DETERMINANTS OF INTENTION TO USE BUY NOW PAY LATER (BNPL)

Wong Chee Hoo1

Khor Hooi Khee2
Christian Wiradendi Wolor3
Tan Seng Teck4
Jason See Toh5

ABSTRACT
Objectives: Buy Now, Pay Later (BNPL) is categorized as a fintech service. It is a type of short-
term installment plan, the fintech companies integrate the lending installment plan as one of
the payment options in online shops. The payment scheme allows consumers to pay the total
amount in installment mode without interest charge over a short period of time, usually within
a few months. The main aim of this research is to examine the factors that influence the
intention to use BNPL services in Malaysia.

Theoretical Framework: The study utilizing the Unified Theory of Acceptance and Use of
Technology (UTAUT) theories as the underlying theoretical framework.

Method: A quantitative approach was used in this study. A statistical software tool, SPSS, is
used to analyze the data that was collected from 384 respondents through the online survey
questionnaires.

Results and Discussions: The finding of this study shows that materialism, social influence and
user-friendliness significantly positively influence the intention to use BNPL. While trust is not
significantly influencing the intention to use BNPL.

Research Implication: The research offers understanding in consumer behavior, informing

regulatory frameworks and enhancing BNPL service offerings.

Originality/Value: This study's novelty lies in examining BNPL adoption determinants

specifically within the Malaysian context where social influence played the most important part
for the adoption of BNPL.

Keywords: buy now, pay later (BNPL), consumer behaviour, UTAUT, materialism, user-
friendliness, trust, social influence, intention to use BNPL, Sustainable Development Goals
(SDG).

Received: Aug/30/2024
Accepted: Nov/01/2024
DOI: https://doi.org/10.47172/2965-730X.SDGsReview.v5.n01.pe02698

1
Faculty of Business and Communications, INTI International University, Malaysia.
E-mail: cheehoo.wong@newinti.edu.my
2
Faculty of Business and Communications, INTI International University, Malaysia.
E-mail: i23025154@student.newinti.edu.my
3
Faculty of Economics, Universitas Negeri Jakarta, Indonesia.
E-mail: christianwiradendi@unj.ac.id
4
Faculty of Business and Communications, INTI International University, Malaysia.
E-mail: sengteck.tan@newinti.edu.my
5
Faculty of Business and Communications, INTI International University, Malaysia.
E-mail: jasonsee.toh@newinti.edu.my

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Determinants of Intention to Use Buy Now Pay Later (BNPL)

1 INTRODUCTION

The payment services revolution from cash to credit cards, toward

digitalization such as mobile wallets, contactless payments and Buy Now Pay
Later (BNPL). Technology is applied in the financial industry to improve
financial activities, which is known as “fintech”, to simplify, improve the speed
and security, and increase satisfaction of consumers (Johnson, Rodwell and
Hendry, 2021). BNPL is a type of short-term installment plan, the fintech
companies integrate the lending installment plan as one of the payment options
in online shops. BNPL is not like the traditional credit card requiring the hard
credit check, only soft credit check is required, and the approval is fast, even
with the low credit score, users are also able to use the BNPL scheme. Figure
1.1 below shows the BNPL payment scheme which involves three parties,
merchants, customers and BNPL platforms. The payment scheme allows
consumers to pay the total amount in installment mode without interest charge
over a short period of time, usually within a few months.

Figure 1
BNPL Payment Scheme

Source: International Settlements, 2023

The fintech companies such as Affirm, Afterpay, Klarna and PayPal Pay
Later, offer different payment plans to the consumers. Some of the companies
like Affirm are partnered with well-known brands such as Pottery Barn and
Expedia, to offer short-term zero interest plans (Sweeney, 2024). Different
companies charge different interest rates if late pay, and offer different annual
percentage rates (APR) with no penalty charge, or with longer payment periods.

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The most common plan offered by the BNPL companies is “Pay in 4”, which
allows consumers to split the total purchase amount into four installments with
zero interest (Sweeney, 2024). Credit cards also become a part of players in
BNPL, but this is slightly different from fintech companies point-of-sale
financing. Users still earn points if they make the purchase by selecting the
credit card BNPL option.
The rapid growth of BNPL services In the countries such as Malaysia,
United Kingdom, United State, Singapore and Australia has significantly
contributed to gross domestic product (GDP) and reduced the unemployment
rate, with an estimated 60 percent to 70 percent of jobs globally (Zurnamer,
2022). The adoption of BNPL services by merchants has led to a significant
increase in their revenue. The increase in revenue not only benefits the
merchants directly but also creates a positive ripple effect throughout the
supply chain. The higher sales volumes mean that the demand is increasing, the
suppliers require to produce more to fulfil the market. The increase in
production volume leads to the creation of more job opportunities. Besides
that, the increase in revenue allows merchants to invest more in their
businesses such as hiring more employees or improving the benefits of
employees. This positive chain reaction contributes to overall economic growth
and stability. Figure 1.13 below shows the contribution of BNPL to the GDP in
Australian economy in year 2021, estimate $14.3 billion is contributed by BNPL.
According to BIS Oxford Economics and RFI Global, $1.2 million is contributed
to GDP when $1 million is spent by consumers using BNPL. Also, the spend of $1
million spent using BNPL services, 8.3 jobs were created or sustained across
Australia (Maximilian, 2023). As shown in Figure 1.14, a total 39,400 jobs are
directly supported by the BNPL, where 15,500 jobs are retail merchants’ jobs,
and 23,900 jobs are the supply chain that supports the high order volumes from
merchants.
However, the rapid growth of BNPL services has raised concerns among
financial regulators due to the gap in existing credit regulations. BNPL services
is falling outside the existing credit regulations due to its category of fintech,
which is a brand-new sector and services provided (Times & Woffenden,
2023). Besides the regulations, the government also worries the BNPL services

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will accumulate the debt of consumers and weaken the economic growth. A
recent study from CCOB, end up to September 2023, shows that Malaysia has
2.9 million active BNPL users, 4 percent of users facing late payment, and 1.3
percent not paying for more than three months (Bedi, 2024). According to the
CCOB, as shown in the Figure 1.15, end up to September 2023, total unpaid for
the BNPL transaction is RM0.9 billion (USD 665 million), while the credit card
debt is RM40.3 billion in Malaysia (Bedi, 2024). Based on Figure 1.16, the total
unpaid BNPL transaction increased 56 percent to RM1.42 billion as end of first
quarter of 2024, compared to RM0.9 billion at the end of September 2023. BNPL
accounted for 0.07% of the total household debt as of the end of 2023.
The target borrowers of BNPL are the younger generation and lower
Income. Data from Bank Negara Malaysia shows that 44 percent of the BNPL
users in Malaysia fall between the ages 18 to 30 years old, 80 percent of the
users earning less than RM3000 per month (Hee, 2024). The younger generation
is exposed more to the digital world, including online shopping and social
media, significantly contributing to increased materialism. The constant
bombardment of advertisements, influencer endorsements and peer
comparisons on social media platforms fosters a desire for immediate
gratification and ownership of material goods (Moldes & Ku, 2020). Social
influence plays an important role in shaping consumer behavior (Zawadzka et
al., 2021). The influences from friends, siblings, parents, and social media
trends become a kind of pressure on the younger generations to follow the
social norms and trends. This desire to fit in and avoid being perceived as an
outlier motivates consumers to engage with BNPL services. Besides that, the
user-friendliness and straightforward processes of BNPL platforms has become
an attractive reason for consumers to use it (Stuijfzand et al., 2023).
Consequently, trust in the security and reliability of BNPL services further
enhances their appeal, and makes it a factor to consumers in decision-making
processes (Pymnts, 2022). Consumers are more likely to adopt BNPL services
when they have confidence in the safety of the services. Trust mitigates
concerns about potential risks and ensures the financial transactions of
consumers will be handled securely, thereby enhancing the willingness to use
BNPL services.

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While the growth of the BNPL has reshaped consumer spending behavior,
there is lack of research focusing on the determinants influencing the intention
to use BNPL service in Malaysia. Most of the existing studies are focused on
countries such as the United States, the United Kingdom and European
countries, leaving a gap in understanding the unique factors at play in the
Malaysia context. This gap in the literature highlights the need for research that
specifically addresses the Malaysian market, considering its unique cultural,
economic, and social dynamics.
Understanding these determinants is crucial for policymakers and
financial institutions to develop strategies that can mitigate potential risks
associated with BNPL services, such as consumer debt accumulation and
economic instability. By identifying the key factors that influence the intention
to use BNPL services, stakeholders can implement targeted interventions to
promote responsible usage and protect consumers from financial harm. This
study will employ the Unified Theory of Acceptance and Use of Technology
(UTAUT) to explore the relationship between materialism, social influence,
user-friendliness, trust and the intention to use BNPL services among Malaysian
consumers. The UTAUT framework provides a comprehensive model for
understanding technology adoption and usage behavior. By applying this
framework, the study aims to uncover the underlying motivations and barriers
that influence the decision of consumers to use BNPL services.
This research aims to have a better understanding of the factors that
influence the intention of consumers to use BNPL with the theoretical
framework UTAUT. The intention to use BNPL is the dependent variable for this
study, and the four independent variables that influence the intention to use
BNPL are materialism, social influence, user-friendliness and trust.
The research objectives are as follows:
1. To examine the influence of materialism on the intention to use BNPL;
2. To examine the influence of social influence on the intention to use
BNPL;
3. To examine the influence of user-friendliness on the intention to use
BNPL;
4. To examine the influence of trust on the intention to use BNPL.

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1.1 SIGNIFICANCE OF THE STUDY

The purpose of this research is to understand the factors that influence

the intention to use BNPL in Malaysia. Therefore, this study will provide a better
understanding to academia on the intentions of consumers towards BNPL.
Besides that, consumers will have a better understanding about the BNPL
through this study. The whole series of how BNPL works, how consumers will
spend more than normal, and what are the causes that lead to consumers to
spend more, are stated in this study.
From a business point of view, this study helps them to understand what
are the factors that influence consumers to adopt new technologies. This study
also provides some ideas to enterprises on what are the preferences of
consumers to accept and loyalty to the services.
Last is the benefit to the government. BNPL benefits economic growth
and helps to reduce the unemployment rate. Government not only needs to
consider the gap of regulation but also the gap of education to consumers.
Although the protection to consumers in terms of law is important, the
knowledge about a new financial technology should be passed to consumers.

2 LITERATURE REVIEW

This chapter focuses on a detailed review of the existing academic

journals within these five years, to study the relationship between each
independent variable to the dependent variable. There are four independent
variables: materialism, social influence, user-friendliness and trust, and the
dependent variable is intention to use the BNPL. Besides that, this chapter also
discusses the underlying theory that will be used to analyze the variables, the
conceptual framework, as well as developing the hypotheses.

2.1 MATERIALISM

A value system that emphasizes the importance of their acquisition and

possessions to show their success in social and personal happiness, known as

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materialism (Aisyahrani et al., 2020). This value system is particularly relevant

in consumer behavior studies, as it drives individuals to prioritize material
possessions over other life aspects. Materialism is often linked to consumerism,
where the acquisition of goods is seen as a path to fulfillment and success.
The decision to use BNPL services can be seen as behavioral intention
influenced by materialistic value. Studies have shown a positive relationship
between materialism and engagement rate to BNPL (Aina & Chalid, 2023).
Individuals with high materialism are more likely to use the BNPL options due
to the immediate appeal, satisfying their desire for status and possessions.
Besides that, other mediating factors such as hedonic motivation and perceived
ease of use of BNPL platforms are playing an important role. Hedonic
motivation, which refers to the pursuit of pleasure and enjoyment, encourages
materialistic individuals to opt for BNPL services as it enhances their shopping
experience (Susanto et al., 2024). Moreover, the convenience and the user-
friendly of the BNPL platforms make the consumers who have materialism
tendencies feel that less effort is required to complete the purchase.
Financial mismanagement is the disadvantage of this behavior, especially
the younger generations. Impulse buying driven by materialism can lead to
overspend and fall into the debt cycle. Financial mismanagement occurs when
individuals fail to manage their finances effectively, which results in high levels
of debt and financial stress (Zainudin et al., 2019). The risk of using the BNPL
services as the payment model can obscure the true cost of purchases, leading
consumers to spend beyond their affordability.

2.2 SOCIAL INFLUENCE

In a traditional way, the advertisement of the new product launching will

be using channels such as radio, television, sales booth, or campaign in the
shopping mall to introduce the new product to the consumers. Nowadays, most
of the new product launching will be introduced by the social media influencers
which are able to increase the visibility compared to traditional advertisement
(Sanuray, 2023).

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Some individuals like to share about their achievements in terms of

owning luxury brand products, behaviors and lifestyles. It will be shared
repeatedly and slowly it becomes a social norm and trend. Individuals with high
social media intensity (SMI) will experience more pressure compared to low SMI,
as the exposure to the social expectations and trends is high. The individual
with high SMI might feel it is necessary to align and fit into these norms in order
not to be the outlier. A study shows that SMI highly impacts the intention to use
BNPL services, highlighting the role of social influence in consumer decision-
making (Aisjah, 2024).
The engagement rate with the BNPL services by generation-Z is highly
influenced by social and psychological factors (Van Tuan, 2024). Social norms,
user-friendly and perceived usefulness are the main factors that influence
generation-Z to adopt BNPL to make the purchase. UTAUT theory is used to
explore the factors that influence the consumers to adopt BNPL services,
finding social influences, effort expectancy, performance expectancy, and
facility conditions and the key features that influences consumers. (Adirinekso
et al., 2020).

2.3 USER-FRIENDLINESS

User-friendliness includes several aspects such as simplicity of the

interface, the clearness of instructions, and the overall design of the
application. A simple and clear design ensures that users can learn on how to
use the application in the fastest way without any further training or support.
User-friendliness is a critical determinant of the intention to use technology,
including BNPL services. The effortlessness of an application significantly
enhances user experience, making it more likely for consumers to adopt new
technology in their daily lives. The design of the application that is easy to learn
regardless of the ages of consumers, convenience, perceived usefulness of the
BNPL platform are the main reasons for consumers (Chawla & Joshi, 2020).
Regardless of geographical locations, the user-friendliness of the system
is one of the main keys that encourage consumers to use the BNPL. The study
in Indonesia (Sugandi et al., 2023), India (Chawla & Joshi, 2020), Saudi Arabia

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(Kutbi et al., 2024) and the United State (Akana, 2022) proved that the user-
friendliness is one of the significant factors that influences the intentions of
consumers to use the BNPL. These studies highlight that a user-friendly
interface can reduce the perceived complexity of the technology, thereby
increasing its adoption rate. Consumers nowadays often seek quick and hassle-
free payment solutions, therefore, this is one of the attractive features of BNPL
services to consumers.
Technology Acceptance Model (TAM) is often used to understand the
behavior of users and the factors that influence the intention of consumers to
choose BNPL. According to Jagadhita and Tjhin, TAM concluded that perceived
ease of use and perceived usefulness are fundamental determinants of
technology acceptance (Jagadhita & Tjhin, 2023). Within the scope of the BNPL
services, a user-friendly application enhances perceived ease of use, which in
turn positively affects perceived usefulness. When consumers experience an
application that is easy to navigate and use, they are more likely to perceive it
as beneficial, thereby increasing their intention to use it.

2.4 TRUST

Credit cards were one of the most commonly used and trusted payment
methods by consumers before fintech payment services rised. The security
provided by credit card companies contributed to the trustworthiness of
consumers. As the popularity of the fintech payment services, including BNPL,
is increasing recently, the role of trust has become even more important in
influencing consumer behavior.
The initial trust is built based on the first impressions and experiences of
users with the BNPL service. It is important to ensure that consumers continue
to use BNPL services (Talwar et al., 2020). The factors such as quality of the
information provided, the ease of use of the platform, and the responsiveness
of customer support can significantly influence the initial trust. The intention
of generation Z to use the BNPL services is heavily impacted by trust (Prasetyani
et al., 2024). In order to build and maintain the trust of generation Z, robust

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security measures, consistent and transparent communication, and a seamless

user experience are required.
Perceived risk and subjective norms also plays an important role in
influencing the trust, and directly influences the intention to use BNPL services
(Hidayat et al., 2024). BNPL providers should minimize risk by implementing
strong security measures due to high perceived risk can reduce the trust of
consumers towards BNPL services. Other than that, clear information about how
the data of users are protected must be provided. In terms of subjective norms,
positive testimonials from influencers are developing the trust of consumers to
use the BNPL services.

2.5 INTENTION TO USE BNPL

The increasing popularity of BNPL is undeniable in all the studies. The

user-friendliness of the financial technology system is an advantage compared
to the traditional credit system. Some theories such as Technology Acceptance
Model (TAM) (Alkadi & Abed, 2023) and Unified Theory of Acceptance and Use
of Technology (UTAUT) (Min & Cheng, 2023) are used to study the factors of
adoptions of BNPL by consumers and the factors that influence consumers to
use the BNPL services. The results show that intention factors of consumers to
adapt and use the BNPL services are not impacted by the geographical
locations.
The study across countries such as the United States (US), Malaysia,
Sweden, China and Indonesia shows that the user-friendliness, trust, facilitating
conditions and usefulness are the factors that influence the adoption of BNPL
by consumers. Besides that, the characteristics of consumers and spending
habits are the factors that influence the intention to use BNPL. Consumers who
prefer ease of transaction, financial flexibility, and the ability to manage cash
flow will have high intention to use BNPL services (Di Maggio et al., 2022).
BNPL is slowly changing the spending habits of consumers. Regardless of
the geographic locations, consumers are spending more compared to before the
existence of BNPL services (Mbanyi & Khan, 2022). The convenience and the
service quality of the BNPL scheme are encouraging the consumers to spend

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more than their abilities (Ariwati & Aminah, 2023). This phenomenon will lead
to the consumers falling into the trap cycle if they fail in the financial
management. Another problem arises is environmental sustainability. The
buying behavior of the fashion is heavily impacted by the BNPL (Mbanyi & Khan,
2022). A lot of sellers or retailers are doing live sharing about the latest fashion
trends on social media platforms such as Instagram, Facebook and TikTok. The
video about the latest fashion trends will lead the customers to fall into an
impulsive buying loop. This is a kind of influence from social media that leads
the consumers to purchase more and split the bills to smaller amounts.

2.6 UNDERLYING THEORY

There are a few studies using Unified Theory of Acceptance and Use of
Technology (UTAUT) to understand and predict the adoption in technology-
based services or products such as mobile learning tools (Xue et al., 2024),
acceptance of the digital financial system by farmers (Wang et al., 2023), and
the intention of consumers using BNPL services (Min & Cheng, 2023).
There are four core constructs categorized in UTAUT, which is
performance expectancy, effort expectancy, social influence and facilitating
conditions. Figure 2.1 below shows the connection between independent
variables and the UTAUT that influences the intention to use BNPL. One of the
constructs of the UTAUT model, facilitating conditions, does not match with
the independent variables in this research. Facilitating conditions refer to the
belief of technical support or infrastructure of the organization. All the
independent variables, materialism, trust, user-friendliness and social
influence, are focused on the personal consumer factors rather than
organizational support mechanism.

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3 CONCEPTUAL FRAMEWORK

Figure 2
Conceptual framework

Source: self-created

Figure 2 shows the proposed conceptual framework for this research.

There are a total of four independent variables and one dependent variable.
Therefore, there are a total of four hypotheses proposed in this research for
testing the connection between the variables.

3.1 HYPOTHESIS DEVELOPMENT

Materialism will cause the consumers to spend more beyond their

financial capabilities, which will affect their decision making on increasing the
credit card usage, or loans to fulfill their requirement (Maison & Adamczyk,
2020). Therefore, materialism will encourage consumers to use the BNPL to
fulfill their materialistic goals. The hypothesis is proposed as below:
H1: There is a significant positive relationship between materialism and
the intention to use BNPL.

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Due to the innovation of the technology, the fintech companies create

and launch new services or technologies to consumers. Researchers are
exploring the factors that influence the consumers to adopt the new services
or technologies. A study shows that social influence is a mediating role that
influences the intention of consumers to use the new fintech services or
technologies (Chan et al., 2022). Another study shows that social influence
significantly impacts the intention to use fintech services (Singh et al., 2020).
Therefore, social influence will impact the intention of consumers to use the
BNPL. The hypothesis is proposed as below:
H2: There is a significant positive relationship between social influence
and the intention to use BNPL.
The effort needed to learn totally new technologies is a critical factor in
determining the intention to use it. A study shows that the user-friendliness is
a factor that influences the intention to use fintech service (Singh et al., 2021).
Therefore, user-friendliness will impact the intention of consumers to use the
BNPL. The hypothesis is proposed as below:
H3: There is a significant positive relationship between user-friendliness
and the intention to use BNPL.
Trust is an important element to individuals to accept and adapt to new
services or technologies by fintech. The financial services provided by the banks
are always trustable by the consumers since the traditional model. Nowadays
banks are adapting the technologies and starting to digitize their business, they
also provide the BNPL service through the credit card transactions. The trust of
consumers to the banks, which give the confidence to consumers to choose the
BNPL options (Broby, 2021). Other than that, some studies suggest building
customer trust in order to increase the adoption rate of fintech (Nangin et al.,
2020). Therefore, trust will impact the intention of consumers to use the BNPL.
The hypothesis is proposed as below:
H4: There is a significant positive relationship between trust and the
intention to use BNPL.

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4 RESEARCH METHODOLOGY

4.1 RESEARCH DESIGN

The purpose of this study is to examine the factors that influence the
intention of consumers to use BNPL services. There are four hypotheses made
in previous chapter. Therefore, quantitative research is used to gather the data
and information for this study.

4.2 POPULATION

Typically, people associate the defining characteristic of population with

geographic location. However, in research, a population can be defined by
various other characteristics such as clinical, demographic and temporal factors
(Thacker, 2019). This study aims to determine the variables that influence the
intention of consumers in Malaysia to use BNPL. The population for this study
includes all individuals in Malaysia who have experience using BNPL services to
purchase goods in their daily lives.

4.3 TARGET RESPONDENTS

The target respondents, and consequently the unit of analysis, are those
individuals within the population who have experience in using BNPL services.
These respondents will be selected to participate in an online survey to provide
data for testing the research hypotheses.

4.4 SAMPLING TECHNIQUE

The sampling technique used in this study is convenience sampling, a

type of non-probability sampling technique. The reason for choosing
convenience sampling is easy for the data collection, as not limited on the
participants to fit a population. Besides that, the speed to get a large sample
size is fast with a low-cost approach (Survey Monkey). However, it is important

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to note that convenience sampling may introduce the bias, as the sample may
not be representative of the entire population. Despite this limitation,
convenience sampling is suitable for exploratory research where the primary
goal is gathering initial insights (Etikan, 2016).

4.5 SAMPLE SIZE

Based on the Krejcie and Morgan’s table, sample size of 384 is sufficient
for a population of 1,000,000 or more (Research Gaps, 2023). Therefore, to
improve the robustness of the data in this study, the sample size for this study
is 384. Factor analysis is a statistical method used to identify underlying
relationships between variables. In this research, factor analysis is used to
analyze the relationship between the variables. The total number of questions
for this research is 23 questions.

4.6 QUESTIONNAIRE DESIGN

The survey questionnaire for this research is divided into three sections.
Part A gathers demographic information about the respondents including
gender, age, race, educational background, occupation, and monthly income.
Part B focuses on general information about BNPL, such as the duration of use
and frequency of use by the respondents. Finally, Part C contains questions
related to the four independent variables, which is materialism, social
influence, user-friendliness and trust, and the dependent variable, intention to
use BNPL, which is measured using five-point Likert scale.

4.7 DATA COLLECTION METHOD

The purpose of the data collection through the survey questionnaire is to

obtain responses that are closely aligned with the objectives of this study. The
survey questionnaires are designed in nominal scale, ordinal scale, multiple
choice and interval scale format, to gather quantitative data to analyze the
relationship between independent and dependent variables. The survey

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questionnaire is developed through Google Forms and distributed in softcopy

form through email and WhatsApp to reach the target respondents. The data
collection period is approximately four weeks to ensure a sufficient response
rate.
Multiple regression is used to test the relationship between independent
variables, materialism, social influence, user-friendliness and trust, and
dependent variable, intention to use BNPL. The coefficients in a multiple
regression analysis indicate both the strength and direction of the relationship
between each independent variable and the dependent variable (Rubinfeld,
2011). While the R-squared value in multiple regression analysis indicates the
proportion of the variance in the dependent variable that can be explained by
the independent variables. The range of R-squared value is from zero to one.
The R-squared value of one means that the independent variables explain all
the variance in the dependent variable (Bobbitt, 2021).

5 FINDINGS

Total of 412 survey questionnaires were distributed through online

platform such as WhatsApp, email and Facebook to the target respondents
which are Malaysian who have experience using BNPL services before. However,
as shown in Table 1, a total of 28 sets (6.8%) of respondents were excluded as
they do not have experience in using BNPL services. Therefore, the valid
responses that able to use in this study is 384 sets (93.2%).

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Table 1
Summary of Demographic Profile
Frequency Percentage (%)
Female 204 53.13
Gender
Male 180 46.88
18 – 25 years old 69 17.97
26 – 35 years old 153 39.84
Age 36 – 45 years old 114 29.69
46 – 55 years old 38 9.90
Above 55 years old 10 2.60
Chinese 107 27.86
India 101 26.30
Race Malay 162 42.19
Native Sabah 1 0.26
Siamese 13 3.39
High school 58 15.10
Diploma / Certificate 167 43.49
Education
Bachelor’s degree 142 36.98
background
Master’s degree 14 3.65
PhD 3 0.78
Student 37 9.64
Employed 184 47.92
Occupation Self-employed 144 37.50
Professional 12 3.13
Unemployed 7 1.82
Below RM1000 42 10.94
RM1000 – RM2500 61 15.89
RM2501 – RM4000 150 39.06
Monthly income
RM4001 – RM5500 90 23.44
RM5501 – RM7000 16 4.17
Above RM7000 25 6.51
Source: Developed for the research

Table 1 shows the summary of the demographic profile of a total 384

respondents who participated in the survey. There is total 204 females (53.13%)
and 180 males (46.88%) respondents in this study. Most of the respondents aged
26 to 35 years old, a total of 153 respondents (39.84%), and 114 respondents
(29.69%) aged between 36 to 45 years old. 69 (17.97%) of respondents aged
between 18 to 25 years old, followed by 38 (9.90%) respondents aged between
46 to 55 years old, and 10 (2.60%) respondents aged above 55 years old. A total
of 162 (42.19%) of respondents are Malay, 107 (27.86%) of respondents are
Chinese, 101 (26.30%) of respondents are India, 13 (3.39%) of respondents are
Siamese and 1 (0.26%) respondent is Native Sabah. In terms of education
background, the majority of the respondents are Diploma or Certificate holder,
a total of 167 (43.49%) respondents, followed by Bachelor’s degree holder, 142
(36.98%) respondents, 58 (15.10%) respondents with high school holder, 14

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(3.65%) respondents with Master’s degree holder, and 3 (0.78%) respondents

with PhD holder.
184 (47.92%) of respondents are employed, 144 (37.50%) of respondents
are self-employed, 37 (9.64%) of them are students, 12 (3.13%) of them are
professional and 7 (1.82%) of them are unemployed. The last part of the
demographic profile is the range of monthly income. Most of the respondents
are earned within the range RM2501 to RM4000, total of 150 (39.06%) of
respondents. 90 (23.44%) of respondents are earned within range RM4001 to
RM5500, followed by 61 (15.89%) of respondents earned within range RM1000
to RM2500, 42 (10.94%) of respondents earned below RM1000, 25 (6.51%) of
respondents earned above RM7000, and 16 (6.51%) of respondents earned within
range RM5501 to RM7000.

Table 2
Reliability Test Result
Variables Cronbach's Alpha No. of items
Intention to use BNPL 0.978 6
Materialism 0.977 5
Social influence 0.969 4
User-friendliness 0.978 4
Trust 0.991 4
Source: Developed for the research

Table 2 shows the Cronbach’s Alpha value of all the variables after the
full-scale data collection. The Cronbach’s Alpha value for all the variables is
more than 0.9, which is more than the requirement that minimum Cronbach’s
Alpha is between 0.65 to 0.8 (Goforth, 2015). Therefore, all the dependent and
independent variables are reliable for research purposes.

Table 3
Multiple Regression Analysis
Model Summaryb
Std. Error of the Durbin-Watson
Model R R Square Adjusted R Square Estimate
1 0.588a 0.346 0.339 0.51209 1.914
Predictors: (Constant), Trust, Materialism, User_friendliness, Social_Influences
Dependent Variable: Intention_to_Use_BNPL
Source: Generated using SPSS

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Multiple regression analysis is performed to examine the relationship of

the dependent variable, intention to use BNPL, and four independent variables,
materialism, social influence, user-friendliness and trust. Table 3 shows the
results of the multiple regression, R is 0.588, which indicates that moderate
positive correlation between the predictors, which is all four independent
variables, and the dependent variable. The R-squared value is 0.346, which
means about 34.6% of the variance in the dependent variable, intention to use
BNPL, is explained by the four independent variables. Furthermore, the Durbin-
Watson statistic test is 1.914, the value is close to two, which means that there
is no significant autocorrelation. Durbin-Watson statistic is used to detect
autocorrelation in the residuals from a regression analysis. A range of value
between zero and four is always assumed by the Durbin-Watson statistic. A
value that is less than two indicates a positive autocorrelation, while if the
value is more than two, it shows that there is a negative serial correlation. A
value equal to two means there is no autocorrelation (Team, 2024).

Table 4
Regression ANOVA
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 52.656 4 13.164 50.199 <0.001b
Residual 99.387 379 0.262
Total 152.043 383
Dependent Variable: Intention_to_Use_BNPL
Predictors: (Constant), Trust, Materialism, User_friendliness, Social_Influences
Source: Generated using SPSS

Table 4 is the ANOVA test result for this study. The p-value that shown
in the Table 4 is <0.001, indicates that the regression model is statistically
significant predicts the dependent variable, intention to use BNPL, by the
predictors in this study, materialism, social influence, user-friendliness and
trust. Besides that, the high F-Test value is also a good indicator that shows this
regression model is significant, as the F-Test value in this study is 50.199.

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Table 5
Coefficients with Multicollinearity
Coefficientsa
Standardize
Unstandardize Collinearity
d
d Coefficients Statistics
Model Coefficients t Sig.
Std. Toleranc
B Beta VIF
Error e
1 (Constant) 2.450 0.205 11.97 <0.00
3 1
0.072 0.026 0.140 2.747 0.006 0.666 1.50
Materialism
2
Social_Influence 0.307 0.042 0.413 7.335 <0.00 0.544 1.83
s 1 9
User_friendlines 0.121 0.057 0.114 2.117 0.035 0.597 1.67
s 5
0.016 0.037 0.025 0.441 0.659 0.559 1.78
Trust
9
Dependent Variable: Intention_to_Use_BNPL
Source: Generated using SPSS

The multicollinearity result for this study is shown in Table 5. Variance

Inflation Factor (VIF) value that falls between 1 and 5 means the moderate
correlation between independent variables in the model (Bobbitt, 2021). All
the VIF value of this study is less than two, the result falls between a range
from 1.5 to 1.8, which indicates that there is low multicollinearity among the
independent variables.
The Beta coefficient is used to determine the strength and direction of
the relationship between an independent variable to dependent variable in a
regression model. All the Beta coefficient as illustrated in Table 5 is positive,
which means there is positive relationship between all independent variables
and dependent variables. According to Cohen’s guidelines, Beta value that is
considered as a large effect size is equal to or more than 0.5, if the Beta value
falls between 0.30 and 0.49 is a medium effect size, and if between 0.10 and
0.29 is small effect size (Nieminen, 2022).
By combining the p-value and the Beta coefficient value from the result
shown in Table 5, the hypotheses are examined below.
Hypothesis 1: There is a significant positive relationship between
materialism and the intention to use BNPL.
The p-value of materialism is 0.006, which is less than the significance
level 0.05, indicates that the relationship is statistically significant. The

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positive Beta coefficient value, 0.14, indicates that the direction of relationship
is positive. Therefore, hypothesis 1 is accepted.
Hypothesis 2: There is a significant positive relationship between social
influence and the intention to use BNPL.
The p-value of social influence is <0.001, less than the significance level
0.05, indicates the statistically significant relationship. The Beta coefficient is
0.413, which is the highest value among all the independent variables, indicates
the positive direction as the Beta value is positive. Therefore, hypothesis 2 is
accepted.
Hypothesis 3: There is a significant positive relationship between user-
friendliness and the intention to use BNPL.
The p-value of user-friendliness is 0.035, less than the significance level
0.05, indicates the statistically significant relationship. The Beta coefficient is
0.114, which indicates the positive direction as the Beta value is positive.
Therefore, hypothesis 3 is accepted.
Hypothesis 4: There is a significant positive relationship between trust
and the intention to use BNPL. The p-value of trust is 0.659, higher than the
significance level 0.05, indicate that no significant relationship. The Beta
coefficient 0.025, the lowest value among all the independent variables.
Hence, hypothesis 4 is rejected.

Table 6
Summary of Hypothesis Testing
Beta
Hypothesis P-value Results
Coefficient
H1: There is a significant positive
relationship between materialism and the 0.140 0.006 Accepted
intention to use BNPL
H2: There is a significant positive
relationship between social influence and the 0.413 <0.001 Accepted
intention to use BNPL
H3: There is a significant positive
relationship between user-friendliness and 0.114 0.035 Accepted
the intention to use BNPL
H4: There is a significant positive
relationship between trust and the intention 0.025 0.659 Rejected
to use BNPL

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Table 6 shows the summary of the hypothesis results. The result shows
that materialism, social influences and user-friendliness significantly impact
the intention to use BNPL services, while trust does not have a significant
impact on the intention to use BNPL services.

6 DISCUSSION AND CONCLUSION

The objective of this study is to examine the influence of independent

variables, which are materialism, social influence, user-friendliness and trust,
on the dependent variable, which is intention to use BNPL. By utilizing the
findings from literature review and applying the underlying theory, UTAUT, a
total of four hypotheses are defined to relate to the research objective and
research questions. All the hypotheses assumed that the independent variables,
which are materialism, social influence, user-friendliness and trust, have
significant positive relationship with the intention to use the BNPL services. An
online survey questionnaire was conducted and a total of 384 sets of feedback
were analyzed using SPSS statistical software.
RO1: To examine the influence of materialism on the intention to use
BNPL.
Materialism has been recognized as a significant influence on consumer
impulse purchase behavior and the adoption of BNPL services. Aisyahrani et al.
(2020) highlighted that individuals who have high materialistic will prioritize
acquiring and possessing material goods to demonstrate success and achieve
personal happiness. While Rashika et al. (2023) found that materialism leads to
impulse buying behavior, especially when the BNPL options are available, as
the decision-making of the purchase is often driven by emotional response
rather than rational.
Therefore, the finding of materialism significantly influences the
intention to use BNPL is aligned with the literature. Individuals who have high
materialistic are spending more money over saving. Therefore, the decision-
making of the individuals will be influenced by materialism, which may lead to
financial irresponsibility such as overspending, high debt levels and lack of
saving (Maison & Adamczyk, 2020). BNPL services offer a financial landscape

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that aligns well with the tendencies of highly materialistic individuals. It

creates an environment that supports and enhances purchasing behaviors of
highly materialistic individuals.
RO2: To examine the influence of social influence on the intention to use
BNPL.
Social influence has been extensively studied in the context of consumer
behavior. Sanuray (2023) noted that the visibility of new products is
significantly increased with the help of the social media influencers, compared
to traditional advertisements. Aisyah (2024) highlights that individuals who
expose to high social media intensity experience more pressure to conform to
social norms, which significantly impacts their intention to use BNPL services.
Kurniasari et al. (2023) also found that social influence strongly affects the
intention to use paylater schemes.
The findings of social influence significant influence the intention to use
BNPL are consistent with the literature. The sense of aspiration is created
through social media and peer recommendations, which drives consumers to
use BNPL services. The result of the study performed by the Boston (2024) also
indicates that social influence plays a significant role in the adoption of BNPL
services.
RO3: To examine the influence of user-friendliness on the intention to
use BNPL.
User-friendliness is a critical determinant of technology adoption.
Chawla and Joshi (2020) emphasized that a simple and clear design ensures the
fast speed of users learning how to use the application without additional
training. The studies across different countries such as the United States
(Akana, 2022), Indonesia (Sugandi et al., 2023) and India (Chawla & Joshi, 2020)
had found that user-friendliness significantly influence the intention to use
BNPL services.
The finding of user-friendliness significantly influences the intention to
use BNPL are aligned with the literature. A user-friendly application interface
reduces the perceived complexity of the technology, making it more accessible
and attractive to consumers. The study found that user-friendliness

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significantly increases the behavior of consumers towards BNPL services (Raj et

al., 2024).
RO4: To examine the influence of trust on the intention to use BNPL.
In the literature review, trust was identified as a crucial factor that
influenced the intention to use BNPL services. Trust is always viewed as a
cornerstone of consumer adoption, especially in the world of fintech and
electronic transactions. Studies also shows that the confident level of
consumers have in the security, privacy and reliability of electronic systems,
significantly impacts the intention to use BNPL services (Surjandy et al., 2023;
Yusuf et al., 2023). Besides that, the research in Malaysia and Indonesia also
highlighted that security measures and data protection are critical in building
consumer trust and encouraging the use of BNPL services (Cindy et al., 2024).

6.1 RECOMMENDATIONS

From the findings of this study, trust does not significantly influence the
intention to use BNPL services, while user-friendliness, materialism and social
influence, are significant influences the intention to use BNPL services. Some
recommendations can be made to enhance the adoption of BNPL services, the
potential financial risks associated with materialistic behavior should be
included in this recommendation.
Materialism has been identified as a significant factor that influences the
intention to use BNPL services. Therefore, BNPL providers should develop
targeted marketing campaigns that emphasize the ability to acquire desired
goods immediately without upfront payment, which aligns to the desire for
instant gratification. Utilizing technology such as artificial intelligence (AI), it
can enhance the shopping experience by personalizing the recommendations
based on the past purchases and browsing contents. It becomes attractive to
those who have high materialistic tendencies.

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6.2 IMPLICATIONS OF STUDY

This study has adopted the UTAUT theoretical framework to examine the
factors that will influence the intention to use BNPL in Malaysia, with
independent variables, materialism, social influence, user-friendliness and
trust. Theoretically, all four key constructs of UTAUT, performance
expectancy, effort expectancy, social influence and facilitating conditions,
significantly influence the intention to use the BNPL services. One of the key
constructs, facilitating condition, is not examined in this study.

6.3 PRACTICAL IMPLICATIONS

The findings of this study provide insights about the factors that
influence the users to use and adopt the BNPL services in Malaysia, which
benefits various stakeholders. For businesses and marketers, the finding
emphasizing the user-friendly and immediate benefits of BNPL services can
effectively target materialistic consumers and those influenced by social media
Policymakers and regulators can use these findings to create regulatory
frameworks that ensure the responsiveness of the BNPL providers, such as the
transparency of the terms and conditions. Nevertheless, the protection of
consumers on the data protection and robust security is also important to
ensure the safety of consumers in using the BNPL services.

6.4 LIMITATIONS

The limitation of this research is the sample size of 384 respondents may
not fully represent the wider population of Malaysia as a whole. In terms of
demographic profile, the age distribution shows a concentration in the age
range 26 to 35 years old, and less participants in the age groups who aged above
55 years old. It potentially limits the findings to older populations. There also
has a significant a smaller number of race groups, Native Sabah and Siamese,
which could affect the results across all racial groups in Malaysia.

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6.5 SUGGESTIONS FOR FUTURE RESEARCH

This study has investigated about the intention to use BNPL services,
which the location is limited in Malaysia. Therefore, future researchers can
conduct a more comprehensive study by examining the intention of Malaysian
and non-Malaysian to use BNPL. Besides that, extending the study to other
countries could provide better understanding of the factors that influence the
intention to use BNPL across different cultures. The study will be able to help
the BNPL providers tailor the services to specific consumer segments more
effectively.

7 CONCLUSION

The purpose of this study is to examine the influence of materialism,

social influence, user-friendliness and trust on the intention to use BNPL
services in Malaysia, utilizing the UTAUT as the underlying theoretical
framework. The findings shows that materialism, social influence and user-
friendliness significantly impact the intention to use BNPL services, while trust
did not show a significant influence in this context.
Materialism was found positively correlates with the intention to use
BNPL services, indicating that individuals with higher materialistic value are
more likely to adopt BNPL services. Social influence also played a crucial role,
with social media and peer recommendations, the behavior of consumers
towards BNPL adoption is shaped. User-friendliness is also one of the factors,
highlighting the importance of easy-to-use interface in driving the adoption of
BNPL services. However, trust, despite being a well-documented factor in
fintech adoption, did not significantly influence the intention to use BNPL
services in this study.
The limitations of this study include a sample size that may not fully
represent the wider population, demographics imbalances and the exclusion of
other potentially influencing factors. Besides that, the geographic focus on
Malaysia limits the generalization of the findings to other cultural contexts.

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Future research should consider these limitations and explore additional

variables.
In conclusion, this research provides valuable insight into the factor
influencing the intention to use BNPL services, offering practical implications
for business, financial advisors and policymakers. By understanding the drivers
of BNPL adoption, stakeholders can develop targeted strategies to enhance user
engagement, promote responsible financial behavior and ensure the sustainable
growth of BNPL services in the market.

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