UNVEILING OF GENERATION Z’S INTENTION TO ADOPT E-MONEY AMID PAYMENT DIGITALIZATION: EVIDENCE FROM HIGHER EDUCATION STUDENTS

Satria Abadi (Universiti Pendidikan Sultan Idris)
Mohd Hishamuddin bin Abdul Rahman (Faculty of Computing and Meta-Technology, Universiti Pendidikan Sultan Idris)
Febriansyah Febriansyah (Department of Magister Management, Institut Informatika dan Bisnis Darmajaya, Lampung)
Febby Angelia (Department of Accounting, Universitas Kartamulia Sukatani, Purwakarta, Jawa Barat)

Journal of Marketing and Business Intelligence
Vol. 4 No. 1 (2026): JMBI (Journal of Marketing and Business Intelligence)

The rapid digitalization of payments has propelled e-money adoption, yet Generation Z’s (Gen Z) intentions remain underexplored, particularly among higher-education students in Indonesia. This study aims to investigate several factors affecting the behavioral intentions of Generation Z in Indonesian higher education institutions' use of e-money payment. The study extended the Technology Acceptance Model (TAM) integrated with the Technology-Organization-Environment (TOE) framework. Using a quantitative approach, we surveyed 300 students from public and private universities in Indonesia, analyzing data via Structural Equation Modeling-Partial Least Squares (SEM-PLS). Findings reveal that perceived usefulness, perceived ease of use, digital literacy, and social factors significantly influence adoption intentions amid digital payment ecosystem challenges. These insights offer practical implications for e-money providers, policymakers, and educators in fostering digital entrepreneurship among Gen Z, contributing to Indonesia's cashless society agenda and MSME competitiveness in fintech-driven markets.