Study on Acceptance of Digital Payments Among the Elderly in Malaysia

Yoon-Mei Chin (), Pei-Yew Mah, Pik-Yin Foo, Kogilavani Apadore, Chun-T’ing Loh and Sonia Johanthan
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Yoon-Mei Chin: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance
Pei-Yew Mah: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance
Pik-Yin Foo: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance
Kogilavani Apadore: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance
Chun-T’ing Loh: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance
Sonia Johanthan: Universiti Tunku Abdul Rahman, Teh Hong Piao Faculty of Business and Finance

A chapter in Proceedings of the 13th International Conference on Business, Accounting, Finance and Economics (BAFE 2025), 2025, pp 101-111 from Springer

Abstract: Abstract The adoption of digital payment systems has grown rapidly worldwide, yet elderly populations face challenges in embracing this shift. This study investigates the factors influencing digital payment adoption among the elderly in Kampar, Perak, a former mining town in Malaysia with a growing elderly population. Despite government efforts to promote financial digitalization, many older adults remain hesitant to transition from traditional cash transactions to digital payments due to technological barriers, security concerns, and a lack of familiarity with digital financial tools. Survey data will be collected from elderly residents in Kampar to understand their perceptions, barriers, and facilitating conditions of digital payment adoption. The study employs the Technology Acceptance Model (TAM) and Protection Motivation Theory (PMT) to analyze how facilitating conditions, awareness and knowledge, and perceived benefits, barriers, and perceived risks influence their intention to adopt digital payments. Findings from this study will provide insights into the digital divide among elderly populations, informing policymakers and financial institutions on developing more user-friendly digital payment solutions. By addressing the challenges faced by elderly individuals in Kampar, this research aims to contribute to discussions on financial inclusion and digital literacy in Malaysia. The study’s recommendations can aid in guiding training programs and simplifying digital payment interfaces, to enhance financial accessibility for the elderly. Ultimately, this research seeks to bridge the gap between technological advancements and the practical needs of an aging population, to ensure that no segment of society is left behind in the digital economy.

Keywords: Digital Payment; Technology Acceptance Model; Protection Motivation Theory; Digital Literacy (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-968-1_9

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