Covid-19 and E-wallet usage intention in Kyrgyzstan


  • Wooi Keong Yong Sunway University, Bandar Sunway, Malaysia
  • Maizaitulaidawati Md. Husin Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia
  • Nursultan Zhamgyrchiev Ala-Too International University, Central Asia Barometer, Bishkek, Kyrgyzstan



Covid-19, e-wallets, Central Asia, Kyrgyzstan, Cashless payments


The usage of electronic commerce has continued to expand since the Covid-19 pandemic began in
developed and developing countries. However, the usage of electronic commerce in Central Asian countries is underresearched. This study aims to determine the factors that influence e-wallet usage intention in Kyrgyzstan. The theory
of planned behaviour (TPB) is extended and adopted in developing the hypotheses. Using surveys, 319 questionnaires
were collected from young and middle-aged adults in Kyrgyzstan. The findings show that attitude, subjective norm
and perceived behavioral control has a positive relationship with intention to use e-wallets. It is also found that
attitude and intention will be stronger if the perceived behavioral control is high. The findings suggest ways to
enhance the use of e-wallets in in Kyrgyzstan.


Bank Negara Malaysia, “Key enabler for the development of the Financial System”, Financial Sector Blueprint

-2020, pp. 138-169, 2010.

AIFC. (2020). Fintec market entry to CIS, Central Asia and Mongolia. Available:

KPMG. (2020). Overview of Fintech Development in Central Asia. Available:

KPMG. (2022). E-commerce in Central Asia. Available:

Nielsen. (2020). Asian consumers are rethinking how they eat post covid-19. Available:

H. M. Aji, I. Berakon and M. Md. Husin, “COVID-19 and e-wallet usage intention: A multigroup analysis between

Indonesia and Malaysia”, Cogent Business and Management, vol. 7, no.1, 1804181, 2020.

Global Web Index. (2020). Coronavirus research series4: Media consumption and sport. Available:

The Jakarta Post. (March 25, 2020). Food deliveries, online game purchases up as people stay at home during

COVID-19 pandemic. Available:

The ASEAN Post. (2020). Food delivery on the rise in ASEAN. Available:

D. Brown. (March 2020). Can cash carry coronavirus? World Health Organization says use digital payments when

possible. Available:

Bank Indonesia. (2020). Latest economic developments and Bank Indonesia measures to control COVID-19. Bank

Indonesia, Bank Sentral Republik Indonesia. Available: en/ruang-media/infoterbaru/Pages/PerkembanganTerkini-Perekonomian-dan-Langkah-BI-dalamHadapi-COVID-19-26032020.aspx

IDN Financials. (March 2020.) BI encourages public to use non-cash transaction method. Available:


The Star. (June 2020). Boost supports government’s e-wallet initiatives. Available: https://www. 12/boost-supports-governments-e-wallet-initiatives

N. Ishak, "Overview of cashless payment in Malaysia", International Journal of Accounting, Finance and Business

vol. 5, no. 27, pp. 11-18, 2020.

N. Singh, N. Sinha, and F. J. Liébana-Cabanillas, "Determining factors in the adoption and recommendation of

mobile wallet services in India: Analysis of the effect of innovativeness, stress to use and social

influence", International Journal of Information Management vol. 50, pp. 191-205, 2020.

H. M. Aji, I. Berakon and A. F. Riza, “The effects of subjective norm and knowledge about riba on intention to use

e-money in Indonesia”, Journal of Islamic Marketing, vol. 12, no. 6, pp. 1180-1196, 2020.

J. Loh, “E-payments in Asia – regulating innovation and innovative regulation”, Keynote address, Central Bank

Payments Conference, Singapore, 2018. Available:

PWC. (2019). It’s time for a consumer-centred metric: Introducing ‘return on experience’ – Global consumer

insights survey. Available:

PWC. (2020). The consumer transformed - Global consumer insights survey. Available:

I. Ajzen, “The theory of planned behavior”, Organizational Behavior and Human Decision Processes, vol. 50, no. 2,

pp. 179-211, 1991.

S. F. Persada, I. Dalimunte, R. Nadlifatin, B. A. Miraja, A. A. N. P. Redi, Y. T. Prasetyo, and S. C. Lin, “Revealing

the behavior intention of tech-savvy generation Z to use electronic wallet usage: A theory of planned behavior based

measurement”, International Journal of Business and Society, vol. 22, no. 1, pp. 213-226, 2021.

N. Ha, “The impact of perceived risk on consumers’ online shopping intention: An integration of TAM and

TPB”, Management Science Letters, vol. 10, no. 9, pp. 2029-2036, 2020.

N. Ha and T. Nguyen, “The effect of trust on consumers’ online purchase intention: An integration of TAM and

TPB”, Management Science Letters, vol. 9, no. 9, pp. 1451-1460, 2019.

T. Ramayah, J. Cheah, F. Chuah, H. Ting, and M. A. Memon, Partial Least Squares Structural Equation Modelling

(PLS-SEM) using SmartPLS 3.0 An Updated and Practical Guide to Statistical Analysis: Second Edition, (Kuala

Lumpur: Pearson), Malaysia, 2018.

I. Ajzen, ‘The Theory of Planned Behavior: Frequently Asked Questions’, Human Behaviour and Emerging

Technology, vol. 2, pp. 314 – 324, 2020.

M. A. Memon, H. Ting, J. H. Cheah, T. Ramayah, F. Chuah, F. and T. H. Cham, ‘Sample Size for survey research:

Review and recommendations’, Journal of Applied Structural Equation Modelling, 4(2), pp. 1 – 10, 2020.

J. F. Hair, M. Sarstedt, L. Hopkins and V. Kuppelwieser, “Partial least squares structural equation modeling (PLSSEM) An emerging tool in business research”, European Business Review, vol. 26, no. 2, pp. 106 – 121, 2014.

CEIC. (2022). Kyrgyzstan Monthly Earnings. Available:

W. W. Chin, “The partial least squares approach to structural equation modelling”, Modern Methods for Business

Research, vol. 295, no. 2, pp. 295 – 336, 1998.

J. F. Hair, W. C. Black, B. J. Babin, R. E. Anderson and R. L. Tatham, Multivariate Data Analysis 6th Ed, (New

Jersey, USA: Upper Saddle River), Prentice Hall International, 2006.

R. P. Bagozzi and Y. Yi “On the evaluation of structural equation models”, Journal of the Academy of Marketing

Science, vol. 16, no.1, pp. 74-94, 1988.

J. F. Hair, G. T. M. Hult, C. Ringle and M. Sarstedt, A primer to partial least squares structural equation modelling

(PLS-SEM)’, (Sage Publications, Thousand Oaks), 2017.

A. Diamantopoulos and J. A. Siguaw, “Formative versus reflective indicators in organizational measure

development: A comparison and empirical illustration”, British Journal of Management, vol. 17, no. 4, pp. 263 –

, 2006.

J. Cohen, Statistical Power Analysis for the Behavioural Science (2nd Edition), (Hillsdale, NJ: Lawrence Erlbaum

Associates), 1988.

C. Fornell and J. Cha, Partial Least Squares. In R. P. Bagozzi (Ed.), Advanced Methods of Marketing Research (pp.

– 78), (Cambridge, MA: Blackwell Publishers), 1994.

D. A. Kenny. (2016). Moderation – Effect Size and Power. Available:

F. La Barbera and I. Ajzen, “Control interactions in the Theory of Planned Bahaviour: Rethinking the role of

Subjective Norms”, Europe’s Journal of Psychology, vol. 16, no. 3, pp. 401 – 417, 2020a.

F. La Barbera and I. Ajzen “Understanding support for European Integration across generations: A study guided by

the Theory of Planned Behaviour”, Europe’s Journal of Psychology, vol. 16, no. 3, pp. 437 – 457, 2020b.

F. La Barbera and I. Ajzen, “Moderating role of Perceived Behavioral Control in the Theory of Planned Behavior: A

preregistered study”, Journal of Theoretical Social Psychology, vol. 5, pp. 35 – 45, 2020c.




How to Cite

Yong, W. K., Husin, M. M. . ., & Zhamgyrchiev, N. . (2023). Covid-19 and E-wallet usage intention in Kyrgyzstan. Asian Journal of Humanities and Social Studies, 11(1).