From Digital Transactions To Financial Intelligence: Experiential Learning Through e-Wallet Adoption To Boost Msme Financial Performance

Siti Munfaqiroh; Zahroh Roudhotul Yumna; Afizah Sabrina Ainurohmah

doi:10.32535/ijafap.v9i1.5066

From Digital Transactions To Financial Intelligence: Experiential Learning Through e-Wallet Adoption To Boost Msme Financial Performance

Siti Munfaqiroh, Zahroh Roudhotul Yumna, Afizah Sabrina Ainurohmah

Abstract

This paper examines how experiential learning generated through e-wallet adoption strengthens the financial performance of Micro, Small, and Medium Enterprises (MSMEs), with financial literacy as an intervening variable. Indonesia's rapid digital-transaction growth has often outpaced business owners' financial management skills. Drawing on the Technology Acceptance Model and Kolb's Experiential Learning Theory, this study proposes that habitual e-wallet use through automated transaction logs, instant balance alerts, and transparent cash-flow visibility functions as an informal financial-education channel that builds owners' financial competence. A quantitative PLS-SEM approach was applied using SmartPLS 4 on 95 purposively selected MSME actors from the Nozama Community, Malang. Results show that e-wallet usage significantly predicts both financial literacy (? = 0.491; p < 0.001) and financial performance (? = 0.396; p = 0.001), while financial literacy significantly predicts financial performance (? = 0.449; p < 0.001) and partially mediates the relationship between e-wallet usage and financial performance (? = 0.220; p = 0.002). Overall, the findings indicate that digital payment technology contributes most strongly to MSME sustainability when routine transactional experience is converted into genuine financial intelligence among micro-entrepreneurs.

Keywords

E-Wallet Adoption; Experiential Learning Theory; Financial Performance; Financial Literacy; MSMEs

Full Text:

PDF

References

Ahmad Alfaishal Amrullah, Anisya, Anna Syahrani, Indra Warman, & Minarni. (2023). Survei user experience dompet digital menggunakan metode kuesioner. Jurnal DEVICE, 13(2), 156-161.

Anushia Chelvarayan, Sook Fern Yeo, Han Hui Yi, & Hazlaili Hashim. (2022). E-Wallet: A study on cashless transactions among university students. F1000Research, 11, 687. https://doi.org/10.12688/f1000research.73545.1

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. https://doi.org/10.3390/joitmc7020132

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

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.

Kolb, D. A. (1984). Experiential learning: Experience as the source of learning and development. Prentice-Hall.

Komang Ayu Nadya Suhita Lestari, Etty Puji Lestari, & Sri Astuty. (2024). The influence of good corporate governance, corporate social responsibility, and financial literacy principles on the financial performance of village credit institutions. International Journal of Applied Business and International Management (IJABIM), 9(1), 1-13.

Long, T. Q., Morgan, P. J., & Yoshino, N. (2023). Financial literacy, behavioral traits, and ePayment adoption and usage in Japan. Financial Innovation, 9(1), 101. https://doi.org/10.1186/s40854-023-00504-3

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5

Marvello Yang, Abdullah Al Mamun, Md. Mohiuddin, Noorshella Che Nawi, & Nurul Ridwan Zainol. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su1302831

Maria Widyastuti, Deograsias Yoseph Yustinianus Ferdinand, & Margaretha Zhilla Natasya Kunang. (2025). Financial performance and business sustainability through financial literacy and inclusion among East Java MSME actors. International Journal of Applied Business and International Management (IJABIM), 10(2), 45-58.

Min Yee Leong, Jing Hui Kwan, & Lai Ming Ming. (2021). Technology readiness and UTAUT2 in e-wallet adoption in a developing country. F1000Research, 10, 863. https://doi.org/10.12688/f1000research.72853.1

Mohd Shafie Rosli, Nor Shela Saleh, Azlah Md. Ali, & Suaibah Abu Bakar. (2023). Factors determining the acceptance of e-wallet among Gen Z from the lens of the extended Technology Acceptance Model. Sustainability, 15(7), 5752. https://doi.org/10.3390/su15075752

Ni Putu Yeni Astiti, G. Oka Warmana, & Miftahul Hidayah. (2019). Financial literation and investment decision behavior of entrepreneurs in Bali. International Journal of Applied Business and International Management (IJABIM), 4(3), 12-22.

Noorshella Che Nawi, Abdullah Al Mamun, Naeem Hayat, & Linda Seduram. (2022). Promoting sustainable financial services through the adoption of eWallet among Malaysian working adults. SAGE Open, 12(3), 1-15. https://doi.org/10.1177/21582440221114588

Noorshella Che Nawi, Husna Sarirah Husin, Noura Said Al-Jahwari, Siti Afiqah Zainuddin, Noor Ullah Khan, Ariezal Afzan Hassan, Wan Suzanna Aafanii Adeeba Wan Ibrahim, Amaal Fadhlini Mohamed, Nazatul Syima Mohd Nasir, & Md Zaki Muhamad Hasan. (2024). The path to sustainability begins with going paperless: Antecedents of intention to use electronic wallet using serial mediation approach. Heliyon, 10(1), e24127. https://doi.org/10.1016/j.heliyon.2024.e24127

Shinta Heru Satoto, & Hasa Nurrohim Kurniawan Putra. (2021). The effect of financial literacy and other determinants on the intention to use electronic money: Consumer behavior as a variable mediation. International Journal of Applied Business and International Management (IJABIM), 6(3), 33-45.

Siti Khusnul Rifani, Nina Fapari Arif, Riko Setya Wijaya, & Fathi Habibatur Rahman. (2025). The impact of digital marketing, market orientation, entrepreneurial competencies, and entrepreneurship characteristics on the fashion MSMEs performance in Yogyakarta. International Journal of Applied Business and International Management (IJABIM), 10(1), 89-102.

Thai Siew Bee, & Kuwa Yan Ying. (2021). An examination of determinants for e-wallet adoption in Malaysia: A combined approach. F1000Research, 10, 1155. https://doi.org/10.12688/f1000research.73402.1

Trinh Quang Long, Peter J. Morgan, & Naoyuki Yoshino. (2023). Financial literacy, behavioral traits, and ePayment adoption and usage in Japan. Financial Innovation, 9(1), 101. https://doi.org/10.1186/s40854-023-00504-3

Yang, M., Al Mamun, A., Mohiuddin, M., Che Nawi, N., & Zainol, N. R. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su1302831

Ye, J., & Kulathunga, K. M. M. C. B. (2019). How does financial literacy promote sustainability in SMEs? A developing country perspective. Sustainability, 11(10), 2990. https://doi.org/10.3390/su11102990

Zahroh Roudhotul Yumna. (2026). Pengaruh penggunaan e-wallet terhadap kinerja keuangan UMKM dengan literasi keuangan sebagai variabel mediasi (Studi pada UMKM Komunitas NOZAMA Malang) [Skripsi, Sekolah Tinggi Ilmu Ekonomi (STIE) Malangkuçeçwara].

DOI: https://doi.org/10.32535/ijafap.v9i1.5066