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A Study of Customer Satisfaction Towards E-Wallet Payment System in

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 Volume. 1, Issue.1, Year: 2022
American Journal of Economics and DOI: https://doi.org/10.54536/ajebi.v1i1.144
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A Study of Customer Satisfaction Towards E-Wallet Payment System in Bangladesh

Md Wasiul Karim1*, Mohammad Abdul Matin Chowdhury1, and AKM Ahasanul Haque1

ARTICLE INFORMATION ABSTRACT

Received: Payment systems have been enormously switched out by introducing a new
January 31, 2022 dimension in fintech where e-wallets can be used in conjunction with mobile
Accepted: payment. The severe competition of e-wallet services has forced providers where
satisfaction is of prime concern. A total of 480 data were obtained from the
February 25, 2022
respondents living in Dhaka city. The structure of this study was developed by
Published: approaching the TAM model, and Structural Equation Modeling was applied to
February 28, 2022 examine all the hypotheses. Results revealed that technology self-efficacy is one
of the exigent factors of satisfaction where a positive relationship exists in
between. All the hypotheses were found to be significant except the relationship
Keywords: between perceived usefulness and satisfaction. This study has validated external
E-wallet, Customer variables to contribute to the existing theory based on the previous literature.
satisfaction, TAM, Mobile Lastly, in order to promote the enhancement of the mobile payment system,
payments, Bangladesh proposals for developing e-payments were made to increase the degree of
satisfaction.

INTRODUCTION financial transactions, even on a small scale, that is

very easy to execute (Punwatkar & Verghese, 2018).
The electronic wallet, also known as an e-wallet, has
widely been used to reduce cash carriage hassling. An Due to the existence of many e-wallets, such as bKash,
E-wallet is a form of an electronic card that is used via Rocket, iPay and Nagad, mobile payments are
a digital device such as a smartphone or computer to becoming common in Bangladesh. As the economy of
make transactions online. In order to make purchases, Bangladesh has developed rapidly and strongly
it requires a debit or credit card to be linked with e- recently, demand for services is growing substantially,
wallet applications (Digital Wallet, 2019). Consumers especially in the finance sector. In Bangladesh,
could use the new digital payment system to pay cashless transactions have seen enormous growth.
utility bills and move money to pay for financial Since 2016, the country has witnessed tremendous
transactions. In addition to debit or credit cards, growth in terms of digital transactions made by
electronic cards allow customers to store information citizens. Since then, the transactions have been
about their physical cards and bank account numbers growing exponentially (The Daily Star, 2018). As
in order to make certain payment steps (Ray, 2017). digital financial transactions gain attention among the
For multi-channel transactions such as consumer-to- public, the Bangladesh Bank has granted a further
consumer (C2C), consumer-to-business (C2B), payment service provider license to operate e-wallet
consumer-to-machine and consumer-to-online, facilities (Bangladesh Bank, 2020). When consumers
consumers may use mobile wallets (Lee, 2019). The become accustomed to performing online-based
digital wallet concept is similar to the concept of financial transactions, entrepreneurs sense the
mobile banking and online banking. A personal folder potential of business in the field and encourage
containing customer details required by service entrepreneurs to take out licenses.
providers to ensure the protection of mobile
A previous study was conducted by Uddin and Akhi
transactions could be regarded as an electronic wallet
(2014), explaining that the growth of electronic
(Chawla & Joshi, 2019). E-wallet transaction does not
payment systems in Bangladesh was due to the
just offer a degree of ease and speed and gives
3

implementation of internet banking. Mobile wallet

customers a level of satisfaction and protection in
usage has increased by replacing physical wallets, and
Page.

transactions elsewhere and at any moment (Liébana-

cash-based transactions were shifted by cashless
Cabanillas et al., 2014). The use of e-wallets provides

1 Department of Business Administration, International Islamic University Malaysia

* Corresponding author e-mail wasiul45@gmail.com
 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

payments systems whereby people involved in technologies' acceptance and usage intention (Aydin
transactions have shown their relative interest in & Burnaz, 2016). However, the original TAM
digital payments. However, the behaviour among variables may not accurately describe fundamental
consumers regarding the use of e-wallets has not been beliefs that influence consumers' attitudes towards
found to be efficient as the technological ease of use technology use. In order to reinforce the model,
is not the only factor that changes the behaviour of researchers have further extended the TAM model by
consumers (Amin et al., 2015). applying satisfaction to generate more clarity in the
model. Phuong et al. (2020) studied the use of e-wallet
As the number of digital wallet service providers payment methods where customer satisfaction was
increases, consumers' satisfaction levels are therefore embedded to enhance the understanding of behaviour.
a matter of concern. A previous study by Amin et al. Privacy and protection are some of the extended
(2015) found that effortless technology is not only a variables that have been shown to be useful in the use
reason to change behaviour rather, but it is also of modern technologies for behavioural purposes
essential to understand gratification among people (Barry & Jan, 2018). Islam (2020) has examined the
using technology. Additionally, the ability to use the extended technology acceptance model (ETAM) to
particular technology is an important issue to opine. validate all the constructions to test satisfaction.
Self-confidence regarding the use of digital payment However, the new ETAM model has adopted self-
systems may satisfy consumers in order to attempt any efficacy to portray the incorporation between self-
behaviour. However, it is vital to consider information efficacy and satisfaction regarding the use of new
security and privacy because cases and issues of technology.
information infringement are growing worldwide. A
lack of information security expertise leads a cyber- Technological Self-efficacy
attacker to violate someone's privacy, i.e. identity
theft, credit card fraud and cybercrime (Barrett- Self-efficacy is viewed as one's judgment according to
Maitland et al., 2016). how well various courses of action can really be
carried out with many unpredicted and challenging
This paper aims to examine the factors that affect materials in different prospective circumstances
satisfaction among Bangladeshi consumers regarding (Bandura & Schunk, 1981). Earlier research focused
the use of e-wallets as a transaction method. Five more on the technical method to online learning, self-
variables such as technology self-efficacy (TSE), efficacy, e.g. computer self-efficacy (Jan, 2015;
perceived ease of use (PEU), perceived usefulness Pellas, 2014), internet self-efficacy (Lin et al., 2013;
(PU), perceived trust and payment security (PS) were Kuo et al., 2014), information-seeking behaviour
elected to investigate the relationship with related self-efficacy (Tang & Tseng, 2013).
satisfaction. Five parts of the remaining paper cover According to the study of Islam (2020), self-efficacy
literature review, study methods, results and findings was validated to describe the relationship with
and limitations, as well as future research directions. satisfaction. Satisfaction and self-efficacy were
incorporated as intrinsic motivation attributes in
LITERATURE REVIEW ETAM. Several previous studies have scrutinised the
Extended Technology Acceptance Model (ETAM relationship between self-efficacy and behavioural
intention to use (Wu et al., 2008; Ahmad et al., 2010).
In order to understand the consumer's intention to use Later, individual satisfaction was associated with self-
information system technology, several theories have efficacy (Huang, 2008). It is presumed that a
been propounded. In various literature, the TAM connection exists between CSE and satisfaction
model has been broadly studied (Davis, 1989), and it through the mediating influence of the behavioural
is actually the theory of information services that purpose of a person.
models how a specific technology is adopted and used
by individuals (Dauda & Lee, 2015). The TAM model Self-efficacy plays a significant role in terms of its
has been expanded by numerous researchers and impact on perceived ease of use (Madorin & Iwasiw,
applied to several different technologies, including e- 1999). A multivariate analysis carried out by Mutahar
learning (Cheung and Vogel, 2013; Al-Maroof and et al. (2018) posited that mobile-based technology is
Al-Emran, 2018), mobile-based technology (Barry & indeed important among Yemeni bank clients, and
Jan, 2018) and also short message services (SMS) self-efficacy was found to impact perceived ease of
advertising (Muk & Chung, 2015). According to use and perceived usefulness significantly. Self-
Vijayasarathy (2004), TAM variables are ideally efficacy is also considered as self-confidence among
Page. 4

suited for a decision about embracing new people involved in mobile-based technology such as
technologies. TAM is regarded as a well-recognised mobile banking. In the mobile technology context, it
expansion of academic research to study innovative requires skill, knowledge and ability for operating

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

particular mobile technology so that it can intervene typically relates to the perception of users of whether
easily (Singh & Srivastava, 2018). Multiple empirical it would require a mental effort on their part to
evidence showed a causal link between self-efficacy complete a specific technical task (Fishbein and
and perceived ease of use (Luarn and Lin, 2005; Jeong Ajzen, 1980; Rouibah et al., 2011). According to
and Yoon, 2013; Sripalawat et al., 2011). Therefore, Amin et al. (2014), the PEOU for mobile networks
the following hypotheses are proposed: would directly enhance personal innovation. Al-
Maroof and Al-Emran (2018) performed research on
H1: Technology self-efficacy has a positive impact on undergraduate students who believe that it is easy and
perceived usefulness. user-friendly to use web service technology, thus
H2: Technology self-efficacy has a positive impact on significantly impacting overall usefulness. The recent
customer satisfaction. development of mobile-based technology, such as e-
wallets, has gained tremendous attention in Malaysian
H3: Technology self-efficacy has a positive impact on markets. Empirical research on e-wallet usage
perceived ease of use. behaviour postulates that the easier mobile technology
is to use, the more it can be used in many forms or for
Perceived Usefulness
practical reasons (Karim et al., 2020). Wasiul et al.
Perceived usefulness refers to the degree to which a (2020) provided empirical evidence of smart device
person assumes their performance will be improved applications' usage intention and found that PEOU
by using a particular information system (Davis, and PU are positively associated. However,
1989). Several previous studies have been conducted determining continuous usage, users' satisfaction with
to portray the effect of perceived usefulness on using an e-wallet is central to signifying the
satisfaction. Amin et al. (2014) have studied mobile relationship between PEOU and continuation (Phuong
communication technologies through which mobile et al., 2020). Mobile phones in the globalised market
payment methods and mobile commerce websites are pretty remarkable communication devices based
have gained tremendous attention. The study found on which usability and their user interface are the
that the usefulness of mobile technology directly phenomena of satisfaction (Amin et al., 2014). Based
affects customer satisfaction. Phuong et al. (2020) on the above disputation, the following hypotheses are
have empirically investigated the continuous usage formed:
intention to use an e-wallet and found a significant
H5: Perceived ease of use has a positive impact on
association between perceived usefulness and
perceived usefulness.
satisfaction. E-government services through digital
platforms have also received a matter of concern H6: Perceived ease of use has a positive impact on
whereby satisfaction is derived from perceived consumer satisfaction.
usefulness (Sachan, Kumar, & Kumar, 2018). Mobile-
based technology has been improved and widespread Security System
throughout the Middle Eastern region like Bahrain. A Security is an important aspect when financial
quantitative analysis postulates that using mobile transactions are conducted through digital platforms.
technology such as e-wallets motivates users to Therefore, this could become one of the main barriers
continue using through satisfaction (AlKubaisi & to the implementation of electronic wallets, as
Naser, 2020). A similar study also classified the personal or financial data could be revealed and used
continuance intention to use e-wallets, but the most for fraudulent activities. Security was identified by
important factor in the new era of competitive markets Kalakota & Whinston (1997) as a threat involving an
are uttered to be consumer satisfaction. Based on the event linked to data theft, destruction, data alteration,
discussion above, the following hypothesis is fraud, breach and violence. Consumers may refuse to
approached: use mobile-based technology unless it is trustworthy
H4: Perceived usefulness has a positive impact on because e-payments require additional privacy and
customer satisfaction security features (Gitau & Nzuki, 2014). Online
transactions could increase the perceived risk of
Perceived Ease of Use clients exposing private information. Therefore, in the
e-wallet payment process, payment security features
PEOU has been considered as the primary construct
greatly affect consumer trust (Chawla and Joshi, 2019;
for assessing and analysing user acceptance of a
Shao and Yin, 2019; Phuong et al., 2020). Users and
specific technology, drawing from the literature on
Page. 5

business environments embrace highly secured

information technology (IT). A significant motivating
systems, as business units' provision of facilities and
factor for the use of technology by consumers is
procedures depend on easy access and satisfactory
PEOU (Revels, Tojib, & Tsarenko, 2010). PEOU

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

payment infrastructure operations (Roozbahani, payment and shopping usage (Wang and Lin, 2016;
Hojjati, & Azad, 2015). Based on that, the following Chong, 2013). Based on previous research, trust and
hypotheses are proposed: satisfaction are two closely related constructs
(Liébana‐Cabanillas., 2013; Zhu et al., 2014). Trust
H7: Security system has a positive impact on has previously been examined in the context of mobile
Perceived trust. technology and found that effective mobile web
H8: Security system has a positive impact on systems are required to be trustworthy and thus build
consumer satisfaction. customer satisfaction (Amin et al., 2014). A later
study by Phuong et al. (2020) have highlighted the
Perceived Trust positive impact of trust on the continuance intention
of using an e-wallet, but trust has also been examined
Trust has been commonly exercised in prior studies,
to observe customer satisfaction with e-payments
which defines the service holder's belief in the service
(Sutia et al., 2020). Based on that, current research
provider in order to ensure the safety assessment of
proposed a hypothesis for e-wallet usage satisfaction:
the use of the relevant information system (Komiak &
Benbasat, 2004). Trust has previously been H9: Perceived trust has a positive impact on customer
recognised as an essential factor in terms of mobile satisfaction.

Proposed Model for this Study

Perceived
Usefulness

Technological Customer
Self-efficacy Satisfaction

Perceived Ease of
use

Security System

Perceived Trust

Figure 1: Conceptual Framework

METHODOLOGY
The target population of this current study were (TSE). Five items to measure perceived usefulness
smartphone users in Bangladesh. Respondents were (PU), four items for perceived ease of use (PEU) and
selected for questionnaire distribution using the four items for security system (SS) were taken from
purposive sampling technique. A total of 480 Barry and Jan (2018). Meanwhile, perceived trust
questionnaires were distributed through social media (PT), which consists of three items, were adapted from
and face-to-face surveys in order to get at least 385 Al-Sharafi et al. (2016), and satisfaction (SAT) was
respondents, as per the suggestion of Glenn (1992). adopted with three items and then adapted from Ghani
After the data screening and cleaning process, 402 et al. (2017). For measuring TSE, PU, PEOU, SS, PT
valid data remain, representing 83.75% of the total and SAT levels, a five-point Likert scale, starting from
questionnaire distributed. 'strongly disagree' (1) to 'strongly agree' (5), was used.
The structural equation modelling was also used to
𝑍 2 𝑝𝑞 (1.96)2 (. 5)(.5) test the causal model and analyse the reliability and
𝑛0 = = = 385 𝑟𝑒𝑠𝑝𝑜𝑛𝑑𝑒𝑛𝑡𝑠 validity of the measurement model; confirmatory
Page. 6

𝑒2 (.05)2
Four items from prior research (Islam, 2020) have factor analysis (CFA) was conducted (Harrington,
been adapted to measure technology self-efficacy 2009). To validate the measurement items of the
proposed model, twenty-five (25) sets of

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

questionnaires were distributed to the users of undertaken, resulting in a total Cronbach alpha of
smartphones living in Dhaka city for the purpose of >0.60
the pilot test, and afterwards, a reliability test was

RESULTS

Demographic Profile
Table 1: Demographic profile
Measure Items Frequency Percentage
Gender Male 233 57.96
Female 169 42.04
Age below 20 31 7.710
Between 21- 30 196 48.76
31 and above 175 43.53
Monthly Income* Below BDT 20000 153 38.06
Between BDT 20001-35000 146 36.32
BDT 35001 and above 103 25.62
E-wallet I am using the most? bKash 222 55.22
Rocket 108 26.87
Nagad 53 13.18
Others 19 4.73
*Note: 1 United States Dollar (USD) = 85 Bangladeshi Taka (BDT)

Table 1 displays the descriptive data where most of Sphericity obtained .000, where it is essential to
the participants are male (57.96%) and female, found follow the minimum value of >0.60 for KMO and p-
to be 42.04%. In terms of age, the respondents were value (p<0.05) is required (Tabachnick & Fidell,
between 21-30, the most with the number of 196 2007). The total variance in the six factors explained
respondents. However, considering income among was 83.539. The Eigenvalue is generally used to
respondents, most of them earn below BDT 20000. measure the number of variables, and a cut-off value
Respondents then were asked which e-wallet they use of 1 is usually used to define factors that are dependent
the most; bKash was found to be the most useful on Eigenvalues. Accordingly, the eigenvalues for the
financial service with 55.22%, followed by Rocket at six factors were 8.604, 3.411, 2.793, 1.767, 1.524 and
26.87%. 1.114.

Reliability Statistics Confirmatory Factor Analysis (CFA)

As suggested, the minimum threshold for Cronbach's In order to test the hypotheses, the measurement
alpha value is 0.60 (Nunnally, 1978). The reliability model was tested first for goodness-of-fit indices and
statistics of the figures range between .884 and .952, for important and appropriate factor loadings. The
surpassing the minimum threshold. The overall value hypothesised measurement model (Figure 2) was
of 23 items' reliability was obtained at .923, assessed using AMOS and presumed the association
Specifying acceptable consistency. of five latent constructions. According to the
modification indices given by AMOS, no indicators
Exploratory Factor Analysis (EFA) were withdrawn from the measurement model as the
loads of each item were 0.7 or higher. Hair et al.
EFA is one of the most widely used statistical methods (2010) designated that any loading value of less than
mainly used to simplify data by identifying inter- 0.5 shall be considered insignificant. Table 2 displays
relationships within a variable set on the basis of the overall fit model to ensure that the model suits
strong correlations (Kline, 2013). KMO value well. The five fit indices (good-of-fit) were evaluated.
obtained 0.866 and p-value for Barlett's Test of
Page. 7

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

Figure 2: Measurement Model

Table 2: Goodness of fit

Category Required value Obtained value
Absolute fit RMSEA≤0.08 0.071
Incremental fit CFI≥0.90 0.949
Parsimonious fit Chisq/df≤3 2.083

According to Hair et al. (2010), the value of CFI is by Hair et al. (2006). Present AVE-calculated study
suggested to be more than 0.90, and RMSEA should giving a good sign. Standardised loads of each item
be less than 0.08 in order to be well-suited. For ᵡ2/df, were also used to measure AVE, where the total of the
the value below three was considered to be fine and squared standardised loads was divided by the number
appropriate. The 23-item scale indicates that the of indicators. AVE was found to be between 0.659 and
model suits well and is appropriate for the agreed 0.875, which was higher than the recommended
minimum thresholds. threshold of 0.5. The paper also demonstrates CR
samples ranged from 0.810 to 0.965, which surpassed
Convergence and discriminatory validity have been the given threshold of 0.7. Therefore, it would be
carried out in order to test the measurement model. necessary to show, in an attempt to uphold
Composite reliability was measured for the discriminatory validity, that the steps that should not
assessment of convergence validity. In order to be related are not probably connected (Hair et al.,
achieve good composite reliability, a predetermined 2013). Table 3 shows the high validity of
threshold value of 0.7 was suggested by Chin (1988). discriminants as it illustrates that each factor's square
In addition, the average variance extracted (AVE) AVE exceeds all its correlations with the other factors
value should be at least 0.5 or higher, as recommended (Fornell & Larcker, 1981).

∑𝜆2 (∑𝜆 )2
𝑖
∗ 𝐴𝑉𝐸 = ∑𝜆2 +∑ 𝑉𝑎𝑟(𝜀 ∗ 𝐶𝑅 = (∑𝜆 )2 +∑𝑖 𝑉𝑎𝑟(𝜀 )
𝑖 )
𝑖 𝑖 𝑖 𝑖 𝑖
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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

Table 3: Reliability and Validity test

Variables AVE CR TSE PU PEOU SS PT SAT

TSE 0.783 0.935 0.885
PU 0.748 0.937 0.434 0.865
PEOU 0.659 0.885 0.297 0.466 0.812
SS 0.808 0.944 0.245 0.188 0.369 0.900
PT 0.777 0.913 0.441 0.171 0.201 0.286 0.801
SAT 0.875 0.954 0.408 0.366 0.501 0.617 0.381 0.935
*AVE= Average variance extracted
*CR= Composite reliability

Structural Model Results of nine hypotheses were evaluated, from

which H1 was found to be significant. It signifies the
Structural equation modelling is a popular method, positive relationship between technology self-efficacy
particularly for multivariate analyses. It has been used and perceived usefulness which was supported based
for marketing (Karim & Chowdhury, 2021), business on β = 0.324; SE = 0.057; CR = 4.764. Similarly, H2
(Karim et al., 2021), and finance studies (Salleh et al., and H3 were supported on the basis of the β value,
2020). This study consisted of nine (9) hypotheses showing 0.147 respectively for H2 and 0.296 for H3.
which were tested to identify the causal pathways. The H2 also indicates the importance of SE= 0.056; CR=
results demonstrated good fit indices of the model 3.245, and significant P, which showed that self-
approach. In this case, the normed Chi-square (ᵡ2/df= efficacy of technology had a positive and significant
2.315). RMSEA is 0.078, which is below the cut-off effect on satisfaction. For H3, where SE= 0.049; CR=
level of 0.08, and CFI 0.936>0.90. Based on the 4.010, H3 was also helped by demonstrating that there
hypothesised structural model, the results of is a positive relationship between the self-efficacy of
hypothesis testing are listed in Table 4. Eight of the technology and the perceived ease of use. H4, on the
nine hypotheses were tested and found statistically other hand, indicates that there was no significant
significant (p < 0.05), and the remaining hypothesis relationship between perceived usefulness and
was not found to be significant. We have evaluated the satisfaction. The hypothesis (H4) was not accepted
R2 value. In explaining perceived ease of use, with a value of β = 0.104; SE = 0.073 and CR = 1.506
technology self-efficacy accounted for 8.8 percent of and a p-value greater than 0.05. Based on the p-value
variance (R2= 0.088) and 31.4 percent of variance (p<0.05), H5 was found to be statistically significant,
(R2= 0.314) in illustrating perceived usefulness. which suggests a positive relationship between
Meanwhile, 45.1 percent of the variance (R2= 0.451) perceived ease of use and perceived usefulness. H6 is
was accounted for by technology self-efficacy, identified with a positive relationship between
perceived ease of use and perceived usefulness in perceived ease of use and satisfaction. The outcome of
describing customer satisfaction with e-wallet H6 is therefore supported on the basis of β= 0.248;
systems. Lastly, perceived trust was explained by 8.2 SE=0.092, and CR=3.641. Similarly, H7, H8 and H9
percent (R2=0.082) of the variance of the security are supported on the basis of the above criteria, where
system. a C.R. value greater than ± 1.96 (C. R.= > ± 1.96) is
needed to be considered significant for a particular
element (Hair et al., 2010).
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Figure 3: Structural Model

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

DISCUSSION
This study proposes a model for customer satisfaction on satisfaction stands validated. In terms of
to use e-wallets on the basis of the technology technology self-efficacy on perceived ease of use
acceptance model. In addition, to explore the (H3), it was found to have a positive relationship in
applicability of TAM from a Bangladeshi point of between, thus, in line with the previous study (Luarn
view in the satisfaction of e-wallets, the current study and Lin, 2005; Jeong and Yoon, 2013; Sripalawat et
also investigated those factors, for instance, al., 2011). It is noteworthy that throughout the
technology self-efficacy, perceived usefulness, analysis, PU was found to have no major influence on
perceived ease of use, system security, perceived trust SAT (H4), while PU was validated as a major factor
and satisfaction towards the use of e-wallet payment influencing the intention of users to implement
system. different technologies in both the original and the
extended TAM. It can be asserted that since the
Firstly, hypothesised (H1) model of technology self- majority of respondents are young adults (between 21
efficacy on perceived usefulness was examined. The and 30 years of age), Mobile technology is becoming
study found a positive association between TSE and more and more useful for the younger generation, so
PU. Since mobile technology has widely been spread they are now willing to explore the ease of use because
throughout the Middle Eastern regions, their IT usage they no longer want to prioritise its performance over
capabilities enhanced the understanding of its the easy use of mobile technology. However, a
usefulness. The current study is in line with the significant relationship was found between PEOU and
previous findings of Mutahar et al. (2018). The study PU, and the finding (H5) was consistent with the prior
then examined the relationship between technology study (Phuong et al., 2020; Wasiul et al., 2020).
self-efficacy and perceived usefulness (H2). The Similarly, H6 was also supported by explaining that a
hypothesis was found to be significant based on the positive relationship was associated between PEOU
model validation of Islam (2020), where self-efficacy and SAT; thus, the finding was congruent with Amin
et al. (2014)
Table 4: Hypotheses Testing
H Relationship SRW (β) S.E. C.R. p- value Decision
H1 PU←TSE 0.324 0.057 4.764 *** Supported
H2 SAT←TSE 0.147 0.056 3.245 0.02 Supported
H3 PEOU←TSE 0.296 0.049 4.010 *** Supported
H4 SAT←PU 0.104 0.073 1.506 0.132 Not Supported
H5 PU←PEOU 0.371 0.091 5.168 *** Supported
H6 SAT←PEOU 0.248 0.092 3.641 *** Supported
H7 PT←SS 0.286 0.064 3.987 *** Supported
H8 SAT←SS 0.487 0.067 7.871 *** Supported
H9 SAT←PT 0.144 0.071 2.438 0.015 Supported

The study then examined the security system on provided tremendous support to the TAM in the sense
perceived trust (H7), which signifies the existence of of customer satisfaction with the usage of e-payment
a positive relationship in between. Consumers through e-wallets. These present results also
perceive that the more the system is secured, the more contribute to the established research body by
it is trustworthy. Prior research by Roozbahani et al. analysing the impact of user satisfaction. In addition,
(2015) revealed the satisfaction level of Iranian the model of the current study was validated by
consumers toward e-payment where system security explaining previous related literature. The new
was found to have the strongest determinant; thus, H8 validation of the extended TAM model rectifies the
was supported in current research based on the prior prior study model by approaching the technological
study. Lastly, perceived trust is a factor that every sense where cognitive skills are required to operate a
consumer wants, at least for safety purposes. Sutia et particular system.
al. (2020), in their non-parametric study, exposed that
trust is an essential part of every cashless transaction For E-wallet providers, this research has many
based on which satisfaction level is determined. So, practical consequences. Service providers should
the current hypothesis (H9) is also in line with the concentrate on building the trust of their customers
previous study where perceived trust was found to and obtaining their satisfaction on the basis of our
influence customer satisfaction positively. findings. For operators of Bangladeshi e-payment
apps, the study offers few management implications.
Page. 10

IMPLICATIONS This analysis will assist the team involved in the

management and administration of the service to
The current study has two implications, namely follow the best policy to gain access to broader
theoretical and managerial. Firstly, this study customers. On the other hand, building confidence by

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 Am. J. of Econ. and Bus. Innov., 1(1); 01-13, 2022

providing its customers with suitable services will Amin, M. K., Azhar , A., Amin , A., & Akter, A.
lead an organisation to achieve a comparative edge. In (2015). Applying the technology acceptance model in
addition, the main factors that decide whether to examining Bangladeshi consumers' behavioural
attempt or to refuse are satisfaction among customers. intention to use mobile wallets: PLS-SEM approach.
2015 18th International Conference on Computer and
LIMITATIONS AND FUTURE RESEARCH Information Technology (ICCIT) (pp. 93-98). IEEE.
The study has a few limitations as well. First of all, Amin, M., Rezaei, S., & Abolghasemi, M. (2014).
researchers only selected respondents from the Dhaka User satisfaction with mobile websites: the impact of
city area, which may not be considered the best perceived usefulness (PU), perceived ease of use
representation of Bangladesh; thus, the study should (PEOU) and trust. Nankai Business Review
be carried out other than in Dhaka city as the number International, 5(3), 258-274.
of e-payment services are spreading nationwide.
Secondly, respondents were mostly chosen from the Amin, M., Rezaei, S., & Abolghasemi, M. (2014).
university area where students' "voluntary User satisfaction with mobile websites: the impact of
participation" assisted in completing the survey, but perceived usefulness (PU), perceived ease of use
few responses were unexpected. It may be a reason for (PEOU) and trust. Nankai Business Review
haste or any urgency of the respondents. Thirdly, International, 5(3), 258-274.
researchers must take precautions when selecting
samples. A little formal education is a precautionary Aydin, G., & Burnaz, S. (2016). Adoption of Mobile
step that must be observed. However, the current Payment Systems: A Study on Mobile Wallet. Journal
study has adopted and followed the variables which of Business, Economics and Finance, 5(1), 73-92.
were previously suggested by TAM, TAM2 and Bangladesh Bank. (2020). Payment and Settlement
UTAUT models with other additional factors. Thus, Systems. Retrieved from Bangladesh Bank:
additional predictors are highly recommended as the https://www.bb.org.bd/fnansys/paymentsys/paysyste
rapid switch in mobile phone technology has taken ms.php
part. As per the suggestion of Phuong et al. (2020),
self-efficacy has been employed in the current study Barrett-Maitland, N., Barclay, C., & Osei-Bryson, K.
and explored by conducting factor analysis to validate M. (2016). Security in social networking services: a
extending the TAM model. Future research could value-focused thinking exploration in understanding
adopt performance expectancy (Zhou, 2014) to users' privacy and security concerns. Information
evaluate customer satisfaction which could be Technology for Development 22(3), 464–486.
influenced by other social factors and other social
influences. However, excessive usage of e-wallets Barry, M., & Jan, M. T. (2018). Barry, M., & Jan, M.
perhaps intensifies consumers' expectations of what T. (2018). Factors Influencing the Use of M-
discounts or bonuses and promotions to give out. Commerce: An Extended Technology Acceptance
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Chawla, D., & Joshi, H. (2019). Consumer attitude
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