Towards a Sustainable Financial Future: Exploring the Influence of E-Wallet Adoption Among Gen Z in Malaysia

The COVID-19 pandemic has prompted a shift in payment approaches, with a preference for e-wallets. Despite their potential, Malaysians lag in adopting e-wallets. It is necessary to gain a deeper understanding of the factors influencing e-wallet adoption, especially through Gen Z. Therefore, we conducted this study using the Unified Theory of Acceptance and Use of Technology (UTAUT) framework to explore the factors influencing e-wallet adoption among Gen Z. Interviews with eight members of Gen Z reveal that advantages like time savings and the ability to manage and monitor transactions drive the adoption of the e-wallet payment method. Emergent themes, such as government incentives and the convenience of donating, further delineate the adoption of e-wallets. The adoption of e-wallets will eventually promote sustainable consumption by replacing cash transactions and reducing carbon emissions due to the reduced physical transit of financial resources. This study enhances the UTAUT and suggests prospective avenues for the growth of e-wallets in Malaysia. Practically, the findings are advantageous for financial service providers that are enhancing their e-wallets, as well as for government initiatives to transition to a cashless society and ultimately achieve sustainable development goals.