one technique to
another. Therefore, there is a need to understand the users’ attitude and intention to
switch between the two markets and adopt the new one. Considering the above-
mentioned matter and to enable determining of the switching behaviour, this study
aims to investigate customers’ behavioural intention to switch by applying the
technology acceptance model with minor modification of transforming ‘‘attitude
towards use’’ and ‘‘behaviour towards use’’ to ‘‘attitude towards switch’’ and
‘‘behavioural intention to switch”.
Furthermore, this study also considered the moderating role of the perceived risk
into relation between attitude towards switch and behavioural intention to switch.
The first time when the perceived risk has been considered goes to 1960 when
Bauer argued that risk is involved into consumer behaviour due to the lack of
certainty to expect the risk during the consequences of product usage, while some
of it tend to be disagreeable(Bauer, 1960). Additionally, perceived risk can be
declared in different forms during the process of using/adoption decision,
inconvenience and or/ worry (Dowling and Staelin, 1994) dispute stimulated by the
customer (Bettman, 1973) doubtful feeling (Engel et al., 1986). The moderating
role of perceived risk into different relations related to adoption has been
significantly approved by previous researches (Casidy and Wymer, 2016;
Featherman and Fuller, 2003) and the aim of this study is to confirm this role in the
relation between attitude to switch and intention to switch.
Based on above mentioned literature this research proposed the
followinghypothesis to test:
H1: Perceived usefulness have a positive effect on the attitude towards switching to
mobile wallet.
H2: Perceived ease of use have a positive effect on the attitude towards switching
to mobile wallet.
H3a: Attitude towards switching to mobile wallet mediate the relation between
Perceived usefulness and behavioral intention to switch.
H3b: Attitude towards switching to mobile wallet mediate the relation between
Perceived ease of use and behavioral intention to switch.
H4: perceived risk moderates the relation between Attitude towards switching to
mobile wallet and intention to switch.

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Methodology
Conceptual framework
The “Fig. 2,” demonstrates the proposed model based on TAM with adding
perceived risk as it’s argued to have moderating role on the relation between
attitude and intention to switch to mobile wallet.
Measurement
The questioner which has been used in this study included adopted items from
previous TAM literature, with 5 - point Likert scale ranging from (1) strongly
disagree to (5) strongly agree. First section of the questioner included information
about demographic profile of the respondents such as, gender; age; education
attainment and the frequency of using digital wallet. Moreover, while the study
conducted on staff of Universiti Kuala Lumpur, business school a question about
the staff category whether academic or service staff has been added. Second section
of the questioner included the factors measurement of the five constructs used in
this study. The table 3 including all the items used with reference.

Figure 2. Conceptual framework

Table 3. Items used in the study

Constructs Items Reference
PU1: Using digital wallet would improve my performance in
(Davis,
conducting payments
1989; Lee et
PU2: Using digital wallet would increase my productivity
al., 2011;
Perceived PU3: Using digital wallet would enhance my payment Moon and
usefulness effectiveness Kim, 2001;
PU4: I would find digital wallet useful Venkatesh
and Davis,
PU5: Digital wallet gives me greater control over payment
2000)
activities
PEU1: It is easy for me to learn how to utilize the digital (Davis,
Perceived wallet 1989; Lee et
PEU2: I find it easy to get digital wallet do what I want to do al., 2011;
ease of use
Suh and
PEU3: It is easy to remember how to use digital wallet

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PEU4: My interaction with the digital wallet apps is Han, 2002;

Venkatesh
Constructs Items Reference
understandable and Davis,
PEU5: I find digital wallet useful for my payment activities 2000)

BA1: In my opinion, it is desirable to switch from physical to (Davis,

digital wallet 1989; Lee et
Attitude al., 2011;
BA 2: I think it is good for me to switch from physical to
towards Moon and
digital wallet
switching Kim, 2001;
BA 3: In my view, switching from physical to digital wallet is
to mobile Venkatesh
a wise idea
wallet and Davis,
BA 4: I feel that switching from physical to digital wallet is
2000)
pleasant
PR1: There may be leaked information when using digital
wallet
PR2: There may be caused error in the process of payment by
digital wallet (Nguyen
Perceived PR3: There may be caused fraud or lost money when using and Huynh,
risk digital wallet 2018)
PR4: There may be accessed into unauthorized personal data
by hackers
PR5: Digital wallet transactions may not be secure
BI1: I would switch from physical to digital wallet for my
payment needs (Davis,
BI2: Switching to digital wallet while handling my payments 1989; Lee et
Intention to is something I would do al., 2011;
switch to BI3: I can see myself switching from physical to digital Moon and
mobile wallet to handle my payments Kim, 2001;
wallet Venkatesh
BI4: I expect to switch from physical to digital wallet to
and Davis,
handle my payments in the future 2000)
BI5: I will strongly recommend others to use digital wallet

Sampling
Random sampling survey method has been conducted among the staff of business
school in Univerisiti Kuala Lumpur to collect the data. Online questioner has been
used to ease the process of responses collection.
Data analysis and results
Respondents characteristics: The demographic profile of the respondents was
analyzed by the descriptive analysis. Most of the respondents were from the
academic staff, and ages fell into range (31 – 40). Furthermore, most of the

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respondents were female, and most of them use the mobile digital wallet 4-5 times
per month.
Construct validity: Using the partial least squares structural equation modeling
PLS-SEM, the construct validity has been proved. Three steps of validation have
been conducted namely content validity, convergent Validity and discriminant
Validity.
Measuring the content validity means that all items are measuring the core concept
of the construct it has been used for (Hair et al., 2017). With factor loading higher
than 0.7 (Hair et al., 1998) range (0.734 to 0.982) all items showed significant
representing to the variable it’s measuring. Moreover all items show higher factor
loading for their respective construct comparing to others.
Three measurements have been used for convergent validity confirmation, first
factor loading higher than 0.7 (Hair et al., 2017), composite reliability higher than
0.7 additionally construct’s AVE is larger than 0.5 (Chin, 1998). The results show
that the convergent validity in confirmed.
For the third part of construct validity called discriminant validity, the square root
of Average Variance Extracted (AVE) has been used and results show all measure
are more related to their own construct than other ones.
Based on the results of the previous mentioned analysis we can conclude that
construct validity was established in this study.
Testing mediating effect: The recommended method to measure the mediating
effect called bootstrapping (Hair et al., 2016) has been used in this study, the result
shows that (T value is 5.728 > 1.96) which means Behavioral intention play a role
of mediator. Additionally based on the results of P value can conclude that it plays
full mediator role for both relations (perceived usefulness  intention) and
(perceived ease of use  intention).
Testing moderating effect: To calculate the potential moderation effects of
perceived risk, it was necessary to create the individual interaction of these factor,
which is represented in Smart PLS terminology as BA*PR. While the paths are
significant, P value has been calculated (β=-0.95, t=2.047, p<0.05) and the result
shows that perceived risk plays a significant pull moderator role in the relation
between behavioral attitude and behavioral intention to switch of the mobile wallet.

Research Discussion
While the current movements heading towards adopting the mobile digital wallet,
this study figured out two critical factors affecting the intention to switch from the
traditional way of payment to the digital one by using mobile phone. Both
perceived usefulness and perceived ease of use found to be significant factors to
create attitude toward switching to mobile digital wallet. Furthermore, this attitude
has a significant role to generate intention to switch, while this role is affected
negatively by the perceived risk associated with the switching decision to this new
method of payment.

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This study approved that TAM is applicable to investigate the customers switching
behavior, also this study found perceived usefulness and perceived ease of use are
significantly and positively effect the customer attitude which is compatible with
results of previous researches(Diatmika et al., 2016; Elkaseh er al., 2016; Saadé
and Bahli, 2005).
Also this study approved the moderator role of perceived risk into the relation
between attitude and intention which also compatible with the previous researches
(Casidy and Wymer, 2016; Martins et al., 2014).

Conclusion and Further Research

Enhancing the usefulness and the ease of use can boost the attitude making process
to switch from physical wallet to digital wallet, and this attitude able to be
converted to intention to switch but under negative effect of the risk which should
be minimized to improve the efficiency or switching decision making process. In
other words, the results of this study give a guidance to the managers who are
looking forward to increase the market share of their financial products (mobile
wallets) that they have to concentrate more onto increasing the usefulness comes
with using their mobile wallet and make it user friendly, while this simplicity
should be associated with high level of security to insure attracting wider range of
customers. Due to the limitations of this study, further studies are able to be
conducted by increasing the sample size and adding some variables related to the
traditional payment method market effects into the proposed model.

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OD FIZYCZNEGO DO CYFROWEGO: BADANIE ZACHOWANIA
KONSUMENCKIEGO PRZESTAWIANIA SIĘ NA PORTFEL MOBILNY
Streszczenie: Mimo, że metody płatności cyfrowych są obecnie przedmiotem badań
naukowych jako nowy trend, wciąż niewiele jest badań, które analizowałyby zmianę
decyzji konsumenta z tradycyjnego sposobu na cyfrowy w trakcie dokonywania płatności.
Poza tym na rynku pieniężnym występują pewne efekty substytucyjne; ponieważ
użytkownicy dbają o bezpieczeństwo, łatwość obsługi i szeroką akceptację dla używanej
metody płatności. Głównym celem tych badań jest zbadanie zamiany i zamiaru od
tradycyjnej płatności za pomocą banknotów, kart debetowych lub kredytowych, co
nazywamy portfelem fizycznym, do portfela cyfrowego za pomocą płatniczych aplikacji
mobilnych. Ogółem wysłano pocztą elektroniczną do pracowników UNIKL 140e-maile z
ankietami, zwrócono 98 pełnych odpowiedzi, które można byłowykorzystać w badaniach.
Wyniki pokazały, że postrzegana użyteczność i postrzegana łatwość użycia są czynnikami
efektywnymi w nastawieniu konsumentów do zmiany. Ponadto relacja między postawą a
intencją jest znacząca, a postrzegane ryzyko obniża poziom tego efektu. Słowa kluczowe:
mobilny portfel cyfrowy; TAM; zachowania konsumentów; postrzegana przydatność;
postrzegana łatwość użycia; postrzegane ryzyko.
从物理到数字：调查移动钱包的消费者行为

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Vol.17 No.2 Alaeddin O., Rana A., Zainudin Z., Kamarudin F.

摘要：虽然数字支付方法正在将当今学者的意图作为研究的新趋势，但在进行支付时，仍然很少有研究将消费者转换决策从传统方式转变
为数字方式。另外，货币市场有一些替代效应，因为用户关心安全性，易于使用和广泛接受他们正在使用的付款方式。这项研究的主要目
的是通过使用银行纸币，借记卡或信用卡或者通过使用移动应用程序进行支付来将传统付款方式称为实体钱包来实现传统付款的转换态度
和意图。总共有 140 份调查通过电子邮件发送给 UNIKL 商学院的工作人员，98 份问卷得到了充分回答并可以使用。结果表
明，感知有用性和感知易用性是消费者转换态度的有效因素。此外，态度和意图之间的关系是显着的，而感知风险降低了这种效应的水
平。关键词：移动数字钱包; TAM;消费者行为;感知有用性;感知易用性;感知风险。

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