Small-Medium Enterprises Owners’ Preference for E-Wallet Payment in Transactions

Small-Medium Enterprises Owners’ Preference for E-Wallet Payment in Transactions | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Small-Medium Enterprises Owners’ Preference for E-Wallet Payment in Transactions Josh Patrick R. Vales, Janika Mikyla S. Delda, Alwyn Gabriel Y. Cua, and 3 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5967023/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract This study investigated the preference of e-wallets among SME owners in the downtown area of Davao City, focusing on the relationship between demographic factors and e-wallet preferences. Despite the growing adoption of e-wallets for business transactions, limited research has examined the demographic influences on their use. The study employed a descriptive-comparative research design, surveying 100 SME owners using a 27-item questionnaire. The findings reveal that middle-aged SME owners (ages 40–49) in the retail sector with 3–5 years of business experience are likelier to adopt e-wallets, prioritizing security and performance. Younger SME owners (ages 18–29) also exhibited significant differences in e-wallet use, indicating generational variations in technology adoption. Other demographic factors, including income, industry, and operations, did not show considerable influence. The study concludes that age is a key factor in e-wallet adoption and recommends targeted strategies by e-wallet providers to promote broader usage and enhance trust in digital payment systems. Finance Management Small-Medium Enterprises Demographic Factors E-wallet Business Descriptive-Comparative Digital payment Davao City Generational Differences Figures Figure 1 1. Introduction 1.1 Overview and Problem of the Study In recent years, the global shift towards digital innovation has transformed financial transactions. Traditional wallets, filled with cash, cards, and receipts, have been replaced by e-wallets integrated into smartphones and devices, reflecting society’s embrace of technological advancements (Emb, 2024 ). E-wallets are more digital wallets; they are comprehensive financial platforms that simplify transactions (Khanh et al., 2020 ). This evolution in payment technology, especially among SMEs, highlights the growing preference for e-wallets due to their convenience, speed, and security. However, research on the challenges SMEs face in preferring e-wallets and its impact on their operations and customer engagements remains limited Studies in Indonesia found that SME owner faced barriers to e-wallets integration due to technological infrastructure, cybersecurity concerns, and regulatory compliance (Yang et al., 2021 ). In the Philippines, SMEs have adopted e-wallets for efficient transactions (Acopiado et al., 2022 ), but still face challenges like inadequate infrastructure, unreliable internet, and high transaction fees (Cacas et al., 2022 ). Additionally, the lack of diverse e-payment options highlighted the need for secure systems ensuring transaction safety, verification, and data privacy (Saong & Palmares, 2023). While e-wallets provide secure and quick transaction options, businesses must protect customers’ personal information and implement additional security measures to prevent cybercrime (Amor et al., 2022 ). Prior studies focused on general factors like cost efficiency and user availability. Yet, there was limited exploration about how specific demographic factors, such as age, income, industry, and length of operations, shaped preference and adoption behavior within this demographic group. By addressing this gap, the study aimed to provide a significant understanding of the demographic factors that impacted e-wallet adoption, offering valuable insights to improve digital transactions for SME owners in Davao City. 1.2 Theories and Related Literature 1.2.1 Theories Theory of Reasoned Action (TRA) by Fishbein and Ajzen (1975). This theory explained that people's decisions to do something depended on how they felt about it and what they thought others expected of them. Attitudes were how people felt positively or negatively about a behavior, while subjective norms were about the social pressure they felt from others to either do or not do something. According to TRA, people's intentions were a good way to predict their actual behavior. This theory was used in many areas like psychology, sociology, and marketing (Armitage & Conner, 2001 ; Lee et al., 2014 ). This theory helped understand why people might decide to use e-wallets. Specifically, how people felt about e-wallets, like if they thought they were convenient, secure, and cost-effective, could influence their attitude towards using them. Social pressure from friends, family, and coworkers could also affect whether they choose to use e-wallets or not. By looking at both attitudes and social pressure, researchers could learn more about what drove people to start using or avoid using e-wallets (Lin et al., 2020 ; Liu et al., 2019 ). Technology Acceptance Model by Davis ( 1989 ). This theory stated that the general determinants of computer acceptance led to the explanation of users’ behavior across a broad range of end-user computing technologies and user populations. With TAM, this explained how and why individuals adopted and used technology, helping to understand user behaviors towards new systems and technology. According to the TAM model, users had two specific beliefs in using the model: Perceived Usefulness and Perceived Ease of Use. The TAM model was widely applied in various fields such as e-wallets, mobile applications, and other digital-related innovations (Lai, 2017 ). This theory was relevant to the research study because the Technology Acceptance Model connected with the research paper to help identify whether SME owners were willing to accept and learn this new technology in their SMEs. Diffusion of Innovation Theory by Rogers ( 1962 ). This theory explains how, over time, an idea or product gained momentum and diffused (or spread) through a specific population or social system. It identified five key factors influencing adoption: relative advantage, compatibility, complexity, trialability, and observability (LaMorte, 2022 ). For small and medium-sized enterprises, these factors were crucial, as they often assessed the potential benefits of implementing new technologies like e-wallets based on their operational needs and adaptability. The DOI approach provided insights into the diffusion of e-wallets among SME owners, as they were influenced by their peers and competitors in utilizing e-wallets. This theory helped us better understand why SME owners could benefit from adopting e-wallet transactions in their businesses. As the factors mentioned above explained, it showed how SME owners might readily embrace e-wallets while others did not, and how demographic factors could influence their preferences. 1.2.2 Related Literature Small-Medium Enterprises in the Philippines SMEs are vital to the Philippine economy, contributing significantly to economic growth. Guillen and Lim ( 2023 ) emphasized the need for digitalization post-pandemic, highlighting strategies like Facebook advertising and growth hacking to unlock new opportunities. During COVID-19, a study by Parilla & Abadillla (2023) found that the pandemic shifted business owners’ attitude towards e-wallets, reflecting changing consumer behaviors and payment preference. Despite challenges, SMEs remained crucial to the economy, with Shinozaki & Rao ( 2021 ), as cited by the Asian Development Bank, noting a significant drop in demand and revenue due to strict lockdown measures. SMEs faced significant challenges, particularly in accessing finance, which hindered growth and sustainability (Flaminiano & Francisco, 2021 ). The pandemic worsened these issues, with MSMEs stuggling with reduced demand and disrupted supply chains (Mia et al., 2021 ). Danzen ( 2022 ) emphasized that innovation was crucial for SMEs competitive advtange, with marketing innovation and core competencies helping them differentiate and better serve their markers. By adopting e-wallets payments, SME owners could attract more customers, as many prefer this payment methods. Anne ( 2024 ) noted that e-commerce and digital payments in the Philippines grew due to perceived security, ease of use, and government policies. Studies showed digital payments increased consumer spending and SME sales, especially during COVID-19. Salazar et al. ( 2024 ) found that e-wallet training and monitoring improved transactions, enhancing competitiveness by boosting sales and reducing costs. Hossain et al. ( 2022 ) observed that tech-savvy users were more likely to adopt e-wallets. The Philippine economy shows strength and weaknesses in SME digital transformation. Guillen and Lim ( 2023 ) emphasized digital strategies for post-pandemic resilience, while Parilla and Abadilla ( 2023 ) noted consumer behavior shifts toward cashless payments. Salazar et al. ( 2024 ) highlighted revenue growth, and Danzen ( 2022 ) emphasized technology’s role in SME expansion. However, a critical gap remains in demographic specificity. Studies lack insight into how age, education, and location influence e-wallet adoption among SME owners, despite regional variations such as in Davao. Hossain et al. ( 2022 ) highlighted the role of utility perception in adoption but did not examine demographic impacts. Addressing this gap is essential for developing tailored support strategies based on regional and cultural contexts. E-Wallets vs. Traditional Digital Payments E-wallets are digital applications that securely store and manage payment information, allowing users to make purchases, transfer funds, and store loyalty cards through smartphones or digital devices (Abdullah et al., 2020 ; Abdillih, 2024 ). Traditional digital payments, like credit/debit cards, bank transfers, and checks, have been essential for financial transactions for decades (Kwabena et. al, 2019 ; Zamil et. al., 2022 ). While both methods facilitate transactions, they operate through different mechanisms, offering distinct user experiences (Chea, 2020 ). Both e-wallets and traditional payments aim to enable cashless transactions (Kee et. al., 2021 ). Both rely on electronic processing for online shopping, bill payments and money transfers (Sah, 2024 ). They also enhance convenience and efficiency, allowing users to complete payments quickly and securely (Musyaffi et. al., 2022 ). As digital payment solutions evolve, both systems integrate into the broader financial ecosystem, offering users multiple options for managing finances (Husain et. al., 2021; Mulyati et. al., 2023 ). E-wallets and traditional digital payments differ in functionality and user experience. E-wallets offer a more user-friendly interface with features like QR code scanning and one-click payments, making transactions faster (Yang et. al., 2021 ). In contrast, traditional digital payments require users to input card details for each transactions, which is more time consuming (Tang, 2023 ). E-wallets are also provide added benefits, such as cashback and loyalty rewards, enhancing their appeal over traditional methods (Mohammed, 2024 ; Zamil et. al., 2022 ). These differences highlight the shift toward more efficient and convenient payment solutions (Daragmeh et. al., 2021 ). On the other hand, traditional digital payments presented several disadvantages for small and medium-sized enterprise (SME) owners, primarily due to their reliance on intermediaries such as banks or payment processors, which introduced delays and additional fees (Kee et. al., 2021 ; Kurniasari, 2023 ). Such delays impeded cash flow management and adversely affected overall operational efficiency, particularly in high-traffic environments where speed was essential for customer satisfaction (Edeh et. al., 2021 ). Moreover, traditional methods lacked the flexibility and immediacy required by SMEs, making them less attractive option for businesses striving for enhanced financial agility (Sah, 2024 ; Musyaffi et., 2022). E-wallets offer significant advantages for SMEs, streamlining payments with faster transactions and reduced wait times (Tang 2023 ; Purbondaru, 2023 ). They also incur lower transaction fees than traditional methods, benefiting SMEs with tight margins (Mohammed, 2024 ). Their integration with business systems improves cash flow management and financial oversight (Galang & Ramdhan, 2023 ). Additionally, e-wallets enhance customer engagements through promotions and loyalty rewards, fostering long-tern relationships (Ming et. al., 2020 ; Razali et. al., 2020). Many SME owners prefer e-wallets for their convenience, speed, and cost-effectiveness (Ming & Soon, 2023 ). However, concerns about security and digital literacy remain adoption barrier (Rabbani, 2023 ; Husain et. al., 2021). As e-wallets evolve, their role in SME operations grows, shaping the future of financial transactions (Mulyati et. al., 2023 ; Yang et. al., 2021 ). The literature on e-wallets versus traditional digital payments highlights a shift in SME owners’ preferences, driven by transaction efficiency, convenience, and user-friendly features. While studies emphasize benefits like lower fees, enhanced customer loyalty, and faster transactions, they often overlook demographic factors such as age, income, industry, and business tenure in specific locales like Davao City (Yang et. al., 2021 ; Ming & Soon, 2023 ). Traditional payment methods remain foundational but face drawbacks like intermediaries, slower speeds, and higher costs, making e-wallets a more efficient alternative. As digital transformation advances and digital literacy grows, e-wallets play an increasingly vital role in financial transactions. Understanding how SME owners’ characteristics influence preference, especially in regions with unique economic conditions, is crucial for refining digital payment research and fostering SME adaptability in a fast-evolving economy. Key Determinants of E-wallet Adoption According to Ortiz et. Al., (2023), the key determinants of why people used e-wallets as their preferred mode of payment when making everyday transactions included several factors. Such as Performance, Usefulness, Trust, Ease of Use, Security, Responsiveness, Transparency, Perceived Enjoyment, and Behavioral Intention. E-wallet performance is key to SME adoption, improving transaction efficiency, speed, and convenience (Vankatest et. al., 2003). Research shows that e-wallet integration enhances payment process, customer satisfaction, and operational efficiency (Ming & Soon, 2023 ). User-friendliness also boosts adoption intentions (Paat et. al., 2022 ), while SMEs adopt e-wallets to improve efficiency and satisfaction (Esawe, 2022 ; Launtu, 2024 ). Trust, supported by reliability and security, is crucial for long-term adoption (Ming et. al., 2020 ; Darragh et. al., 2022). Furthermore, perceived usefulness, how an e-wallet enhances productivity, is a major factor in adoption (Davis, 1989 ). Studies link perceived usefulness to higher adoption intentions, especially among younger users (Pertiwi et. al., 2022; To & Trinh, 2021 ). In addition, trust is critical in maintaining merchant-customer relationships, with financial transactions risks tied to trust (Slade et. al., 2015 ). Even strong security measures require trust to encourage frequent use (Purnamawati et. al., 2023 ; Nanigin et. al., 2020). On the other hand, ease of use, the effort required to use a system (Davis, 1989 ), also influences adoption. User-friendly e-wallets reduce cognitive load, increasing satisfaction and use (Zhang et. al., 2020 ). Ease of use is vital in markerts like the Philippines, where tech literacy varies (Gupta & Arora, 2020 ). Moreover, security concerns significantly influenced consumer attitudes toward mobile payments, with risks of unauthorized transactions (fAkturan & Tezcan, 2012 ). E-wallet security, including encryption, two-factor authentication, and fraud detection, is essential for protecting users’ financial data. Humbani and Wiese ( 2019 ) noted that robust security protocols like PCI-DSS enhanced trust and adoption of digitial payments. These measures were vital for ensuring safe transactions and fostering confidence in digital systems (Hassan et. al., 2020 ). Additionally, responsiveness, or the speed of transactions, also impacted customer satisfaction and loyalty. Ming and Soon ( 2023 ) highlighted that quick service responses were crucial for building trust and encouraging continued e-wallet use among SME owners. Another key factor was transparency in e-wallet transactions, such as clear fee disclosures and privacy policies, play a key role in building trust (Chen, 2021 ). To and Trinh ( 2021 ) emphasized that transparent communication fostered user confidence, essential for adoption. Likewise, perceived enjoyment, defined as the pleasure gained from using technology (Vankatesh et. al., 2012), was also important in e-wallet adoption. Maulita et. al., ( 2022 ) found that enjoyment, especially among Generation Z, increased the likelihood of continued. Yang et. al., ( 2021 ) highlighted that enjoyment, when combined with perceived usefulness, strengthened adoption intentions. Finally, behavioral intention, or willingness to use e-wallets, was a significant factor in adoption. SMEs were more likely to adopt e-wallets if perceived as easy to use and beneficial (Paat et. al., 2022 ; Narendra, 2023; Yang et. al., 2021 ). The Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB) suggest that ease of use, usefulness, and enjoyment, all drive behavioral intentions, influencing e-wallet adoption (Nag & Gilitwala, 2019 ; Ariffin et. al., Alalwan et. al., 2017 ). In conclusion, the adoption of e-wallets among SME owners hinged on several hinged on several critical factors. Previous studies provided extensive insights into the factors that influenced e-wallet adoption, highlighting key determinants such as performance, perceived usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intentions. These studies consistennly validated the relevance of the Technology Acceptance Model (TAM) in understanding adoption motivations for both individual consumers and SMEs. For example, research by Ming and Soon ( 2023 ) and Esawe ( 2022 ) underscored the competitive advantage and operational efficiencies that e-wallets systems offered SMEs, while To and Trinh ( 2021 ) and Launtu ( 2024 ) emphasized ease of use and perceived enjoyment, particularly among younger, tech-savvy users. Existing studies highlighted broad adoption trends but overlooked demographic factors like age, income, industry, and business tenure. Purnamawati et. al., ( 2023 ) and Nag and Gilitwala ( 2019 ) focused on trust and security but didn’t explore demographic influences on trust. Similarly, Zhang et. al., ( 2020 ) and Gupta and Arora ( 2020 ) discussed ease of use but lacked local context, such as in Davao City, where digital exposure and infrastructure impact adoption. These studies generalized findings, missing the unique challenges faced by SME owners across different profiles. This research addresses the gaps by exploring how SME owners in Davao City shape their e-wallets adoption decisions. Demographic Factors Influencing E-Wallet Preferences E-wallet adoption among SMEs is shaped by demographic factors like age, income, industry, and experience. Age, education, and technological familiarity influence preference for digital payments (Pramudito et. al., 2023 ; Singh et. al., 2017 ). Younger SME owners, particularly Millennials and Gen Z, favor e-wallets for their convenience, while older owners often prefer cash due to digital unfamiliarity (Yang et. al., 2021 ; Bee & Ying, 2021 ). This generational gap highlights the need for targeted education to help older business owners adapt to digital transaction (Anuar et. al., 2020 ; Fadhilla, 2023 ). Income levels influence e-wallet adoption, with higher-income SME owners more likely to invest in digital payment systems for long-term efficiency (Lohana & Roy, 2021 ; Poudel, 2023 ). In contrast, lower-income owners may focus on immediate cash flow, seeing e-wallets as an extra cost (Ramlah et. al., 2020 ; Ravi Kumar, 2019). Higher-income individuals also tend to have more trust in e-wallet security, while lower-income groups need clear demonstrations of benefits and security (Obal & Kunz, 2013 ; Das, 2024 ). Access to technology and internet connectivity also affects adoption income levels (Huang et. al., 2022 ; Hisel, 2020 ; Baker, 2012) The industry sector influence e-wallet adoption, which retail and service businesses are more likely to integrate e-wallets to improve customer experience (Kim, 2019 ; Eastman et. al., 2020). In contrast, traditional sectors like manufacturing adopt e-wallets more slowly due to established practices (Paat et. al., 2022 ; Grandón & Ramirez-Correa, 2018). Generational and sector trends highlight the need for tailored strategies (Ming & Soon, 2023 ; Apriani & Wuryandari, 2023 ; Joensuu-Salo et. al., 2018 ). Never SMEs led by younger entrepreneurs are more open to e-wallets, while established businesses prefer traditional methods, citing inertia and perceived risks (Alkubaisi et. al., 2020 ; Ortiz, 2023 ; Susanty et. al., 2020 ; Jones & Hanney, 2016 ). Moreover, the perceived ease of use, usefulness, and trustworthiness of e-wallets significantly influence SME owners’ willingness to adopt these payment systems. Research indicates that demographic factors, such as age and education, shape these perceptions, with younger users more likely to view e-wallets as efficient and reliable tools (Rhaiem, 2015 ; Nuryyev et. al., 2020 ; Chawla & Joshi, 2020 ). The perceived utility of e-wallets is further enhanced by enabling factors such as a vast merchant network and the network and the convenience of cashless transactions, which resonate with various demographic groups (Prima Johan et. al., 2022 ; I. Saquin et. al., 2024 ). Studies also emphasize the role of demographic differences in shaping the both the intention to adopt and the actual usage of e-wallets, highlighting the need to address specific requirements of diverse groups (Ohoud Khasawneh & AlBahsh, 2024 ) Additionally, SME owners adopting e-wallets solutions often aim to improve business performance and remain competitive in a cashless era. Digital systems are particularly beneficial in enhancing operational efficiency and customer satisfaction (Lee & Ling Pick Soon, 2023). While younger generations embrace these technologies more readily, research suggests that fostering trust and addressing usability concerns are crucial for broader adoption, especially among older and lower-income SME owners (Yang et. al., 2021 ; Das, 2024 ). By tailoring e-wallets features to the unique demographic and contextual needs of SME owners, businesses can optimize the adoption and utility of these digital payment systems. In summary, the demographic characteristics of SME owners significantly influence the adoption of e-wallet payment systems. While existing research offers valuable insight the role of factors such as age, income, and industry variations, there remains a need for localized studies, particularly in contexts like Davao City, to address unique cultural and economic dynamics (Kartiwi et. Al., 2018 ; Strotman & Zhao, 2014; Lin, 2016 ). Such research would provide a deeper understanding of how these demographic determinants shape preferences for e-wallet adoption and inform strategies for promoting cashless transactions in diverse markets. 1.3 Conceptual Framework The framework illustrated the relationship between the independent variable (IV), which was the demographic profile, and the dependent variable (DV), which was e-wallet usage. The demographic profile included factors such as age, income, industry, and length of operation. These variables were expected to influence the user’s perceptions of various aspects of e-wallets, such as performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intention (Ortiz et. al., 2023). The model suggested that demographic factors might have impacted how users perceived and engaged with e-wallet services. 1.4 Objectives and Hypothesis The main objective of this research was to quantify the SME owners’ preference for e-wallet payment in transactions based on demographic groups. Specifically, the study aimed to: 1. Identify the demographic profile of SME owners’ preferences in terms of age, income, industry, and length of operations. 2. To examine SME’s preferences for using e-wallets in terms of performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intentions. 3. Investigate if there is a significant difference between SME owners' preferences in E-wallet transactions when grouped according to demographic profile. This study also hypothesizes that: H₀ There is no significant difference between SME owners' preferences in E-wallet transactions when grouped according to demographic profile. 1.5 Significance of the Study This study’s findings will provide results for the following beneficiaries: SME owners, who will be able to make informed decisions by adopting e-wallets as payment systems. Customers will gain from the study because it will lead more SME owners to utilize e-wallets for much faster transactions. E-wallet providers will benefit from this research because they will be able to tailor their products to meet the needs of SME owners. Policymakers and government agencies will also benefit from this study because the findings will help them design more effective policies, incentives, and support for e-wallets in payment transactions withing SMEs. Future research will benefit by gaining valuable insights into SME owners’ payment preferences in their businesses, offering additional knowledge for studies in this field. 1.6 Scope and Delimitation One limitation of the study was time. Time restrictions made it more difficult for researchers to collect and evaluate data as thoroughly as they would have liked, which presented difficulties and other problems. Furthermore, the study was focused on SME owners in Davao City, and the data could not capture the preferences and behaviors of SME owners outside Davao City. The population may not have been well-represented due to the selected urban areas. 2. Methods 2.1 Research Design This study used a descriptive-comparative research design. According to Siedlecki ( 2020 ), this type of research aims to observe and describe patterns, characteristics, or outcomes and compare them across different groups to better understand relationships. The study explored and analyzed the factors influencing small and medium-sized enterprises (SME) owners’ choice of e-wallet payment systems. Data were gathered through survey questionnaires distributed to SME owners, ensuring that the core topics, such as the acceptance of e-wallets, user-friendliness, and commercial advantages, were fully covered. 2.2 Sampling Design, Respondents, and Locale Purposive sampling was used in selecting the respondents for this research. Purposive sampling refers to a group of non-probability sampling techniques in which units were selected because they had specific characteristics (Nikolopoulou, 2022 ). The study’s respondents were selected based on the following criteria: first, their demographic characteristics, such as age, and income range, industry and must own and operate an SME. Second, they must consider using e-wallet payment for business transactions. Lastly, they had to operate in industries where digital payments were vital. At least 100 SME owners were questioned. By selecting respondents based on these criteria, the study aimed to gather detailed insights into the impact of e-wallets on business transactions. 2.3 Instrument and Procedures The researchers used an adapted questionnaire based on Ortiz et. al., (2023), modified and validated by experts. It had two sections: (1) demographic profile age, income, industry, length of operations and (2) preference for e-wallet use in transactions, measured with Likert scale items. The survey was distributed via physical copies and online forms. The researchers obtained permission to conduct the study outside the school, ensuring voluntary participation and confidentiality with consent sheets for respondents. Table 1 Mean Interpretation of SME Owners’ payment preferences in e-wallet transactions Numerical Value Mean Range Qualitative Description Interpretation 5 4.20-5.00 Very High SME owners show a very high preference for the payment method. High likelihood of regular use. 4 3.40–4.19 High SME owners prefer this payment method but may still consider other alternatives. 3 2.60–3.39 Moderate SME owners are adequate or show no strong preference for this payment method. 2 1.80–2.59 Low SME owners tend to avoid using this payment method unless necessary. 1 1.00-1.79 Very Low SME owners strongly avoid this payment method and are unlikely to use it. 2.4 Data Analysis The data were analyzed using appropriate statical methods. For research objective one, frequency and percentage summarized the demographic profile of SME owners and their payment preference. For research objective two, mean and standard deviation determined group differences. ANOVA was used for research objective three to identify significant differences between demographic profiles and e-wallet adoption preferences. JASP software facilitated efficient and accurate analysis, ensuring robust findings. 3. Results and Discussion 3.1 Demographic Profile of SME Owners' Preferences by Age, Income, Industry, and Length of Operations Table 2 shows the demographic profile of SME owners by payment preferences, categorized by age, income, industry, and length of operations. The largest group of SME owners was aged 40–49 (33.33%), with the youngest (18–29) and oldest (70+) groups representing 10% each. In terms of income, 36.67% earned ₱26,000- ₱34,000, while 20% earned between ₱500- ₱10,000 and ₱11,000- ₱25,000. The retail industry dominated at 60%, with manufacturing at 10%. SMEs operating for 3–5 years were the most common (36.67%), while those in business for 11–15 years were the smallest group (6.67%). These finding mid-career SME owners in retail, with moderate incomes and 3–5 years of operatios, are most inclined towards digital payment solutions. Table 2 SME Owners' Demographic Profile Based on Payment Preferences Demographic Profile Frequency Percentage 1. Age 18 to 29 17 17.00% 30 to 39 17 17.00% 40 to 49 33 33.00% 50 to 59 15 15.00% 60 to 69 11 11.00% 70 onwards 7 7.00% Total 100 100.00% 2. Income ₱500 to ₱10,000 28 28.00% ₱11,000 to ₱25,000 21 21.00% ₱26,000 to ₱34,000 24 24.00% ₱35,000 and above 27 27.00% Total 100 100.00% 3. Industry Manufacturing 10 10.00% Merchandising 14 14.00% Retail 52 52.00% Service 24 24.00% Total 100 100.00% 4. Length of Operation Less than 1 year 11 11.00% 1 to 2 years 18 18.00% 3 to 5 years 39 39.00% 6 to 10 years 17 17.00% 11 to 15 years 8 8.00% More than 15 years 7 7.00% Total 100 100.00% The results aligned with previous studies (Yang et al., 2021 ; Bee & Ying, 2021 ), showing higher e-wallet adoption among mid-aged entrepreneurs (40–49), who balanced tech adaptability with business experience. Older SME owners (70+) hesitated due to limited tech exposure, reinforcing the need for targeted educational initiatives (Anuar et al., 2020 ). Income also played a role, with middle-income owners more likely to adopt e-wallets for cost-efficiency (Lohana & Roy, 2021 ; Poudel, 2023 ), while lower-income owners prioritized cash flow (Ramlah et al., 2020 ), suggesting the need for policy incentives. The retail sector, which engages tech-savvy consumers, showed higher adoption (Kim, 2019 ; Eastman et al., 2020), while manufacturing lagged due to traditional payment reliance (Paat et al., 2022 ). Newer businesses were more inclined to adopt e-wallets, aligning with findings by Ortiz ( 2023 ) and Susanty et al. ( 2020 ). The results emphasized the need for educational campaigns for older and established SMEs, and policy support like subsidies or tax incentives for lower-income owners (Jones & Hanney, 2016 ; Das, 2024 ). Manufacturing could benefit from outreach and case studies showcasing successful e-wallet integration. Addressing these gaps was crucial for inclusive digital transformation, especially in localized markets like Davao City. 3.2 SMEs' preferences for e-wallets based on performance, usefulness, trust, ease of use, security, responsiveness, transparency, enjoyment, and behavioral intentions Table 3 represents the descriptive statistics (Mean and SD) of SME owners' preferences for e-wallet usage, categorized by performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intention. The results indicated that security (M = 3.58, SD = 0.79) and performance (M = 3.54, SD = 0.99) had achieved the highest mean scores, categorized as "High," signifying that SME owners viewed these factors as critical to their preference for e-wallet adoption. Conversely, trust (M = 3.13, SD = 0.92) recorded the lowest mean, falling under the "Moderate" category, which implied a neutral stance or weaker preference for this factor in comparison to others. Overall, the average preference across all factors was "Moderate" (M = 3.38, SD = 0.93), reflecting a balanced perspective among SME owners regarding e-wallet preference. The findings align with existing research on e-wallet adoption. Ortiz et al. (2023) and Ming & Soon ( 2023 ) highlighted performance as a key factor in adoption. Ortiz et al. (2023) found that transaction speed influences satisfaction, which was reflected in this study, where SME owners preferred fast and seamless transactions. Ming & Soon ( 2023 ) also emphasized security, which was highly preferred in this study, confirming its importance for SME owners when choosing e-wallet platforms. These findings reinforce the critical role of performance and security in e-wallet adoption. However, the moderate preference for trust in this study contrasts with Purnamawati et al. ( 2023 ) and Nangin et al. ( 2020 ), who argued that trust is central to adoption. Table 3 Key Determinants of SME Owners' Preferences for E-Wallet Adoption Key Determinants Mean SD Verbal Description Interpretation 1. Performance 3.54 0.99 High SME owners prefer this payment method but may still consider other alternatives. 2. Usefulness 3.42 0.97 High SME owners prefer this payment method but may still consider other alternatives. 3. Trust 3.13 0.92 Moderate SME owners are adequate or show no strong preference for this payment method. 4. Ease of Use 3.29 1.01 Moderate SME owners are adequate or show no strong preference for this payment method. 5. Security 3.58 0.79 High SME owners prefer this payment method but may still consider other alternatives. 6. Responsiveness 3.18 0.87 Moderate SME owners are adequate or show no strong preference for this payment method. 7. Transparency 3.45 0.90 High SME owners are adequate or show no strong preference for this payment method. 8. Perceived Enjoyment 3.41 0.98 High SME owners are adequate or show no strong preference for this payment method. 9. Behavioral Intention 3.48 1.01 High SME owners prefer this payment method but may still consider other alternatives. Overall 3.38 0.93 Moderate SME owners are adequate or show no strong preference for this payment method. 3.3 Significant differences in SME owners' e-wallet preferences according to demographic profiles The discrepancy may arise from regional differences or varying financial literacy among SME owners in Davao City. Further exploration of localized trust-building methods, such as provider transparency and community-based models, could explain these variations. The study reinforced findings by Zhang et al. ( 2020 ) and Gupta & Arora ( 2020 ), highlighting ease of use in adoption decisions. In regions like the Philippines, with diverse tech literacy, localized design improvements could improve adoption rates. SME owners in Davao City prioritized practical, secure e-wallet solutions but showed moderate enthusiasm for trust and ease of use. This underscores the need for trust-building initiatives, including transparency and user education, alongside high performance and security standards. Providers should adapt to these preferences through localized marketing and community-driven feedback (Zhang et al., 2020 ; Gupta & Arora, 2020 ). Table 4 represents the results of an ANOVA test examining significant differences in SME owners' preferences for e-wallets based on demographic profiles such as age, income, industry, and length of operation. The results of the ANOVA test revealed a significant difference in e-wallet preferences among SME owners based on age (F = 3.998, p = 0.002). This indicates that at least one age group’s preferences differ significantly from others. Descriptive statistics show that the mean preference scores vary across age groups, with the 18 to 29-year-old group having the highest mean preference score (3.782) and the 70 and above group having the lowest (2.403). These results suggest that younger SME owners are more inclined to prefer e-wallet solutions, whereas older SME owners are less likely to adopt them. Table 4 Significant Differences in E-wallet Preferences Based on Demographic Profile Demographic Profile Mean F-value p-value Decision on Significance Decision on H o 1. Age 3.30 3.99 0.00 Significant Reject H o 2. Income 3.39 0.98 0.40 Not Significant Fail to Reject H o 3. Industry 3.49 1.57 0.20 Not Significant Fail to Reject H o 4. Length of Operation 3.38 0.82 0.56 Not Significant Fail to Reject H o Descriptives Descriptives - Overall Average Age N Mean SD SE Coefficient of variation 18 to 29 17 3.782 0.683 0.166 0.181 30 to 39 17 3.647 0.567 0.137 0.155 40 to 49 33 3.283 0.811 0.141 0.247 50 to 59 15 3.459 0.610 0.157 0.176 60 to 69 11 3.242 1.013 0.305 0.313 70 onwards 7 2.403 0.793 0.300 0.330 Post Hoc Tests Standard (HSD) Post Hoc Comparisons - Age Mean Difference SE df t p tukey 18 to 29 30 to 39 0.135 0.257 94 0.524 0.995 40 to 49 0.499 0.224 94 2.229 0.235 50 to 59 0.323 0.266 94 1.216 0.828 60 to 69 0.540 0.290 94 1.860 0.433 70 onwards 1.379 0.337 94 4.093 0.001 30 to 39 40 to 49 0.364 0.224 94 1.627 0.583 50 to 59 0.188 0.266 94 0.709 0.980 60 to 69 0.405 0.290 94 1.396 0.729 70 onwards 1.244 0.337 94 3.694 0.005 40 to 49 50 to 59 -0.176 0.234 94 -0.753 0.974 60 to 69 0.041 0.261 94 0.157 1.000 70 onwards 0.880 0.312 94 2.819 0.063 50 to 59 60 to 69 0.217 0.298 94 0.728 0.978 70 onwards 1.056 0.343 94 3.075 0.032 60 to 69 70 onwards 0.839 0.363 94 2.313 0.199 Note. P-value adjusted for comparing a family of 6 estimates. Tukey HSD post hoc tests reveal significant differences in e-wallet preferences between age groups. The 70 + group showed significantly lower preferences than the 18–29 (mean difference = 1.379, p = 0.001), 30–39 (mean difference = 1.244, p = 0.005), and 50–59 (mean difference = 1.056, p = 0.032) groups. Other comparisons, such as 40–49 vs. 60–69, did not show significant differences, as p-values exceeded 0.05. This indicates the most notable difference in preferences is between the youngest and oldest SME owners. While age significantly influenced e-wallet preferences, other factors like income, industry, and business tenure showed no significant differences (p > 0.05). This may reflect the universal appeal of e-wallets, which enhance operational efficiency, convenience, and security across industries and income levels. Regardless of tenure, SMEs likely view e-wallets as essential for payment management. Age-related differences align with previous research, indicating younger individuals are more comfortable with digital payment methods (Chawla & Joshi, 2020 ; Singh et al., 2017 ). Younger generations, familiar with digital tools, trust e-wallets more, while older SME owners are more cautious, due to limited exposure and concerns about security and complexity. This generational divide highlights the need for targeted interventions, such as user-friendly designs and educational programs, to increase adoption among older SME owners. E-wallet providers should focus on security features and emphasize business benefits to alleviate concerns (Chawla & Joshi, 2020 ; Singh et al., 2017 ). Contrary to previous studies, factors like income, industry, and business tenure did not significantly affect adoption, suggesting e-wallets have broad appeal across different SME segments. Future research could explore how regional factors, like digital infrastructure and cultural attitudes, influence these findings (Pramudito et al., 2023 ; Singh et al., 2017 ). 4. Conclusions and Recommendations 4.1 Conclusions In summary, middle-aged SME owners (40–49) in the retail sector with 3–5 years in business are more likely to adopt e-wallets, balancing traditional methods with openness to modern technologies. Performance and security were the top concerns for SME owners, highlighting the need for efficient and secure transactions. Younger SME owners (18–29) showed a stronger preference for e-wallets. However, no significant differences were found in preferences related to income, industry, or years of operation. E-wallet providers should focus on age-targeted strategies, offering training and incentives for older entrepreneurs while ensuring security and ease of use for broader acceptance. 4.2 Limitations This study is limited to SME owners in Davao City, restricting the generalizability of the findings to other regions. Time constraints also limited the depth of data collection, potentially overlooking key factors affecting e-wallet adoption. The small sample size may affect the reliability of the results. Additionally, the study did not explore cultural, economic, or industry-specific variables. Future research should expand to include diverse regions, industries, and cultural contexts, as well as a larger sample, to provide a more comprehensive understanding of e-wallet adoption among SMEs. 4.3 Recommendations To address the findings, e-wallet providers should implement user-friendly strategies, including training programs to enhance digital literacy and familiarity with e-wallet systems among SME owners. Providers should prioritize robust security measures, such as two-factor authentication and fraud detection. Simpler navigation and ensuring user-friendly features will make e-wallets more accessible to all SME owners. Collaborating with government and industry stakeholders can help establish supportive infrastructure and policies, promoting broader adoption of digital payments across diverse SME sectors and enhancing overall business efficiency. Declarations Declaration of AI Use AI tools such as Scite.ai, ChatGPT, Microsoft Copilot, and Quillbot were used to enhance the research process. Scite.ai and ChatGPT aided the review of related literature. ChatGPT improved clarity through language editing, and QuillBot refined text via paraphrasing. All AI-generated outputs were carefully reviewed by the group and research adviser, with the authors maintaining full responsibility for the paper’s content and findings. Prior to and following the conduct of the study, the researchers sought approval from the Mapua MCM's Ethical Committee. After a comprehensive review, the ethical committee granted its approval, ensuring that all ethical guidelines for research involving human participants were followed. Acknowledgement First and foremost, the researchers extend their sincerest gratitude to the Almighty Father for granting them strength, wisdom, and perseverance to complete this research. His divine guidance made this achievement possible. They deeply appreciate their families for their unwavering support, love, and encouragement throughout this journey. Special thanks go to their mentor and research adviser, Sir John Albert Nares, for his invaluable guidance and feedback, as well as to Sir Jomard L. Narciso, their research teacher, for his constant support and patience. The researchers also thank their friends and classmates for their camaraderie. Special mention goes to assistant leaders Alwyn Gabriel Cua and Janika Mikyla Delda for their cooperation and support, and to members Jaztin Rey Capisin and Colin Balagatas for their dedication. Finally, they are grateful to everyone who contributed to this journey, making this success a shared achievement. References Abdillih, A. (2024). Intention to Use E-Wallet Application Among University Students. International Journal of Academic Research in Business and Social Sciences. https://doi.org/10.15405/epsbs.2024.05.15 Abdullah, M. N., Ahmad, A. R., & Mohd, S. (2020). E-wallet: Factors influencing user acceptance towards a cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74. https://doi.org/10.11591/ijeecs.v20.i1.pp67-74 Acopiado, I. M., Sarmiento, J. M. P., Romo, G. D., Acuña, T., Traje, A., & Wahing, G. D. (2022). Digital payment adoption during the COVID-19 pandemic in the Philippines. Philippine Journal of Science, 151(3). https://doi.org/10.56899/151.03.31 Alalwan, A., Dwivedi, Y., & Rana, N. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: extending utaut2 with trust. International Journal of Information Management, 37(3), 99-110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002 Alkubaisi, A. A., et al. (2020). A quantitative approach to identifying factors that affect the use of e-wallets in Bahrain. Journal of Siberian Federal University Humanities & Social Sciences, 13(1), 1-12. https://doi.org/10.17516/1997-1370-0687 Amor, E. G., Bayron, D., Ferolino, I., Galay, A., Limbaroc, M., Paza, J. G., & Simbajon, C. A. (2022). E-WALLET: a STUDY ON CASHLESS TRANSACTIONSAMONG MSMEs in JIMENEZ, MISAMIS OCCIDENTAL. Studocu. Retrieved October 3, 2024, from https://www.studocu.com/ph/document/mindanao-state-university-iligan-institute-of-technology/methods-of-research-ac/3is-research-a-research/72170127 Anuar, A. R., et al. (2020). The barriers towards the adoption of e-wallet payment system. International Journal of Engineering Research and Technology, 9(11), 3772-3777. https://doi.org/10.37624/ijert/13.11.2020.3772-3777 Apriani, R., & Wuryandari, A. (2023). Do small and medium enterprises (SMEs) need to adopt e-wallets? A study post-COVID-19 pandemic. Kne Social Sciences, 8(12), 13709. https://doi.org/10.18502/kss.v8i12.13709 Ariffin, S. K., Rahman, M. F. R. A., Muhammad, A. M., & Zhang, Q. (2021). Understanding the consumer’s intention to use the e-wallet services. Spanish Journal of Marketing - ESIC, 25(3), 446–461. Armitage, C. J., & Conner, M. (2001). Social Cognitive Determinants of Blood Donation. Journal of Applied Social Psychology , 31 (7), 1431–1457. https://doi.org/10.1111/j.1559-1816.2001.tb02681.x Akturan, U., & Tezcan, N. (2012). Mobile banking adoption of the youth market: Perceptions and intentions. Marketing Intelligence & Planning, 30 (5), 444-459. https://doi.org/10.1108/02634501211231928 Anne, G. (2024). E-commerce growth and digital payments in the Philippines. International Journal of Technology and Systems, 9 (4), 1-11. https://doi.org/10.47604/ijts.2817 Barker, V. (2012). A generational comparison of social networking site use: The influence of age and social identity. The International Journal of Aging and Human Development, 74(2), 139-158. https://doi.org/10.2190/ag.74.2.d Bee, L. S., & Ying, L. (2021). An examination of determinants for e-wallet adoption in Malaysia: A combined approach. F1000Research, 10, 73402. https://doi.org/10.12688/f1000research.73402.1 Cacas, A., Diongson, M. B. A., Olita, G. M., & Perkins, R. (2022). Influencing Factors on Mobile Wallet Adoption in the Philippines: Generation X’s Behavioral Intention to Use GCash Services. Journal of Business and Management Studies, 4(1), 149–156. https://doi.org/10.32996/jbms.2022.4.1.18 Cappello, M., & Miller-Young, J. (2020). Who are we citing and how? A SoTL citation analysis. Teaching & Learning Inquiry: The SoTL Journal, 8(2), 1-12. https://doi.org/10.20343/teachlearninqu.8.2.2 Chawla, D., & Joshi, H. (2020). Role of Mediator in Examining the Influence of Antecedents of Mobile Wallet Adoption on Attitude and Intention. Global Business Review, 097215092092450. https://doi.org/10.1177/0972150920924506 Chea, S. (2020). The challenges and future of e-wallet. In Advances in Digital Payments (pp. 1-20). IGI Global. https://doi.org/10.4018/978-1-5225-9715-5.ch063 Chen, J. (2021, July 17). What does transparency mean? Investopedia. https://www.investopedia.com/terms/t/transparency.asp Daragmeh, A., Sági, J., & Zéman, Z. (2021). Continuous intention to use e-wallet in the context of the COVID-19 pandemic: Integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT). Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 132. Danzen, Olazo. (2022). Measuring the level of digital marketing capabilities, digital marketing strategies, and challenges and issues of SMEs in adopting digital marketing. International Journal of Multidisciplinary: Applied Business and Education Research, 4(18), 2884–2893. Daragmeh, A., Saleem, A., Bárczi, J., & Sági, J. (2022). Drivers of post-adoption of e-wallet among academics in Palestine: an extension of the expectation confirmation model. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.984931 Das, S. (2024). Understanding the dynamics of digital payment adoption among public university students of Bangladesh: A quantitative study. International Journal of Cryptocurrency Research, 4(1), 55-63. https://doi.org/10.51483/ijccr.4.1.2024.55-63 Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008 Eastman, J. K., & Li, S. (2020). The impact of generational cohorts on status consumption: An exploratory look at generational cohort and demographics on status consumption. Journal of Consumer Marketing, 37(2), 1-12. https://doi.org/10.1108/07363761211206348 Edeh, E. J., Adebayo, A. A., & Adebayo, O. A. (2021). Impact of COVID-19 pandemic on consumer behavior towards the intention to use e-wallet in Malaysia. International Journal of Accounting & Finance in Asia Pacific, 4(3), 1205-1215. https://doi.org/10.32535/ijafap.v4i3.1205 Emb, T. (2024). The rise of E-Wallet Apps: Transforming digital payments. EMB Blogs. https://blog.emb.global/rise-of-e-wallet-apps/ Esawe, A. (2022). Understanding mobile e-wallet consumers’ intentions and user behavior. Spanish Journal of Marketing - Esic, 26(3), 363-384. https://doi.org/10.1108/sjme-05-2022-0105 Fadhilla, A. (2023). The effect of digital literacy and perceptions of personal data security on the decision to use e-wallet as a payment system in MSMEs in the Jakarta area. Journal of Management and Energy Business, 3(1), 29. https://doi.org/10.54595/jmeb.v3i1.29 Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: an Introduction to Theory and Research. Contemporary Sociology, 6(2), 244. Galang, J. and Ramdhan, H. (2023). Analysis of the acceptance level of an e-wallet as a non-cash payment method among Indonesian students. IAIC Transactions on Sustainable Digital Innovation (ITSDI), 5(1), 67-75. https://doi.org/10.34306/itsdi.v5i1.611 Flaminiano, J. P., & Francisco, J. P. (2021). Firm characteristics and credit constraints among SMEs in the Philippines. Small Business International Review, 5(1), e332. https://doi.org/10.26784/sbir.v5i1.332 Galang, J., & Ramdhan, H. (2023). Analysis of the Acceptance Level of E-Wallet as a Non-Cash Payment Method among Indonesian Students. IAIC Transactions on Sustainable Digital Innovation (ITSDI) , 5 (1), 67–75. https://doi.org/10.34306/itsdi.v5i1.611 Grandón, E. E., & Ramírez-Correa, P. E. (2018). Managers/Owners’ innovativeness and electronic commerce acceptance in Chilean SMEs: A multi-group analysis based on a structural equation model. Journal of Theoretical and Applied Electronic Commerce Research, 13(3), 1-12. https://doi.org/10.4067/S0718-18762018000300102 Gupta, A., & Arora, N. (2020). Digital payments and consumer experience in emerging markets: A case study of India. Journal of Financial Services Marketing, 25(3-4), 94–104. https://doi.org/10.1057/s41264-020-00083-5 Guillen, N., & Lim, C. T. (2023). Unlocking growth opportunities for Philippine micro, small, and medium enterprises through Facebook advertising and growth hacking strategies in the post-pandemic era. International Journal of Multidisciplinary: Applied Business and Education Research, 4(8), 2884-2893. https://doi.org/10.11594/ijmaber.04.08.26 Hisel, R. (2020). Measuring work engagement in a multigenerational nursing workforce. Journal of Nursing Management, 28(3), 1-10. https://doi.org/10.1111/jonm.12921 Hoffman, D. L., Novak, T. P., & Venkatesh, A. (2020). Digital privacy and the adoption of e-wallets. FDIC. Retrieved from https://www.fdic.gov/system/files/2024-07/hoffman-paper.pdf Hossain, K., Soon Lee, K. C., Abdul Ghani Azmi, I. B., Idris, A. B., Alam, M. N., Rahman, Md. A., & Mohd Ali, N. (2022). Impact of innovativeness, risk-taking, and proactiveness on export performance in a developing country: Evidence of qualitative study. RAUSP Management Journal, 57(2), 165–181. https://doi.org/10.1108/rausp-01-2021-0002 Huang, Y., et al. (2022). The development and impact of central bank digital currency. Journal of Financial Stability, 58, 100-110. https://doi.org/10.1016/j.jfs.2022.100110 Humbani, M., & Wiese, M. (2019). An integrated framework for the adoption and continuance intention to use mobile payment apps. International Journal of Bank Marketing, 37(2), 646–664. https://doi.org/10.1108/ijbm-03-2018-0072 Husain, M., & Zainal, A. (2021). Factors influencing interest in continuing the use of e-wallets using the technology acceptance model and task-technology fit. Mimbar Ilmu, 28(2), 61228-61238. https://doi.org/10.23887/mi.v28i2.61228 I. Saquin, M., D. Boyboy, J., D. Canon, J. M., P. Delacruz, L., O. Delacruz, C. A., P. Delacruz, L., Jr. R Jorge, D., & O. Macalinao, M. A. (2024). Cashless Transaction Through E-Wallet: Analysis of Perception and Usage Intention of Micro Business Owners in Cavite. International Journal of Research in Education Humanities and Commerce, 05(01), 91–101. https://doi.org/10.37602/ijrehc.2024.5108 Imee, M., Acopiado, Marx, J., Sarmiento, P., Dee, G., Romo, A., Acuña, T., Traje, A., & Wahing, G. (2022). Digital payment adoption during the COVID-19 pandemic in the Philippines. Philippine Journal of Science, 151(3). Joensuu‐Salo, S., et al. (2018). Firm performance among internationalized SMEs: The interplay of market orientation, marketing capability, and digitalization. Administrative Sciences, 8(3), 1-12. https://doi.org/10.3390/admsci8030031 Jones, Jones, T. H., & Hanney, S. (2016). Tracing the indirect societal impacts of biomedical research: Development and piloting of a technique based on citations. Scientometrics, 107(3), 975–1003. https://doi.org/10.1007/s11192-016-1895-4 M. A., & Hanney, S. R. (2016). Tracing the indirect societal impacts of biomedical research: Development and piloting of a technique based on citations. Scientometrics, 107(3), 1-12. https://doi.org/10.1007/s11192-016-1895-4 Kartiwi, M., et al. (2018). Impact of external factors on determining E-commerce benefits among SMEs in Malaysia. Journal of Global Entrepreneurship Research, 8(1), 1-12. https://doi.org/10.1186/s40497-018-0105-7 Kee, D. M. H., Tan, K. H., & Wong, C. S. (2021). Do you have a digital wallet? A study of e-wallet during the COVID-19 pandemic. International Journal of Accounting & Finance in Asia Pasific, 4(2), 1118-1130. https://doi.org/10.32535/ijafap.v4i2.1118 Khanh, L., Ngan, L. H., & Pham, H. (2020). A study on university students’ preference towards e-wallets. ResearchGate. https://doi.org/10.13140/RG.2.2.24877.92647 Khasawneh, O., & AlBahsh, R. (2024). Why do people use a mobile wallet? The case of fintech companies in Jordan. Investment Management and Financial Innovations/Investment Management & Financial Innovations, 21(2), 89–102. https://doi.org/10.21511/imfi.21(2).2024.07 Kim, H. J. (2019). Luxury fashion goods ownership and collecting behavior in an omni-channel retail environment. Research Journal of Textile and Apparel, 23(1), 1-16. https://doi.org/10.1108/rjta-01-2019-0001 Kınış, F., & Tanova, C. (2022). Can I Trust My Phone to Replace My Wallet? The Determinants of E-Wallet Adoption in North Cyprus. Journal of Theoretical and Applied Electronic Commerce Research, 17(4), 1696–1715. https://doi.org/10.3390/jtaer17040086 Kurniasari, D. (2023). Pursuing long-term business performance: Investigating the effects of financial and technological factors on digital adoption to leverage SME performance and business sustainability—Evidence from Indonesian SMEs in the traditional market. Sustainability, 15(16), 12668. https://doi.org/10.3390/su151612668 Kwabena, G.-Y., Qiang, M., Wenyuan, L., Qalati, S. A., & Erusalkina, D. (2019). Effects of the digital payment system on SMEs performance in developing countries: A case of Ghana. EPRA International Journal of Economic and Business Review, 79-87. https://doi.org/10.36713/epra2997 Lai, P. (2017). THE LITERATURE REVIEW OF TECHNOLOGY ADOPTION MODELS AND THEORIES FOR THE NOVELTY TECHNOLOGY. JISTEM - Journal of Information Systems and Technology Management, 14(1), 21–38. https://www.redalyc.org/journal/2032/203251213002/html/?fbclid=IwY2xjawF4rolleHRuA2FlbQIxMAABHXqpbyz_Yejm7Eq_gpUPNo3CP3ce3E4aG6q_xbpiw4kNTpAUqHeRfCTqpg_aem_ZmQa9s_BoS04V7EJBJ5lsQ LaMorte, W. (2022). Diffusion of innovation theory. Boston University School of Public Health. https://sphweb.bumc.bu.edu/otlt/MPH-Modules/SB/BehavioralChangeTheories/BehavioralChangeTheories4.html Launtu, A. (2024). Analysis of the acceptance level of digital wallet users in digitally parking payment using the technology acceptance model approach. Jurnal Informasi Dan Teknologi, 106-111. https://doi.org/10.60083/jidt.v6i1.482 Lee, Y. Y., Gan, C. L., & Liew, T. W. (2022). Do e-wallets trigger impulse purchases? an analysis of malaysian gen-y and gen-z consumers. Journal of Marketing Analytics, 11(2), 244-261. https://doi.org/10.1057/s41270-022-00164-9 Lee, Y.-K., Chang, C.-T., Lin, Y., & Cheng, Z.-H. (2014). The dark side of smartphone usage: Psychological traits, compulsive behavior and technostress. Computers in Human Behavior, 31, 373–383. https://doi.org/10.1016/j.chb.2013.10.047 Lin, H. (2016). Citation functions in social sciences and humanities: Preliminary results from a citation context analysis of Taiwan's history research journals. Proceedings of the American Society for Information Science and Technology, 53(1), 1-12. https://doi.org/10.1002/pra2.2016.14505501020 Lin, W. R., Lin, C.-Y., & Ding, Y.-H. (2020). Factors Affecting the Behavioral Intention to Adopt Mobile Payment: An Empirical Study in Taiwan. Mathematics, 8(10), 1851. https://doi.org/10.3390/math8101851 Liu, Z., Ben, S., & Zhang, R. (2019). Factors affecting consumers’ mobile payment behavior: a meta-analysis. Electronic Commerce Research, 19. https://doi.org/10.1007/s10660-019-09349-4 Lohana, P. R., & Roy, S. K. (2021). Adoption of digital payment systems in small and medium enterprises: A study of Bangladesh. Journal of Business Research, 124, 1-10. https://doi.org/10.1016/j.jbusres.2020.11.045 Madan, K. and Yadav, R. (2016). Behavioural intention to adopt mobile wallet: a developing country perspective. Journal of Indian Business Research, 8(3), 227-244. https://doi.org/10.1108/jibr-10-2015-0112 Maulita, M., Amalia, P. A., & Luturnas, F. B. (2022, March 4). Factors that influence Generation Z in using e-wallet during COVID-19 pandemic. Atlantis Press. https://doi.org/10.2991/assehr.k.220301.017 Mia, I. B., Habaradas, R., & Jimenez, S. (2021). Digitalization: A way forward for Filipino MSMEs during the COVID-19 pandemic. DLSU Business Notes & Briefings, 9(2). MD Arif Hassan, Zarina Shakur, Mohammad Kamrul Hasan, and Ahmed Salih Al-Khaleefa (2020) A review on electric payment security https://www.mdpi.com/2073-8994/12/8/1344 Ming, K. and Soon, L. (2023). E-wallet revolution: fueling business performance among smes in kuching, sarawak. International Journal of Academic Research in Business and Social Sciences, 13(6). https://doi.org/10.6007/ijarbss/v13-i6/17261 Ming, K. L. Y., Jais, M., Wen, C. C., & Zaidi, N. S. (2020). Factor affecting adoption of e-wallet in sarawak. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(2). https://doi.org/10.6007/ijarafms/v10-i2/7446 Ming, L. H., & Soon, T. H. (2023). E-wallet revolution: Fueling business performance among SMEs in Kuching, Sarawak. International Journal of Academic Research in Business and Social Sciences, 13(6), 17261. https://doi.org/10.6007/ijarbss/v13-i6/17261 Mohammed, A. (2024). The role of fintech on enhancing financial literacy and inclusive financial management in MSMEs. International Journal of Academic Research in Business and Social Sciences, 12(9), 14736-14745. https://doi.org/10.6007/ijarbss/v12-i9/14736 Mulyati, S., Rahman, M. A., & Zainal, A. (2023). Digital Payment During Pandemic: An Extension of The Unified Model of QR Code. Academic Journal of Interdisciplinary Studies, 10(1), 1-10. https://doi.org/10.36941/ajis-2021-0166 Musyaffi, M., Rahman, M. A., & Zainal, A. (2022). Resistance of traditional SMEs in using digital payments: Development of innovation resistance theory. Human Behavior and Emerging Technologies, 4(3), 753-8042. https://doi.org/10.1155/2022/7538042 Nag, A. K., & Gilitwala, B. (2019). E-Wallet- Factors Affecting Its Intention to Use. International Journal of Recent Technology and Engineering, 8(4), 3411–3415. https://doi.org/10.35940/ijrte.d6756.118419 Nama, A., et al. (2021). Successful incorporation of single reviewer assessments during systematic review screening: Development and validation of sensitivity and work-saved of an algorithm that considers exclusion criteria and count. Systematic Reviews, 10(1), 1-12. https://doi.org/10.1186/s13643-021-01632-6 Nangin, M. A., Barus, I. R. G., & Wahyoedi, S. (2020). The effects of perceived ease of use, security, and promotion on trust and its implications on fintech adoption. Journal of Consumer Sciences, 5(2), 124–138. https://doi.org/10.29244/jcs.5.2.124-138 Narendrar, N. A., Suseno, J. E., & Nugraheni, D. M. K. (2023). Factors influencing interest in continuing use of e-wallet using the Technology Acceptance Model and Task-Technology FIT. Research Gate. https://doi.org/10.375975107 Nikolopoulou, K. (2022). What is purposive sampling? | definition & examples. Scribbr. https://www.scribbr.com/methodology/purposive-sampling/ Nuryyev, E., et al. (2020). Blockchain technology adoption behavior and sustainability of the business in tourism and hospitality SMEs: An empirical study. Sustainability, 12(3), 1256. https://doi.org/10.3390/su12031256 Obal, M., & Kunz, W. (2013). Trust development in e‐services: A cohort analysis of Millennials and Baby Boomers. Journal of Service Management, 24(4), 1-20. https://doi.org/10.1108/09564231311304189 Ortiz, J. A. (2023). A tale of two billfolds: A comparative study on behavioral intention of Filipino consumers in using e-wallet and cash during in-store transactions. Journal of Business Research, 1-10. https://doi.org/10.1016/j.jbusres.2023.01.012 Paat, N. M., et al. (2022). Analyzing behavioral intention of e-wallet usage in food and beverage at micro small and medium enterprises (MSME) in Manado. Jurnal Emba Jurnal Riset Ekonomi Manajemen Bisnis Dan Akuntansi, 10(2), 39761. https://doi.org/10.35794/emba.v10i2.39761 Parilla, E. S., & Abadilla, M. E. (2023). Continuous intention to use e-wallet by business owners in the context of the COVID-19 pandemic. International Journal of Entrepreneurship, Business and Creative Economy, 3(1). https://doi.org/10.31098/ijebce.v3i1.1256 Pertiwi, T. K. (2022). Impact of perceived benefits, security, and privacy on interest in using e-wallet in millennial generation. International Journal of Multidisciplinary Research and Analysis, 5(5). https://doi.org/10.47191/ijmra/v5-i5-22 Phan, T., Ho, T., & Le-Hoang, P. (2020). Factors affecting the behavioral intention and behavior of using e–wallets of youth in vietnam. Journal of Asian Finance Economics and Business, 7(10), 295-302. https://doi.org/10.13106/jafeb.2020.vol7.n10.295 Poudel, S. (2023). Adoption of digital payment system among the youths in Pokhara Metropolitan City. Interdisciplinary Journal of Innovation in Nepalese Academia, 2(2), 59495. https://doi.org/10.3126/idjina.v2i2.59495 Pramudito, D. K., Achmady, S., Dewa, D. M. R. T., Pitri, T., & Hermanto, D. M. C. (2023). The Application of Technology-Organization-Environment Framework to Analyze SME Readiness in Using Digital Payment Applications. Jurnal Informasi Dan Teknologi, 95–90. https://doi.org/10.60083/jidt.v5i3.406 Prima Johan, A., Lukviarman, N., & Eka Putra, R. (2022). Continuous intention to use e-wallets in Indonesia: The impact of e-wallets features. Innovative Marketing, 18(4), 74–85. https://doi.org/10.21511/im.18(4).2022.07 Purbondaru, A. (2023). Adoption of e-wallets in Indonesia: Integrating mindfulness into the technology acceptance model. Journal of Madani Society, 2(1), 176-185. https://doi.org/10.56225/jmsc.v2i1.176 Purnamawati, I. G. A., Yuniarta, G. A., & Herliyani, E. (2023). Dimensions of interest in using e-wallets in online transportation service. Petra International Journal of Business Studies, 6(1), 70–79. https://doi.org/10.9744/petraijbs.6.1.70-79 Rabbani, M. (2023). Digital payments in Indonesia: Understanding the effect of application security on user trust. Indonesian Journal of Computer Science, 12(5), 3426-3435. https://doi.org/10.33022/ijcs.v12i5.3426 Rahiem, M. (2015). On the effects of a firm’s size, a sector’s technology intensiveness, and propensity to innovation on the adoption of advanced technologies: The case of manufacturing SMEs. International Journal of Business Strategy, 15(1), 6. https://doi.org/10.18374/ijbs-15-1.6 Rahmadhani, S. D., Buchdadi, A. D., Fawaiq, M., & Prasetya, B. A. (2023). Determinants of intention to use e-wallet in generation z. BISMA (Bisnis Dan Manajemen), 15(1), 60-77. https://doi.org/10.26740/bisma.v15n1.p60-77 Ramlah, A., et al. (2020). Perception on e-wallet application among night market consumers in Lembah Klang. Journal of Advanced Research in Business and Management Studies, 19(1), 1422. https://doi.org/10.37934/arbms.34.1.1422 Rao, A. P. &. T. H. &. R. D. &. H. R. (2021). Is the Convenience Worth the Risk? An Investigation of Mobile Payment Usage. ideas.repec.org. https://ideas.repec.org/a/spr/infosf/v23y2021i4d10.1007_s10796-020-10070-z.html RaviKumar, T., Suresha, B., Sriram, M., & Holla, M. (2022). Customer perception towards e-wallets: A case study on Indian consumers. Research Journal of Social Science and Management, 11(2), 47-57. https://doi.org/10.36079/lamintang.ijssm.2022.11.2.47-57 Ravikumar, T. (2019). Impact of digital payments on economic growth: Evidence from India. International Journal of Innovative Technology and Exploring Engineering, 8(1), 2278-3075. https://doi.org/10.35940/ijitee.L3432.1081219 Rhaiem, K. (2015). The impact of strategic management and innovation on internationalization: An empirical study of Canadian manufacturing SMEs. International Journal of Business Research, 15(1), 101–116. https://doi.org/10.18374/ijbr-15-1.9 Rogers, E. (1962). Diffusion of innovations (3rd ed.). Library of Congress Cataloging in Publication Data. Razali, M., & Zainal, A. (2020). Maqasid Shariah HIFZ MAL in E-Wallet Application. Islamiyyat, 43(1), 10-20. https://doi.org/10.17576/islamiyyat-2021-4301-10 Salazar, C., Zurita, G., & Wilder Ibañez. (2024). Use of e-wallets and their impact on SME business transactions. European Conference on Innovation and Entrepreneurship, 19(1), 694-702. https://doi.org/10.34190/ecie.19.1.2596 Shinozaki, S., & Rao, L. (2021). COVID-19 impact on micro, small, and medium-sized enterprises under the lockdown: Evidence from a rapid survey in the Philippines. Asian Development Bank Institute. https://www.adb.org/sites/default/files/publication/677321/adbi-wp1216.pdf Slade, E. L., Dwivedi, Y. K., Piercy, N. C., & Williams, M. D. (2015). Modeling consumers’ adoption intentions of remote mobile payments in the United Kingdom: Extending UTAUT with innovativeness, risk, and trust. Psychology and Marketing, 32(8), 860–873. https://doi.org/10.1002/mar.20823 Susanty, L., Arifin, A., Darmadi, D., Yuliana, Y., Ismawati, I., & Sofyan, A. T. (2020). Children and young people’s social media platforms: Benefits and implications. Edukasi Islami: Jurnal Pendidikan Islam, 9(2). https://doi.org/10.30868/ei.v9i02.1334 Sah, A. (2024). Touch 'N Go E-Wallet: A User Experience Questionnaire (UEQ) Analysis for Improvement. International Journal of Accounting & Finance in Asia Pasific, 5(1), 1416-1428. https://doi.org/10.32535/ijafap.v5i1.1416 Saong, M., Zuñiga, E., & Palmares, K. (2023). Satisfaction with and challenges of bank remittance in student payments in the philippines. International Journal of Academe and Industry Research, 4(3), 20-36. https://doi.org/10.53378/353001 Siedlecki, S. L. (2020). Understanding Descriptive Research Designs and Methods. Clinical Nurse Specialist, 34(1), 8–12. Research gate. https://doi.org/10.1097/NUR.0000000000000493 Singh, N., Srivastava, S., & Sinha, N. (2017). Consumer preference and satisfaction of M-wallets: a study on North Indian consumers. International Journal of Bank Marketing, 35(6), 944–965. https://doi.org/10.1108/ijbm-06-2016-0086 Tang, Y. (2023). Central Bank Digital Currencies: A Comprehensive Study of Characteristics, Implications and Future Perspectives. Advances in Economics Management and Political Sciences, 65, 1-10. https://doi.org/10.54254/2754-1169/65/20231641 Tian, Y., Chan, T. J., Suki, N. M., & Kasim, M. A. (2023). Moderating role of perceived trust and perceived service quality on consumers’ use behavior of alipay e-wallet system: the perspectives of technology acceptance model and theory of planned behavior. Human Behavior and Emerging Technologies, 2023, 1-14. https://doi.org/10.1155/2023/5276406 To, A. T., & Trinh, T. H. M. (2021). Understanding behavioral intention to use mobile wallets in Vietnam: Extending the TAM model with trust and enjoyment. Cogent Business & Management, 8(1), 1891661. https://doi.org/10.1080/23311975.2021.1891661 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 Yang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless Transactions: A Study on Intention and Adoption of e-Wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su13020831 Zamil, A., Rahman, M. A., & Rahman, M. M. (2022). An ounce of prevention or a pound of cure? Multi-level modelling on the antecedents of mobile-wallet adoption and the moderating role of e-WoM during COVID-19. Frontiers in Psychology, 13, 1002958. https://doi.org/10.3389/fpsyg.2022.1002958 Zhang, L., Zhu, J., & Liu, Q. (2020). A meta-analysis of mobile payment adoption factors in a world of smartphones. International Journal of Information Management, 50, 131–143. https://doi.org/10.1016/j.ijinfomgt.2 Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5967023","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":411641179,"identity":"a3388957-d473-4579-83a5-01fae915339f","order_by":0,"name":"Josh Patrick R. Vales","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA+klEQVRIiWNgGAWjYBACxgYQaQCEDMxAZgWQw8zcQEgLEIG1gHSfAWlhxK8FZhFEC2MbwmacgHl28/PHFQV2xgbHDzY+/DmvNpq/HajlR8U23FbMOWbYeMYg2czgTGKzMe+247kzDjM2MPacuY1by4wEw8YGgwM2kg2JbdKM247lNgC1MDO24dOS/hGipf9h+8+fc47lziesJQdsixm/RGIbA29DTe4GglrmnCmc2WCQbMwv8bBZmufYgdyNQC0H8fnFcHb7ho8Nf+wM2/iTD378UVOXO+/84YMPflTg0TIDlX8YTB7AqR4I5CVQ+XX4FI+CUTAKRsEIBQAnRWBg/e+WGAAAAABJRU5ErkJggg==","orcid":"https://orcid.org/0009-0004-6828-8714","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":true,"prefix":"","firstName":"Josh","middleName":"Patrick R.","lastName":"Vales","suffix":""},{"id":411641180,"identity":"e5514922-ae9c-4293-af83-c9d671399c4c","order_by":1,"name":"Janika Mikyla S. Delda","email":"","orcid":"https://orcid.org/0009-0002-6143-9984","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":false,"prefix":"","firstName":"Janika","middleName":"Mikyla S.","lastName":"Delda","suffix":""},{"id":411641181,"identity":"281884e9-e277-4580-af01-db5ec0f7415b","order_by":2,"name":"Alwyn Gabriel Y. Cua","email":"","orcid":"https://orcid.org/0009-0003-3578-4386","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":false,"prefix":"","firstName":"Alwyn","middleName":"Gabriel Y.","lastName":"Cua","suffix":""},{"id":411641182,"identity":"2ad2678c-efd8-4210-9f50-50df12e6db72","order_by":3,"name":"Colin D. Balagtas","email":"","orcid":"https://orcid.org/0009-0006-6395-0697","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":false,"prefix":"","firstName":"Colin","middleName":"D.","lastName":"Balagtas","suffix":""},{"id":411641183,"identity":"66495d64-56eb-4291-9d8b-e27b38ce54cc","order_by":4,"name":"Jaztin Rey V. Capisin","email":"","orcid":"https://orcid.org/0009-0007-5096-2047","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":false,"prefix":"","firstName":"Jaztin","middleName":"Rey V.","lastName":"Capisin","suffix":""},{"id":411641184,"identity":"6eb3da1a-3e60-418f-9b7b-4aec8ff97275","order_by":5,"name":"John Albert M. Nares","email":"","orcid":"https://orcid.org/0000-0003-0928-2334","institution":"Mapua Malayan Colleges Mindanao","correspondingAuthor":false,"prefix":"","firstName":"John","middleName":"Albert M.","lastName":"Nares","suffix":""}],"badges":[],"createdAt":"2025-02-05 15:24:43","currentVersionCode":1,"declarations":{"humanSubjects":true,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":true,"humanSubjectConsent":true,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false},"doi":"10.21203/rs.3.rs-5967023/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5967023/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":76106486,"identity":"3eb45922-583c-41a8-8f62-5bb68408f716","added_by":"auto","created_at":"2025-02-12 11:22:08","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":33682,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cem\u003eConceptual framework of the study\u003c/em\u003e\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-5967023/v1/aaac5ef214f4b30ef1903df8.png"},{"id":76108559,"identity":"f0b35eb0-d5de-4ee4-b75a-e6e8c09a6fd2","added_by":"auto","created_at":"2025-02-12 11:38:09","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1570500,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5967023/v1/910f425c-5ad5-484a-9c2e-c1573f9664a1.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003eSmall-Medium Enterprises Owners’ Preference for E-Wallet Payment in Transactions\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cdiv id=\"Sec2\" class=\"Section2\"\u003e\n \u003ch2\u003e1.1 Overview and Problem of the Study\u003c/h2\u003e\n \u003cp\u003eIn recent years, the global shift towards digital innovation has transformed financial transactions. Traditional wallets, filled with cash, cards, and receipts, have been replaced by e-wallets integrated into smartphones and devices, reflecting society\u0026rsquo;s embrace of technological advancements (Emb, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). E-wallets are more digital wallets; they are comprehensive financial platforms that simplify transactions (Khanh et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e). This evolution in payment technology, especially among SMEs, highlights the growing preference for e-wallets due to their convenience, speed, and security. However, research on the challenges SMEs face in preferring e-wallets and its impact on their operations and customer engagements remains limited\u003c/p\u003e\n \u003cp\u003eStudies in Indonesia found that SME owner faced barriers to e-wallets integration due to technological infrastructure, cybersecurity concerns, and regulatory compliance (Yang et al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). In the Philippines, SMEs have adopted e-wallets for efficient transactions (Acopiado et al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e), but still face challenges like inadequate infrastructure, unreliable internet, and high transaction fees (Cacas et al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). Additionally, the lack of diverse e-payment options highlighted the need for secure systems ensuring transaction safety, verification, and data privacy (Saong \u0026amp; Palmares, 2023). While e-wallets provide secure and quick transaction options, businesses must protect customers\u0026rsquo; personal information and implement additional security measures to prevent cybercrime (Amor et al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003ePrior studies focused on general factors like cost efficiency and user availability. Yet, there was limited exploration about how specific demographic factors, such as age, income, industry, and length of operations, shaped preference and adoption behavior within this demographic group. By addressing this gap, the study aimed to provide a significant understanding of the demographic factors that impacted e-wallet adoption, offering valuable insights to improve digital transactions for SME owners in Davao City.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e\n \u003ch2\u003e1.2 Theories and Related Literature\u003c/h2\u003e\n \u003cdiv id=\"Sec4\" class=\"Section3\"\u003e\n \u003ch2\u003e1.2.1 Theories\u003c/h2\u003e\n \u003cp\u003e\u003cstrong\u003eTheory of Reasoned Action (TRA) by Fishbein and Ajzen (1975).\u003c/strong\u003e This theory explained that people\u0026apos;s decisions to do something depended on how they felt about it and what they thought others expected of them. Attitudes were how people felt positively or negatively about a behavior, while subjective norms were about the social pressure they felt from others to either do or not do something. According to TRA, people\u0026apos;s intentions were a good way to predict their actual behavior. This theory was used in many areas like psychology, sociology, and marketing (Armitage \u0026amp; Conner, \u003cspan class=\"CitationRef\"\u003e2001\u003c/span\u003e; Lee et al., \u003cspan class=\"CitationRef\"\u003e2014\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eThis theory helped understand why people might decide to use e-wallets. Specifically, how people felt about e-wallets, like if they thought they were convenient, secure, and cost-effective, could influence their attitude towards using them. Social pressure from friends, family, and coworkers could also affect whether they choose to use e-wallets or not. By looking at both attitudes and social pressure, researchers could learn more about what drove people to start using or avoid using e-wallets (Lin et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Liu et al., \u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eTechnology Acceptance Model by\u003c/strong\u003e Davis (\u003cspan class=\"CitationRef\"\u003e1989\u003c/span\u003e\u003cstrong\u003e).\u003c/strong\u003e This theory stated that the general determinants of computer acceptance led to the explanation of users\u0026rsquo; behavior across a broad range of end-user computing technologies and user populations. With TAM, this explained how and why individuals adopted and used technology, helping to understand user behaviors towards new systems and technology. According to the TAM model, users had two specific beliefs in using the model: Perceived Usefulness and Perceived Ease of Use. The TAM model was widely applied in various fields such as e-wallets, mobile applications, and other digital-related innovations (Lai, \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eThis theory was relevant to the research study because the Technology Acceptance Model connected with the research paper to help identify whether SME owners were willing to accept and learn this new technology in their SMEs.\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eDiffusion of Innovation Theory by\u003c/strong\u003e Rogers (\u003cspan class=\"CitationRef\"\u003e1962\u003c/span\u003e\u003cstrong\u003e).\u003c/strong\u003e This theory explains how, over time, an idea or product gained momentum and diffused (or spread) through a specific population or social system. It identified five key factors influencing adoption: relative advantage, compatibility, complexity, trialability, and observability (LaMorte, \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). For small and medium-sized enterprises, these factors were crucial, as they often assessed the potential benefits of implementing new technologies like e-wallets based on their operational needs and adaptability. The DOI approach provided insights into the diffusion of e-wallets among SME owners, as they were influenced by their peers and competitors in utilizing e-wallets.\u003c/p\u003e\n \u003cp\u003eThis theory helped us better understand why SME owners could benefit from adopting e-wallet transactions in their businesses. As the factors mentioned above explained, it showed how SME owners might readily embrace e-wallets while others did not, and how demographic factors could influence their preferences.\u003c/p\u003e\n \u003c/div\u003e\n \u003cdiv id=\"Sec5\" class=\"Section3\"\u003e\n \u003ch2\u003e1.2.2 Related Literature\u003c/h2\u003e\n \u003cp\u003e\u003cstrong\u003eSmall-Medium Enterprises in the Philippines\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eSMEs are vital to the Philippine economy, contributing significantly to economic growth. Guillen and Lim (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) emphasized the need for digitalization post-pandemic, highlighting strategies like Facebook advertising and growth hacking to unlock new opportunities. During COVID-19, a study by Parilla \u0026amp; Abadillla (2023) found that the pandemic shifted business owners\u0026rsquo; attitude towards e-wallets, reflecting changing consumer behaviors and payment preference. Despite challenges, SMEs remained crucial to the economy, with Shinozaki \u0026amp; Rao (\u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e), as cited by the Asian Development Bank, noting a significant drop in demand and revenue due to strict lockdown measures.\u003c/p\u003e\n \u003cp\u003eSMEs faced significant challenges, particularly in accessing finance, which hindered growth and sustainability (Flaminiano \u0026amp; Francisco, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). The pandemic worsened these issues, with MSMEs stuggling with reduced demand and disrupted supply chains (Mia et al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). Danzen (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) emphasized that innovation was crucial for SMEs competitive advtange, with marketing innovation and core competencies helping them differentiate and better serve their markers. By adopting e-wallets payments, SME owners could attract more customers, as many prefer this payment methods.\u003c/p\u003e\n \u003cp\u003eAnne (\u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e) noted that e-commerce and digital payments in the Philippines grew due to perceived security, ease of use, and government policies. Studies showed digital payments increased consumer spending and SME sales, especially during COVID-19. Salazar et al. (\u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e) found that e-wallet training and monitoring improved transactions, enhancing competitiveness by boosting sales and reducing costs. Hossain et al. (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) observed that tech-savvy users were more likely to adopt e-wallets. The Philippine economy shows strength and weaknesses in SME digital transformation. Guillen and Lim (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) emphasized digital strategies for post-pandemic resilience, while Parilla and Abadilla (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) noted consumer behavior shifts toward cashless payments. Salazar et al. (\u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e) highlighted revenue growth, and Danzen (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) emphasized technology\u0026rsquo;s role in SME expansion.\u003c/p\u003e\n \u003cp\u003eHowever, a critical gap remains in demographic specificity. Studies lack insight into how age, education, and location influence e-wallet adoption among SME owners, despite regional variations such as in Davao. Hossain et al. (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) highlighted the role of utility perception in adoption but did not examine demographic impacts. Addressing this gap is essential for developing tailored support strategies based on regional and cultural contexts.\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eE-Wallets vs. Traditional Digital Payments\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eE-wallets are digital applications that securely store and manage payment information, allowing users to make purchases, transfer funds, and store loyalty cards through smartphones or digital devices (Abdullah et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Abdillih, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Traditional digital payments, like credit/debit cards, bank transfers, and checks, have been essential for financial transactions for decades (Kwabena et. al, \u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e; Zamil et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). While both methods facilitate transactions, they operate through different mechanisms, offering distinct user experiences (Chea, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eBoth e-wallets and traditional payments aim to enable cashless transactions (Kee et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). Both rely on electronic processing for online shopping, bill payments and money transfers (Sah, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). They also enhance convenience and efficiency, allowing users to complete payments quickly and securely (Musyaffi et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). As digital payment solutions evolve, both systems integrate into the broader financial ecosystem, offering users multiple options for managing finances (Husain et. al., 2021; Mulyati et. al., \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eE-wallets and traditional digital payments differ in functionality and user experience. E-wallets offer a more user-friendly interface with features like QR code scanning and one-click payments, making transactions faster (Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). In contrast, traditional digital payments require users to input card details for each transactions, which is more time consuming (Tang, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). E-wallets are also provide added benefits, such as cashback and loyalty rewards, enhancing their appeal over traditional methods (Mohammed, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e; Zamil et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). These differences highlight the shift toward more efficient and convenient payment solutions (Daragmeh et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eOn the other hand, traditional digital payments presented several disadvantages for small and medium-sized enterprise (SME) owners, primarily due to their reliance on intermediaries such as banks or payment processors, which introduced delays and additional fees (Kee et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Kurniasari, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). Such delays impeded cash flow management and adversely affected overall operational efficiency, particularly in high-traffic environments where speed was essential for customer satisfaction (Edeh et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). Moreover, traditional methods lacked the flexibility and immediacy required by SMEs, making them less attractive option for businesses striving for enhanced financial agility (Sah, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e; Musyaffi et., 2022).\u003c/p\u003e\n \u003cp\u003eE-wallets offer significant advantages for SMEs, streamlining payments with faster transactions and reduced wait times (Tang \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Purbondaru, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). They also incur lower transaction fees than traditional methods, benefiting SMEs with tight margins (Mohammed, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Their integration with business systems improves cash flow management and financial oversight (Galang \u0026amp; Ramdhan, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). Additionally, e-wallets enhance customer engagements through promotions and loyalty rewards, fostering long-tern relationships (Ming et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Razali et. al., 2020). Many SME owners prefer e-wallets for their convenience, speed, and cost-effectiveness (Ming \u0026amp; Soon, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). However, concerns about security and digital literacy remain adoption barrier (Rabbani, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Husain et. al., 2021). As e-wallets evolve, their role in SME operations grows, shaping the future of financial transactions (Mulyati et. al., \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eThe literature on e-wallets versus traditional digital payments highlights a shift in SME owners\u0026rsquo; preferences, driven by transaction efficiency, convenience, and user-friendly features. While studies emphasize benefits like lower fees, enhanced customer loyalty, and faster transactions, they often overlook demographic factors such as age, income, industry, and business tenure in specific locales like Davao City (Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Ming \u0026amp; Soon, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). Traditional payment methods remain foundational but face drawbacks like intermediaries, slower speeds, and higher costs, making e-wallets a more efficient alternative.\u003c/p\u003e\n \u003cp\u003eAs digital transformation advances and digital literacy grows, e-wallets play an increasingly vital role in financial transactions. Understanding how SME owners\u0026rsquo; characteristics influence preference, especially in regions with unique economic conditions, is crucial for refining digital payment research and fostering SME adaptability in a fast-evolving economy.\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eKey Determinants of E-wallet Adoption\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eAccording to Ortiz et. Al., (2023), the key determinants of why people used e-wallets as their preferred mode of payment when making everyday transactions included several factors. Such as Performance, Usefulness, Trust, Ease of Use, Security, Responsiveness, Transparency, Perceived Enjoyment, and Behavioral Intention.\u003c/p\u003e\n \u003cp\u003eE-wallet performance is key to SME adoption, improving transaction efficiency, speed, and convenience (Vankatest et. al., 2003). Research shows that e-wallet integration enhances payment process, customer satisfaction, and operational efficiency (Ming \u0026amp; Soon, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). User-friendliness also boosts adoption intentions (Paat et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e), while SMEs adopt e-wallets to improve efficiency and satisfaction (Esawe, \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e; Launtu, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Trust, supported by reliability and security, is crucial for long-term adoption (Ming et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Darragh et. al., 2022).\u003c/p\u003e\n \u003cp\u003eFurthermore, perceived usefulness, how an e-wallet enhances productivity, is a major factor in adoption (Davis, \u003cspan class=\"CitationRef\"\u003e1989\u003c/span\u003e). Studies link perceived usefulness to higher adoption intentions, especially among younger users (Pertiwi et. al., 2022; To \u0026amp; Trinh, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eIn addition, trust is critical in maintaining merchant-customer relationships, with financial transactions risks tied to trust (Slade et. al., \u003cspan class=\"CitationRef\"\u003e2015\u003c/span\u003e). Even strong security measures require trust to encourage frequent use (Purnamawati et. al., \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Nanigin et. al., 2020).\u003c/p\u003e\n \u003cp\u003eOn the other hand, ease of use, the effort required to use a system (Davis, \u003cspan class=\"CitationRef\"\u003e1989\u003c/span\u003e), also influences adoption. User-friendly e-wallets reduce cognitive load, increasing satisfaction and use (Zhang et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e). Ease of use is vital in markerts like the Philippines, where tech literacy varies (Gupta \u0026amp; Arora, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eMoreover, security concerns significantly influenced consumer attitudes toward mobile payments, with risks of unauthorized transactions (fAkturan \u0026amp; Tezcan, \u003cspan class=\"CitationRef\"\u003e2012\u003c/span\u003e). E-wallet security, including encryption, two-factor authentication, and fraud detection, is essential for protecting users\u0026rsquo; financial data. Humbani and Wiese (\u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e) noted that robust security protocols like PCI-DSS enhanced trust and adoption of digitial payments. These measures were vital for ensuring safe transactions and fostering confidence in digital systems (Hassan et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eAdditionally, responsiveness, or the speed of transactions, also impacted customer satisfaction and loyalty. Ming and Soon (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) highlighted that quick service responses were crucial for building trust and encouraging continued e-wallet use among SME owners.\u003c/p\u003e\n \u003cp\u003eAnother key factor was transparency in e-wallet transactions, such as clear fee disclosures and privacy policies, play a key role in building trust (Chen, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). To and Trinh (\u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e) emphasized that transparent communication fostered user confidence, essential for adoption.\u003c/p\u003e\n \u003cp\u003eLikewise, perceived enjoyment, defined as the pleasure gained from using technology (Vankatesh et. al., 2012), was also important in e-wallet adoption. Maulita et. al., (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) found that enjoyment, especially among Generation Z, increased the likelihood of continued. Yang et. al., (\u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e) highlighted that enjoyment, when combined with perceived usefulness, strengthened adoption intentions.\u003c/p\u003e\n \u003cp\u003eFinally, behavioral intention, or willingness to use e-wallets, was a significant factor in adoption. SMEs were more likely to adopt e-wallets if perceived as easy to use and beneficial (Paat et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e; Narendra, 2023; Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). The Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB) suggest that ease of use, usefulness, and enjoyment, all drive behavioral intentions, influencing e-wallet adoption (Nag \u0026amp; Gilitwala, \u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e; Ariffin et. al., Alalwan et. al., \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eIn conclusion, the adoption of e-wallets among SME owners hinged on several hinged on several critical factors. Previous studies provided extensive insights into the factors that influenced e-wallet adoption, highlighting key determinants such as performance, perceived usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intentions. These studies consistennly validated the relevance of the Technology Acceptance Model (TAM) in understanding adoption motivations for both individual consumers and SMEs. For example, research by Ming and Soon (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Esawe (\u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e) underscored the competitive advantage and operational efficiencies that e-wallets systems offered SMEs, while To and Trinh (\u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e) and Launtu (\u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e) emphasized ease of use and perceived enjoyment, particularly among younger, tech-savvy users.\u003c/p\u003e\n \u003cp\u003eExisting studies highlighted broad adoption trends but overlooked demographic factors like age, income, industry, and business tenure. Purnamawati et. al., (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Nag and Gilitwala (\u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e) focused on trust and security but didn\u0026rsquo;t explore demographic influences on trust. Similarly, Zhang et. al., (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e) and Gupta and Arora (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e) discussed ease of use but lacked local context, such as in Davao City, where digital exposure and infrastructure impact adoption. These studies generalized findings, missing the unique challenges faced by SME owners across different profiles. This research addresses the gaps by exploring how SME owners in Davao City shape their e-wallets adoption decisions.\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eDemographic Factors Influencing E-Wallet Preferences\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eE-wallet adoption among SMEs is shaped by demographic factors like age, income, industry, and experience. Age, education, and technological familiarity influence preference for digital payments (Pramudito et. al., \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Singh et. al., \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e). Younger SME owners, particularly Millennials and Gen Z, favor e-wallets for their convenience, while older owners often prefer cash due to digital unfamiliarity (Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Bee \u0026amp; Ying, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e). This generational gap highlights the need for targeted education to help older business owners adapt to digital transaction (Anuar et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Fadhilla, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eIncome levels influence e-wallet adoption, with higher-income SME owners more likely to invest in digital payment systems for long-term efficiency (Lohana \u0026amp; Roy, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Poudel, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e). In contrast, lower-income owners may focus on immediate cash flow, seeing e-wallets as an extra cost (Ramlah et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Ravi Kumar, 2019). Higher-income individuals also tend to have more trust in e-wallet security, while lower-income groups need clear demonstrations of benefits and security (Obal \u0026amp; Kunz, \u003cspan class=\"CitationRef\"\u003e2013\u003c/span\u003e; Das, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Access to technology and internet connectivity also affects adoption income levels (Huang et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e; Hisel, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Baker, 2012)\u003c/p\u003e\n \u003cp\u003eThe industry sector influence e-wallet adoption, which retail and service businesses are more likely to integrate e-wallets to improve customer experience (Kim, \u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e; Eastman et. al., 2020). In contrast, traditional sectors like manufacturing adopt e-wallets more slowly due to established practices (Paat et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e; Grand\u0026oacute;n \u0026amp; Ramirez-Correa, 2018). Generational and sector trends highlight the need for tailored strategies (Ming \u0026amp; Soon, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Apriani \u0026amp; Wuryandari, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Joensuu-Salo et. al., \u003cspan class=\"CitationRef\"\u003e2018\u003c/span\u003e). Never SMEs led by younger entrepreneurs are more open to e-wallets, while established businesses prefer traditional methods, citing inertia and perceived risks (Alkubaisi et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Ortiz, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Susanty et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Jones \u0026amp; Hanney, \u003cspan class=\"CitationRef\"\u003e2016\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eMoreover, the perceived ease of use, usefulness, and trustworthiness of e-wallets significantly influence SME owners\u0026rsquo; willingness to adopt these payment systems. Research indicates that demographic factors, such as age and education, shape these perceptions, with younger users more likely to view e-wallets as efficient and reliable tools (Rhaiem, \u003cspan class=\"CitationRef\"\u003e2015\u003c/span\u003e; Nuryyev et. al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Chawla \u0026amp; Joshi, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e). The perceived utility of e-wallets is further enhanced by enabling factors such as a vast merchant network and the network and the convenience of cashless transactions, which resonate with various demographic groups (Prima Johan et. al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e; I. Saquin et. al., \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Studies also emphasize the role of demographic differences in shaping the both the intention to adopt and the actual usage of e-wallets, highlighting the need to address specific requirements of diverse groups (Ohoud Khasawneh \u0026amp; AlBahsh, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e)\u003c/p\u003e\n \u003cp\u003eAdditionally, SME owners adopting e-wallets solutions often aim to improve business performance and remain competitive in a cashless era. Digital systems are particularly beneficial in enhancing operational efficiency and customer satisfaction (Lee \u0026amp; Ling Pick Soon, 2023). While younger generations embrace these technologies more readily, research suggests that fostering trust and addressing usability concerns are crucial for broader adoption, especially among older and lower-income SME owners (Yang et. al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Das, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). By tailoring e-wallets features to the unique demographic and contextual needs of SME owners, businesses can optimize the adoption and utility of these digital payment systems.\u003c/p\u003e\n \u003cp\u003eIn summary, the demographic characteristics of SME owners significantly influence the adoption of e-wallet payment systems. While existing research offers valuable insight the role of factors such as age, income, and industry variations, there remains a need for localized studies, particularly in contexts like Davao City, to address unique cultural and economic dynamics (Kartiwi et. Al., \u003cspan class=\"CitationRef\"\u003e2018\u003c/span\u003e; Strotman \u0026amp; Zhao, 2014; Lin, \u003cspan class=\"CitationRef\"\u003e2016\u003c/span\u003e). Such research would provide a deeper understanding of how these demographic determinants shape preferences for e-wallet adoption and inform strategies for promoting cashless transactions in diverse markets.\u003c/p\u003e\n \u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec6\" class=\"Section2\"\u003e\n \u003ch2\u003e1.3 Conceptual Framework\u003c/h2\u003e\n \u003cp\u003eThe framework illustrated the relationship between the independent variable (IV), which was the demographic profile, and the dependent variable (DV), which was e-wallet usage. The demographic profile included factors such as age, income, industry, and length of operation. These variables were expected to influence the user\u0026rsquo;s perceptions of various aspects of e-wallets, such as performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intention (Ortiz et. al., 2023). The model suggested that demographic factors might have impacted how users perceived and engaged with e-wallet services.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec7\" class=\"Section2\"\u003e\n \u003ch2\u003e1.4 Objectives and Hypothesis\u003c/h2\u003e\n \u003cp\u003eThe main objective of this research was to quantify the SME owners\u0026rsquo; preference for e-wallet payment in transactions based on demographic groups. Specifically, the study aimed to:\u003c/p\u003e\u003cspan\u003e\n \u003cp\u003e1. Identify the demographic profile of SME owners\u0026rsquo; preferences in terms of age, income, industry, and length of operations.\u003c/p\u003e\n \u003c/span\u003e \u003cspan\u003e\n \u003cp\u003e2. To examine SME\u0026rsquo;s preferences for using e-wallets in terms of performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intentions.\u003c/p\u003e\n \u003c/span\u003e \u003cspan\u003e\n \u003cp\u003e3. Investigate if there is a significant difference between SME owners\u0026apos; preferences in E-wallet transactions when grouped according to demographic profile.\u003c/p\u003e\n \u003c/span\u003e\n \u003cp\u003eThis study also hypothesizes that:\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eH₀\u0026nbsp;\u003c/strong\u003eThere is no significant difference between SME owners\u0026apos; preferences in E-wallet transactions when grouped according to demographic profile.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec8\" class=\"Section2\"\u003e\n \u003ch2\u003e1.5 Significance of the Study\u003c/h2\u003e\n \u003cp\u003eThis study\u0026rsquo;s findings will provide results for the following beneficiaries: SME owners, who will be able to make informed decisions by adopting e-wallets as payment systems. Customers will gain from the study because it will lead more SME owners to utilize e-wallets for much faster transactions. E-wallet providers will benefit from this research because they will be able to tailor their products to meet the needs of SME owners. Policymakers and government agencies will also benefit from this study because the findings will help them design more effective policies, incentives, and support for e-wallets in payment transactions withing SMEs. Future research will benefit by gaining valuable insights into SME owners\u0026rsquo; payment preferences in their businesses, offering additional knowledge for studies in this field.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec9\" class=\"Section2\"\u003e\n \u003ch2\u003e1.6 Scope and Delimitation\u003c/h2\u003e\n \u003cp\u003eOne limitation of the study was time. Time restrictions made it more difficult for researchers to collect and evaluate data as thoroughly as they would have liked, which presented difficulties and other problems. Furthermore, the study was focused on SME owners in Davao City, and the data could not capture the preferences and behaviors of SME owners outside Davao City. The population may not have been well-represented due to the selected urban areas.\u003c/p\u003e\n\u003c/div\u003e"},{"header":"2. Methods","content":"\u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e2.1 Research Design\u003c/h2\u003e \u003cp\u003eThis study used a descriptive-comparative research design. According to Siedlecki (\u003cspan citationid=\"CR107\" class=\"CitationRef\"\u003e2020\u003c/span\u003e), this type of research aims to observe and describe patterns, characteristics, or outcomes and compare them across different groups to better understand relationships. The study explored and analyzed the factors influencing small and medium-sized enterprises (SME) owners\u0026rsquo; choice of e-wallet payment systems. Data were gathered through survey questionnaires distributed to SME owners, ensuring that the core topics, such as the acceptance of e-wallets, user-friendliness, and commercial advantages, were fully covered.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e2.2 Sampling Design, Respondents, and Locale\u003c/h2\u003e \u003cp\u003ePurposive sampling was used in selecting the respondents for this research. Purposive sampling refers to a group of non-probability sampling techniques in which units were selected because they had specific characteristics (Nikolopoulou, \u003cspan citationid=\"CR78\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The study\u0026rsquo;s respondents were selected based on the following criteria: first, their demographic characteristics, such as age, and income range, industry and must own and operate an SME. Second, they must consider using e-wallet payment for business transactions. Lastly, they had to operate in industries where digital payments were vital. At least 100 SME owners were questioned. By selecting respondents based on these criteria, the study aimed to gather detailed insights into the impact of e-wallets on business transactions.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003ch2\u003e2.3 Instrument and Procedures\u003c/h2\u003e \u003cp\u003eThe researchers used an adapted questionnaire based on Ortiz et. al., (2023), modified and validated by experts. It had two sections: (1) demographic profile age, income, industry, length of operations and (2) preference for e-wallet use in transactions, measured with Likert scale items. The survey was distributed via physical copies and online forms. The researchers obtained permission to conduct the study outside the school, ensuring voluntary participation and confidentiality with consent sheets for respondents.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003e\u003cem\u003eMean Interpretation of SME Owners\u0026rsquo; payment preferences in e-wallet transactions\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNumerical Value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMean Range\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eQualitative Description\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eInterpretation\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e4.20-5.00\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eVery High\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSME owners show a very high preference for the payment method. High likelihood of regular use.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e3.40\u0026ndash;4.19\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eHigh\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSME owners prefer this payment method but may still consider other alternatives.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e2.60\u0026ndash;3.39\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eModerate\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.80\u0026ndash;2.59\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eLow\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSME owners tend to avoid using this payment method unless necessary.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.00-1.79\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eVery Low\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSME owners strongly avoid this payment method and are unlikely to use it.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003e2.4 Data Analysis\u003c/h2\u003e \u003cp\u003eThe data were analyzed using appropriate statical methods. For research objective one, frequency and percentage summarized the demographic profile of SME owners and their payment preference. For research objective two, mean and standard deviation determined group differences. ANOVA was used for research objective three to identify significant differences between demographic profiles and e-wallet adoption preferences. JASP software facilitated efficient and accurate analysis, ensuring robust findings.\u003c/p\u003e \u003c/div\u003e"},{"header":"3. Results and Discussion","content":"\u003cdiv id=\"Sec16\" class=\"Section2\"\u003e\n \u003ch2\u003e3.1 Demographic Profile of SME Owners\u0026apos; Preferences by Age, Income, Industry, and Length of Operations\u003c/h2\u003e\n \u003cp\u003eTable \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e shows the demographic profile of SME owners by payment preferences, categorized by age, income, industry, and length of operations. The largest group of SME owners was aged 40\u0026ndash;49 (33.33%), with the youngest (18\u0026ndash;29) and oldest (70+) groups representing 10% each. In terms of income, 36.67% earned ₱26,000- ₱34,000, while 20% earned between ₱500- ₱10,000 and ₱11,000- ₱25,000. The retail industry dominated at 60%, with manufacturing at 10%. SMEs operating for 3\u0026ndash;5 years were the most common (36.67%), while those in business for 11\u0026ndash;15 years were the smallest group (6.67%). These finding mid-career SME owners in retail, with moderate incomes and 3\u0026ndash;5 years of operatios, are most inclined towards digital payment solutions.\u0026nbsp;\u003c/p\u003e\n \u003ctable id=\"Tab2\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003e\u003cem\u003eSME Owners\u0026apos; Demographic Profile Based on Payment Preferences\u003c/em\u003e\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eDemographic Profile\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eFrequency\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003ePercentage\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1. Age\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e18 to 29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e30 to 39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e40 to 49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e33\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e33.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e15\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e15.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e11.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e7.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100.00%\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2. Income\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e₱500 to ₱10,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e28\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e28.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e₱11,000 to ₱25,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e21\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e21.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e₱26,000 to ₱34,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e24\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e24.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e₱35,000 and above\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e27\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e27.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100.00%\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3. Industry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eManufacturing\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e10.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eMerchandising\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e14.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eRetail\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e52\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e52.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eService\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e24\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e24.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100.00%\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4. Length of Operation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLess than 1 year\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e11.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1 to 2 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e18\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e18.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3 to 5 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e39.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e6 to 10 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e17.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e11 to 15 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e8.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eMore than 15 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e7.00%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e\u003cstrong\u003e100.00%\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003cp\u003e\u003c/p\u003e\n \u003cp\u003eThe results aligned with previous studies (Yang et al., \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Bee \u0026amp; Ying, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e), showing higher e-wallet adoption among mid-aged entrepreneurs (40\u0026ndash;49), who balanced tech adaptability with business experience. Older SME owners (70+) hesitated due to limited tech exposure, reinforcing the need for targeted educational initiatives (Anuar et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e). Income also played a role, with middle-income owners more likely to adopt e-wallets for cost-efficiency (Lohana \u0026amp; Roy, \u003cspan class=\"CitationRef\"\u003e2021\u003c/span\u003e; Poudel, \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e), while lower-income owners prioritized cash flow (Ramlah et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e), suggesting the need for policy incentives.\u003c/p\u003e\n \u003cp\u003eThe retail sector, which engages tech-savvy consumers, showed higher adoption (Kim, \u003cspan class=\"CitationRef\"\u003e2019\u003c/span\u003e; Eastman et al., 2020), while manufacturing lagged due to traditional payment reliance (Paat et al., \u003cspan class=\"CitationRef\"\u003e2022\u003c/span\u003e). Newer businesses were more inclined to adopt e-wallets, aligning with findings by Ortiz (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Susanty et al. (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e). The results emphasized the need for educational campaigns for older and established SMEs, and policy support like subsidies or tax incentives for lower-income owners (Jones \u0026amp; Hanney, \u003cspan class=\"CitationRef\"\u003e2016\u003c/span\u003e; Das, \u003cspan class=\"CitationRef\"\u003e2024\u003c/span\u003e). Manufacturing could benefit from outreach and case studies showcasing successful e-wallet integration. Addressing these gaps was crucial for inclusive digital transformation, especially in localized markets like Davao City.\u003c/p\u003e\n \u003cp\u003e\u003cem\u003e3.2 SMEs\u0026apos; preferences for e-wallets based on performance, usefulness, trust, ease of use, security, responsiveness, transparency, enjoyment, and behavioral intentions\u003c/em\u003e\u003c/p\u003e\n \u003cp\u003eTable\u0026nbsp;\u003cspan class=\"InternalRef\"\u003e3\u003c/span\u003e represents the descriptive statistics (Mean and SD) of SME owners\u0026apos; preferences for e-wallet usage, categorized by performance, usefulness, trust, ease of use, security, responsiveness, transparency, perceived enjoyment, and behavioral intention.\u003c/p\u003e\n \u003cp\u003eThe results indicated that security (M\u0026thinsp;=\u0026thinsp;3.58, SD\u0026thinsp;=\u0026thinsp;0.79) and performance (M\u0026thinsp;=\u0026thinsp;3.54, SD\u0026thinsp;=\u0026thinsp;0.99) had achieved the highest mean scores, categorized as \u0026quot;High,\u0026quot; signifying that SME owners viewed these factors as critical to their preference for e-wallet adoption. Conversely, trust (M\u0026thinsp;=\u0026thinsp;3.13, SD\u0026thinsp;=\u0026thinsp;0.92) recorded the lowest mean, falling under the \u0026quot;Moderate\u0026quot; category, which implied a neutral stance or weaker preference for this factor in comparison to others. Overall, the average preference across all factors was \u0026quot;Moderate\u0026quot; (M\u0026thinsp;=\u0026thinsp;3.38, SD\u0026thinsp;=\u0026thinsp;0.93), reflecting a balanced perspective among SME owners regarding e-wallet preference.\u003c/p\u003e\n \u003cp\u003eThe findings align with existing research on e-wallet adoption. Ortiz et al. (2023) and Ming \u0026amp; Soon (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) highlighted performance as a key factor in adoption. Ortiz et al. (2023) found that transaction speed influences satisfaction, which was reflected in this study, where SME owners preferred fast and seamless transactions. Ming \u0026amp; Soon (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) also emphasized security, which was highly preferred in this study, confirming its importance for SME owners when choosing e-wallet platforms. These findings reinforce the critical role of performance and security in e-wallet adoption.\u003c/p\u003e\n \u003cp\u003eHowever, the moderate preference for trust in this study contrasts with Purnamawati et al. (\u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Nangin et al. (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e), who argued that trust is central to adoption.\u0026nbsp;\u003c/p\u003e\n \u003ctable id=\"Tab3\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003e\u003cem\u003eKey Determinants of SME Owners\u0026apos; Preferences for E-Wallet Adoption\u003c/em\u003e\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eKey Determinants\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eSD\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eVerbal Description\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eInterpretation\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e1. Performance\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e3.54\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e0.99\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eHigh\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eSME owners prefer this payment method but may still consider other alternatives.\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e2. Usefulness\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e3.42\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003e0.97\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eHigh\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eSME owners prefer this payment method but may still consider other alternatives.\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e3. Trust\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e3.13\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e0.92\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eModerate\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4. Ease of Use\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.01\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eModerate\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e5. Security\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e3.58\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e0.79\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eHigh\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eSME owners prefer this payment method but may still consider other alternatives.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e6. Responsiveness\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.18\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eModerate\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e7. Transparency\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.45\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.90\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eHigh\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e8. Perceived Enjoyment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.41\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.98\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eHigh\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e9. Behavioral Intention\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.48\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.01\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eHigh\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSME owners prefer this payment method but may still consider other alternatives.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eOverall\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e3.38\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003e0.93\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eModerate\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eSME owners are adequate or show no strong preference for this payment method.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003cp\u003e\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec17\" class=\"Section2\"\u003e\n \u003ch2\u003e3.3 Significant differences in SME owners\u0026apos; e-wallet preferences according to demographic profiles\u003c/h2\u003e\n \u003cp\u003eThe discrepancy may arise from regional differences or varying financial literacy among SME owners in Davao City. Further exploration of localized trust-building methods, such as provider transparency and community-based models, could explain these variations.\u003c/p\u003e\n \u003cp\u003eThe study reinforced findings by Zhang et al. (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e) and Gupta \u0026amp; Arora (\u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e), highlighting ease of use in adoption decisions. In regions like the Philippines, with diverse tech literacy, localized design improvements could improve adoption rates.\u003c/p\u003e\n \u003cp\u003eSME owners in Davao City prioritized practical, secure e-wallet solutions but showed moderate enthusiasm for trust and ease of use. This underscores the need for trust-building initiatives, including transparency and user education, alongside high performance and security standards. Providers should adapt to these preferences through localized marketing and community-driven feedback (Zhang et al., \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Gupta \u0026amp; Arora, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eTable \u003cspan class=\"InternalRef\"\u003e4\u003c/span\u003e represents the results of an ANOVA test examining significant differences in SME owners\u0026apos; preferences for e-wallets based on demographic profiles such as age, income, industry, and length of operation.\u003c/p\u003e\n \u003cp\u003eThe results of the ANOVA test revealed a significant difference in e-wallet preferences among SME owners based on age (F\u0026thinsp;=\u0026thinsp;3.998, p\u0026thinsp;=\u0026thinsp;0.002). This indicates that at least one age group\u0026rsquo;s preferences differ significantly from others. Descriptive statistics show that the mean preference scores vary across age groups, with the 18 to 29-year-old group having the highest mean preference score (3.782) and the 70 and above group having the lowest (2.403). These results suggest that younger SME owners are more inclined to prefer e-wallet solutions, whereas older SME owners are less likely to adopt them.\u0026nbsp;\u003c/p\u003e\n \u003ctable id=\"Tab4\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003e\u003cem\u003eSignificant Differences in E-wallet Preferences Based on Demographic Profile\u003c/em\u003e\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eDemographic Profile\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eF-value\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003ep-value\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eDecision on Significance\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eDecision on H\u003csub\u003eo\u003c/sub\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1. Age\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e3.30\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e3.99\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.00\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSignificant\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eReject H\u003csub\u003eo\u003c/sub\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2. Income\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e3.39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.98\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.40\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eNot Significant\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eFail to Reject H\u003csub\u003eo\u003c/sub\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3. Industry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e3.49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e1.57\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.20\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eNot Significant\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eFail to Reject H\u003csub\u003eo\u003c/sub\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4. Length of Operation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e3.38\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.82\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"char\"\u003e\n \u003cp\u003e0.56\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eNot Significant\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eFail to Reject H\u003csub\u003eo\u003c/sub\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003cp\u003e\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eDescriptives\u003c/strong\u003e\u003c/p\u003e\n \u003ctable id=\"Taba\" border=\"1\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"12\"\u003e\n \u003cp\u003e\u003cem\u003eDescriptives - Overall Average\u003c/em\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eAge\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eN\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eSD\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eSE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u003cstrong\u003eCoefficient of variation\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e18 to 29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.782\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.683\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.166\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.181\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e30 to 39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.647\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.567\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.137\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.155\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e40 to 49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e33\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.283\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.811\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.141\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.247\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e15\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.459\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.610\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.157\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.176\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.242\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.013\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.305\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.313\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2.403\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.793\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.300\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.330\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003cp\u003e\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003ePost Hoc Tests\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eStandard (HSD)\u003c/strong\u003e\u003c/p\u003e\n \u003ctable id=\"Tabb\" border=\"1\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"14\"\u003e\n \u003cp\u003e\u003cem\u003ePost Hoc Comparisons - Age\u003c/em\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eMean Difference\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSE\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003et\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003ep\u003csub\u003etukey\u003c/sub\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e18 to 29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e30 to 39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.135\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.257\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.524\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.995\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e40 to 49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.499\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.224\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2.229\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.235\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.323\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.266\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.216\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.828\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.540\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.290\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.860\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.433\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.379\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.337\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4.093\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e30 to 39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e40 to 49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.364\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.224\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.627\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.583\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.188\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.266\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.709\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.980\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.405\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.290\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.396\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.729\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.244\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.337\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.694\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.005\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e40 to 49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.176\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.234\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.753\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.974\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.041\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.261\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.157\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.880\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.312\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2.819\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e50 to 59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.217\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.298\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.728\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.978\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.343\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.075\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.032\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e60 to 69\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e70 onwards\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.839\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.363\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e94\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2.313\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.199\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"14\"\u003e\n \u003cp\u003e\u003cem\u003eNote.\u003c/em\u003e\u0026nbsp; P-value adjusted for comparing a family of 6 estimates.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003cp\u003e\u003c/p\u003e\n \u003cp\u003eTukey HSD post hoc tests reveal significant differences in e-wallet preferences between age groups. The 70\u0026thinsp;+\u0026thinsp;group showed significantly lower preferences than the 18\u0026ndash;29 (mean difference\u0026thinsp;=\u0026thinsp;1.379, p\u0026thinsp;=\u0026thinsp;0.001), 30\u0026ndash;39 (mean difference\u0026thinsp;=\u0026thinsp;1.244, p\u0026thinsp;=\u0026thinsp;0.005), and 50\u0026ndash;59 (mean difference\u0026thinsp;=\u0026thinsp;1.056, p\u0026thinsp;=\u0026thinsp;0.032) groups. Other comparisons, such as 40\u0026ndash;49 vs. 60\u0026ndash;69, did not show significant differences, as p-values exceeded 0.05. This indicates the most notable difference in preferences is between the youngest and oldest SME owners.\u003c/p\u003e\n \u003cp\u003eWhile age significantly influenced e-wallet preferences, other factors like income, industry, and business tenure showed no significant differences (p\u0026thinsp;\u0026gt;\u0026thinsp;0.05). This may reflect the universal appeal of e-wallets, which enhance operational efficiency, convenience, and security across industries and income levels. Regardless of tenure, SMEs likely view e-wallets as essential for payment management.\u003c/p\u003e\n \u003cp\u003eAge-related differences align with previous research, indicating younger individuals are more comfortable with digital payment methods (Chawla \u0026amp; Joshi, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Singh et al., \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e). Younger generations, familiar with digital tools, trust e-wallets more, while older SME owners are more cautious, due to limited exposure and concerns about security and complexity.\u003c/p\u003e\n \u003cp\u003eThis generational divide highlights the need for targeted interventions, such as user-friendly designs and educational programs, to increase adoption among older SME owners. E-wallet providers should focus on security features and emphasize business benefits to alleviate concerns (Chawla \u0026amp; Joshi, \u003cspan class=\"CitationRef\"\u003e2020\u003c/span\u003e; Singh et al., \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e).\u003c/p\u003e\n \u003cp\u003eContrary to previous studies, factors like income, industry, and business tenure did not significantly affect adoption, suggesting e-wallets have broad appeal across different SME segments. Future research could explore how regional factors, like digital infrastructure and cultural attitudes, influence these findings (Pramudito et al., \u003cspan class=\"CitationRef\"\u003e2023\u003c/span\u003e; Singh et al., \u003cspan class=\"CitationRef\"\u003e2017\u003c/span\u003e).\u003c/p\u003e\n\u003c/div\u003e"},{"header":"4. Conclusions and Recommendations","content":"\u003cdiv id=\"Sec19\" class=\"Section2\"\u003e\n \u003ch2\u003e4.1 Conclusions\u003c/h2\u003e\n \u003cp\u003eIn summary, middle-aged SME owners (40\u0026ndash;49) in the retail sector with 3\u0026ndash;5 years in business are more likely to adopt e-wallets, balancing traditional methods with openness to modern technologies. Performance and security were the top concerns for SME owners, highlighting the need for efficient and secure transactions. Younger SME owners (18\u0026ndash;29) showed a stronger preference for e-wallets. However, no significant differences were found in preferences related to income, industry, or years of operation. E-wallet providers should focus on age-targeted strategies, offering training and incentives for older entrepreneurs while ensuring security and ease of use for broader acceptance.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec20\" class=\"Section2\"\u003e\n \u003ch2\u003e4.2 Limitations\u003c/h2\u003e\n \u003cp\u003eThis study is limited to SME owners in Davao City, restricting the generalizability of the findings to other regions. Time constraints also limited the depth of data collection, potentially overlooking key factors affecting e-wallet adoption. The small sample size may affect the reliability of the results. Additionally, the study did not explore cultural, economic, or industry-specific variables. Future research should expand to include diverse regions, industries, and cultural contexts, as well as a larger sample, to provide a more comprehensive understanding of e-wallet adoption among SMEs.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec21\" class=\"Section2\"\u003e\n \u003ch2\u003e4.3 Recommendations\u003c/h2\u003e\n \u003cp\u003eTo address the findings, e-wallet providers should implement user-friendly strategies, including training programs to enhance digital literacy and familiarity with e-wallet systems among SME owners. Providers should prioritize robust security measures, such as two-factor authentication and fraud detection. Simpler navigation and ensuring user-friendly features will make e-wallets more accessible to all SME owners. Collaborating with government and industry stakeholders can help establish supportive infrastructure and policies, promoting broader adoption of digital payments across diverse SME sectors and enhancing overall business efficiency.\u003c/p\u003e\n\u003c/div\u003e"},{"header":"Declarations","content":"\u003cp\u003eDeclaration of AI Use\u003c/p\u003e\n\u003cp\u003eAI tools such as Scite.ai, ChatGPT, Microsoft Copilot, and Quillbot were used to enhance the research process. Scite.ai and ChatGPT aided the review of related literature. ChatGPT improved clarity through language editing, and QuillBot refined text via paraphrasing. All AI-generated outputs were carefully reviewed by the group and research adviser, with the authors maintaining full responsibility for the paper’s content and findings.\u003c/p\u003e\n\u003cp\u003ePrior to and following the conduct of the study, the researchers sought approval from the Mapua MCM's Ethical Committee. After a comprehensive review, the ethical committee granted its approval, ensuring that all ethical guidelines for research involving human participants were followed.\u003c/p\u003e\n\u003cp\u003eAcknowledgement\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFirst and foremost, the researchers extend their sincerest gratitude to the Almighty Father for granting them strength, wisdom, and perseverance to complete this research. His divine guidance made this achievement possible.\u003c/p\u003e\n\u003cp\u003eThey deeply appreciate their families for their unwavering support, love, and encouragement throughout this journey. Special thanks go to their mentor and research adviser, Sir John Albert Nares, for his invaluable guidance and feedback, as well as to Sir Jomard L. Narciso, their research teacher, for his constant support and patience.\u003c/p\u003e\n\u003cp\u003eThe researchers also thank their friends and classmates for their camaraderie. Special mention goes to assistant leaders Alwyn Gabriel Cua and Janika Mikyla Delda for their cooperation and support, and to members Jaztin Rey Capisin and Colin Balagatas for their dedication.\u003c/p\u003e\n\u003cp\u003eFinally, they are grateful to everyone who contributed to this journey, making this success a shared achievement.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eAbdillih, A. (2024). Intention to Use E-Wallet Application Among University Students. International Journal of Academic Research in Business and Social Sciences. https://doi.org/10.15405/epsbs.2024.05.15\u003c/li\u003e\n \u003cli\u003eAbdullah, M. N., Ahmad, A. R., \u0026amp; Mohd, S. (2020). E-wallet: Factors influencing user acceptance towards a cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74. https://doi.org/10.11591/ijeecs.v20.i1.pp67-74\u003c/li\u003e\n \u003cli\u003eAcopiado, I. M., Sarmiento, J. M. P., Romo, G. D., Acu\u0026ntilde;a, T., Traje, A., \u0026amp; Wahing, G. D. (2022). Digital payment adoption during the COVID-19 pandemic in the Philippines. Philippine Journal of Science, 151(3). https://doi.org/10.56899/151.03.31\u003c/li\u003e\n \u003cli\u003eAlalwan, A., Dwivedi, Y., \u0026amp; Rana, N. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: extending utaut2 with trust. International Journal of Information Management, 37(3), 99-110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002\u003c/li\u003e\n \u003cli\u003eAlkubaisi, A. A., et al. (2020). A quantitative approach to identifying factors that affect the use of e-wallets in Bahrain. Journal of Siberian Federal University Humanities \u0026amp; Social Sciences, 13(1), 1-12. https://doi.org/10.17516/1997-1370-0687\u003c/li\u003e\n \u003cli\u003eAmor, E. G., Bayron, D., Ferolino, I., Galay, A., Limbaroc, M., Paza, J. G., \u0026amp; Simbajon, C. A. (2022). E-WALLET: a STUDY ON CASHLESS TRANSACTIONSAMONG MSMEs in JIMENEZ, MISAMIS OCCIDENTAL. Studocu. Retrieved October 3, 2024, from https://www.studocu.com/ph/document/mindanao-state-university-iligan-institute-of-technology/methods-of-research-ac/3is-research-a-research/72170127\u003c/li\u003e\n \u003cli\u003eAnuar, A. R., et al. (2020). The barriers towards the adoption of e-wallet payment system. International Journal of Engineering Research and Technology, 9(11), 3772-3777. https://doi.org/10.37624/ijert/13.11.2020.3772-3777\u003c/li\u003e\n \u003cli\u003eApriani, R., \u0026amp; Wuryandari, A. (2023). Do small and medium enterprises (SMEs) need to adopt e-wallets? A study post-COVID-19 pandemic. Kne Social Sciences, 8(12), 13709. https://doi.org/10.18502/kss.v8i12.13709\u003c/li\u003e\n \u003cli\u003eAriffin, S. K., Rahman, M. F. R. A., Muhammad, A. M., \u0026amp; Zhang, Q. (2021). Understanding the consumer\u0026rsquo;s intention to use the e-wallet services. Spanish Journal of Marketing - ESIC, 25(3), 446\u0026ndash;461.\u003c/li\u003e\n \u003cli\u003eArmitage, C. J., \u0026amp; Conner, M. (2001). Social Cognitive Determinants of Blood Donation. \u003cem\u003eJournal of Applied Social Psychology\u003c/em\u003e, \u003cem\u003e31\u003c/em\u003e(7), 1431\u0026ndash;1457. https://doi.org/10.1111/j.1559-1816.2001.tb02681.x\u003c/li\u003e\n \u003cli\u003eAkturan, U., \u0026amp; Tezcan, N. (2012). Mobile banking adoption of the youth market: Perceptions and intentions. \u003cem\u003eMarketing Intelligence \u0026amp; Planning, 30\u003c/em\u003e(5), 444-459. https://doi.org/10.1108/02634501211231928\u003c/li\u003e\n \u003cli\u003eAnne, G. (2024). E-commerce growth and digital payments in the Philippines. \u003cem\u003eInternational Journal of Technology and Systems, 9\u003c/em\u003e(4), 1-11. https://doi.org/10.47604/ijts.2817\u003c/li\u003e\n \u003cli\u003eBarker, V. (2012). A generational comparison of social networking site use: The influence of age and social identity. The International Journal of Aging and Human Development, 74(2), 139-158. https://doi.org/10.2190/ag.74.2.d\u003c/li\u003e\n \u003cli\u003eBee, L. S., \u0026amp; Ying, L. (2021). An examination of determinants for e-wallet adoption in Malaysia: A combined approach. F1000Research, 10, 73402. https://doi.org/10.12688/f1000research.73402.1\u003c/li\u003e\n \u003cli\u003eCacas, A., Diongson, M. B. A., Olita, G. M., \u0026amp; Perkins, R. (2022). Influencing Factors on Mobile Wallet Adoption in the Philippines: Generation X\u0026rsquo;s Behavioral Intention to Use GCash Services. Journal of Business and Management Studies, 4(1), 149\u0026ndash;156. https://doi.org/10.32996/jbms.2022.4.1.18\u003c/li\u003e\n \u003cli\u003eCappello, M., \u0026amp; Miller-Young, J. (2020). Who are we citing and how? A SoTL citation analysis. Teaching \u0026amp; Learning Inquiry: The SoTL Journal, 8(2), 1-12. https://doi.org/10.20343/teachlearninqu.8.2.2\u003c/li\u003e\n \u003cli\u003eChawla, D., \u0026amp; Joshi, H. (2020). Role of Mediator in Examining the Influence of Antecedents of Mobile Wallet Adoption on Attitude and Intention. \u003cem\u003eGlobal Business Review,\u003c/em\u003e 097215092092450. https://doi.org/10.1177/0972150920924506\u003c/li\u003e\n \u003cli\u003eChea, S. (2020). The challenges and future of e-wallet. In Advances in Digital Payments (pp. 1-20). IGI Global. https://doi.org/10.4018/978-1-5225-9715-5.ch063\u003c/li\u003e\n \u003cli\u003eChen, J. (2021, July 17). What does transparency mean? Investopedia. https://www.investopedia.com/terms/t/transparency.asp\u003c/li\u003e\n \u003cli\u003eDaragmeh, A., S\u0026aacute;gi, J., \u0026amp; Z\u0026eacute;man, Z. (2021). Continuous intention to use e-wallet in the context of the COVID-19 pandemic: Integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT). Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 132.\u003c/li\u003e\n \u003cli\u003eDanzen, Olazo. (2022). Measuring the level of digital marketing capabilities, digital marketing strategies, and challenges and issues of SMEs in adopting digital marketing. International Journal of Multidisciplinary: Applied Business and Education Research, 4(18), 2884\u0026ndash;2893.\u003c/li\u003e\n \u003cli\u003eDaragmeh, A., Saleem, A., B\u0026aacute;rczi, J., \u0026amp; S\u0026aacute;gi, J. (2022). Drivers of post-adoption of e-wallet among academics in Palestine: an extension of the expectation confirmation model. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.984931\u003c/li\u003e\n \u003cli\u003eDas, S. (2024). Understanding the dynamics of digital payment adoption among public university students of Bangladesh: A quantitative study. International Journal of Cryptocurrency Research, 4(1), 55-63. https://doi.org/10.51483/ijccr.4.1.2024.55-63\u003c/li\u003e\n \u003cli\u003eDavis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319\u0026ndash;340. https://doi.org/10.2307/249008\u003c/li\u003e\n \u003cli\u003eEastman, J. K., \u0026amp; Li, S. (2020). The impact of generational cohorts on status consumption: An exploratory look at generational cohort and demographics on status consumption. Journal of Consumer Marketing, 37(2), 1-12. https://doi.org/10.1108/07363761211206348\u003c/li\u003e\n \u003cli\u003eEdeh, E. J., Adebayo, A. A., \u0026amp; Adebayo, O. A. (2021). Impact of COVID-19 pandemic on consumer behavior towards the intention to use e-wallet in Malaysia. International Journal of Accounting \u0026amp; Finance in Asia Pacific, 4(3), 1205-1215. https://doi.org/10.32535/ijafap.v4i3.1205\u003c/li\u003e\n \u003cli\u003eEmb, T. (2024). The rise of E-Wallet Apps: Transforming digital payments. EMB Blogs. https://blog.emb.global/rise-of-e-wallet-apps/\u003c/li\u003e\n \u003cli\u003eEsawe, A. (2022). Understanding mobile e-wallet consumers\u0026rsquo; intentions and user behavior. Spanish Journal of Marketing - Esic, 26(3), 363-384. https://doi.org/10.1108/sjme-05-2022-0105\u003c/li\u003e\n \u003cli\u003eFadhilla, A. (2023). The effect of digital literacy and perceptions of personal data security on the decision to use e-wallet as a payment system in MSMEs in the Jakarta area. Journal of Management and Energy Business, 3(1), 29. https://doi.org/10.54595/jmeb.v3i1.29\u003c/li\u003e\n \u003cli\u003eFishbein, M., \u0026amp; Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: an Introduction to Theory and Research. Contemporary Sociology, 6(2), 244. Galang, J. and Ramdhan, H. (2023). Analysis of the acceptance level of an e-wallet as a non-cash payment method among Indonesian students. IAIC Transactions on Sustainable Digital Innovation (ITSDI), 5(1), 67-75. https://doi.org/10.34306/itsdi.v5i1.611\u003c/li\u003e\n \u003cli\u003eFlaminiano, J. P., \u0026amp; Francisco, J. P. (2021). Firm characteristics and credit constraints among SMEs in the Philippines. Small Business International Review, 5(1), e332. https://doi.org/10.26784/sbir.v5i1.332\u003c/li\u003e\n \u003cli\u003eGalang, J., \u0026amp; Ramdhan, H. (2023). Analysis of the Acceptance Level of E-Wallet as a Non-Cash Payment Method among Indonesian Students. \u003cem\u003eIAIC Transactions on Sustainable Digital Innovation (ITSDI)\u003c/em\u003e, \u003cem\u003e5\u003c/em\u003e(1), 67\u0026ndash;75. https://doi.org/10.34306/itsdi.v5i1.611\u003c/li\u003e\n \u003cli\u003eGrand\u0026oacute;n, E. E., \u0026amp; Ram\u0026iacute;rez-Correa, P. E. (2018). Managers/Owners\u0026rsquo; innovativeness and electronic commerce acceptance in Chilean SMEs: A multi-group analysis based on a structural equation model. Journal of Theoretical and Applied Electronic Commerce Research, 13(3), 1-12. https://doi.org/10.4067/S0718-18762018000300102\u003c/li\u003e\n \u003cli\u003eGupta, A., \u0026amp; Arora, N. (2020). Digital payments and consumer experience in emerging markets: A case study of India. Journal of Financial Services Marketing, 25(3-4), 94\u0026ndash;104. https://doi.org/10.1057/s41264-020-00083-5\u003c/li\u003e\n \u003cli\u003eGuillen, N., \u0026amp; Lim, C. T. (2023). Unlocking growth opportunities for Philippine micro, small, and medium enterprises through Facebook advertising and growth hacking strategies in the post-pandemic era. International Journal of Multidisciplinary: Applied Business and Education Research, 4(8), 2884-2893. https://doi.org/10.11594/ijmaber.04.08.26\u003c/li\u003e\n \u003cli\u003eHisel, R. (2020). Measuring work engagement in a multigenerational nursing workforce. Journal of Nursing Management, 28(3), 1-10. https://doi.org/10.1111/jonm.12921\u003c/li\u003e\n \u003cli\u003eHoffman, D. L., Novak, T. P., \u0026amp; Venkatesh, A. (2020). Digital privacy and the adoption of e-wallets. FDIC. Retrieved from https://www.fdic.gov/system/files/2024-07/hoffman-paper.pdf\u003c/li\u003e\n \u003cli\u003eHossain, K., Soon Lee, K. C., Abdul Ghani Azmi, I. B., Idris, A. B., Alam, M. N., Rahman, Md. A., \u0026amp; Mohd Ali, N. (2022). Impact of innovativeness, risk-taking, and proactiveness on export performance in a developing country: Evidence of qualitative study. RAUSP Management Journal, 57(2), 165\u0026ndash;181. https://doi.org/10.1108/rausp-01-2021-0002\u003c/li\u003e\n \u003cli\u003eHuang, Y., et al. (2022). The development and impact of central bank digital currency. Journal of Financial Stability, 58, 100-110. https://doi.org/10.1016/j.jfs.2022.100110\u003c/li\u003e\n \u003cli\u003eHumbani, M., \u0026amp; Wiese, M. (2019). An integrated framework for the adoption and continuance intention to use mobile payment apps. International Journal of Bank Marketing, 37(2), 646\u0026ndash;664. https://doi.org/10.1108/ijbm-03-2018-0072\u003c/li\u003e\n \u003cli\u003eHusain, M., \u0026amp; Zainal, A. (2021). Factors influencing interest in continuing the use of e-wallets using the technology acceptance model and task-technology fit. Mimbar Ilmu, 28(2), 61228-61238. https://doi.org/10.23887/mi.v28i2.61228\u003c/li\u003e\n \u003cli\u003eI. Saquin, M., D. Boyboy, J., D. Canon, J. M., P. Delacruz, L., O. Delacruz, C. A., P. Delacruz, L., Jr. R Jorge, D., \u0026amp; O. Macalinao, M. A. (2024). Cashless Transaction Through E-Wallet: Analysis of Perception and Usage Intention of Micro Business Owners in Cavite. \u003cem\u003eInternational Journal of Research in Education Humanities and Commerce,\u003c/em\u003e 05(01), 91\u0026ndash;101. https://doi.org/10.37602/ijrehc.2024.5108\u003c/li\u003e\n \u003cli\u003eImee, M., Acopiado, Marx, J., Sarmiento, P., Dee, G., Romo, A., Acu\u0026ntilde;a, T., Traje, A., \u0026amp; Wahing, G. (2022). Digital payment adoption during the COVID-19 pandemic in the Philippines. Philippine Journal of Science, 151(3).\u003c/li\u003e\n \u003cli\u003eJoensuu‐Salo, S., et al. (2018). Firm performance among internationalized SMEs: The interplay of market orientation, marketing capability, and digitalization. Administrative Sciences, 8(3), 1-12. https://doi.org/10.3390/admsci8030031 Jones,\u003c/li\u003e\n \u003cli\u003eJones, T. H., \u0026amp; Hanney, S. (2016). Tracing the indirect societal impacts of biomedical research: Development and piloting of a technique based on citations. Scientometrics, 107(3), 975\u0026ndash;1003. https://doi.org/10.1007/s11192-016-1895-4\u003c/li\u003e\n \u003cli\u003eM. A., \u0026amp; Hanney, S. R. (2016). Tracing the indirect societal impacts of biomedical research: Development and piloting of a technique based on citations. Scientometrics, 107(3), 1-12. https://doi.org/10.1007/s11192-016-1895-4\u003c/li\u003e\n \u003cli\u003eKartiwi, M., et al. (2018). Impact of external factors on determining E-commerce benefits among SMEs in Malaysia. Journal of Global Entrepreneurship Research, 8(1), 1-12. https://doi.org/10.1186/s40497-018-0105-7\u003c/li\u003e\n \u003cli\u003eKee, D. M. H., Tan, K. H., \u0026amp; Wong, C. S. (2021). Do you have a digital wallet? A study of e-wallet during the COVID-19 pandemic. International Journal of Accounting \u0026amp; Finance in Asia Pasific, 4(2), 1118-1130. https://doi.org/10.32535/ijafap.v4i2.1118\u003c/li\u003e\n \u003cli\u003eKhanh, L., Ngan, L. H., \u0026amp; Pham, H. (2020). A study on university students\u0026rsquo; preference towards e-wallets. ResearchGate. https://doi.org/10.13140/RG.2.2.24877.92647\u003c/li\u003e\n \u003cli\u003eKhasawneh, O., \u0026amp; AlBahsh, R. (2024). Why do people use a mobile wallet? The case of fintech companies in Jordan. \u003cem\u003eInvestment Management and Financial Innovations/Investment Management \u0026amp; Financial Innovations,\u003c/em\u003e 21(2), 89\u0026ndash;102. https://doi.org/10.21511/imfi.21(2).2024.07\u003c/li\u003e\n \u003cli\u003eKim, H. J. (2019). Luxury fashion goods ownership and collecting behavior in an omni-channel retail environment. Research Journal of Textile and Apparel, 23(1), 1-16. https://doi.org/10.1108/rjta-01-2019-0001\u003c/li\u003e\n \u003cli\u003eKınış, F., \u0026amp; Tanova, C. (2022). Can I Trust My Phone to Replace My Wallet? The Determinants of E-Wallet Adoption in North Cyprus. Journal of Theoretical and Applied Electronic Commerce Research, 17(4), 1696\u0026ndash;1715. https://doi.org/10.3390/jtaer17040086\u003c/li\u003e\n \u003cli\u003eKurniasari, D. (2023). Pursuing long-term business performance: Investigating the effects of financial and technological factors on digital adoption to leverage SME performance and business sustainability\u0026mdash;Evidence from Indonesian SMEs in the traditional market. Sustainability, 15(16), 12668. https://doi.org/10.3390/su151612668\u003c/li\u003e\n \u003cli\u003eKwabena, G.-Y., Qiang, M., Wenyuan, L., Qalati, S. A., \u0026amp; Erusalkina, D. (2019). Effects of the digital payment system on SMEs performance in developing countries: A case of Ghana. EPRA International Journal of Economic and Business Review, 79-87. https://doi.org/10.36713/epra2997\u003c/li\u003e\n \u003cli\u003eLai, P. (2017). THE LITERATURE REVIEW OF TECHNOLOGY ADOPTION MODELS AND THEORIES FOR THE NOVELTY TECHNOLOGY. JISTEM - Journal of Information Systems and Technology Management, 14(1), 21\u0026ndash;38. https://www.redalyc.org/journal/2032/203251213002/html/?fbclid=IwY2xjawF4rolleHRuA2FlbQIxMAABHXqpbyz_Yejm7Eq_gpUPNo3CP3ce3E4aG6q_xbpiw4kNTpAUqHeRfCTqpg_aem_ZmQa9s_BoS04V7EJBJ5lsQ\u003c/li\u003e\n \u003cli\u003eLaMorte, W. (2022). Diffusion of innovation theory. Boston University School of Public Health. https://sphweb.bumc.bu.edu/otlt/MPH-Modules/SB/BehavioralChangeTheories/BehavioralChangeTheories4.html\u003c/li\u003e\n \u003cli\u003eLauntu, A. (2024). Analysis of the acceptance level of digital wallet users in digitally parking payment using the technology acceptance model approach. Jurnal Informasi Dan Teknologi, 106-111. https://doi.org/10.60083/jidt.v6i1.482\u003c/li\u003e\n \u003cli\u003eLee, Y. Y., Gan, C. L., \u0026amp; Liew, T. W. (2022). Do e-wallets trigger impulse purchases? an analysis of malaysian gen-y and gen-z consumers. Journal of Marketing Analytics, 11(2), 244-261. https://doi.org/10.1057/s41270-022-00164-9\u003c/li\u003e\n \u003cli\u003eLee, Y.-K., Chang, C.-T., Lin, Y., \u0026amp; Cheng, Z.-H. (2014). The dark side of smartphone usage: Psychological traits, compulsive behavior and technostress. Computers in Human Behavior, 31, 373\u0026ndash;383. https://doi.org/10.1016/j.chb.2013.10.047\u003c/li\u003e\n \u003cli\u003eLin, H. (2016). Citation functions in social sciences and humanities: Preliminary results from a citation context analysis of Taiwan\u0026apos;s history research journals. Proceedings of the American Society for Information Science and Technology, 53(1), 1-12. https://doi.org/10.1002/pra2.2016.14505501020\u003c/li\u003e\n \u003cli\u003eLin, W. R., Lin, C.-Y., \u0026amp; Ding, Y.-H. (2020). Factors Affecting the Behavioral Intention to Adopt Mobile Payment: An Empirical Study in Taiwan. Mathematics, 8(10), 1851. https://doi.org/10.3390/math8101851\u003c/li\u003e\n \u003cli\u003eLiu, Z., Ben, S., \u0026amp; Zhang, R. (2019). Factors affecting consumers\u0026rsquo; mobile payment behavior: a meta-analysis. Electronic Commerce Research, 19. https://doi.org/10.1007/s10660-019-09349-4\u003c/li\u003e\n \u003cli\u003eLohana, P. R., \u0026amp; Roy, S. K. (2021). Adoption of digital payment systems in small and medium enterprises: A study of Bangladesh. Journal of Business Research, 124, 1-10. https://doi.org/10.1016/j.jbusres.2020.11.045\u003c/li\u003e\n \u003cli\u003eMadan, K. and Yadav, R. (2016). Behavioural intention to adopt mobile wallet: a developing country perspective. Journal of Indian Business Research, 8(3), 227-244. https://doi.org/10.1108/jibr-10-2015-0112\u003c/li\u003e\n \u003cli\u003eMaulita, M., Amalia, P. A., \u0026amp; Luturnas, F. B. (2022, March 4). Factors that influence Generation Z in using e-wallet during COVID-19 pandemic. Atlantis Press. https://doi.org/10.2991/assehr.k.220301.017\u003c/li\u003e\n \u003cli\u003eMia, I. B., Habaradas, R., \u0026amp; Jimenez, S. (2021). Digitalization: A way forward for Filipino MSMEs during the COVID-19 pandemic. DLSU Business Notes \u0026amp; Briefings, 9(2).\u003c/li\u003e\n \u003cli\u003eMD Arif Hassan, Zarina Shakur, Mohammad Kamrul Hasan, and Ahmed Salih Al-Khaleefa (2020) A review on electric payment security https://www.mdpi.com/2073-8994/12/8/1344\u003c/li\u003e\n \u003cli\u003eMing, K. and Soon, L. (2023). E-wallet revolution: fueling business performance among smes in kuching, sarawak. International Journal of Academic Research in Business and Social Sciences, 13(6). https://doi.org/10.6007/ijarbss/v13-i6/17261\u003c/li\u003e\n \u003cli\u003eMing, K. L. Y., Jais, M., Wen, C. C., \u0026amp; Zaidi, N. S. (2020). Factor affecting adoption of e-wallet in sarawak. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(2). https://doi.org/10.6007/ijarafms/v10-i2/7446\u003c/li\u003e\n \u003cli\u003eMing, L. H., \u0026amp; Soon, T. H. (2023). E-wallet revolution: Fueling business performance among SMEs in Kuching, Sarawak. International Journal of Academic Research in Business and Social Sciences, 13(6), 17261. https://doi.org/10.6007/ijarbss/v13-i6/17261\u003c/li\u003e\n \u003cli\u003eMohammed, A. (2024). The role of fintech on enhancing financial literacy and inclusive financial management in MSMEs. International Journal of Academic Research in Business and Social Sciences, 12(9), 14736-14745. https://doi.org/10.6007/ijarbss/v12-i9/14736\u003c/li\u003e\n \u003cli\u003eMulyati, S., Rahman, M. A., \u0026amp; Zainal, A. (2023). Digital Payment During Pandemic: An Extension of The Unified Model of QR Code. Academic Journal of Interdisciplinary Studies, 10(1), 1-10. https://doi.org/10.36941/ajis-2021-0166\u003c/li\u003e\n \u003cli\u003eMusyaffi, M., Rahman, M. A., \u0026amp; Zainal, A. (2022). Resistance of traditional SMEs in using digital payments: Development of innovation resistance theory. Human Behavior and Emerging Technologies, 4(3), 753-8042. https://doi.org/10.1155/2022/7538042\u003c/li\u003e\n \u003cli\u003eNag, A. K., \u0026amp; Gilitwala, B. (2019). E-Wallet- Factors Affecting Its Intention to Use. International Journal of Recent Technology and Engineering, 8(4), 3411\u0026ndash;3415. https://doi.org/10.35940/ijrte.d6756.118419\u003c/li\u003e\n \u003cli\u003eNama, A., et al. (2021). Successful incorporation of single reviewer assessments during systematic review screening: Development and validation of sensitivity and work-saved of an algorithm that considers exclusion criteria and count. Systematic Reviews, 10(1), 1-12. https://doi.org/10.1186/s13643-021-01632-6\u003c/li\u003e\n \u003cli\u003eNangin, M. A., Barus, I. R. G., \u0026amp; Wahyoedi, S. (2020). The effects of perceived ease of use, security, and promotion on trust and its implications on fintech adoption. Journal of Consumer Sciences, 5(2), 124\u0026ndash;138. https://doi.org/10.29244/jcs.5.2.124-138\u003c/li\u003e\n \u003cli\u003eNarendrar, N. A., Suseno, J. E., \u0026amp; Nugraheni, D. M. K. (2023). Factors influencing interest in continuing use of e-wallet using the Technology Acceptance Model and Task-Technology FIT. Research Gate. https://doi.org/10.375975107\u003c/li\u003e\n \u003cli\u003eNikolopoulou, K. (2022). What is purposive sampling? | definition \u0026amp; examples. Scribbr. https://www.scribbr.com/methodology/purposive-sampling/\u003c/li\u003e\n \u003cli\u003eNuryyev, E., et al. (2020). Blockchain technology adoption behavior and sustainability of the business in tourism and hospitality SMEs: An empirical study. Sustainability, 12(3), 1256. https://doi.org/10.3390/su12031256\u003c/li\u003e\n \u003cli\u003eObal, M., \u0026amp; Kunz, W. (2013). Trust development in e‐services: A cohort analysis of Millennials and Baby Boomers. Journal of Service Management, 24(4), 1-20. https://doi.org/10.1108/09564231311304189\u003c/li\u003e\n \u003cli\u003eOrtiz, J. A. (2023). A tale of two billfolds: A comparative study on behavioral intention of Filipino consumers in using e-wallet and cash during in-store transactions. Journal of Business Research, 1-10. https://doi.org/10.1016/j.jbusres.2023.01.012\u003c/li\u003e\n \u003cli\u003ePaat, N. M., et al. (2022). Analyzing behavioral intention of e-wallet usage in food and beverage at micro small and medium enterprises (MSME) in Manado. Jurnal Emba Jurnal Riset Ekonomi Manajemen Bisnis Dan Akuntansi, 10(2), 39761. https://doi.org/10.35794/emba.v10i2.39761\u003c/li\u003e\n \u003cli\u003eParilla, E. S., \u0026amp; Abadilla, M. E. (2023). Continuous intention to use e-wallet by business owners in the context of the COVID-19 pandemic. International Journal of Entrepreneurship, Business and Creative Economy, 3(1). https://doi.org/10.31098/ijebce.v3i1.1256\u003c/li\u003e\n \u003cli\u003ePertiwi, T. K. (2022). Impact of perceived benefits, security, and privacy on interest in using e-wallet in millennial generation. International Journal of Multidisciplinary Research and Analysis, 5(5). https://doi.org/10.47191/ijmra/v5-i5-22\u003c/li\u003e\n \u003cli\u003ePhan, T., Ho, T., \u0026amp; Le-Hoang, P. (2020). Factors affecting the behavioral intention and behavior of using e\u0026ndash;wallets of youth in vietnam. Journal of Asian Finance Economics and Business, 7(10), 295-302. https://doi.org/10.13106/jafeb.2020.vol7.n10.295\u003c/li\u003e\n \u003cli\u003ePoudel, S. (2023). Adoption of digital payment system among the youths in Pokhara Metropolitan City. Interdisciplinary Journal of Innovation in Nepalese Academia, 2(2), 59495. https://doi.org/10.3126/idjina.v2i2.59495\u003c/li\u003e\n \u003cli\u003ePramudito, D. K., Achmady, S., Dewa, D. M. R. T., Pitri, T., \u0026amp; Hermanto, D. M. C. (2023). The Application of Technology-Organization-Environment Framework to Analyze SME Readiness in Using Digital Payment Applications. \u003cem\u003eJurnal Informasi Dan Teknologi,\u003c/em\u003e 95\u0026ndash;90. https://doi.org/10.60083/jidt.v5i3.406\u003c/li\u003e\n \u003cli\u003ePrima Johan, A., Lukviarman, N., \u0026amp; Eka Putra, R. (2022). Continuous intention to use e-wallets in Indonesia: The impact of e-wallets features. \u003cem\u003eInnovative Marketing,\u003c/em\u003e 18(4), 74\u0026ndash;85. https://doi.org/10.21511/im.18(4).2022.07\u003c/li\u003e\n \u003cli\u003ePurbondaru, A. (2023). Adoption of e-wallets in Indonesia: Integrating mindfulness into the technology acceptance model. Journal of Madani Society, 2(1), 176-185. https://doi.org/10.56225/jmsc.v2i1.176\u003c/li\u003e\n \u003cli\u003ePurnamawati, I. G. A., Yuniarta, G. A., \u0026amp; Herliyani, E. (2023). Dimensions of interest in using e-wallets in online transportation service. Petra International Journal of Business Studies, 6(1), 70\u0026ndash;79. https://doi.org/10.9744/petraijbs.6.1.70-79\u003c/li\u003e\n \u003cli\u003eRabbani, M. (2023). Digital payments in Indonesia: Understanding the effect of application security on user trust. Indonesian Journal of Computer Science, 12(5), 3426-3435. https://doi.org/10.33022/ijcs.v12i5.3426\u003c/li\u003e\n \u003cli\u003eRahiem, M. (2015). On the effects of a firm\u0026rsquo;s size, a sector\u0026rsquo;s technology intensiveness, and propensity to innovation on the adoption of advanced technologies: The case of manufacturing SMEs. International Journal of Business Strategy, 15(1), 6. https://doi.org/10.18374/ijbs-15-1.6\u003c/li\u003e\n \u003cli\u003eRahmadhani, S. D., Buchdadi, A. D., Fawaiq, M., \u0026amp; Prasetya, B. A. (2023). Determinants of intention to use e-wallet in generation z. BISMA (Bisnis Dan Manajemen), 15(1), 60-77. https://doi.org/10.26740/bisma.v15n1.p60-77\u003c/li\u003e\n \u003cli\u003eRamlah, A., et al. (2020). Perception on e-wallet application among night market consumers in Lembah Klang. Journal of Advanced Research in Business and Management Studies, 19(1), 1422. https://doi.org/10.37934/arbms.34.1.1422\u003c/li\u003e\n \u003cli\u003eRao, A. P. \u0026amp;. T. H. \u0026amp;. R. D. \u0026amp;. H. R. (2021). Is the Convenience Worth the Risk? An Investigation of Mobile Payment Usage. ideas.repec.org. https://ideas.repec.org/a/spr/infosf/v23y2021i4d10.1007_s10796-020-10070-z.html\u003c/li\u003e\n \u003cli\u003eRaviKumar, T., Suresha, B., Sriram, M., \u0026amp; Holla, M. (2022). Customer perception towards e-wallets: A case study on Indian consumers. Research Journal of Social Science and Management, 11(2), 47-57. https://doi.org/10.36079/lamintang.ijssm.2022.11.2.47-57\u003c/li\u003e\n \u003cli\u003eRavikumar, T. (2019). Impact of digital payments on economic growth: Evidence from India. International Journal of Innovative Technology and Exploring Engineering, 8(1), 2278-3075. https://doi.org/10.35940/ijitee.L3432.1081219\u003c/li\u003e\n \u003cli\u003eRhaiem, K. (2015). The impact of strategic management and innovation on internationalization: An empirical study of Canadian manufacturing SMEs. International Journal of Business Research, 15(1), 101\u0026ndash;116. https://doi.org/10.18374/ijbr-15-1.9\u003c/li\u003e\n \u003cli\u003eRogers, E. (1962). Diffusion of innovations (3rd ed.). Library of Congress Cataloging in Publication Data.\u003c/li\u003e\n \u003cli\u003eRazali, M., \u0026amp; Zainal, A. (2020). Maqasid Shariah HIFZ MAL in E-Wallet Application. Islamiyyat, 43(1), 10-20. https://doi.org/10.17576/islamiyyat-2021-4301-10\u003c/li\u003e\n \u003cli\u003eSalazar, C., Zurita, G., \u0026amp; Wilder Iba\u0026ntilde;ez. (2024). Use of e-wallets and their impact on SME business transactions. European Conference on Innovation and Entrepreneurship, 19(1), 694-702. https://doi.org/10.34190/ecie.19.1.2596\u003c/li\u003e\n \u003cli\u003eShinozaki, S., \u0026amp; Rao, L. (2021). COVID-19 impact on micro, small, and medium-sized enterprises under the lockdown: Evidence from a rapid survey in the Philippines. Asian Development Bank Institute. https://www.adb.org/sites/default/files/publication/677321/adbi-wp1216.pdf\u003c/li\u003e\n \u003cli\u003eSlade, E. L., Dwivedi, Y. K., Piercy, N. C., \u0026amp; Williams, M. D. (2015). Modeling consumers\u0026rsquo; adoption intentions of remote mobile payments in the United Kingdom: Extending UTAUT with innovativeness, risk, and trust. Psychology and Marketing, 32(8), 860\u0026ndash;873. https://doi.org/10.1002/mar.20823\u003c/li\u003e\n \u003cli\u003eSusanty, L., Arifin, A., Darmadi, D., Yuliana, Y., Ismawati, I., \u0026amp; Sofyan, A. T. (2020). Children and young people\u0026rsquo;s social media platforms: Benefits and implications. Edukasi Islami: Jurnal Pendidikan Islam, 9(2). https://doi.org/10.30868/ei.v9i02.1334\u003c/li\u003e\n \u003cli\u003eSah, A. (2024). Touch \u0026apos;N Go E-Wallet: A User Experience Questionnaire (UEQ) Analysis for Improvement. International Journal of Accounting \u0026amp; Finance in Asia Pasific, 5(1), 1416-1428. https://doi.org/10.32535/ijafap.v5i1.1416\u003c/li\u003e\n \u003cli\u003eSaong, M., Zu\u0026ntilde;iga, E., \u0026amp; Palmares, K. (2023). Satisfaction with and challenges of bank remittance in student payments in the philippines. International Journal of Academe and Industry Research, 4(3), 20-36. https://doi.org/10.53378/353001\u003c/li\u003e\n \u003cli\u003eSiedlecki, S. L. (2020). Understanding Descriptive Research Designs and Methods. Clinical Nurse Specialist, 34(1), 8\u0026ndash;12. Research gate. https://doi.org/10.1097/NUR.0000000000000493\u003c/li\u003e\n \u003cli\u003eSingh, N., Srivastava, S., \u0026amp; Sinha, N. (2017). Consumer preference and satisfaction of M-wallets: a study on North Indian consumers. \u003cem\u003eInternational Journal of Bank Marketing,\u003c/em\u003e 35(6), 944\u0026ndash;965. https://doi.org/10.1108/ijbm-06-2016-0086\u003c/li\u003e\n \u003cli\u003eTang, Y. (2023). Central Bank Digital Currencies: A Comprehensive Study of Characteristics, Implications and Future Perspectives. Advances in Economics Management and Political Sciences, 65, 1-10. https://doi.org/10.54254/2754-1169/65/20231641\u003c/li\u003e\n \u003cli\u003eTian, Y., Chan, T. J., Suki, N. M., \u0026amp; Kasim, M. A. (2023). Moderating role of perceived trust and perceived service quality on consumers\u0026rsquo; use behavior of alipay e-wallet system: the perspectives of technology acceptance model and theory of planned behavior. Human Behavior and Emerging Technologies, 2023, 1-14. https://doi.org/10.1155/2023/5276406\u003c/li\u003e\n \u003cli\u003eTo, A. T., \u0026amp; Trinh, T. H. M. (2021). Understanding behavioral intention to use mobile wallets in Vietnam: Extending the TAM model with trust and enjoyment. Cogent Business \u0026amp; Management, 8(1), 1891661. https://doi.org/10.1080/23311975.2021.1891661\u003c/li\u003e\n \u003cli\u003eVenkatesh, V., Morris, M. G., Davis, G. B., \u0026amp; 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\u003c/li\u003e\n \u003cli\u003eYang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., \u0026amp; Zainol, N. R. (2021). Cashless Transactions: A Study on Intention and Adoption of e-Wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su13020831\u003c/li\u003e\n \u003cli\u003eZamil, A., Rahman, M. A., \u0026amp; Rahman, M. M. (2022). An ounce of prevention or a pound of cure? Multi-level modelling on the antecedents of mobile-wallet adoption and the moderating role of e-WoM during COVID-19. Frontiers in Psychology, 13, 1002958. https://doi.org/10.3389/fpsyg.2022.1002958\u003c/li\u003e\n \u003cli\u003eZhang, L., Zhu, J., \u0026amp; Liu, Q. (2020). A meta-analysis of mobile payment adoption factors in a world of smartphones. International Journal of Information Management, 50, 131\u0026ndash;143. https://doi.org/10.1016/j.ijinfomgt.2\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"Mapúa University","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Small-Medium Enterprises, Demographic Factors, E-wallet, Business, Descriptive-Comparative, Digital payment, Davao City, Generational Differences","lastPublishedDoi":"10.21203/rs.3.rs-5967023/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5967023/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThis study investigated the preference of e-wallets among SME owners in the downtown area of Davao City, focusing on the relationship between demographic factors and e-wallet preferences. Despite the growing adoption of e-wallets for business transactions, limited research has examined the demographic influences on their use. The study employed a descriptive-comparative research design, surveying 100 SME owners using a 27-item questionnaire. The findings reveal that middle-aged SME owners (ages 40\u0026ndash;49) in the retail sector with 3\u0026ndash;5 years of business experience are likelier to adopt e-wallets, prioritizing security and performance. Younger SME owners (ages 18\u0026ndash;29) also exhibited significant differences in e-wallet use, indicating generational variations in technology adoption. Other demographic factors, including income, industry, and operations, did not show considerable influence. The study concludes that age is a key factor in e-wallet adoption and recommends targeted strategies by e-wallet providers to promote broader usage and enhance trust in digital payment systems.\u003c/p\u003e","manuscriptTitle":"Small-Medium Enterprises Owners’ Preference for E-Wallet Payment in Transactions","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-02-12 11:22:04","doi":"10.21203/rs.3.rs-5967023/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"1de890c4-cc01-43da-be32-9355da36c108","owner":[],"postedDate":"February 12th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":43893561,"name":"Finance"},{"id":43893562,"name":"Management"}],"tags":[],"updatedAt":"2025-02-12T11:22:04+00:00","versionOfRecord":[],"versionCreatedAt":"2025-02-12 11:22:04","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-5967023","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5967023","identity":"rs-5967023","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}