E-money applications tuition fee loan behavioral analysis using valence framework and technology acceptance analysis

In developing countries like the Philippines, the adoption of e-money applications for educational purposes-particularly tuition fee loans-remains limited. This is largely due to technological and infrastructural constraints, including inadequate internet access and low financial literacy. While e-money platforms have seen growing usage in general consumer finance, there is a notable gap in research focusing specifically on their role in addressing education-related financial needs. Unlike developed nations such as the United States, where student loan systems and subsidies are widely accessible, the Philippines lacks such institutional support. This absence underscores the urgency of understanding how digital financial tools are perceived and adopted for tuition financing in developing contexts. To address this gap, the present study examined the behavioral intention to use e-money applications for tuition fee loans in the Philippines by integrating the Unified Theory of Acceptance and Use of Technology 3 (UTAUT3) as a higher-order construct with the Valence Framework. A 48-item survey was conducted among 505 participants and analyzed using Partial Least Squares Structural Equation Modeling. Findings revealed that UTAUT3 constructs had the greatest influence on behavioral intention, with performance expectancy showing the strongest effect, followed by facilitating conditions, habit, hedonic motivation, personal innovativeness, social influence, and effort expectancy. From the Valence Framework, perceived benefits significantly influenced adoption, while perceived risk was insignificant. These insights offer valuable implications for developers and policymakers aiming to promote inclusive, technology-driven financial solutions for higher education in the Philippines.