Factors influencing the intention to use e-wallet among generation Z and millennials in the Philippines: An extended technology acceptance model (TAM) approach

The use of E -wallets in the Philippines experienced remarkable growth in recent years. This study investigated the key factors influencing the intention to use E-wallets among Generation Z and Millennials in the country, employing an extended Technology Acceptance Model (TAM) framework. A total of 500 respondents from these demographic groups participated in an online survey featuring 24 indicators, selected through a stratified sampling method. Using Partial Least Square - Structural Equation Modeling (PLS-SEM), the analysis revealed that perceived ease of use, perceived usefulness, social influence, attractiveness of alternatives, perceived trust, perceived security, and perceived value significantly influenced users' intention to adopt E -wallets. Notably, perceived trust emerged as a stronger predictor than perceived value. This research provided valuable insights into the factors shaping user intentions and consumer satisfaction, enhancing the understanding of E-wallet adoption in the industry. Furthermore, the incorporation of the extended TAM strengthened the theoretical framework for studying E-wallet adoption in developing countries like the Philippines. • E-wallet adoption in the Philippines has seen significant growth recently. • Study examined E-wallet usage intentions among Gen Z and Millennials. • Key factors: ease of use, usefulness, trust, security, and social influence. • Perceived trust proved more crucial than perceived value for E-wallet adoption. • Findings offer strategies for E-wallet providers to enhance security and trust.