THE FACTORS INFLUENCING THE INTENTION TO USE DIGITAL WALLETS: EVIDENCE FROM COMMERCIAL BANK CUSTOMERS IN THE WESTERN PROVINCE, SRI LANKA

Abstract

This study examines factors influencing the intention to use digital wallets, based on evidence from commercial bank customers in Sri Lanka's Western Province. Banks must assess customer acceptance to improve services and stay competitive as digital payment options develop worldwide. Employing a quantitative methodology, the study utilised an online survey for data gathering from a convenience sample of 385 customers of commercial banks in the Western Province of Sri Lanka. Research results indicate that perceived ease of use, usefulness, and social influence positively impact digital wallet use. The intention to utilise digital wallets was strongly correlated with perceived ease of use and social influence. The relationship between perceived security and use of digital wallet was found to be insignificant. Additionally, perceived trust only moderates the relationship between digital wallets use and perceived ease of use. This study revealed several practical aspects that could help Western Province banking organisations and financial institutions navigate the digital wallet market, including enhancing usability with convenience, leveraging social influence, conducting comprehensive geographic studies, implementing targeted marketing strategies, and developing user-friendly innovations.