Behavioral Intention to Use E-Wallets in Surabaya: The Roles of Financial Literacy, Performance Expectancy, Effort Expectancy, Perceived Usefulness, and Trust
Abstract
This study aims to analyze the influence of financial literacy, performance expectancy, effort expectancy, perceived usefulness, and trust on behavioral intention to use e-wallets in Surabaya. The study applies a quantitative causal design with primary data collected through an online questionnaire. The respondents were Generation Z and Millennial e-wallet users domiciled in Surabaya, and 264 valid responses were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4.1.1.6. The findings show that performance expectancy, effort expectancy, perceived usefulness, and trust have significant positive effects on behavioral intention to use e-wallets. In contrast, financial literacy does not significantly affect behavioral intention. The model explains 39.8% of the variance in behavioral intention and demonstrates adequate predictive relevance. These results indicate that e-wallet adoption among young users in Surabaya is driven more by perceived transaction performance, ease of use, practical usefulness, and trust in service security than by financial literacy alone. The originality of this study lies in integrating financial literacy, UTAUT/TAM constructs, and trust to explain e-wallet adoption among Generation Z and Millennials in an urban Indonesian context.
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