Determinants of E-Wallet Adoption Among Generation Z in Indonesia: An Extended UTAUT3 Model Integrating Personal Innovativeness and Perceived Security

This research investigates the factors influencing the behavioral intention and actual use of e-wallets among Generation Z by extending the UTAUT3 model to include personal innovativeness and perceived security. The study employs a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected from 535 Generation Z e-wallet users between 15 January and 28 February 2026. The results reveal that traditional determinants such as performance expectancy, effort expectancy, facilitating conditions, and hedonic motivation do not significantly influence behavioral intention in a mature digital environment. In contrast, social influence, price value, habit, personal innovativeness, and perceived security significantly shape users’ intentions. Furthermore, the findings indicate that behavioral intention fully mediates the relationship between personal innovativeness and perceived security with actual usage behavior. This suggests that although users may possess innovative tendencies and perceive strong security, these factors influence usage only through the formation of intention. The study also shows that Generation Z demonstrates a strong ability to manage financial activities independently within digital platforms, reflecting high levels of digital and financial literacy. At the same time, users remain highly aware of potential risks, particularly regarding data privacy and transaction security, which significantly affect their intention to adopt e-wallet services. Additionally, actual usage behavior is primarily driven by habit and behavioral intention, indicating routinized usage patterns. Overall, this study highlights the critical roles of trust, social influence, and behavioral reinforcement in explaining technology adoption among Generation Z.