Adoption of Sharia-Based Fintech Innovation in Indonesia: A Case Study of the Paylater e-Commerce Platform
Abstract
Technology and automation have become an important part of the global financial services market. Fintech is dramatically changing the way consumers conduct financial transactions. Simply put, it is a paylater service that allows consumers to buy products in installments over a certain period on an e-commerce platform for various needs. Currently, in Indonesia, several fintech companies provide pay-later services. Its implementation appears in many applications, ranging from digital wallets, and ticket bookings, to the most popular on e-commerce platforms and/or online marketplaces. Each provider has different specifications and coverage. The differentiating variables include loan value limits, interest, tenor, loan terms, coverage area, and integration into third-party services. The purpose of this study is to propose an expanded model of the technology acceptance model (TAM) in the use of financial technology (Fintech) in paylater services, in particular, to study and explore the role of image and religiosity in TAM, as well as provide policy recommendations for authorized agencies and providers. services in Indonesia regarding several important factors that need to be considered so that Indonesian Muslims are willing to use Fintech. The sample in this study is a Muslim population aged at least 18 years who use Fintech pay-later to make payment transactions on e-commerce in Bandar Lampung. Testing the data using SEM PLS. The results showed that Islamic Religiosity and Image were able to increase the Attitude toward using fintech payment pay-later through Perceived Ease of Use as a mediating variable, but Islamic Religiosity and Image reduced the Attitude toward using fintech pay-later through Perceived Usefulness as a mediating variable.
References
Abadi, H. R. D., Ranjbarian, B., & Zade, F. K. (2012). Investigate the customers’ behavioral intention to use mobile banking based on TPB, TAM and perceived risk (a case study in Meli Bank). International Journal of Academic Research in Business and Social Sciences, 2(10), 312.
Aboelmaged, M., & Gebba, T. R. (2013). Mobile banking adoption: An examination of technology acceptance model and theory of planned behavior. International Journal of Business Research and Development, 2(1).
Adams, D. A., Nelson, R. R., & Todd, P. A. (1992). Perceived Usefulness, Ease of Use, and Usage of Information Technology: A Replication. MIS Quarterly, 16(2), 227–247. https://doi.org/10.2307/249577
Alhassany, H., & Faisal, F. (2018). Factors influencing the internet banking adoption decision in North Cyprus: An evidence from the partial least square approach of the structural equation modeling. Financial Innovation, 4(1), 1–21.
Amin, A., Yusnita, Y., Ibrahim, M. Y., & Muda, S. (2013). Transformational leadership and life satisfaction among homestay participants program: The mediating effect of attitude. International Journal of Business and Social Science, 4(3), 235–243.
Chin, W. W., & Todd, P. A. (1995). On the Use, Usefulness, and Ease of Use of Structural Equation Modeling in MIS Research: A Note of Caution. MIS Quarterly, 19(2), 237–246. https://doi.org/10.2307/249690
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly: Management Information Systems, 13(3), 319–339. https://doi.org/10.2307/249008
Davis, F. D. (1993). User acceptance of information technology: System characteristics, user perceptions and behavioral impacts. International Journal of Man-Machine Studies, 38(3), 475–487.
Gu, J.-C., Lee, S.-C., & Suh, Y.-H. (2009). Determinants of behavioral intention to mobile banking. Expert Systems with Applications, 36(9), 11605–11616. https://doi.org/10.1016/j.eswa.2009.03.024
Huei, C. T., Cheng, L. S., Seong, L. C., Khin, A. A., & Bin, R. L. L. (2018). Preliminary Study on Consumer Attitude towards FinTech Products and Services in Malaysia. International Journal of Engineering & Technology, 7(2.29), Article 2.29. https://doi.org/10.14419/ijet.v7i2.29.13310
Iqbal, T., & El-Gohary, E. (2014a). An Attempt to Understand E-Marketing: An Information Technology Prospective. Undefined. https://www.semanticscholar.org/paper/An-Attempt-to-Understand-E-Marketing%3A-An-Technology-Iqbal-El-Gohary/f394b441a73f02595f9631f17a7cd751960b4340
Iqbal, T., & El-Gohary, E. (2014b). An attempt to understand e-marketing: An information technology prospective. International Journal of Business and Social Science, 5(4).
Kasiram, M. (2010). Metodologi penelitian. UIN MALIKI PRESS.
Khatimah, H., & Halim, F. (2016). The effect of attitude and its decomposed, subjective norm and it decomposed on intention to use e‐money server in Indonesia. Undefined. https://www.semanticscholar.org/paper/The-effect-of-attitude-and-its-decomposed%2C-norm-and-Khatimah-Halim/dce78ac5542db416ec3b9b69a15b52ef2d7a7f97
Khraim, H. (2010). Measuring religiosity in consumer research from an Islamic perspective. Journal of Economic and Administrative Sciences.
King, W. R., & He, J. (2006a). A meta-analysis of the technology acceptance model. Information & Management, 43(6), 740–755.
King, W. R., & He, J. (2006b). A meta-analysis of the technology acceptance model. Information & Management, 43(6), 740–755. https://doi.org/10.1016/j.im.2006.05.003
Lederer, A. L., Maupin, D. J., Sena, M. P., & Zhuang, Y. (2000). The technology acceptance model and the World Wide Web. Decision Support Systems, 29(3), 269–282.
Liao, Z., & Landry, R. (2000a). An empirical study on organizational acceptance of new information systems in a commercial bank environment. 7-pp.
Liao, Z., & Landry, R. (2000b). An empirical study on organizational acceptance of new information systems in a commercial bank environment. Proceedings of the 33rd Annual Hawaii International Conference on System Sciences, 7 pp.-. https://doi.org/10.1109/HICSS.2000.926665
Ltd, I.-I. B. (2018). Instructors’ Behavioural Intention to use Learning Management System: An Integrated TAM Perspective. TEM Journal, 7(3), 513–525.
Lu, J., Yu, C., Liu, C., & Yao, J. E. (2003). Technology acceptance model for wireless Internet. Internet Research.
Marszk, A., & Lechman, E. (2019). New technologies and diffusion of innovative financial products: Evidence on exchange-traded funds in selected emerging and developed economies. Journal of Macroeconomics, 62, 103064. https://doi.org/10.1016/j.jmacro.2018.10.001
Milfelner, B., Borut, Snoj, B., Boris, KORDA, P., & Pisnik, A. (2011). Measurement of perceived quality, perceived value, image, and satisfaction interrelations of hotel services: Comparison of tourists from Slovenia and Italy. Društvena Istraživanja / Journal for General Social Issues, 20, 605–624. https://doi.org/10.5559/di.20.3.01
Milian, E. Z., Spinola, M. de M., & Carvalho, M. M. de. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34, 100833. https://doi.org/10.1016/j.elerap.2019.100833
Mokhtar, S. A., Katan, H., & Hidayat-ur-Rehman, I. (2018). Instructors’ behavioural intention to use learning management system: An integrated TAM perspective. TEM Journal, 7(3), 513.
Oly Ndubisi, N., & Jantan, M. (2003). Evaluating IS usage in Malaysian small and medium‐sized firms using the technology acceptance model. Logistics Information Management, 16(6), 440–450. https://doi.org/10.1108/09576050310503411
PHAN, D. T. T., NGUYEN, T. T. H., & BUI, T. A. (2019). Going beyond Border? Intention to Use International Bank Cards in Vietnam. The Journal of Asian Finance, Economics and Business, 6(3), 315–325. https://doi.org/10.13106/JAFEB.2019.VOL6.NO3.315
Ramayah, T., & Lo, M. (2007). Impact of shared beliefs on “perceived usefulness” and “ease of use” in the implementation of an enterprise resource planning system. Management Research News, 30(6), 420–431. https://doi.org/10.1108/01409170710751917
Ramos-de-Luna, I., Montoro-Ríos, F., & Liébana-Cabanillas, F. (2016). Determinants of the intention to use NFC technology as a payment system: An acceptance model approach. Information Systems and E-Business Management, 14(2), 293–314. https://doi.org/10.1007/s10257-015-0284-5
Raza, S. A., Umer, A., & Shah, N. (2017). New determinants of ease of use and perceived usefulness for mobile banking adoption. International Journal of Electronic Customer Relationship Management, 11(1), 44. https://doi.org/10.1504/IJECRM.2017.086751
Ryu, H. S. (2018). What makes users willing or hesitant to use Fintech?: The moderating effect of user type. Industrial Management and Data Systems, 118(3), 541–569. https://doi.org/10.1108/IMDS-07-2017-0325
Siguaw, J. A., & Simpson, P. M. (1997). Effects of religiousness on Sunday shopping and outshopping behaviours: A study of shopper attitudes and behaviours in the American South. The International Review of Retail, Distribution and Consumer Research, 7(1), 23–40. https://doi.org/10.1080/095939697343111
Spacey, R., Goulding, A., & Murray, I. (2004). Exploring the attitudes of public library staff to the Internet using the TAM. Journal of Documentation, 60(5), 550–564. https://doi.org/10.1108/00220410410560618
Stephenson, M. T., Morgan, S. E., Roberts-Perez, S. D., Harrison, T., Afifi, W., & Long, S. D. (2008). The Role of Religiosity, Religious Norms, Subjective Norms, and Bodily Integrity in Signing an Organ Donor Card. Health Communication, 23(5), 436–447. https://doi.org/10.1080/10410230802342119
Usman, H., Tjiptoherijanto, P., Balqiah, T. E., & Agung, I. G. N. (2017). The role of religious norms, trust, importance of attributes and information sources in the relationship between religiosity and selection of the Islamic bank. Journal of Islamic Marketing, 8(2), 158–186. https://doi.org/10.1108/JIMA-01-2015-0004
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Wang, R., & Tseng, M.-L. (2011). Evaluation of International Student Satisfaction using Fuzzy Importance-Performance Analysis. Procedia - Social and Behavioral Sciences, 25, 438–446. https://doi.org/10.1016/j.sbspro.2012.02.055
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
