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Recent Researches in Artificial Intelligence, Knowledge Engineering and Data Bases

Risk Perception of the E-Payment Systems: A Young Adult Perspective

1 2 3
AW YOKE CHENG , NOOR RAIHAN AB HAMID , and EAW HOOI CHENG .
1,3
Faculty of Business and Management ,
Asia Pacific University College of Technology and Innovation,
Bukit Jalil, Kuala Lumpur,
MALAYSIA.
2
Faculty of Business Administration ,
University of Tun Abdul Razak,
Petaling Jaya, Selangor,
MALAYSIA.
1 2 3
[email protected] , [email protected] , [email protected] ;
1,3 2
http://www.ucti.edu.my/ , http://fba.unirazak.edu.my/ .

Abstract: - This paper introduces the current trend towards the use of Electronic-Payment (E-Payment) in Malaysia as
an alternative to cash and their risk perceptions. It aims to gain more insights into reasons on why young adults are
adopting as well as not adopting E-Payment and their perception of risks on E-Payment as compared to cash. College
students from private universities in a metropolitan city in Malaysia were chosen as respondents for this study. The
findings show the different risk perceptions are significant among cash and E-Payment but less significant in terms of
volume of purchase. We discuss the implications of the findings to service providers and policy makers and offer some
recommendations to improve the e-payment service quality. Finally, the limitations of study and the future directions
of research are discussed.

Key-Words: - Electronic commerce, electronic payment systems, perceived risks, cash, cards.

1 Introduction is to understand the perception of risks by the users, in

Despite the importance of cash as the preferred mode of turn the understanding will assist service providers and
payment, based on the Financial Stability and Payment policy makers to offer better services and introduce
Report issued by the Central Bank of Malaysia – Bank policies to mitigate risks and exposures to risks.
Negara Malaysia (BNM) [1], the use of payment cards Hence, this study aims to achieve the following
as a form Electronic Payment (E-payment) in Malaysia objectives:-
has recorded a marginal increase of 4.5% in year 2009 1. To discover whether there is any difference in
as compared to 11.7% in year 2008. relative importance ranking in the risk dimensions
In Malaysia, E-Payment is widely used as a form of among cash and E-Payment;
cashless payment to settle financial transactions. These 2. To explore whether the level of perceived risks
include credit cards, debit cards, Touch ‘n Go, e- differ among cash and E-Payment; and
cheques, e-wallet, payment via Automated-Teller 3. To examine whether large amount purchases
machines (ATMs) and contactless payments such as and small amount purchases pose different level of
Maxis FastTap. E-payment confers various benefits both perceived risks.
to consumers as well as businesses [2]. From a
consumers’ point of view, e-payment provides
convenience and time savings. On the other hand, 2 Literature Review
merchants’ or service providers’ would benefit from At a general level, as users interact with a new
faster payment and better tracking of accounts. technology, they will learn the usefulness as well as the
Despite the increase usage of E-Payment by the risks associated with the technology. Technology
consumers in general, the use of E-Payment among Acceptance Model (TAM) proposes that an increase in
young adults is relatively low. As this group of perceived usefulness leads to a greater intention to use
consumers is deemed to be the heavy users of e-payment [3]. This study extends this proposition to infer that
system in the near future due to their technology literacy perceived risk influences the intention to use the e-
level, studies to understand young adult behavior payment system. While there are other factors affecting
towards e-payment system merit further investigation. consumers’ adoption of technology, perceived risk is an
One of the ways to encourage wider usage of E-Payment impediment to the adoption of e-payment system [4] [5].

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Recent Researches in Artificial Intelligence, Knowledge Engineering and Data Bases

In brief, perceived risk may influence the attitude and level, youths and those who live in an urban locality
behaviour of consumers towards the e-payment services [18].
[6] [7]. Students at the Tertiary level are pursuing their study
Perceived risk is defined as an assessment of in the institutions of higher learning offering courses
uncertainties or lack of knowledge about the distribution leading to the awards of matriculation certificate,
of potential outcomes [8] and the uncontrollability of diploma, first degree and postgraduate degree
outcome attainment [9]. In the case of using the e- qualifications. The duration of study for a bachelor
payment services, it is possible that consumers may degree programme is 3 years and the programmes of
perceive disclosing their credit card information as risky, study at this level are provided by both the public and
and they have no control over this [10]. Chellappa and private education sectors and attracting many
Pavlou [11] describe information security as the international students [19].
subjective probability with which consumers believe that The tertiary students are great prospects to the
their personal information will not be viewed, stored or merchants as they will soon enter the job market as
manipulated during transit or storage by inappropriate executives, knowledge and skilled workers with
parties, in a manner consistent with their expectations. promising and stable income, thus having better
Indeed, uncertainties about how their financial purchasing power [20]. Therefore, studies to better
information is treated by service providers and/or understand these young adult behaviour; their perception
merchants will increase perceived risk associated with and expectation of services; perceived risk and risk
electronic transactions. This study adapts the notion tolerance levels are mandatory so as to assist the service
proposed by Theory of Reasoned Action (TRA) [12] providers to effectively plan the design of products and
[13] and TAM [14] [15] and suggests that the higher the services as well as better improve the quality of services,
perceived risk (perception) the lower the risk tolerance in turn leading to higher consumers’ acceptance rate.
(attitude) and the less likely the intention to use In previous studies concerning identifying
(behaviour). Extending TRA and TAM suggestions, it consumer’s perceived risks, many have argued that the
seems plausible to suggest that the higher the perceived following types of risk are involved in consumers’
risk, the less likely consumers could possibly be decisions: physical, performance, psychological,
satisfied, loyal and retained. That is, unless firms financial, and time-loss [21] [22] [23] [24]. The same
provide reliable and superior quality of service, firms dimensions of risks are chosen in their research in
may have difficulties in satisfying consumers, more so relation to age, perceived risks and satisfaction in
in gaining their loyalty and retaining them. Given the consumers’ decision making [25].
likelihood that perceived risk is associated with The respective five selected risk perceptions adapted
transactional information [16] this study measures from Ho et al., [26] are summarized as shown in Table 1
consumers’ perceived risk by their behaviour towards below:-
these transactional activities. Table 1: Brief description of the risk
That is, perceived risky activity includes any perceptions
transaction using the ATM cards, debit cards and online Risks Brief description
payment facilities such as the Internet-based auto-debit, Physical risk The risk of loss of cash or card or
Paypal and so forth. Due to relatively low participation possible injury to the user. For
rate in e-payment, therefore it seems reasonable at the example, hurt or injured if one is
robbed.
point of time this study was conducted, to assess the
Performance risk The risk that a mode of payment is
consumers’ perception of the level of risk associated
not acceptable or incurs extra charges
with various e-payment methods as listed above. for using it as a mode of payment.
Meanwhile, in Malaysia, the Internet, which is one Psychological risk The risk that the use of that mode of
of the most popular channels involving e-payment, is payment will affect the self-image of
fast becoming popular among Malaysians and this is the user or the perceived image of the
obvious with the rise in the percentage of users, that is, user from others point of view.
from 17 percent in the year 2001 to 57 percent in the Time-loss risk The risk that the use of that mode of
year 2008, with usage levels increasing annually [17]. A payment will take more time than
report by Malaysian Science and Technology another mode of payment.
Information Centre on the Internet population for the Financial risk The risk that the use of that mode of
payment will cause financial loss.
year 2008 shows that Internet users comprised mainly
Situations in which it is not
those who have received tertiary education and more in
refundable or the transaction is not
the science stream, professionals or those at
reversible.
management levels, above average household income

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3 Research Method and Design 51 and above 0.3

The research instrument for this study was survey Level of Matriculation 39.6
questionnaire and the measurement scale used in this education Diploma 5.7
study was adapted from a study on the Electronic Fund currently Bachelor’s Degree 50.0
Transfer of Point-of-Sale (EFTPoS) by Ho et al. [27]. pursuing Postgraduate 4.2
Using a convenience sampling, self-administered Others 0.6
questionnaires were distributed to 400 respondents in Programme of Business 61.3
December 2009. These respondents were drawn from Study Arts 20.5
students pursuing their tertiary education in the private Engineering and 10.1
higher educational institutions (PHEIs). The Technology
respondents were undergoing their study programmes at Sciences 2.7
these institutions either on conventional learning or on Others 5.4
distance learning in Klang Valley, a metropolitan area in
Malaysia which is highly populated with Internet users Table 2 shows that majority of the participants were
and technology savvy populace. female (59.2 percent), age less than 20 years old (40.8
The questionnaire consisted of 3 parts. The first part percent). Half of the respondents were pursuing
is to collect general information about the usage of ATM bachelor’s degree (50 percent) and more than half were
and other payment cards. The second part is concerned enrolled in business-related programmes (61.3 percent)
with the risks perception associated with the use of cash which is within the norms in accordance to the statistics
which consists of two sub-sections namely small published by the Ministry of Higher Education [28].
purchase and large purchase. The third part is related to The scales used for this study were fairly reliable
the risk perception associated with the use of E- measures of variables under study as evident in the alpha
payment. The questionnaires also described each key values ranging between 0.6 and 0.7 [29]. The reliability
term used i.e. ATM cards, e-Debit, and E-payment. For of the measurement scales are shown in Table 3 below:-
small amount of purchases, respondents are asked to
respond to purchase of clothes where the transaction Table 3: Cronbach’s Alpha for the
amount is not more than MYR 100 as a given situation. measures used in the questionnaires
Similarly, purchase of a handphone with the amount of Measures Items Cronbach’s
MYR 1 000 is chosen as a given situation for large Alpha
amount of purchases. Risk Perceptions using Cash 10 0.63
In this study, the participations by the tertiary Risk Perceptions using E- 10 0.68
students were voluntary. In the context of data Payment
collection, each respondent was cordially invited by the
researchers to participate in the survey. Upon obtaining
respondent’s consent, he/she was asked to personally 4 Findings
complete the questionnaire. Eventually, 400 participants
offered their views and participated in the survey. Out of
4.1 Risk dimensions among cash and E-
the 400 participants responded to the questionnaire, 64
Payment
responses were discarded due to incomplete data leaving
Since the relative ranking of small amount purchases
only 336 questionnaires were found usable for analysis.
and large amount purchase are similar, mean scores of
The statistical programme namely IBM SPSS Statistics
small and large amount of purchases were used to
19.0 was used for the data analysis. The results of
compare the relative importance of the risk dimensions
descriptive analysis are summarized in Table 2.
among cash and E-Payment.
The results of the mean scores are shown in Table 4
Table 2: Summary of Respondent Profiles
and Figure 1 respectively:-
(Sample Size = 336)
Respondents Sub-Profile Percentage
Characteristics
Gender Male 40.8
Female 59.2
Age Less than 20 48.2
20 to 30 45.5
31 to 40 3.3
41 to 50 2.7

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Recent Researches in Artificial Intelligence, Knowledge Engineering and Data Bases

Table 4: Risk Dimensions against the matched paired samples T-tests were conducted on 95%
Cash and E-Payment confidence interval of the differences and the result is
Psych summarised in Table 5.
Risk Physic Perfor Time Finan
ologic
dimens al mance Loss cial
al Table 5: Differences of Perceived Risks against Cash
ions Risk Risk Risk Risk
Risk and E-Payment
Mean Small Amount of Purchases
scores Pai Risk Mean T- Sig.
3.63 4.94 3.87 3.69 3.79
for r Perceptions Cash E- value (2-
cash Paym tailed)
Mean ent
scores 1 Physical 3.71 3.57 1.84 0.066
for E- 4.17 3.57 3.54 3.91 3.42 2 Performanc 5.06 3.53 15.12 0.000
Payme e *
nt 3 Psychologi 3.84 3.46 4.43 0.000
cal *
4 Time-loss 3.64 3.89 -2.88 0.004
*
5 Financial 3.74 3.36 3.79 0.000
*
Large Amount of Purchases
Pai Risk Mean T- Sig.
r Perceptions Cash E- value (2-
Paym tailed)
ent
6 Physical 3.55 4.12 -5.65 0.000
*
7 Performanc 4.82 3.61 13.37 0.000
e *
8 Psychologi 3.91 3.63 1.99 0.048
Fig. 1: A spidergram of the risk dimensions against the cal *
Cash and E-Payment 9 Time-loss 3.76 3.93 -2.17 0.031
*
The results can be summarised as follows (> stands 10 Financial 3.89 3.47 4.18 0.000
for relatively higher than): *
• Cash: Performance Risk > Psychological Risk > * The difference was significant at the 0.05 level,
Financial Risk > Time Loss Risk > Physical Risk; with most at the 0.001 level.
• E-Payment: Physical Risk > Time Loss Risk >
Performance Risk > Psychological Risk > Financial Risk The result has shown that there are significant
Overall, the following observations can be differences in almost all the perceived risks between
made: cash and E-Payment.
• Cash has the lowest physical risk while E-
payment has the highest physical risk; 4.3 Impact of the Amount of Purchases
• Time loss risk and psychological risk contrast to Next, an analysis was conducted to compare the
each other in both Cash and E-Payment; and perceived risks between small and large amount of
• The relative importance ranking of the five risk purchases by the cash and E-Payment methods. The
perceptions are different among cash and E-Payment. results are tabulated in Table 6.

4.2 Comparison of Each Risk Perceptions

among Cash and E-Payment
Paired sample T-tests is used when two sets of
observations relate to the same respondents [30]. To
confirm that the respondents have significant differences
in their perceived risks for cash and E-Payment,

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Table 6: Differences of Perceived Risks against small firm when a consumer performs transaction via the
and large amount of purchases electronic channel, for example, a Web site. When a
Cash consumer is engaged in a higher degree of perceived risk
Mean activity, perceived security and reliability tend to be the
Sig.
Risk Small Large T- most critical factors a consumer would consider in
Pair (2-
Perceptions Amou Amou value his/her judgment of service quality. Hence, it is
tailed)
nt nt
plausible to infer that perceived risk plays a moderating
1 Physical 3.71 3.55 1.72 0.086
role in consumer satisfaction, that is the higher the
2 Performance 5.06 4.82 3.29 0.001*
perceived risk the higher consumer expectation of
Psychologic
3 3.84 3.91 -0.88 0.378 security practices and service reliability, which in turn
al
would affect satisfaction. Ensuring these features
4 Time-loss 3.64 3.74 -1.28 0.201
5 Financial 3.74 3.85 -1.28 0.203 available on a firm’s site would increase the likelihood
E-Payment of ultimately gaining consumer loyalty and retention.
These features were parallel to Akinci et al.’s study in
Mean
Sig. relation to the most important criteria in consumers’
Risk T-
Pair Small Large (2- selection of online banks [31].
Perceptions value
Amou Amou tailed) In Malaysia, the BNM has established a wholly
nt nt owned subsidiary wholly-owned subsidiary in October
6 Physical 4.22 4.12 1.22 0.222 2008 namely the Malaysian Electronic Clearing
7 Performance 3.57 3.61 -1.20 0.230 Corporation Sdn. Bhd or “MyClear” in short. Its main
Psychologic objective is to provide an efficient and reliable
8 3.46 3.62 -1.17 0.241
al infrastructure for e-payments, interbank payment,
9 Time-loss 3.36 3.92 -6.39 0.000*
settlement and securities services to businesses and the
10 Financial 3.36 3.47 -1.46 0.145
public in general [32].
* The difference was significant at the 0.05 level.
According to a report issued by BNM [33], lack of
awareness on the availability of e-payment facilities,
Generally, performance risk is lower with larger
security concerns and preference for cash are reasons for
amount of purchases in cash payments while time-loss
not using e-payment. Cash is perceived to be cheap,
risk is lower for small amount of purchases in E-
safe, convenient and fast. Education is also vital to
Payment. However, the differences between other
create the awareness about the benefits of using E-
perceived risks are negligible.
Payment especially among the young generation [34].
Below are the findings of this study which fulfill the
For the private corporations, there are various
research objectives as shown in Table 7:-
initiatives taken to promote the use of E-Payment among
the tertiary students who are also the young generation.
Table 7: Summary of the findings
One of the initiatives targeted to tertiary students which
Statements Results is the young generation, the cooperation between EON
There are differences in relative Supported Bank Group and Golden Screen Cinema in promoting
importance ranking in the risk their EON-GSC credit cards [35].
dimensions among cash and E- In promoting safe and efficient payment systems
Payment particularly for E-Payment, the BNM has accords great
The level of perceived risks are Supported importance in ensuring that the major retail payment
different among cash and E-Payment systems process payments in a timely and secure
The amount of purchases has influence Not manner. Emphasis was placed on ensuring the
on the perceived risks supported availability of adequate internal controls and risk
management practices as well as assessing contingency
planning preparedness [36]. With such safety and
5 Discussion security efforts taken by the BNM, it could lead towards
From the findings, we have seen that there are reducing the tertiary students’ phobia and risk
significant differences among the tertiary students’ in perceptions against the use of E-Payment as their mode
relation to perceived risks of modes of payment i.e. cash of payments.
and E-Payment. However, the young adult consumers
are indifferent in perceived risks associated with amount
of purchases. In an online and technology-based self-
service environment, the degree of perceived risk is
associated with perceived security as well reliability of a

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6 Conclusion International Journal of Service Industry Management,

It is important to note that this study has several Vol.12, No.2, 2001, pp. 184-207.
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