Gen Z's Cashless Behavior: How QRIS Moderating Digital Financial Literacy and Spending Behavior Affects on E-Wallet Utilization?
Abstract
E-Wallet, one of the mobile payment systems, has continued to dominate Indonesia since 2017. Besides e-wallets, QRIS occurrence in 2020 is also estimated as a critical factor in e-wallets’ successes. Generation Z supported this condition as a digital native and was labeled the most technologically savvy generation. That is why e-wallets, along with QRIS was predicted as the best solution for Gen Z’s demand. Nevertheless, this easiness could lead to lousy spending behavior if not accompanied by excellent digital financial literacy. This study aims to determine how digital financial literacy and spending behavior affect e-wallet utilization moderated by QRIS Barcode. Structural equation models using SMART PLS 3.0 are used for analyzing 403 samples of Generation Z in Malang City. The result showed that digital financial literacy positively affected e-wallet utilization. In contrast, spending behavior does not affect e-wallet utilization on offline payment transactions. Subsequently, the QRIS barcode has a negative correlation with digital financial literacy and spending behavior interaction with e-wallet utilization. Hence, QRIS was determined as a quasi moderator.
Keywords: digital financial literacy, spending behavior, QRIS barcode, Generation Z
References
[1] Abu Bakar AR, Rahimi WN, Tarmizi SA, Fudzali FA. Malaysian intention to use e-Wallet : Forthcoming expectation in cashless transactions. Malaysian Journal of Social Sciences and Humanities. 2022;7(6):e001537. Available from: https://doi.org/https://doi.org/10.47405/mjssh.v7i6.1537
[2] Ammenwerth E. Technology acceptance models in ealth nformatics: TAM and UTAUT. Stud Health Technol Inform. 2019 Jul;263:64–71.
[3] Anam C. BI Malang Perluas Penggunaan QRIS di Pasar dan Pusat Perbelanjaan Artikel ini telah tayang di Bisnis.com dengan judul “BI Malang Perluas Penggunaan QRIS di Pasar dan Pusat Perbelanjaan.” 2022. Surabaya.Bisnis.Com. https://surabaya.bisnis.com/read/20220613/531/1542822/bi-malang-perluaspenggunaan- qris-di-pasar-dan-pusat-perbelanjaan
[4] Angelina C, Aswin Rahadi R. A conceptual study on the factors influencing usage Intention of E-wallets in Java. International Journal of Accounting [IJAFB]. Finance and Business. 2020;5(27):19–29.
[5] Anisah N, Crisnata HF. Analisis Tingkat Literasi Keuangan Pengguna Fintech Payment OVO. Jurnal Riset Akuntansi Dan Keuangan Dewantara. 2021;4(2):46–58. http://ejournal.stiedewantara.ac.id/index.php/JAD/article/view/752
[6] APJII. APJII: Pengguna Internet Indonesia Tembus 210 Juta pada 2022. APJII. 2022. https://dataindonesia.id/digital/detail/apjii-pengguna-internet-indonesiatembus- 210-juta-pada-2022
[7] Ayuni RF. The online shopping habits and E-Loyalty of Gen Z as natives in the digital era. Journal of Indonesian Economy and Business. 2019;34(2):168–184.
[8] Azzahroo RA, Estiningrum SD. Preferensi Mahasiswa dalam Menggunakan Quick Response Code Indonesia Standard (QRIS) sebagai Teknologi Pembayaran. Jurnal Manajemen Motivasi. 2021;17(1):10.
[9] Badan Pusat Statistik Kota Malang. Badan Pusat Statistik. 2020. https://malangkota.bps.go.id/dynamictable/2019/05/15/19/jumlah-penduduk-di-kotamalang- menurut-kecamatan-dan-jenis-kelamin-2011-2020.html
[10] Banjarnahor AR. Technology acceptance model and theory of planed behavior: Mapping literature review. Golden Ratio of Mapping Idea and Literature Format. 2021;1(2):134–166.
[11] Bich N, Thi HN. An investigation of Generation Z’s intention to use electronic wallet in Vietnam. Journal of Distribution Science. 2020;18(10):89–99.
[12] Central Bank of Indonesia. Ekonomi Digital Terus Tumbuh, QRIS Tembus 12 Juta Merchant. 2021. https://www.bi.go.id/id/publikasi/ruang-media/newsrelease/ Pages/sp_2328621.aspx
[13] Indonesia CN. Lonjakan Pengguna E-Wallet di RI Harus Diantisipasi Penyedia Layanan. 2022. Www.Cnnindonesia.Com. https://www.cnnindonesia.com/teknologi/20220225133939-185-764047/lonjakanpengguna- e-wallet-di-ri-harus-diantisipasi-penyedia-
[14] Cummins MM, Haskell J, Jenkins S. Financial attitudes and spending habits of university freshman. Proceedings of the Academy for Economics and Economic Education. 2005;8(1):3–6.
[15] Djayapranata GF, Setyawan A. Trust or usefulness? QR code payment among millennials in a disrupted market. Proceedings of the 18th International Symposium on Management (INSYMA 2021). 2021;180(Insyma):194–199.
[16] Faizani SN, Indriyanti AD. Analisis Pengaruh Technology Readiness terhadap Perceived Usefulness dan Perceived Ease of Use terhadap Behavioral Intention dari Quick Response Indonesian Standard (QRIS) untuk Pembayaran Digital (Studi Kasus : Pengguna Aplikasi e-Wallet Go-Pay. Dana. 2021;02(02):85–93.
[17] Foster B, Sukono, Johansyah MD. Analysis of the effect of financial literacy, practicality and consumer lifestyle on the use of chip?based electronic money using sem. Sustainability (Basel). 2022;14(1):32.
[18] Ghozali I, Latan H. Partial Least Squares: Konsep, Teknik dan Aplikasi Menggunakan Progra, SmartPLS 2.0 M3. 2nd ed. Badan Penerbit Undip; 2015.
[19] Gosal MA, Linawati N. Pengaruh Intensitas Penggunaan Layanan Mobile Payment terhadap Spending Behavior. Seminar Nasioanl Dan Call for Papers (SENIMA 3). Senima. 2018;3:455–465.
[20] Hair JF, Hult GT, Ringle CM, Sarstedt M. A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks. In Sage. 2017.
[21] Kompasiana. Menelisik Efektivitas Penerapan QRIS di Indonesia Halaman 1 - Kompasiana. com. 2022. https://www.kompasiana.com/ecofinsc70421/62e746ac08a8b5155b7647c5/penerapan-qris-di-indonesia
[22] Laturette K, Widianingsih LP, Subandi L. Literasi Keuangan Pada Generasi Z. 2021;9(1):131–139.
[23] Lonardi H, Legowo N. Analysis of factors affecting use behavior of QRIS Payment System in DKI Jakarta. Turkish Journal of Computer and Mathematics Education. 2021;12(6):3709–3728.
[24] Lyons AC, Kass?Hanna J. A methodological overview to defining and measuring “digital” financial literacy. Financ Plann Rev. 2021;4(2):1–19.
[25] Mahfud L. Dominasi Milenial dan Gen Z Bisa Gairahkan Ekonomi Kota Malang _ Radar Malang Online. Radar Malang. 2021. https://radarmalang.jawapos.com/ malang-raya/kota-malang/23/01/2021/dominasi-milenial-dan-gen-z-bisa-gairahkanekonomi- kota-malang/
[26] Mensah MNA, Jumah A. Electronic money and consumer spending behaviour: Evidence from Ghana. Advances in Management and Applied Economics. April 2021;105–121. https://doi.org/10.47260/amae/1136a
[27] Nada DQ, Suryaningsum S, Kusuma H, Negara S. Digitalization of the quick response Indonesian Standard (QRIS). Payment System for MSME Development. 2021;4(3):551–558.
[28] Nuryadi ATD, Utami ES, Budiantara M. Dasar-Dasar Statistik Penelitian (1 (ed.)). Mercubuana. 2017.
[29] Omakhanlen AE, Iyika PI, Chimezie PO, Osho O. Impact of economic and financial literacy on the spending behaviour of selected public servants in Lagos state Nigeria. WSEAS Transactions on Business and Economics. 2021;18:95–105.
[30] Pahlevi R, Hidayat A. Pasar E-Wallet Indonesia Diproyeksikan Capai US$70 Miliar pada 2025 | Databoks. 2022. Www.Databoks.Katadata.Id. https://databoks.katadata.co.id/datapublish/2022/03/21/pasar-e-wallet-indonesiadiproyeksikan- capai-us70-miliar-pada-2025
[31] Persada SF, Dalimunte F, Nadlifatin R, Miraja BA, Redi AA, Prasetyo YT, et al. Revealing the behavior intention of tech- savvy Generation Z to use electronic wallet usage : A theory of planned behavior based. International Journal of Business and Society. 2021;22(1):213–226.
[32] Prakosa A, Wintaka DJ. ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI MINAT PENGGUNAAN ULANG E-WALLET PADA GENERASI MILENIAL DI DAERAH ISTIMEWA YOGYAKARTA. Bisman (Bisnis Dan Manajemen). J Bus Manag. 2020;3(1):72–85.
[33] Saputri OB. Preferensi Konsumen Dalam Menggunakan Quick Response Code Indonesia Standard (QRIS) Sebagai Alat Pembayaran Digital. Journals of Economics and Business Mulawarman. 2020;17(2):1–11.
[34] Setiawan M, Effendi N, Santoso T, Dewi VI, Sapulette MS. Digital financial literacy, current behavior of saving and spending and its future foresight. Econ Innov New Technol. 2020;0(0):1–19.
[35] Sharma S, Durand RM, Gur-Arie O. Identification and analysis of moderator variables. J Mark Res. 1981;18(3):291–300.
[36] Singh N, Sinha N, Liébana-Cabanillas FJ. Determining factors in the adoption and recommendation of mobile wallet services in India: Analysis of the effect of innovativeness, stress to use and social influence. International Journal of Information Management. 2020;50(October 2018):191–205. https://doi.org/10.1016/j.ijinfomgt.2019.05.022
[37] Swiecka B, Terefenko P, Wisniewski T, Xiao J. Consumer financial knowledge and cashless payment behavior for sustainable development in poland. Sustainability (Basel). 2021;13(11):1–19.
[38] Syifa N, Tohang V. The use of e-wallet system. Proceedings of 2020 International Conference on Information Management and Technology, ICIMTech 2020, August, 342–347.
[39] Teoh Teng Tenk M, Yew HC, Heang LT. International Journal of Research in Commerce and Management Studies. International Journal of Research in Commerce and Management Studies. 2020;2(2):216–233.
[40] Tun PM. An investigation of factors influencing intention to use mobile wallets of mobile financial services providers in Myanmar [AJTM]. The Asian Journal of Technology Management. 2020;13(2):129–144.
[41] Tusyanah T, Wahyudin A, Khafid M. Analyzing factors affecting the behavioral intention to use e-Wallet with the UTAUT model with experience as moderating variable. J Econ Educ. 2021;10(2):113–123. Available from: http://journal.unnes.ac.id/sju/index.php/jeec
[42] Widyawati S. Hasil Sensus Penduduk 2020, Struktur Penduduk Kota Malang Didominasi Milenial dan Generasi Z - Tribunjatim. Tribun Jatim. 2021. https://jatim.tribunnews.com/2021/01/22/hasil-sensus-penduduk-2020-strukturpenduduk- kota-malang-didominasi-milenial-dan-generasi-z
[43] Yang M, Al Mamun A, Mohiuddin M, Nawi NC, Zainol NR. Cashless transactions: A study on intention and adoption of e-wallets. Sustainability (Basel). 2021;13(2):1–18.