Digital wallets are changing how people behave financially, especially in countries where smartphone use and digital technology are starting to become widely adopted. This study explores the factors affecting the adoption digital wallet in Naawan, Misamis Oriental, Philippines. The study combines two theoretical perspectives, Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT). The central research question addressed which factors significantly influence the decision to adopt digital wallets. Previous literature has established a range of adoption drivers such as convenience, security, and usefulness, yet recent findings suggest shifts in user priorities. This study seeks to examine these dynamics in a localized Asian context, thus filling a gap in digital wallet adoption literature for emerging economies. A quantitative research design was used to obtain data from 300 respondents purposively sampled and using a structured questionnaire. Data was analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. Results indicate that budgeting, rewards, and perceived ease of use are strong predictors of adoption, while convenience, security, and perceived usefulness are not. These results carry practical implications for fintech, retail, and e-commerce businesses across Asia. Companies are advised to share actual use cases and favor user-centered features over generic security messages. Lastly, the research promotes digital financial Inclusion, providing strategic implications for the development of digital wallet services in Asia’s competitive fintech environment.
Alonzo et al. (Fri,) studied this question.