Indonesian Journal of Business Analytics (IJBA)

Vol.3, No.4, 2023: 1401-1424

Impact of E-Payment Platforms Among

Selected MicroEntrepreneurs in Taguig City:
Determinants for Enhanced
Guidelines in Collection and Disbursement
Process

Kim Joshua Pueblos1*, Emilio Timoteo Jr2

1
Taguig City University
2
Polytechnic University of the Philippines
Corresponding Author: Kim Joshua Pueblos
kjpueblos@[Link]

ARTICLEIN been identified as a key factor in

FO driving financial inclusion and
Keywords: E-Payment, economic growth, especially in
Cashless Transaction, emerging nations. However, limited
Micro- research exists on the impact of e-
Entrepreneurs, payment platforms on micro-
Collection, entrepreneurs. This study aims to
Disbursement investigate the impact of epayment
platforms among selected
Received : 10, June microentrepreneurs in Taguig City and
Revised : 15, July to identify the determinants for
Accepted: 21, August
enhanced guidelines for the collection
and disbursement process using the e-
©2023 M, Jr: This is
an open-access
payment system. A quantitative
article distributed method of research and exploratory
under the terms of design with the use of a survey
the Creative questionnaire was employed. The
Commons Atribusi 4.0 study found that an effective
Internasional. epayment platform is characterized by
its ease of learning, control, and
navigation, as well as the ability to
ABSTRACT
increase the security of financial
The increasing use of
transactions. Moreover, the study
e-payment as a
revealed that epayment platforms can
mode of settling
help increase sales, enhance collection
financial obligations
convenience, and simplify salary
has become more
disbursements. However, the study
prevalent due to
also identified technical problems as
Covid-19 and
the most common issues encountered
physical distancing
in using e-payment platforms. This
measures. This has
study provides valuable insights for
Pueblos, Timoteo
policymakers, in enhancing e-payment guidelines for
financial service the collection and disbursement
providers, and process, and contributes to the
microentrepreneurs literature on the impact of e-payment.

1401 DOI: [Link]

(
ISSN-E: 2808-0718
[Link]

INTRODUCTION
A cashless society is one where financial
transaction are executed digitally, without physical
banknotes changing hands; it makes use of
electronic forms of payment such as credit and
debit cards, mobile wallets, payment apps, internet
banking, a cashless point of sales (POS) systems,
and other forms of digital payments (The pros and
cons of a cashless society, 2019). A cashless
transaction is an automated or online operation
that may take place between two people, business
or organizations (Nair, 2019). While JCM Global
(2020) states that a cashless payment is any
transaction that doesn’t use traditional, physical
currency. Massally et al (2019) states that digital
payment is a monetary transaction between two
parties with the use of digital payment instrument
(like bank transfer, mobile wallet, etc.) in which
both payor and payee use an electronic medium.
There is an increasing rate of using E-
payment as a mode of settling an individual's
financial obligations. Due to Covid-19, the World
Health Organization (WHO) is encouraging the
public to observe physical distancing. Following the
minimum health safety protocols will help to
decrease the transmission of the virus. In recent
years, the trend in using electronic payments
rather than physical cash is growing, and due to
Coronavirus, which gives tendency to avoid
unnecessary physical contact, the trend of cashless
society is likely to accelerate (Pettinger, 2020). In
addition, everyone has the obligation to be more
cautious and contribute to the recovery of the
country’s health sector and economy. Furthermore,
according to Le and Lim (2019), many lives and
livelihood in 2020 were lost due to COVID – 19
Pandemic, but due to the situation, it also helps the
transition of Asia to digital financial services; The
digital payment ecosystem in the region is growing
as countries collaborate to connect their domestic
payment system despite border restrictions.
1402
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
The Philippine Government is also
encouraging the public to use the digital payment
platforms to avoid physical contact and observe the
health protocols. The Government is trying to
persuade the people to take advantage of modern
technology. They are endorsing to use the online
platforms such as zoom, google meet for
organizational meetings and events, and using
epayment applications such as Gcash, Paymaya,
online banking, etc. to avoid physical contact.
According to Vea (2021) as cited in Abadilla (2021),
nowadays, consumer used their phones in ordering
online and paying cashless, and many businesses is
migrating to digital, so there’s no turning back now
when it comes to digital payments and e –
Commerce in the Philippines. By utilizing such
technology, it will help the public to avoid getting
Covid-19 virus and decrease its transmission. As
the government promoted cashless transactions as
part of the health protocols to prevent the spread
of the virus, Filipinos now become digital payment
centric, and it becomes the most preferred mode of
settlement (Manila Standard, 2021).
The DTI e-Commerce Philippines 2022
Roadmap shows the step-by-step narrative that
contains an assessment of our current situation,
our goals and objectives, and strategies and
measures of success. Thus, having a phase 1 as a
review, phase 2 as engagement phase, phase 3 as
formulation, phase 4 as public launch of e-
Commerce Philippines 2022 Roadmap, and lastly
the Phase 5 as Communication, information and
advocacy campaign on e-Commerce 2022
Roadmap. Furthermore, Local Government Units
(LGUs), other government agencies and businesses
are now accepting digital payment. It provides
convenience in receiving and paying financial
obligations to the government and other
businesses. For instance, the Bureau of Internal
Revenue (BIR) allows the public to pay their taxes
thru online platforms, like Gcash, Paymaya, and
accredited online banking services. According to
Bangko Sentral ng Pilipinas (2020) as Cited in
Agcaoili (2020), more agencies and local
government units (LGUs) are now allowing
individuals and businesses to pay taxes, permits
and other obligations to the government digitally.
With the help of LGUs and other government
agencies, the public is now utilizing the e-payment
1403
Pueblos, Timoteo
platforms that are currently available in the
country. Diokno (2021) as cited in Manila Standard
(2021) states that, “We expect a coinless society by
2025; the BSP expects the transition to gather pace
amid the rise in electronic payments during the
pandemic; in view of this, the BSP will continue to
engage the public to ensure that Filipinos will adjust
well to this transformation”.
It is more practical and cost-effective to
adapt the digital payment rather than pursuing
cash settlement of obligations. Maintaining a lot of
cash will also corresponds to higher cost for the
businesses and for the banks. Moreover, there will
be enormous benefits for the private and public
sector if they work together to adapt the latest
technology and gain the cashless society’s full
potential. According to Wang (2020), the cost
associated with handling and transporting cash will
be gone thru eliminating cash payment, and given
the fixed cost associated with accepting cash, it is
more cost – effective for some business to not
accept cash at all. Furthermore, Cashless
transaction does not require physical contact by the
parties involved and FIAT Currency, making it more
convenient to the payor and the payee. Sy (2020)
as cited in Endo (2020) states that, “In a world
where digital is the new normal, financial
technology should be considered the bedrock of
digital services”; “Aside from the convenience, it is
also less risky than cash handling, more efficient
than physical payments, and is also very
transparent”.
As the modern economy moves toward a
rebound, the importance of the digital
transformation has been highlighted in literature for
organizations to prosper in the new normal.
However, there has only been a minimal amount of
attention paid to focused on the firms' historical
growth circumstances, which could influence the
spread of electronic payments. Thus, the objective
of this study is to know the impact of e-payment
platforms among selected Microentrepreneur in
Taguig City since it is widely used due to Covid-19
pandemic, the problems encountered in using e-
payment systems, and to proposed guidelines in
collection and disbursement process.

1404
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
THEORETICAL REVIEW
Technological Acceptance Model (TAM)
The Technological Acceptance Model (TAM) is
a modified version of the Theory of Reasoned
Action (TRA) developed by Fishbein and Ajzen. It
was introduced by Davis in 1986 and aimed to
explain how users adopt and use technology.
According to Davis (1989), as cited in Restianto et
al. (2018), the primary objective of TAM is to
provide a theoretical framework that encompasses
users' beliefs, attitudes, and intentions. TAM
suggests that perceived usefulness and perceived
ease of use are two key factors that significantly
influence users' acceptance of an information
system. These factors play a crucial role in shaping
users' behavior toward technology adoption.
Restianto et al. (2018) further emphasize that TAM
highlights two essential elements that impact
technology integration. The first element is the
users' perception of the technology's usability,
while the second element is the perceived
convenience of its use. TAM aims to elucidate the
underlying mechanisms that drive technology
acceptance, enabling researchers to predict user
behavior and provide a theoretical foundation for
successful technology implementation.
Perceived usefulness refers to users'
perception of how much a particular technology
enhances their performance and productivity. It
represents the users' belief in the ability of the
technology to help them achieve their goals and
improve their work efficiency. Venkatesh et al.
(2003) emphasize that perceived usefulness is a
critical factor influencing the acceptance and
adoption of technology. Users are more likely to
embrace and utilize technology if they perceive it
as helpful in facilitating their tasks and contributing
to their overall effectiveness.
Perceived ease of use is the users'
perception of how effortless it is to use and
understand a particular technology. It reflects the
extent to which users believe that the technology
requires minimal effort and is simple to learn.
Venkatesh et al. (2003) emphasize that perceived
ease of use is a significant predictor of user
acceptance and technology usage. Users are more
likely to adopt and utilize technology if they
perceive it as easy to use and navigate.

1405
Pueblos, Timoteo
Intention to use refers to the user's
willingness or motivation to use a technology. It
represents the user's conscious decision and
commitment to utilizing the technology in their
tasks or activities. Intention to use is a crucial
variable in TAM as it directly influences actual
technology usage. It is influenced by both
perceived usefulness and perceived ease of use.
Venkatesh and Davis (2000) highlight the
importance of intention to use in understanding
users' behavioral intentions and subsequent
technology adoption.
Actual use refers to the extent to which
users engage in the actual utilization of a
technology after adopting it. It measures the user's
real-life usage of the technology in their work or
daily activities. Venkatesh and Davis (2000) assert
that actual use is influenced by both perceived
usefulness and perceived ease of use. The more
users perceive the technology as useful and easy to
use, the more likely they are to actively use it in
practice.
Both perceived usefulness and perceived
ease of use are interrelated and critical
determinants of technology acceptance. According
to Davis (1989), users are more likely to adopt a
technology if they perceive it to be both useful
and easy to use. The adoption of digital payment
systems by customers has been thoroughly
studied using the Technology Acceptance Model
(TAM), it has been disclosed. It has been
discovered that perceived utility and perceived
simplicity of use are the most crucial elements
that positively affect a consumer's attitude. In
addition to these, simplicity, awareness level,
mobility, trust, and security also play a role.

Figure 1. Technological Acceptance Model (TAM)

1406
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
HYPOTHESIS
This research will test and assess the hypothesis:
H1: There is no significant relationship
between the level of effectiveness of the e-
payment platform used by micro-entrepreneurs
and their business profile?
H2: There is no significant relationship between
the impact of e-payment platform and
microentrepreneurs’ business profile?

METHODOLOGY

For this purpose, the researcher decided to

utilize a quantitative method of research and
exploratory design with use a survey questionnaire.
The researcher used purposive sampling method.
Samples will be chosen from the members of the
population that are currently using e-payment
system/s to be able of having a chance of being
included in the survey. The respondents must
currently use any e-payment platforms available in
the Philippines in their business operations to be
able to satisfy the objective of this research. The
respondents of the study are the micro-
entrepreneurs that used e-payment platform in
their business operation. Since the Taguig City is
divided in to two districts, namely district one and
district two, therefore the respondents are also
categorized into two. First are the micro-
entrepreneurs form New Lower
Bicutan. Second, are the micro entrepreneurs form
South Signal Village with fifty (50) respondents per
barangay as per experts advise. Survey
questionnaires is adapted and modified from the
author, Adeyinka Tella and Isah Abdulmumin, from
their research entitled “Predictors of Users’
Satisfaction with E-payment System: A Case Study
of Staff at the University of Ilorin, Nigeria”. The
research instrument is a survey questionnaire
through google forms and/ or Paper, to be able to
reach out to the Micro Entrepreneurs in Taguig with
accordance to the health protocols implemented by
the government. In the statistical treatment of
data, the researcher used the frequency and
percentage distribution to determine the frequency
counts and percentage distribution of respondents
with their profiles, and the problems encountered in
the use of e-payment platform. In addition, the
1407
Pueblos, Timoteo
researcher used the weighted mean with 4.0 Likert
scale to measure the level of effectiveness and the
impact of usage of e-payment platform to the
selected microentrepreneur respondents in Taguig.
Lasty, the Chi-square, to test the significant
relationship of between the effectiveness of e-
payment and the respondents business profile, and
the impact of e-payment and the respondents
business profile.

Arbitrary Rating Scale

The researcher utilized 4.0 Likert Scale to assess

the experience of microentrepreneurs regarding
the impact of implementing e-payment systems.
This arbitrary rating scale allowed the
quantification of micro-entrepreneurs' experiences
with e-payment systems, providing valuable
insights into their perceptions of its impact and
effectiveness."

Scal Weighted Verbal Other Verbal

e Average Interpretation Interpretation

4 3.5-4.0 Strongly Agree Very Effective or High

Impact

3 2.5-3.49 Agree Effective or have an

impact

Not effective or no
2 1.5-2.49 Disagree
Impact

1 1.0-1.49 Strongly Not effective at all or

Disagree no impact at all

Figure 4. 4.0 Likert Scale

RESULTS AND DISCUSSION

Table 1. Business Profile in terms of Location

Barangay Frequency Percentage
Barangay New Lower Bicutan 50 50
Barangay South Signal Village 50 50
1408
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
Total 100 100

The table 1 displayed the categories in terms

of business location, namely the Barangay New
Lower and Barangay South Signal Village. The
researcher deliberately divides the number of
respondents per barangay to follow the expert’s
recommendation to have a 50 respondents per
barangay.

Table 2. Business Profile in terms of Classification

Classification Frequency Percentage
Manufacturer/ Producer 3 3
Wholesaler 28 28
Service 20 20
Retailer 49 49
Total 100 100

The categories above are the Philippine

standard industrial classification (PSIC), based on
the DTI’s application for business. Based on the
findings, there are higher number of businesses
that are engaged in retail, wholesale business,
and service industry. These findings are consistent
to the study of Raon et al. (2021) about the
adaption of e-payment system in the Philippines,
that in the Bonifacio Global City located inside of
Taguig City, restaurants, retail shops, and
convenience stores in the area accept digital
transactions from platforms such as GCash and
PayMaya.

Table 3. Business Profile in terms Years of Operation

Years in Operation Frequency Percentage
Less than 1 year 22 22
1 to 3 years 28 28
3 to 5 years 9 9
5 years and more 41 41
Total 100 100

Based on the findings, there are higher

number of businesses that are engaged in retail,
wholesale business, and service industry. According
to
1409
Pueblos, Timoteo
Khamis et al. (2018), in the first three years of
business operation, the main challenge is to
achieve financial stability. It’s also important to
note that about 80% percent of startups survive
their first year, and only about half of small
businesses survive passed the five-year mark,
ranging from 45.4% to 51% depending on the year
the business was started (Otar, 2018).

Table 4. Business Profile in terms of E-

payment Platform Use
Application Frequency Percentage Ran
k
Online Banking 49 49 2
Credit Card 20 20 3
Debit Card 17 17 4
Electronic Wallet (Gcash, Paymaya, etc.) 68 68 1
Crypto Wallet 0 0 6
Other e-payment system/ application 5 5 5

Based on the findings, the majority of the

respondents are using electronic wallets and online
banking as their primary e-payment applications,
followed by credit cards and debit cards. These
findings are consistent with the study of Raon et al.
(2021), that in the area of Taguig City,
establishments such as restaurants, retail shops,
and convenience stores in the area accept digital
transactions from platforms such as GCash and
PayMaya. Moreover, Kilay et al. (2022) study The
Influence of E-Payment and E-Commerce Services
on Supply Chain Performance: Implications of Open
Innovation and Solutions for the Digitalization of
Micro, Small, and Medium Enterprises (MSMEs) in
Indonesia.
These findings support that applications indicated in the
table above are

Table 5. Level ofIndicators

Effectiveness of the E-payment VI Rank
platform use by the Business in terms of Usefulness

Mean
1. E-payment system is more effective in 3.62 Strongly Agree 1
terms of security of financial transactions.
2. E-payment system is very fast and
effective in
paying financial obligations and received the 3.53 Strongly Agree 4.
1410
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
payment from clients on a timely manner. 5
3. Using e-payment system is stress free,
3.61 Strongly Agree 2
accessible and very convenient
4. Using e-payment system is more effective
4.
in identifying the transaction and payment 3.53 Strongly Agree
5
details.
5. Using e-payment system effective to
3.55 Strongly Agree 3
easily trace financial transactions
Overall Mean 3.57 Strongly Agree

Legend: 3.50 - 4.00 Strongly Agree, 2.50 - 3.49 Agree,

1.50 - 2.49 Disagree, 1.00 - 1.49 Strongly Disagree
recognized platforms for conducting electronic
payments.
Based on the findings, the main indicator of
the perceived usefulness of e-payment platform is
to increase the security of financial transactions,
having a stress-free environment, accessible and
very convenient. This finding is consistent with the
study of Oyekanmi et al. (2021) investigates the
determinants of e-payment adoption among micro
and small enterprises in Nigeria. One of the findings
is that the key determinants for electronic
payments are convenience, security and safety,
trust, and social influence. The findings support the
result of the present study, which indicates that
security, accessibility, convenience, traceability,
speed, and identifying transactions are the key
indicators of the perceived usefulness of e-payment
platforms.

Table 6. Level of Effectiveness of the E-payment

platform use by the Business in terms of Ease of Use
Indicators Mean VI Ran
k
1. Easy to learn, control and navigate 3.62 Strongly Agree 1
2. Clear and easy to understand 3.36 Agree 5
3. Easy to adapt and flexible 3.51 Strongly Agree 3
4. Easy to transfer funds/ pay financial
3.56 Strongly Agree 2
obligations
5. E-payment system makes work simple
3.48 Agree 4
and easy
Overall Mean 3.51 Strongly Agree

1411
Pueblos, Timoteo
Legend: 3.50 - 4.00 Strongly Agree, 2.50 - 3.49 Agree,
1.50 - 2.49 Disagree, 1.00 - 1.49 Strongly Disagree

Based on the findings, the main indicator of

the perceived ease of use of e-payment platform is
to Easy to learn, control, navigate, and to transfer
funds. This finding is consistent with the study
Sondakh (2022) on the perceived ease of use and
brand popularity of SMEs towards mobile food
service platforms in Indonesia. One of the findings
indicates that SMEs' decisions regarding mobile
food service platforms are significantly influenced
by perceived ease of use and brand recognition.
The findings support the result of the present
study, which indicates that perceive ease of use is
a major factor in using electronic platforms such e-
payment applications.

Table 7. Impact of E-payment Platform to the

Selected Micro-entrepreneur Business in terms of
Revenue
Indicators Mean VI Rank
1. E-payment gives the customers/ client to
3.64 Strongly Agree 3
have more option on how to settle obligations.
2. E-payment increase the number of potential
3.56 Strongly Agree 4
customers/ clients.
3. E-payment helps the business to increase
3.69 Strongly Agree 1
their sales.
4. E-payment increases the business 3.33 Agree 5
profitability
5. Overall, e-payment system helps to increase
3.66 Strongly Agree 2
revenue.
Overall Mean 3.58 Strongly Agree

Legend: 3.50 - 4.00 Strongly Agree, 2.50 - 3.49 Agree, 1.50 -

2.49 Disagree, 1.00 - 1.49 Strongly Disagree
Based on the findings, the main impact of e-
payment in terms of revenue is to help the business
to increase their sales, revenue and give the clients
more payment option. These finding is consistent
with the study of United Nations Economic and
Social Commission for Asia and the Pacific about
the Role of digital payments in MSME access to
1412
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
finance finds out that digital currency will be useful
to financial institution in interbank clearing,
settlements and wholesale of payment and is
particularly important for the Asia-Pacific region
which contributes to the global revenue from cross
border payments and remittances.
Table 8. Impact of E-payment Platform to the
Selected Micro-entrepreneur Business in terms of
Collection
Indicators Mean VI Ran
k
1. E-payment system is the most secure
3.40 Agree 6
mode of collection.
2. E-payment is adaptable and inflexible. 3.50 Strongly Agree 5
3. E-payment facilitates timely collection. 3.51 Strongly Agree 4
4. It provides convenience of access as it is
3.63 Strongly Agree 1
available 24/7
5. The use of e-payment will make collection
3.58 Strongly Agree 2
process more efficient and effective.
6. Overall, e-payment system is an easy
3.57 Strongly Agree 3
means of Collection.
Overall Mean 3.53 Strongly Agree

Legend: 3.50 - 4.00 Strongly Agree, 2.50 - 3.49 Agree,

1.50 - 2.49 Disagree, 1.00 - 1.49
Strongly Disagree
Based on the findings, the main impact of e-
payment in terms of collection is to provide
convenience of access available 24/7, make
collection process more efficient and effective, and
facilitates timely collection. These finding is
consistent with the study of United Nations
Economic and Social Commission for Asia and the
Pacific about the Role of digital payments in MSME
access to finance. One of the findings is that to
increase the digitalization, government should
encourage the onboarding of MSMEs and digital
payment platforms in its revenue schemes and
social benefits. This finding supports the result of
the present study, in which the e-payment
application is essential and helps the business to
increase their collection; with the support of other
stakeholders such as the government and fintech
companies.

1413
Pueblos, Timoteo
Table 9. Impact of E-payment Platform to the
Selected Micro-entrepreneur Business in terms of
Disbursement
Indicators Mean VI Ran
k
1. E-payment makes salary payment easier
3.71 Strongly Agree 1
than before
2. E-payment system has reduced errors in
the payment of workers’ salary to a barest 3.32 Agree 9
minimum.
3. E-payment is adaptable and flexible 3.62 Strongly Agree 3
4. E-payment system is the most secure
payments: 3.45 Agree 8
paying by invoice.
5. E-payment facilitates timely payments. 3.56 Strongly Agree 6
6. E-payment provides great security for
3.46 Agree 7
disbursement transactions.
7. It provides convenience of access as it is
3.67 Strongly Agree 2
available 24/ 7
8. The use of e-payment will make
disbursement process more efficient and 3.57 Strongly Agree 5
effective.
9. Overall, e-payment system is an easy
3.58 Strongly Agree 4
means of disbursement.
Overall Mean 3.55 Strongly Agree

Legend: 3.50 - 4.00 Strongly Agree, 2.50 - 3.49 Agree,

1.50 - 2.49 Disagree, 1.00 - 1.49
Strongly Disagree
Based on the findings, the main impact of e-
payment in terms of disbursement is to make
salary payment easier than before, provides
convenience, must be adaptable, flexible and help
the disbursement process to become more
efficient and effective. This finding is consistent
with the study of Kilay et al. (2022) about The
Influence of E-Payment and E-Commerce
Services on Supply Chain Performance:
Implications of Open Innovation and
Solutions for the Digitalization of Micro, Small, and
Medium Enterprises (MSMEs) in Indonesia. One of
the findings is the benefits of Utilizing electronic
payments has advantages such as time savings,
lower transaction costs, high security, accurate
data, enhanced process effectiveness, and
increased sales. This finding supports the present
study, which found that epayment has a positive
1414
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
impact on the disbursement of the businesses
that use the e-payment platform.

Table 10. Relationship between the Effectiveness of

the e-payment platform use by Micro-entrepreneurs
in terms of Perceived Usefulness and their Business
Profile
Business Profile χ² DF P-value Decision Interpretatio
n
Position 1.17 2 0.558 Accept Ho Not Significant
Business Location 3.56 1 0.059 Accept Ho Not Significant
Main Business Activity 6.69 3 0.083 Accept Ho Not Significant
Years in Operation 0.86 3 0.835 Accept Ho Not Significant

Decision Rule: If p-value ≤ 𝟎. 𝟎𝟓, reject

Ho.

A study by Sivarajah et al. (2021) examined

the adoption of e-payment systems by small and
medium-sized enterprises (SMEs) in Sri Lanka. The
researchers found that the adoption of e-payment
systems was not significantly related to firm size,
industry sector, or firm age. These findings are
consistent with the results of the chi-square test
presented in Table above, which also found no
significant relationship between micro-
entrepreneurs use of epayment and years in
operation, as well as main business activity.
Likewise, another study by Ghobakhloo et al.
(2021) investigated the factors affecting the
adoption of e-payment systems by SMEs in
Malaysia. The authors found that firm size and
industry sector did not significantly affect the
adoption of epayment systems, which also found
no significant relationship between
microentrepreneurs use of e-payment and position
or business location.

Table 11. Relationship between the Effectiveness of

the e-payment platform use by
Micro-entrepreneurs in terms of Perceived Ease of
Use and their Business Profile
Business Profile χ² DF P-value Decision Interpretatio
n
Position 3.92 2 0.141 Accept Ho Not Significant
1415
Pueblos, Timoteo
Business Location 1.02 1 0.313 Accept Ho Not Significant
Main Business Activity 6.82 3 0.078 Accept Ho Not Significant
Years in Operation 7.21 3 0.066 Accept Ho Not Significant

Decision Rule: If p-value ≤ 𝟎. 𝟎𝟓, reject

Ho.

These findings are consistent with the study

by Singh and Dwivedi (2021) examines the factors
influencing the adoption of e-payment systems in
micro-enterprises. One of the findings is that the
business profile variables of micro-enterprises,
including business type, size, and years in
operation, do not significantly affect the adoption of
e-payment systems. This finding supports the
results of the present study, which found no
significant relationship between the effectiveness
of e-payment use and micro-entrepreneurs'
business profile variables in terms of perceived
ease of use. Moreover, Oyekanmi et al. (2021)
investigates the determinants of e-payment
adoption among micro and small enterprises in
Nigeria. One of the findings is that business profile
variables, such as business age, size, and industry
sector, do not significantly affect e-payment
adoption. This finding supports the results of the
present study, which found no significant
relationship between the effectiveness of epayment
use and micro-entrepreneurs' business profile
variables in terms of perceived ease of use.

Table 12. Relationship between the Impact of e-

payment Platform to the selected MicroEntrepreneur
in terms of Revenue and their Business Profile
Business Profile χ² DF P-value Decision Interpretatio
n
Position 0.992 4 0.911 Accept Ho Not Significant
Business Location 1.03 2 0.598 Accept Ho Not Significant
Main Business Activity 8.97 6 0.175 Accept Ho Not Significant
Years in Operation 8.47 6 0.205 Accept Ho Not Significant

Decision Rule: If p-value ≤ 𝟎. 𝟎𝟓, reject

Ho.

Previous studies explore the impact of e-

payment on small and mediumsized enterprises'
(SMEs) financial performance in Indonesia and
1416
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
Malaysia, respectively. Haryanto et al. (2022)
conducted a survey among 250 SMEs in Indonesia
to investigate the relationship between e-payment
adoption and financial performance. The results
showed a positive relationship between epayment
adoption and financial performance, indicating that
SMEs that adopt e-payment have better financial
performance than those that do not. The study
also found that trust and perceived ease of use are
key factors that influence SMEs' adoption of e-
payment. On the other hand, Ismail et al. (2022)
examined the impact of e-payment on SMEs'
performance in Malaysia by conducting a survey
among 295 SMEs. The study found that e-payment
adoption positively affects SMEs' performance,
including their revenue, profitability, and
productivity. The authors also found that the level
of government support and the perceived ease of
use of e-payment are important factors that
influence SMEs' adoption of e-payment.

Table 13. Relationship between the Impact of e-

payment Platform to the selected MicroEntrepreneur
in terms of Collection and their Business Profile
Business Profile χ² DF P-value Decision Interpretatio
n
Position 4.39 2 0.111 Accept Ho Not Significant
Business Location 1.65 1 0.198 Accept Ho Not Significant
Main Business Activity 2.66 3 0.447 Accept Ho Not Significant
Years in Operation 6.97 3 0.073 Accept Ho Not Significant

Decision Rule: If p-value ≤ 𝟎. 𝟎𝟓, reject

Ho.

Rizvi and Asif (2021) examine the impact of

e-payment adoption on firm performance of small
and medium enterprises (SMEs) in Pakistan. The
results showed that e-payment adoption has a
positive and significant effect on firm performance,
suggesting that SMEs in Pakistan can improve their
performance by adopting e-payment. Several
authors investigated the impact of mobile payment
on the performance of small and medium-sized
enterprises (SMEs) in South Korea. The results
showed that SMEs that adopted mobile payment
1417
Pueblos, Timoteo
had higher sales growth and higher profitability
compared to SMEs that did not adopt mobile
payment. This suggests that mobile payment can
be a valuable tool for SMEs to improve their
financial performance (Bong & Kim, 2022).

Table 14. Relationship between the Impact of e-

payment Platform to the selected Micro-
Entrepreneur in terms of Disbursement and
their Business Profile
Business Profile χ² DF P-value Decision Interpretatio
n
Position 2.81 4 0.59 Accept Ho Not Significant
Business Location 4.39 2 0.111 Accept Ho Not Significant
Main Business Activity 10.3 6 0.114 Accept Ho Not Significant
Years in Operation 20.1 6 0.003 Reject Ho Significant

Decision Rule: If p-value ≤ 𝟎. 𝟎𝟓, reject

Ho.

These findings are consistent to the study by

Ayeni et al. (2021) investigated the relationship
between e-payment adoption and SMEs' financial
performance in Nigeria. The authors found that e-
payment adoption had a positive and significant
effect on SMEs' operational efficiency, which in turn
had a positive and significant effect on financial
performance. Likewise, Han et al. (2021) examined
the impact of mobile payment adoption on SMEs'
performance in China. The results showed that
mobile payment adoption had a positive and
significant effect on SMEs' sales performance, but
had no significant effect on their profitability. The
authors suggested that SMEs can benefit from the
convenience and efficiency of mobile payment
systems to enhance their sales performance.

Table 15. Problems Encountered in the Use of E-

payment Platform
Problem Frequency Percentage Rank
System Bugs 70 70 1
System Crash 53 53 3
Server Errors 61 61 2
Pharming 25 25 7
Phishing 30 30 5
Spamming 22 22 8
1418
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
Disputed Transactions 26 26 6
User Interface/ not user friendly 15 15 10
Unidentified Transactions 21 21 9
Increase Cost 37 37 4
Fraud 11 11 11
Others 1 1 12

Based on the findings, it is important to note

that system bugs, system errors and system crash
is one of the major problems encountered by the
users of e-payment platform. These finding is
consistent with the study of Raon et al. (2021)
about the adaption of e-payment systems in the
Philippines. One of the findings is that the problems
encountered while using the platform is mainly due
to delays in processing and user-unfriendliness.
Furthermore, Jain (2021) investigates the
challenges of online payments in which the results
show that technical issues, security problems,
disputed transactions, increased cost are the major
problems that the users experienced. This finding
supports the result of the present study, in which
technical problems such as server bugs, server
errors and system crash are the major problems
encountered, followed by increased cost, disputed
transaction, and forms of hacking such as
pharming, phishing and the like.

CONCLUSIONS AND
RECOMMENDATION
Conclusion:
1. The research findings suggest that an effective
e-payment platform is characterized by
providing secure financial transactions, which is
a key indicator of perceived usefulness. The
platform should also be easy to learn, control,
and navigate to enhance perceived ease of use.
However, respondents expressed less
confidence in the speed of transactions, timely
payment receipt, and the ability to easily
identify transaction details, particularly due to
clearing processes involved in certain e-payment
transactions such as ACH transfers, wire
transfers, and electronic transfers via third-party
systems. Additionally, concerns were raised
regarding the clarity and ease of understanding

1419
Pueblos, Timoteo
of e-payment platforms, considering the
importance of user-friendly design and the
varying technological proficiency among users,
especially older individuals.
2. E-payment platforms have a positive impact on
selected micro-entrepreneur respondents in
terms of revenue, collection, and disbursement.
The findings suggest that e-payment systems
contribute to increased sales, provide
convenience of access, and make salary
payments easier for the microentrepreneurs.
However, it should be noted that in terms of
revenue, the impact on increasing business
profitability is less pronounced as it also
depends on various factors such as expenses,
debt, and operating costs. Regarding collection,
the micro-entrepreneurs express some
reservations about the security of e-payment
systems due to occasional disputed transactions
and technical problems encountered. In terms of
disbursement, the respondents indicate that
while e-payment systems have reduced errors in
salary payments, human error still plays a
significant role in computing and entering
employee wages into the system.
3. There is no significant relationship between the
effectiveness of e-payment use among micro-
entrepreneurs and their business profile
variables. This suggests that the perceived
usefulness and perceived ease of use of
epayment platforms are independent of the
micro-entrepreneurs' position, location, main
business activity, and years of operation.
4. There is no significant relationship between the
impact of e-payment use among micro-
entrepreneurs and their business profile
variables such as position, location, industry, or
years of operation in terms of revenue and
collection. However, it is important to note that
e-payment platforms have shown to positively
impact sales, profitability, and operational
efficiency in SMEs in previous research.
Additionally, the study found a significant
relationship between years in operation and the
impact of e-payment platforms on disbursement,
indicating that businesses with longer
operational history should prioritize
implementing efficient disbursement processes.
5. The most prevalent problem encountered by
micro-entrepreneurs in using e-payment
platforms is related to technical issues,
1420
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
specifically "System Bugs," which was reported
by 70% of the respondents. This problem ranked
as the highest among the identified challenges.
Additionally, "Server Errors" and "System Crash"
were also reported as significant problems,
ranking second and third, respectively. These
findings highlight the importance of addressing
and resolving technical issues to ensure smooth
and efficient integration of e-payment platforms
in business operations.

Recommendation:
1. Fintech companies should prioritize the
development of effective e-payment platforms
that are user-friendly, easy to learn, navigate,
and enhance the security of financial
transactions. This can be achieved through
continuous improvement of the platform's
interface, providing clear instructions, and
implementing robust security measures. E-
payment platforms should also incorporate
features that help users easily identify
transaction and payment details, which includes
transaction labels, detailed descriptions, or
customizable tags to facilitate accurate tracking
and reconciliation of payments.
2. Micro-entrepreneurs should ensure that the e-
payment platform they utilize for their business
is user-friendly, providing ease of learning,
control, and navigation, while also enhancing
the security of their financial transactions.
3. Promoting the adoption of e-payment platforms
is recommended, particularly among businesses
in the retail and related industries. Furthermore,
businesses that have been operating for five
years or more should consider implementing e-
payment platforms to improve operational
efficiency, particularly in the area of
disbursement.
4. Based on the findings regarding the challenges
faced by users of e-payment platforms, it is
recommended that e-payment platform
providers, including GCash, PayMaya, banks, and
other fintech companies, should offer
comprehensive training, seminars, and
instructional manuals focused on platform usage
and addressing common user issues. Special
attention should be given to addressing
problems stemming from service providers.
1421
Pueblos, Timoteo
Additionally, establishing a Customer
Relationship Management (CRM) system is
advisable to enhance user support and
satisfaction.
5. In the event of platform failure, users are
advised to promptly reach out to the customer
service of the respective e-payment platform for
assistance and resolution of any issues
encountered.
6. Micro-entrepreneurs should adopt the proposed
guidelines for the collection and disbursement
process. These guidelines were developed by
the researcher based on their own experience
and practical application in the field of business.
Implementing these guidelines is expected to
enhance the process, making it more efficient
and effective.

FURTHER STUDY
Since this study was only done over a period of six
months, it is advised that the future researchers
expand the sample size of the study to collect more
accurate and reliable data. Furthermore, it is
strongly encouraged to include additional variables
to explore and know more about the impact of e-
payment to the society. Lastly, it is recommended
that future researchers should evaluate on how to
integrate effectively and efficiently the e-payment
platforms in the business of micro-entrepreneurs.

REFERENCES

Abadilla, E. (2021, February 1). PayMaya: Online

shoppers favor cashless transactions.
Retrieved from Manila Bulletin:
[Link]
2020-online-shoppersfavor-e-wallets/
Agcaoili, L. (2020, May 24). More government
agencies, LGUs allowing epayments.
Retrieved from Philstar Global:

1422
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
[Link]
2020/05/24/2016041/moregovernment-
agencies-lgus-allowing-e-payments
Antinoja, R., & Scherling, D. (2019, May 5). The
Effects of E-payment methods on Online
Purchasing Cancellation. Retrieved from
[Link]
320654/[Link]
Anzolin, E., & Jones, G. (2020, October 8). Cash no
longer king in Italy as COVID helps
government push for plastic. Retrieved from
Reuters:
[Link]
economy-cashidUSKBN26T0Q7
Ayeni, R. K., Olajide, O. T., & Akinlusi, O. O. (2021).
Electronic payment and SMEs' financial
performance: The mediating role of
operational efficiency. Journal of Business
Research, 136, 418-429. doi:
10.1016/[Link].2021.02.034
Bangko Sentral ng Pilipinas. (2020) BSP Digital
Payments Transformation Roadmap 2020-
2023.
[Link]
Media_And_Research/Primers%20Faqs/Di
gital%20Payments%20Transformation
%20Roadmap%[Link]
Bong, J. Y., & Kim, K. J. (2022). A study on the
impact of mobile payment on the
performance of small and medium-sized
enterprises. Journal of Open Innovation:
Technology, Market, and Complexity, 8(1), 3.
doi:
10.3390/joitmc8010003
Bruno Roelants. (2019). Cooperative and the
World of Work. New York: Routledge.
Chatterjee, A. (2018, August 18). How Fintech is
Transforming Access to Finance for MSMEs.
Retrieved from Asian Development Blog:
[Link]
transforming-access-financemsmes
Cooperative Development Authority. (2019,
December 3). Retrieved from Cooperative
Development Authority:
1423
Pueblos, Timoteo
[Link]
ew/historicalbackground
Deora, M. (2018). A study on impact of cashless
economy on banking and finance.
International journal of advanced research
in commerce, management & social science
(IJARCMSS), ISSN: 2581 – 7930, volume 01,
no. 1, 28 – 36.
Desai, M. (2020, January 7). The benefits of a
cashless society. Retrieved from World
economic forum:
[Link]
enefits-cashlesssociety-mobile-payments/
Department of Labor and Employment. (2019).
DOLE supports e-payment wages.
[Link]
supports-e-payment-ofwages/#:~:text=To
%20foster%20financial%20inclusion
%20of,of%20sala ries%20through%20formal
%20accounts.
Department of Trade and Industry. (2021). E-
commerce Philippine 2022 Roadmap.
[Link]
/eCommerce_Philippin
es_Roadmap_2022.pdf
Devanesan, J. (2020). The Philippines is going
cashless – finally. Techwire Asia.
[Link]
payments-are-finallysoaring-in-the-
philippines/
DPO Group. (2017, August 2). Top 5 Challenges in
Online Payments and How to Overcome
Them. DPO Group Think Payments.
[Link]
online-payments-and-howto-overcome-
them/
E-conomy SEA. (2020). Bain and Company.
[Link]
noindex/2020/e_conomy_sea_20
20_report.pdf
Electronic Commerce Act 2000 (Ph)
El Gohary, E. (2019). The Impact of Financial
Technology on Facilitating EGovernment
Services in Egypt. Journal of Distribution
Science, 51-59.
1424
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
Endo, J. (2020, July 19). Digital payment grows in
Philippines amid COVID-19 fears. Retrieved
from Nikkei Asia:
[Link]
Digital-paymentgrows-in-Philippines-amid-COVID-
19-fears

Eydgahi, S. K. (2017). A systematic review of

technology adoption frameworks and their
applications. Retrieved from Journal of
Technology Management & Innovation
vol.12 no.4 Santiago 2017:
[Link]
script=sci_arttext&pid=S0718-
27242017000400011#:~:text=Two%20theoretical
%20frameworks%2C%2 0Technology
%20Acceptance,decisions%20regarding%20new
%20techno logy%20adoption.
Francisco, R.J., Raneses, M.A., Villar, M. (2020).
How to be risk-free in using Epayment
system. Int. J. of Adv. Res. 8 (Mar). 486-
491] (ISSN 2320-5407).
[Link]
Freshbooks. (2019). How long it takes for a small
business to be successful: A yearby-year
breakdown.
[Link]
wlong-does-it-take-business-to-be-successful
Ghobakhloo, M., Hong, T. S., Saberi, M., & Zulkifli,
N. (2021). Factors
Affecting E-Payment Adoption among
Malaysian Small and MediumSized
Enterprises. Journal of Business Research,
130, 584-595. doi:
10.1016/[Link].2020.02.011
Glantz, M. (2015). Managing Bank Risk. In M.
Glantz, Managing Bank Risk. New York:
Elsevier Science Imprint.
Greg Patmore, N. B. (2018). A Global History of
Co-operative Business. New York: Routledge.
Gundaniya, N. (2021, January 8). 7 Benefits of
Electronic Payments. Retrieved from
Customer think:

1425
Pueblos, Timoteo
[Link]
ofelectronic-payments/
Han, K., Jia, R., & Tao, Y. (2021). The impact of
mobile payment on small and medium-sized
enterprises' performance: Evidence from
China. Journal of Business Research, 130,
719-728. doi: 10.1016/[Link].2021.03.008
Hani, A. (2021, September 18). E-Payments
Continue to Drive the Philippine Economy
Post-pandemic. Retrieved from OpenGov:
[Link]
continue-to-drive-thephilippine-economy-
post-pandemic/
Haryanto, A., Sulistyowati, E., & Kurniawan, H.
(2022). E-Payment and SMEs' financial
performance: Evidence from Indonesia.
Journal of Small
Business Management, 60(1), 116-134.
doi:
10.1080/00472778.2021.1912906
Ismail, M. A., Rahman, A. A., & Ismail, I. (2022).
The impact of e-payment on small and
medium-sized enterprises' (SMEs)
performance: Evidence from Malaysia.
Technology in Society, 70, 101810. doi:
10.1016/[Link].2022.101810

Jain, A. (2021, October 7). Challenges online

Payments are facing and how to solve them.
Retrieved from Yahoo! Finance:
[Link]
online-payments-facing-
solve-
[Link]?
guccounter=1&guce_referrer=aHR0cHM6Ly
93d3cuZ2
9vZ2xlLmNvbS8&guce_referrer_sig=AQAAA
CMiHk4OxBe1IsaYN9m
2UVDaY7ItIOMkRhnYdaLvDq7hn1_8pItSG3cT
pr_zGUAILgxI5GRTzl2 YGMWLdOzIKWhe
JCM Global. (2020, November). The impact of
going cashless.
[Link]
paper-the-impact-of-going-cashless/
Kajimoto, T., & Nakagawa, I. (2019, November 5).
Japan wants to go cashless, but elderly
1426
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
aren't so keen. Retrieved from Reuters:
[Link]
economy-cashlessidINKBN1XF0C9
Khamis, M. R., Kamarudin, M. F., Hashim, M. J., &
Muhamad Arifin, N. A. (2018). Length of
business operation and its relationship with
compliance behaviour of business zakat
among owners of SMEs. Journal of Emerging
Economies & Islamic Research, 6(3), 1-14.
Kilay, A., Simamora, B., & Putra, D. (2022). The
Influence of E-Payment and E-Commerce
Services on Supply Chain Performance:
Implications of Open Innovation and
Solutions for the Digitalization of Micro,
Small, and Medium Enterprises (MSMEs) in
Indonesia. Journal of open innovation:
technology, market, and complexity, 1-24.
Lai, P. (2019, April 19). THE LITERATURE REVIEW
OF TECHNOLOGY ADOPTION MODELS AND
THEORIES FOR THE NOVELTY
TECHNOLOGY. Retrieved from JISTEM -
Journal of Information Systems and
Technology Management, vol. 14, no. 1, pp.
21-38, 2017:
[Link]
1213002/html/#:~:text= Technology
%20Acceptance%20Model%20(TAM)
%20was,of%20informa tion%20systems
%20or%20technologies.
Lee, E. (2020, July 27). Fact check: A cashless
society isn't imminent and wouldn't mean
total end of cash. Retrieved from USA Today:
[Link]
factcheck/2020/07/27/factcheck-cashless-
society-isnt-imminent-wouldnt-
eliminatecash/5415027002/
Lee, K., & Lim, M. (2021, January 29). Digital
payments — not cash — is now king in
Asia’s payment ecosystem. Retrieved from
Forkast: [Link]
payments-cash-asia/
Lucas, D. (2020, November 12). Pandemic
accelerated PH consumers’ shift from cash
to digital payments. Retrieved from
[Link]:
1427
Pueblos, Timoteo
[Link]
mic-accelerated-phconsumers-shift-from-
cash-to-digital-payments
Marikyan, D., & Papagiannidis, S. (2022).
Technology Acceptance Model.
Retrieved from Theoryhub:
[Link]
-acceptance-model/
Masally, K., Ricart, R., Bambawale, M., Totapally,
S., & Bhandari, V. (2019, November). The
state of digital payments in the Philippines.
Retrieved from Responsible finance forum:
[Link]
nt/uploads/2020/02/The_State_of_Digital_Pa
yments_in_the_Phi [Link]
Mathenge, E. (2016). Factors Affecting Accounts
Receivables in Printing Industries at the
Nairobi Industrial Area, Kenya.
Internatioanal Journal of Social Science and
HUmanities Research.
Nair, A. (2019, January 19). Advantages of
Cashless Transactions – Why is Choosing
Digital Payment Method a Good Idea.
Retrieved from Parenting [Link]:
[Link]
ages-ofcashless-transactions-why-is-
choosing-digital-payment-method-agood-
idea/
OECD iLibrary. (n.d.) Chapter 1. Understanding E-
commerce.
[Link]
en/[Link]?itemId=/content/
component/1885800a-en
Otar, C. (2018). What Percentage Of Small
Businesses Fail -- And How Can You Avoid
Being One Of Them? Retrieved from Forbes:
[Link]
forbesfinancecouncil/2018/10/25/wh at-
percentage-of-small-businesses-fail-and-
how-can-you-avoid-beingone-of-them/?
sh=55de9b7443b5
Oyelami, L., Adebiyi, S., & Adekunle, B. (2020).
Electronic payment adoption and
consumers’ spending growth: empirical
evidence from Nigeria. Retrieved from

1428
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
Future Business Journal:
[Link]
Oyekanmi, O., Arshad, N. M., & Nor, K. M. (2021).
An empirical investigation of the
determinants of e-payment adoption among
micro and small enterprises in Nigeria.
Journal of Small Business Management,
59(2),
407-427.
[Link]
Pettinger, T. (2020, May 1). Pros and cons of a cashless
society. Retrieved from Economics Help:
[Link]
nomics/pros-andcons-of-a-cashless-society/

Philippine Statistics Authority. (2022, January 6).

More than 1.08 million Establishments
Operated in 2021 which Generated Total
Employment of 8.57 million (2021 Updating
of the List of Establishments Preliminary
Results).
Retrieved from Philippine Statistics
Authority:
[Link]
establishmentsoperated-2021-which-
generated-total-employment-857-million
Pritchard, J. (2022, April 19). The Pros and Cons of
a Cashless Society. Retrieved from The
balance:
[Link]
and-consof-moving-to-a-cashless-society-
4160702
Raon, C., De Leon , M., & Dui, R. (2021). Adoption
of E-Payment Systems in the Philippines.
Jurnal ILMU KOMUNIKASI, VOLUME 18,
NOMOR 1, 123-134.
Restianto, Y. E., Ghozali, I., Purwanto, A., &
Januarti, I. (2018). Willingness to adopt an e-
payment system to increase the
effectiveness of . Journal of Business and
Retail Management Research (JBRMR), Vol.
13 Issue 2, 109118.

1429
Pueblos, Timoteo
Riskinanto, A., Kelana, B., & Hilmawan , D. (2017).
The Moderation Effect of Age on Adopting E-
Payment Technology. In K. T. Lwin, Procedia
Computer Science,Volume 124 (pp. 536-
543). ISSN 1877-0509. Retrieved from
Science Direct.
Rizvi, S., & Asif, M. (2021). Investigating the
impact of e-payment adoption on firm
performance: Evidence from Pakistani SMEs.
Journal of Business Research, 133, 828-841.
doi: 10.1016/[Link].2021.03.026
Singh, M., & Dwivedi, Y. K. (2021). Understanding
and enhancing the adoption of e-payment
systems in micro-enterprises: An empirical
investigation. Journal of Business Research,
125, 497-509.
[Link]
3
Singh, S. (2017). Study of Consumer Perception of
Digital Payment Mode.
Retrieved from Journal of internet banking
and commerce:
[Link]
access/study-of-consumerperception-of-
[Link]?aid=86419
Sivarajah, S., Weerakkody, V., Irani, Z., & Lee, H.
(2021). E-Payment Adoption in Small and
Medium-Sized Enterprises in Sri Lanka.
Journal of Global Information Management,
29(2), 1-22. doi:
10.4018/JGIM.20210401.oa1
Sondakh, O. (2022). Perceived Ease of Use and
Brand Popularity: How Surcharge Modifies Its
Relationship Within SMEs Choice toward
Mobile Food Service Platform during
Pandemic. European Journal of Business and
Management Research, 7(1), 260-264.
Tella, A., & Abdulmumin, I. (2015). Predictors of
Users’ Satisfaction with Epayment System: a
Case Study of Staff at the University of
Ilorin, Nigeria. Organizacija, Volume 48, 272
- 286.
Thirupathi, M., Vinayagamoorthi, G., & Mathiraj , S.
(2019). Effect of cashless payment methods:
a case study perspective analysis.

1430
 Indonesian Journal of Business Analytics
(IJBA)
August, Vol. 3, No. 4, 2023: 1401-1424
International journal of scientific &
technology research volume 8, 394 – 397.
United Nations, Economic and Social Commission
for Asia and the Pacific.
(2022). MSME Access to Finance: The Role of
Digital Payments. MSME Financing Series
No.7 (Bangkok: United Nations, 2022).
Retrieved from
[Link]
financing-series-roledigital-payments
Wang, C. (2019, August 19). Cash Me If You Can:
The Impacts of Cashless Businesses on
Retailers, Consumers, and Cash Use.
Retrieved from Federal reseve bank of san
francisco:
[Link]
fednotes/2019/august/cash-me-if-you-can-
impacts-of-cashlessbusinesses-on-retailers-
consumers-cash-use/
Wong , T., Lau, W., & Yip , T. (2020). Cashless
payments and economic growth: evidence
from selected OECD countries. Journal of
central banking theory and practice, 189 –
213.
Wright, C. (2020). The Philippines: Covid-19 helps
a digital revolution. Asia Money.
[Link]
loida73rldfcw/southeas t-asia/the-
philippines-covid-19-helps-a-digital-
revolution
Xena, P., & Rahadi, R. (2019). Adoption of e-
payment to support small: medium
enterprise payment system: a
conceptualised model.
International Journal of Accounting, Finance
and Business (IJAFB), 32-41.
Zoleta, V. (2022, April 28). [Battle of the Brands]
PayMaya vs GCash: Which Mobile Wallet
App is Right for You? Retrieved from
Moneymax:
[Link]
finance/articles/paymaya-vsgcash

1431
Pueblos, Timoteo

1432