International Journal for Multidisciplinary Research (IJFMR)

E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

The Factors Influencing the Adoption of

Electronic Payment Systems in Nueva Ecija
Ariel Palibino Baltisoto

Financial Analyst III, Department of Social Welfare and Development

Abstract
The purpose of this research is to look at the elements that influence Filipino customers' adoption of e-
payment systems. Data from 50 employees of a company who utilize online shopping payments were
analyzed using descriptive analysis using mean, standard deviation, and Pearson correlation analysis. The
study's findings revealed that the constructs of perceived risk, trust, security, perceived usefulness, and
ease of use were insufficient to determine their links to embrace e-payment systems. As a result, the criteria
examined in this study are not the only ones that may impact customers' decisions. Lastly, it is found that
there is a correlation between factors and electronic payment adoption.

Keywords: E-Payment, Risk, Trust, Security, Ease of Use

1. Introduction
Electronic payments (ePayments) have shown to be quite beneficial in terms of streamlining
accounts payable operations. In recent years, the Philippines' digital payments ecosystem has seen
substantial expansion and evolution. The country's central bank, the Bangko Sentral ng Pilipinas (BSP),
created the National Retail Payment System (NRPS) in 2015 to promote the growth and adoption of
electronic payments across the archipelago of islands. This method has aided in increasing the availability
and accessibility of digital payments in the Philippines, with a variety of possibilities. This expansion
would have been startling in a society that has typically been sluggish to modernize tried-and-true popular
methods like currency.
As a result, digital payment alternatives represent the possibility of some financial independence
for the vast majority of Novo Ecijano (a demonym to the people living in Nueva Ecija), many of whom
are dispersed across the vast network of over 32 municipalities and cities that comprise the province, and
thus frequently have limited access to more traditional payment infrastructures.
However, with the introduction of digital payments in the Philippines, broader financial services
may now be made more easily accessible and widely available to distributed Philippines' customers by
depending on primarily virtualized infrastructure. As of 2021, the province was slowly started the
digitalized payments market is dominated by numerous large firms, including online payment platforms,
mobile wallet providers, and banks. Electronic payment wallets like G-Cash and PayMaya, as well as the
blockchain-based cryptocurrency exchange and wallet Coins. ph, are among the most popular digital
payment methods in the province.

IJFMR240111912 Volume 6, Issue 1, January-February 2024 1

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

STATEMENT OF THE PROBLEM

According to BSP data, more Filipinos are using e-wallets or making electronic payments. In 2018,
e-payment systems outperformed credit cards. Additional data reveal that more Filipinos are becoming
aware of contactless payments and recognize the benefits of such services. According to the Visa
Consumer Payment Attitudes research, E-payment methods were known to 80 percent of respondents
(Visa, 2019). Despite Filipino consumers' awareness of the benefits of digital payment platforms, the
actual number of e-payment accounts fell to 8.6 million in 2018 from 11.4 million in 2018, according to
the BSP's Financial Statistics Survey on Inclusion. Most establishments and businesses want to use
electronic payments more frequently. Still, the largest challenge for many of them is getting suppliers to
accept them and getting team members to go out to and sign up vendors. Despite the lucrative market for
e-payment (or electronic) systems. Recent years have seen a continued use of cash to rule the Philippines
and also in Nueva Ecija.
In this regard, we are looking for insight into the factors impacting the use of electronic payment
methods by the residents of Nueva Ecija. Descriptive analysis was used to analyze data and provide key
figures. The frequency and percentage are used to examine the socio-demographic characteristics of
respondents, while the mean and standard deviation are used to determine the findings of Likert scale
questions, which are then followed by a correlation test. The Pearson correlation coefficient was utilized
to assess the factors impacting electronic payment system adoption in Nueva Ecija.

Hypothesis
H1. There is a correlation between the intention to use an e-payment system and the perceived risk.
H2. There is a relationship between the intention to adopt an e-payment system and Security
H3. There is a relationship between the intention to adopt an e-payment system and trust in
H4. There is a relationship between adopting an e-payment system and perceived usefulness
H5. There is a relationship between adopting an e-payment system and ease of use

Figure 1 shows the research paradigm of the study. This illustrates for insight into the factors impacting
the use of electronic payment methods of Novo Ecijanos.

Figure 1. Research Paradigm

The general objectives of the study are to understand the factors affecting Novo Ecijanos’ adoption
of e payment, and the specific objectives of this study are: and the specific objectives of this study are:
1. To determine the profile of the respondents
1.1 Age
1.2 Gender
1.3 Educational Attainment
1.4 Job Positions

IJFMR240111912 Volume 6, Issue 1, January-February 2024 2

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

1.5 E-Payment Type

2. To determine the factors influencing the adoption in terms of
2.1 Perceived Risk
2.2 Security
2.3 Trust
2.4 Perceived Usefulness
2.5 Ease of Use
3. To determine the respondent’s electronic payment adoption
4. To determine the relationship of the influencing factors and electronic payment adoption.

I. Review of Related Literature

As defined, e-commerce is a business transaction conducted over the Internet (“E-commerce |
Define E-commerce at Dictionary.com,” n.d.). As observed by Yu, His, and Kuo (2002), the onset of e-
commerce was due to the advent of the Internet, which according to Huang and Chen (2002) and Baddeley
(2004), is continuously increasing (Chellapalli & Srinivas Kumar, 2016). It has become important in two
interrelated domains, which are Business-to-Business (B2B) and Business-to-consumer (B2C) that
influence the customers in the creation and customization of the products and methods on how the products
and/or services are delivered (Chellapalli & Srinivas Kumar, 2016; Rachna & Singh, 2013). Moreover,
according to Vulkan (2003), it offers its customers a convenient and efficient shopping, banking
transactions, and personal finance management experience, where payments are done electronically,
which in turn is called electronic payments (Chellapalli & Srinivas Kumar, 2016).
As defined by Kalakota and Whinston (1997) and Humphery, Pulley, and Vesala (1996), electronic
payment is the financial exchange that happens in an online environment, where the payments are initiated,
processed, and received, which is fundamental in e-commerce (Chellapalli & Srinivas Kumar, 2016;
Rachna & Singh, 2013). This is one of e-commerce’s most critical aspects and as per Koc (2002), must be
digitally secured (Chellapalli & Srinivas Kumar, 2016). Furthermore, what constitutes electronic payment
systems may vary depending on which country it is being used (Chelawat & Trivedi, 2014). This is
because of various regulatory regimes and innovative instruments that are a substitute for cash, which
triggered the increase in the role of non-bank and non-cash payments (Chelawat & Trivedi, 2014). Since
electronic payments are now prevalent in many countries today, there are various companies involved in
setting up electronic or digital cashless payment support. As per the European Central (2014), there is
36.39% of online transactions done through card payments mode and 2.32% through eMoney based on
the Eurozone 2012 report (LiebanaCabanillas, Muñoz-Leiva, & Sanchez-Fernandez, 2015).
According to the B2C Electronic Commerce of the National Observatory for Telecommunications
and the Information Society, the top three payment transactions are credit card (64.6%), cash on delivery
(COD) (13.6%), and bank transfer (9.2%) (LiebanaCabanillas et al., 2015). According to
Wonglimpiyarat’s (2007) research, smart card technology payment systems in the USA, UK, and several
other European countries, Australia, Korea, Hong Kong, and Singapore have not yet become revolutionary
due to the organizations being more competitive rather than collaborative. Furthermore, mobile phones
paving the way would become another means of a payment system (Mathew, Magnier-Watanabe,
Pratheeba, & Balakrishnan, 2014). One of these that is progressing is mobile payment, which later on will
become widespread (Daştan & Gürler, 2016; LiebanaCabanillas et al., 2015; Mathew et al., 2014).

IJFMR240111912 Volume 6, Issue 1, January-February 2024 3

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

As defined, mobile payment is a kind of electronic payment system that has more mobility, which
involves electronic devices connected to a mobile network where individual or business transactions
Presented at the DLSU Research Congress 2017 De La Salle University, Manila, Philippines June 20 to
22, 2017 are completed successfully (Daştan & Gürler, 2016; Liebana-Cabanillas et al., 2015). Moreover,
as per Karnouskos and Fokus (2004), it is a payment system done with the use of mobile devices to initiate,
activate, and/or confirm payment (Daştan & Gürler, 2016). According to Liebana-Cabanillas, Muñoz-
Leiva, & Sanchez-Fernandez (2015), this new mode of payment in doing online transactions, gives
significant advantages to companies and vendors alike by increased versatility, faster transactions, greater
convenience, and lower costs among others (Liebana-Cabanillas et al., 2015). Well-known firms that
provide payment systems include Samsung Pay, PayPal, Apple Pay, Google's Softcard, and Android Pay
(Daştan & Gürler, 2016). With the introduction of online transactions, consumers' privacy and security
have become key issues, particularly with payment security (Niranjanamurthy & Chahar, 2013). This is
because users are required to disclose sensitive information to the vendor, which puts them at great risk
(Niranjanamurthy & Chahar, 2013).
According to Rachna and Singh's (2013) research study, the issues and challenges in electronic
payment systems are (1) Lack of Usability, where the online forms require a lot of information from users,
and using a complex website interface that makes it difficult for the users to adopt; (2) Lack of Security,
when e-commerce becomes a target for obtaining personal sensitive information and/or stealing money
due to users having to provide sensitive information on the internet; and (3) Lack of Transparency, where
users are required to provide sensitive information (4)Lack of awareness, which occurs when users avoid
online payment methods and continue to favor traditional payment methods; (5)Issues with eCash, which
is not widely used because both the user and the vendor must use the same bank that offers e-Cash; (6)
Users Perception Regarding Acceptance of Electronic Payment Systems; Neglect in the Needs of Both
Users and Vendors; (7) Online Payments are Not Feasible in Rural Areas; (8) Highly Expensive and Time
Consuming: On the vendor side, setting up an online payment system would be expensive and involve
costs for the setup of the system, the machine, and management in addition to additional costs compared
to physical modes of payment (Rachna & Singh, 2013). Even with substantial top-down support from the
BSP, the Philippines is still reliant on cash and check payments (Nair, 2016).
Only 1% of the 2.5 billion (US$ 74 million) payments processed each month, according to the
Better Than Cash Alliance (BTCA) (2015), are digital (Nair, 2016). The National Strategy for Financial
Inclusion, which emphasizes the need for technology to reach out to individuals who are financially
excluded, was established by BSP as part of its attempts to further strengthen the electronic payment
systems in the Philippines (Nair, 2016). One of the reasons for this is that there is limited access to banking
because it is primarily available in urban areas. However, because online transactions are carried out using
financial cards, there are currently fewer background checks required when using debit cards and/or credit
cards, which are now widely used (Nair, 2016). Additionally, the BSP required banks to switch from
Europay, MasterCard, and Visa (EMV) stripe payment to EMV chip-enabled cards until 2017, which will
improve consumer security while using these financial cards by lowering card fraud (Nair, 2016).The
National Retail Payment System (NRPS) also aims to encourage interoperability in electronic payment
transactions, improve transparency and accountability in financial transactions, and enable the provision
of a wider range of access to financial services that could address the Philippines' issue with cashless
transactions. According to Rappler in 2015, the BSP anticipates that NRPS will enable it to increase the
amount of electronic payments made each month from 1% to 20%.

IJFMR240111912 Volume 6, Issue 1, January-February 2024 4

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

II. Research Methodology

The study employed a quantitative approach based on pre-determined hypotheses and data
collected via an instrument-based questionnaire. In the study, the researcher aimed to know the factors
affecting Novo Ecijanos’ adoption of e-payment. The respondents of the study are randomly selected
employees of the Nueva Ecija. The participants are exposed to several businesses and services that provide
electronic payment systems. Retail and restaurant shops and convenience stores in the neighborhood
accept digital payments from platforms.
Primary data were gathered virtually from the respondents through Google Forms. The first part
of the questionnaire is a multiple choice, aimed to describe the demographic profile of the respondents.
The second part is 5 Likert scale comprising several statements rated by the respondents. Eisenberger et
al. (2002) state that the indicators for various factors affecting the adoption of e-payments. The
respondents were asked for their consent and voluntarily participated. The objectives of the study were
also indicated at the beginning of the electronic form.
Descriptive analysis was used in analyzing data and presenting important figures. The frequency
and percentage used to analyze respondents’ socio-demographic characteristics, the mean and standard
deviation are used to determine the results of Likert scale questions, followed by a correlation test. The
Pearson correlation coefficient was used to test the factors influencing the adoption of electronic payment
systems in Nueva Ecija.

III. Results and Discussions

Results
1. Demographic Profile of the Respondents
Employees of an organization in within Nueva Ecija, have taken part in the study. The participants are
exposed to various businesses and services that accept e-payments. Local restaurants, retail businesses,
and convenience stores accept online payments from services.
The majority of poll respondents are between the ages of 23 and 30, with respondents over the age of
45 making up the smallest percentage of participation. With 70% of the sample consisting of responders,
women make up the majority of the group. However, with a total of 30%, the proportion of male responses
is not too far off. Most responders have a bachelor's or undergraduate degree as their greatest level of
schooling.
The majority of the respondents are employed representing the 56% of the sample population. Because
all of the respondents indicated that they were able to do online purchases prior to the survey, they
continued to the questionnaire's subsequent questions. The majority of respondents utilized this type of
service for online shopping and restaurant payments. The respondents are the most regular users of digital
payment services, the most common electronic payment type they are using is the e-wallet which indicated
48% of the respondents.
Table 1: Respondents’ Demographic Profile
Frequency % Rank
Age
Ages 16–22 1 2% 4
Ages 23–30 30 60% 1
Ages 31–45 12 24% 2

IJFMR240111912 Volume 6, Issue 1, January-February 2024 5

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

Over age 45 7 14% 3

Gender
Male 15 30% 2
Female 35 70% 1

Education
High school 1 2% 4
Intermediate/College 21 42% 1
University degree 20 40% 2
Postgraduate 8 16% 3

Job Position
Worker/Jobholder 28 56% 1
Officer 1 2% 4
Entrepreneur/Manager 9 18% 3
Others 12 24% 2

E Payment Style
Debit card 14 28% 2
Credit card 2 4% 4
E–wallet 24 48% 1
Mobile banking 10 20% 3

2. Factors influencing the adoption of electronic payment system

2.1 Descriptive Analysis of the Respondents towards Perceived Risk
Table 2. Respondents' Perceived Risk Descriptive Statistics
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. There may be leaked
50 1 5 3.70 0.886
information online transactions
2. There may be caused errors in
50 1 5 3.92 0.695
the process of online transactions
3. There may be caused fraud or
lost money when using e– 50 1 5 3.68 0.999
payments
4. There may be access to
unauthorized personal data by 50 1 5 4.28 0.640
hackers
5. E–payment transactions may
50 1 5 3.64 0.802
not be secure
AVERAGE 50 1 5 3.84 0.805

IJFMR240111912 Volume 6, Issue 1, January-February 2024 6

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

Taking risks is one of the most important strategies to enhance one's talents and gain experience.
The desire to implement an e-payment system might be attributed to its perceived dangers. The above
explains the respondent’s opinion about the perceived risk of e-payment. The mean response is 3.84 and
the standard deviation is 0.805 and almost all of the respondents are agreed that e-payments mitigate risk.
According to Hossain (2019), the perceived risk might have a detrimental impact on the perceived trust
and customer happiness of mobile payment customers. On the other hand, the literature reveals that
organizations providing this platform are attempting to increase their customers' privacy and provide them
incentives in order to persuade them to use it.

2.2 Descriptive Analysis of the Respondents Towards Security

Table 3. Descriptive Analysis of Respondents' Attitudes Toward Security
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. The security of data and
50 1 5 3.86 0.990
information is critical.
2. Electronic payment systems
must have all of the highest 50 1 5 4.04 1.049
security features.
3. Because they rely on basic
ICT frameworks, e-banking and
50 1 5 3.88 0.849
e-payment applications have
security issues.
AVERAGE 50 1 5 3.93 0.577
Table 3 depicts the respondents' perspectives on security. These factors, according to the data,
explain why nearly all of the respondents believe that security has an influence on with regard to e-
payment. All of the following security aspects are required for electronic payment systems; an unsecure
e-payment system will not be trusted by its customers. Furthermore, trust is critical to ensuring acceptance
from the clients. As previously stated, e-banking and e-payment apps have security challenges since they
rely on fundamental ICT frameworks that create weaknesses in economic organizations, and firms, and
can potentially harm customers.

2.3 Descriptive Analysis of the Respondents Towards Trust

Table 4. Descriptive Analysis of Respondents' Attitudes Towards Trust
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. Despite the perceived risk,
consumers are willing to use e- 50 1 5 3.90 0.647
payments.
2. Consider adopting e-payment
methods, whereby safety and 50 1 5 3.96 0.669
dependability

IJFMR240111912 Volume 6, Issue 1, January-February 2024 7

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

3. Believe that employing e-

payment methods will provide 50 1 5 4.04 0.605
several advantages.
AVERAGE 50 1 5 3.97 0.640
The fourth table presents respondent views on trust towards e-payment, with a mean value of 3.97
and a standard deviation of 0.640. The process of trust has a good influence on the ongoing use of mobile
payments by increasing satisfaction, which is a crucial aspect in the overall purpose. The perceived
similarity and entitativity of online and mobile payments can also favorably increase trust (Cao, Yu, Liu,
Gong, & Adeel, 2018). According to Chiu, Bool, and Chiu (2017), non-adopters of mobile banking
discovered that early confidence had a substantial effect on their desire to utilize online banking services.

2.4 Descriptive Analysis of the Respondents Towards Perceived Usefulness

Table 5. Descriptive Analysis of Respondents' Attitudes Towards Perceived Usefulness
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. Carrying cash is preferable to
50 1 5 3.98 0.685
using e-payment methods.
2. Using e-payment systems can help
50 1 5 3.90 0.580
you keep track of your expenses
3. Using electronic payment systems
50 1 5 3.68 0.513
to increase payment efficiency
4. Using e-payment technology to
50 1 5 4.16 0.468
expedite the transaction
AVERAGE 50 1 5 4.18 0.388
The respondents' perceptions with regard to perceived usefulness towards e-payment is explained
in Table 5, where the mean value is 4.18 and the standard deviation is 0.388. As a result of these variables,
virtually all of the respondents agreed that quality had an impact on towards adoption of e-payment.
Previous research showed a positive relationship between deciding to use an e-payment system and its
usability. According to Molina-Castillo, Lopez-Nicolas, and de Reuver (2020), perceived functional value
and enabling conditions that support it are the most important elements in mobile payment intention. De
Luna, Liébana-Cabanillas, Sánchez-Fernández, and Muoz-Leiva (2018) discovered that usefulness
attitude and perceived security are important factors affecting e-payment system usage intention.

2.5 Descriptive Analysis of the Respondents Towards Ease of Use

Table 6. Descriptive Analysis of Respondents' Attitudes Towards Ease of Use
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. E-payment systems are simple to use. 50 1 5 4.22 0.507
2. E-payment methods are obvious and
50 1 5 4.26 0.443
simple to understand.
3. E-payment system proficiency in
50 1 5 3.82 0.482
application

IJFMR240111912 Volume 6, Issue 1, January-February 2024 8

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

4. E-payment transactions may be

50 1 5 4.04 0.699
utilized anywhere and at any time.
AVERAGE 50 1 5 4.09 0.533
The Table 6 presents respondent views on ease of use towards e-payment, with a mean value of 4.09
and a standard deviation of 0.533. However, the model's perceived usability and perceived ease of use
components are crucial. According to Atlantic Press (2022), the one-month study was done in China with
245 respondents utilizing survey data gathering methods. The perceived ease of use of an e-payment
assesses how simple it is for consumers to use. The influence of perceived ease of use on the propensity
to utilize e-payments was explored.

3. Descriptive Analysis of the Respondents Towards Electronic Payment Adoption

Table 7. Descriptive Analysis of Respondents' Attitudes Electronic Payment Adoption
No. of Standard
INDICATORS Min. Max. Mean
Respondents Deviation
1. Having a desire to employ
50 1 5 3.98 0.654
electronic payment methods
2. Having a future plan to
50 1 5 4.12 0.799
employ e-payment systems
3. In the future, I intend to
utilize e-payment methods on a 50 1 5 4.04 0.925
frequent basis.
TOTAL 50 1 5 4.05 0.793
Table 7 above explains the respondents' degree of agreement towards adoption of e-payment. The
mean response is 4.05, and the standard deviation is 0.793, indicating that practically all respondents are
happy with the e-payment service and want to use it more in the future. E-payments enable consumers to
make payments online at any time and from any location in the globe, eliminating the need to visit banks.
Faster electronic payments, such as virtual cards, enable organizations to increase security, visibility, and
efficiency while cutting costs and reducing time spent on manual operations.

4. The relationship between the influencing factors and electronic payment adoption.
The study used the Pearson Correlation Coefficient to test the relationship between the respondents’
perceived influencing factors toward the adoption of E-payments. A scale from + 1 to -1 is used to
calculate the correlation coefficient. Table 4, shows that r value, P value, and this implies a moderate, very
low, and low positive correlation. The correlations were examined based on an alpha value of 0.05. There
were four not significant correlations based on the pairs of variables.
Table 8. Summary of Pearson Correlation Results
r P
Combination Remarks Decision
value Value
Perceived Risk - E Payment Moderate Positive Null Hypothesis
0.6265 < .00001
Adoption Correlation was rejected
Moderate Positive Null Hypothesis
Security - E Payment Adoption 0.5934 < .00001
Correlation was rejected

IJFMR240111912 Volume 6, Issue 1, January-February 2024 9

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

Very Low Positive Null Hypothesis

Trust - E Payment Adoption 0.227 0.112897
Correlation accepted
Usefulness - E Payment Low Positive Null Hypothesis
0.4216 0.002294
Adoption Correlation was rejected
Ease of Use - E Payment Very Low Positive Null Hypothesis
0.5114 0.000147
Adoption Correlation was rejected
*Correlational at the Level of 0.05 (Two-tailed)
H1 cannot be accepted since the degree of significance is insufficient to reject the null hypothesis.
The results reveal that there is a slight association between the desire to adopt an e-payment system and
perceived risk. The outcome is consistent with the findings of the anchor piece. Furthermore, Ozkan et al.
(2010) discovered no link between the desire to use an e-payment system and perceived danger. Perceived
risk was found to be substantial in earlier investigations. It affects perceived trust, consumer satisfaction,
and adoption intentions (Hossain, 2019). H2 was rejected because the result of the test was significant.
There is still no link between the intention to use an e-payment system and security. The relationship
between the two is also weak. The study's findings contradict the findings of Ozkan et al. (2010), who
discovered that the significance value is sufficient to reject the null hypothesis. Despite their importance,
the link between them was minimal. H3 was accepted the P-value is .112897. The result is not significant
at p < .05. According to the study, confidence in e-payment systems has a strong beneficial impact on their
acceptability. Research has thus established that trust has a major influence on whether customers accept
e-payment systems. H4 is rejected, and the hypothesis that there is no link between intention to use an e-
payment system and usability stays unchanged. H5 is also rejected. According to Mun et al. (2017),
perceived utility is the most crucial element in the desire to use a mobile payment service.
Previous research, as noted in the literature review, regarded these constructs to be relevant and
expressed their worries about them. Contrary to the findings of this study, participants did not experience
any substantial challenges that may alter their assessment of the notions.

IV. Conclusions and Recommendations

In an area where cash continues dominating, such as the Nueva Ecija, digital payment platforms
may have difficulties in becoming extensively used in transactions. Filipinos continue to have a low
population in terms of bank accounts since most prefer the tangibility of actual money.
The findings of the study indicated that the measuring scales of previous elements, intermediate
factors, and e-payment adoption are accurate. The exploratory factor analysis and confirmation factor
analysis of all indicators revealed that the factor loading of all items was rather high. Regardless of the
research outcomes, the same model may be utilized in a larger sample size to make a more accurate
population judgment. Because the study's sample size is tiny, it cannot be stated that the model is
ineffective in determining the variables influencing the adoption of e-payment systems.
A future study might look at the relationship between adoption intentions and bank account
ownership. Most e-payment systems do not require a bank account and may be accessed with a few pieces
of personal information without the need to visit a physical location. Subsequent research can compare
the frequency of e-payment transactions to the frequency of physical purchases. Case studies may be
utilized in a more in-depth research to better identify their attitude outside of the close-ended questions
used in questionnaires to better understand the customers that use and will most likely use e-payment
systems.

IJFMR240111912 Volume 6, Issue 1, January-February 2024 10

 International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160 ● Website: www.ijfmr.com ● Email: [email protected]

REFERENCES
1. Ajzen, I.: The theory of planned behavior. Organ. Behav. Hum. Decis. Process
2. Chiu, J. L., Bool, N. C., & Chiu, C. L. (2017). Challenges and Factors influencing initial trust and
behavioral intention to use mobile banking services in the Philippines. Asia Pacific Journal of
Innovation and Entrepreneurship, 11(2), 246-278.
3. Agag, G. M., Khashan, M. A., Colmekcioglu, N., Almamy, A., Alharbi, N. S., Eid, R., Abdelmoety,
Z. H. S. ( 2 0 1 9 ) . Converting hotel website visitors into buyers: How online hotel web assurance
seals services decrease consumers’ concerns and increase online booking intentions. Information
Technology and People, 33(1), 129-159.
4. Barkhordari, M., Nourollah, Z., Mashayekhi, H., Mashayekhi, Y., & Ahangar, M. S. (2017). Factors
influencing adoption of e-payment systems: An empirical study on Iranian customers. Information
Systems and E-Business Management, 15(1), 89-116.
5. Cao, X., Yu, L., Liu, Z., Gong, M., & Adeel, L. (2018). Understanding mobile payment users’
continuance intention: A trust transfer perspective. Internet Research, 28(2), 456-476.
6. Chakiso, C. B. (2019). Factors affecting Attitudes towards Adoption of Mobile Banking: Users and
Non-Users Perspectives. Emerging Markets Journal, 9(1), 54-62.
7. Chen, J. K. (2018). The influence of behavioral intention on third-party e-commerce payment. South
African Journal of Economic and Management Sciences, 21(1), 1-10.
8. Chiu, J. L., Bool, N. C., & Chiu, C. L. (2017). Challenges and Factors influencing initial trust and
behavioral intention to use mobile banking services in the Philippines. Asia Pacific Journal of
Innovation and Entrepreneurship, 11(2), 246-278.
9. Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.). Hillside, NJ:
Lawrence Erlbaum Associates.
10. Daştan, İ. D., & Gürler, C. (2016). Factors Affecting the Adoption of Mobile Payment Systems: An
Empirical Analysis. Emerging Markets Journal, 6(1), 1-16.
11. De Luna, I. R., Liébana-Cabanillas, F., Sánchez- Fernández, J., & Muñoz-Leiva, F. (2018). Mobile
payment is not all the same: The adoption of mobile payment systems depends on the technology
applied.
12. Özkan, S., Bindusara, G., & Hackney, R. (2010). Facilitating the adoption of e-payment systems:
Theoretical constructs and empirical analysis. Journal of Enterprise Information Management, 23(3),
305-325
13. Technological Forecasting and Social Change, 146, 931-944.
14. Hampshire, C. (2017). A mixed methods empirical exploration of UK consumer perceptions of trust,
risk, and usefulness of mobile payments. International Journal of Bank Marketing, 35(3), 354-369.
15. Ahmad, D. A.,& Zubi, D. H. (2011). E-Banking Functionality and Outcomes of Customer Satisfaction:
An Empirical Investigation. International Journal of Marketing Studies, Vol. 3 (1), 50-65.
16. Ankit, S. (2011). Factors Influencing Online Banking Customer Satisfaction and Their Importance in
Improving Overall Retention Levels: An Indian Banking Perspective. Information and Knowledge
Management, Vol. 1 (1), 45-55.
17. Hill, N.,& Alexander, J. (2006). The Handbook of Customer Satisfaction and Loyalty Measurement
(3rd ed.).

IJFMR240111912 Volume 6, Issue 1, January-February 2024 11