Reframing Fintech Adoption: The Mediating Role of Attitude Impact of User Perceptions in E-Wallet Usage Among Emerging Markets

Abstract

This study analyzes the factors influencing fintech adoption, particularly e-wallet use, in developing countries, including Indonesia as a representative emerging market country, by emphasizing attitude as a mediator. The research problem lies in the gap between high levels of e-wallet use and low financial literacy in countries. This study uses a quantitative explanatory research method and analyzes the data by using Structural Equation Modeling (PLS-SEM) to examine the causal relationships among proposed constructs. Data were obtained from 413 e-wallet user respondents through questionnaires. The results showed that perceived usefulness (p = 0.004), perceived ease of use (p = 0.000), and perceived benefit (p = 0.002) had a significant positive effect on attitude, also attitude significantly influenced fintech adoption (p = 0.000). Attitude has been empirically shown as a mediating variable in the correlation between these three variables on fintech adoption, while perceived risk did not significantly influence attitude (p = 0.244), although with attitude mediation, perceived risk was unable to influence fintech adoption. These findings indicate that fintech users prioritize benefits and ease of use over risks when adopting fintech. This research study suggests that fintech firms should enhance the user experience and value proposition to promote positive fintech adoption services, and that institutions should improve public financial literacy to better assess risks in the fintech adoption process.