A cashless society: Understanding adoption of new technology

This study intends to show the effectiveness of Confirmatory Analysis (CFA), Exploratory Factor Analysis (EFA) and Stepwise Analysis for the assessing technology readiness indicator sources on digital wallet adoption. The data was collected among 133 Higher Education Degree students in Public University in Terengganu, Malaysia using simple random sample approach in January 2020. The method of EFA has identified technology readiness constructs were divided into drivers and inhibitors for adoption of the digital wallet. The result shows the drivers factors were derived from optimization and self- assurance; while the inhibitor factors were derived from discomfort and insecurity. Next, CFA was performed to confirm the measurement model. Lastly, via stepwise analysis, the finding shows optimization and discomfort construct were observed to be a significant factors of digital wallet adoption. These findings enable telecommunication service providers or marketing practitioners to get insights of strategies to increase adoption rates of mobile wallet segment. The new finding in this study were self-assurance contrast to previous finding construct namely innovativeness. Meanwhile, CFA showed a good model fit after excluding the items with factor loading lower than 0.5. This finding was very useful to marketing practitioners in the design of promotional campaign on digital wallet.