1.0 Introduction
The title of this research project is “to investigate the factors affects in selection of electronic payment systems for Malaysian consumers”. The current global stand of this topic is very high. It is so because the e-commerce industry is adopted in majority of countries around the globe. In addition to this, the customers have multiple digital payment platforms, which can be used for making online payment for any transaction over the online business platforms (Harris et al., 2011). Example of different electronic payment systems involves internet banking, digital wallets, UPI payment platforms, Debit Cards, credit cards etc. Electronic payment system refers to the system that enables people to do payment for any transaction online. Under this method, the payment is done by customers through use of their confidential details of banking with the use of internet connectivity and online payment gateway of e-commerce companies. This research project is developed for purpose of generating the critical understanding and knowledge about various kinds of online payment systems that are present before users(Chaudhry et al., 2016).Core goal of this research is foridentification of appropriate factors regarding selection of electronic payment systems that should be utilized by the individuals. In this context, the detailed analysis of different electronic payment systems arebeing performed on basis of different types of factors like time, cost, security, speed of transaction, confidentiality of data etc. This research will be planned and carried out in context of electronic payment systems of Malaysia (Bell et al., 2018).
As per the views of Xena&Rahadi (2019), the electronic payment system can be defined as the systems or platforms that are used by different people for making online payment for any service. However, the selection of the most appropriate e-payment system is a complicated task for individuals.The research problem chosen for development of this research project is related to identification of appropriatefactors that can help to accept or reject an electronic payment method by a customer.Success of the research project shall reveal the most appropriate factors in selecting electronic payment system across Malaysia. As per findings of (Choon Seng, 2008), past studies have shown that volume of e-payments had been increased by 34.1% annually. However, even though there are many types of e-payments systems in Malaysia, development of e-payments system has been restricted by few factors. Past studies have revealed somefactors such as limited success of payments, inefficiency of pricing model, and limited payment.. The problem of study of this research project is relatedto factors that affects in selecting electronic payment systems for the customers. There is need of huge research on this research, because there are lots of e-payment systems prevailing across the corporate sector. In addition to this, there are different types of problems or issues encountered with adoption of different electronic payment methods. So, this research project is designed to carry out in-depth analysis of various aspects related to available electronic payment systems (Solat, 2017).
The government and regulatory bodies in Malaysia are consistently focusing on encouraging the adoption of electronic payment systems across different states. In this context, the majority of Malaysian states have adopted the e-wallets for encouraging online payments across the country. For example, the state of Sabah is residential place of more than 3.5 million people. This state has launched “Sabah Pay” for promoting the online payment across state. In addition to this, the Malaysian government has also designed and launched “E-Tunai-Rakyat” programme (Hall, 2020). This initiative was designed and launched by the government for purpose of encouraging e-wallet registrations and online payments across the country. Similar to this, the Malaysia has national QR code standard for cashless payments, which is known as DuitNow QR. In addition to this, the government of Malaysia spends large amount for purpose of encouraging the adoption of electronic payment systems across country.
As per the analysis of a report published official website of Open Gov Asia, it is observed that government has planned to spend RM450 million for boosting the electronic transactions across country. For this purpose, the government of Malaysia has launched a program on 15th January 2020 in a drive to increase digital transactions across the country. This money is anticipated to be distributed through a Southeast Asian e-wallet operator which is also a Singapore-based ridesharing company. This initiative of the government was supported by Japanese multinational conglomerate holding company Touch n’ Go (Sharon, 2020). This initiative was also backed and supported by CIMB, which is a banking group. This is also a financial arm of the Chinese tech giant. As shown in figure 1, Under this program, every Malaysian above the age of 18 years, the earnings of whose is less than RM 100,000 will get one-time shopping handout of RM30 through one of the e-wallets available in country. It is anticipated that total digital payments of the country will increase to $17 billion by 2023 (Tan, 2019).
This research is helpful to determine that which factors affect in selecting e-payment system should be identified across Malaysia for meeting the online payment needs. In addition to this, the research will also reveal the justification or reasons behind the judgment regarding the selected system. As per the analysis of findings of literature review, it is observed that eGHL is one of the safe and secure online payment platforms of Malaysia. The research aims to investigate the factors affects in selection of electronic payment systems for Malaysian consumers. Higher need is present in market for conducting research on this topic. It is so because there are insufficient past research projects that were conducted over the similar research topic. In addition to this, there are lots of latest inventions in the field ofonline payment methods. So, there are insufficient studies over analysis of different attributes and features of the modern digital transaction methods. In other words, there is lack of evidence to provide recommendation regarding appropriate online transaction payment system. In this context, there is need to conduct in-depth research over the key attributes and aspects related to different electronic payment systems (Bezovski, 2016). In reality, there is huge worth of this research from the point of view of customers, managers and industry players. Success of this study shall help the customers to select appropriate electronic payment system. Similar to this, the managers and industry players also deal in online payment systems or electronic payment systems while running business. So, they would also be able to choose most suitable electronic payment systems for performing any online payment transaction.
The significance of conducting the planned research in Malaysia is that Malaysian Government is working to encourage the adoption of online payments and electronic payment systems among local people. In this context, there is need of selection of most appropriate electronic payment system by the people for meeting their payment need in faster and secure manner. Successful completion of this research project would help to known that what are different factors that affect the selection of electronic payment systems in Malaysia. There are different types of stakeholders that will be benefits from findings of this research project. The researcher will be benefited from this research project in the form of enhanced knowledge about factors influencing selection of electronic payment systems in Malaysia (Solat, 2017). The local residents of Malaysia will be benefited by findings of this research project, as they would be able to understand different types of aspects or factors that should be considered by them while selecting any electronic payment system for performing the online payment transactions across Malaysia.
Various research questions that are significant to be answered by this study are as below:
• Does perceived ease of use influence the decision of consumers’ towards electronic payment systems for meeting their online payment need?
• Does perceived usefulness influence electronic payment system over decision of customers towards electronic payment systems to meet their need of online payment for any transaction?
• Does trust influence the attitude to selection of electronic payment systems ?
• Does trust influence the decision to electronic payment system?
• Does attitude to selection of electronic payment systems influence consumers’ decision?
This study aims at identification of appropriate factors regarding selection of electronic payment system for the customers across Malaysia. Different objectives designed under this research project are revealed in below section:
• To examine the different aspects and knowledge related to Technology Acceptance Model and its use while taking decisions related to selecting different types of electronic payment system
• To examine that in what way of perceived ease of use impacts the attitude of customers towards electronic payment systems for meeting their online payment need.
• To critically analyse the influence of perceived usefulness over attitude of customers to electronic payment systems to meet their need of online payment for any transaction.
• To examine that in what way of trust impacts the attitude of customers towards electronic payment systems for meeting their online payment need
• To examine that in what way of trust impacts the decision of customers towards electronic payment systems for meeting their online payment need
• To critically analyse the consumer’ attitude over decision of customers to electronic payment systems to meet their need of online payment for any transaction.
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