Challenges and Opportunities: A Netnographic Study of the Perceptions of Fintech E-Wallet Users in Indonesia

Zakir Yusuf Gunibala; Satia Nur Maharani

doi:10.17977/jabe.v10i2.63305

Challenges and Opportunities: A Netnographic Study of the Perceptions of Fintech E-Wallet Users in Indonesia

Zakir Yusuf Gunibala, Satia Nur Maharani

Abstract

This study aims to explore user perceptions of fintech e-wallet services in Indonesia through a netnographic approach. Data were collected from 2,500 user reviews of five popular e-wallet platforms—Dana, GoPay, LinkAja, OVO, and ShopeePay—sourced from the Google Play Store. Of these, 302 reviews were selected for analysis using open coding with NVivo 12 Plus software. The analysis revealed several key themes: Transaction and Payment Issues, Security and Account Concerns, User Benefits, Technical Issues, Fees and Interest, Customer Service, and Upgrade and Verification Problems. The most frequently highlighted issue was “sudden balance deduction,” followed by “ease of transaction” and “support for various transactions.” Each platform demonstrated different dominant concerns, reflecting unique service characteristics and technical challenges. The findings indicate that while e-wallets are perceived as helpful and convenient, security, system reliability, and customer service remain major concerns. This study offers practical implications for e-wallet providers to enhance technical quality and service responsiveness, and recommends further research using quantitative or longitudinal methods to deepen the understanding of user satisfaction.

Full Text:

PDF

References

Abdul-Rahim, R., Bohari, S. A., Aman, A., & Awang, Z. (2022). Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19. Sustainability (Switzerland), 14(14). https://doi.org/10.3390/su14148357

Abed, S. S., & Alkadi, R. S. (2025). Consumer continuous use of and satisfaction with Fintech payment applications in Saudi Arabia: towards an integrated model. Journal of Financial Reporting and Accounting, 23(2), 496–517. https://doi.org/10.1108/JFRA-12-2023-0759

Abu Daqar, M. A. M., Arqawi, S., & Karsh, S. A. (2020). Fintech in the eyes of Millennials and Generation Z (the financial behavior and Fintech perception). Banks and Bank Systems, 15(3), 20–28. https://doi.org/10.21511/bbs.15(3).2020.03

Akmal, S., Talha, M., Faisal, S. M., Ahmad, M., & Khan, A. K. (2023). Perceptions about FinTech: New evidences from the Middle East. In Cogent Economics and Finance (Vol. 11, Issue 1). Cogent OA. https://doi.org/10.1080/23322039.2023.2217583

Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99–110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002

Ali, M., Raza, S. A., Khamis, B., Puah, C. H., & Amin, H. (2021). How perceived risk, benefit and trust determine user Fintech adoption: a new dimension for Islamic finance. Foresight, 23(4), 403–420. https://doi.org/10.1108/FS-09-2020-0095

Al-Okaily, M., Al-Qudah, A. A., Alkhwaldi, A. F., Alkhatib, A. W., Al-Okaily, A., & Abu-Salih, B. (2025). Exploring FinTech trends in Jordan: insights from the post-COVID-19 era. Foresight. https://doi.org/10.1108/FS-09-2022-0097

Al-Qudah, A. A., Al-Okaily, M., & Yadav, M. P. P. (2024). The growth of FinTech and blockchain technology in developing countries: UAE’s evidence. International Journal of Accounting & Information Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJAIM-02-2024-0065

Arner, D., Barberis, J., & Buckley, R. (2016). The Evolution of Fintech: A New Post-Crisis Paradigm? University of New South Wales Law Research Series, 62, 1.

Bohari, S. A., Abdul-Rahim, R., & Aman, A. (2022). Role of comparative economic benefits on intention to use e-wallet: the case in Malaysia. International Journal of Electronic Finance, 11(4), 364–382. https://doi.org/10.1504/IJEF.2022.126476

Bouteraa, M. (2024). Mixed-methods approach to investigating the diffusion of FinTech services: enriching the applicability of TOE and UTAUT models. Journal of Islamic Marketing, 15(8), 2036–2068. https://doi.org/10.1108/JIMA-12-2022-0343

Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa

Chand, A., Liu, D., Zulfiqar, M., Ullah, M. R., & Khan, M. J. (2025). Perceived quality in Fintech services: expanding UTAUT2 and the Delone and McLean Information System Success Models. Business Process Management Journal, ahead-of-print(ahead-of-print). https://doi.org/10.1108/BPMJ-08-2024-0754

Cram, W. A., & Mouajou-Kenfack, R. (2022). Show-and-Tell or Hide-and-Seek? Examining Organizational Cybersecurity Incident Notifications. Proceedings of the Annual Hawaii International Conference on System Sciences, 2022-Janua, 6830–6839. https://doi.org/10.1108/ocj-06-2022-0011

Dastane, O., Fandos-Roig, J. C., & Sánchez-García, J. (2024). It’s free! Still, would I learn? Unearthing perceived value of education apps for better entrepreneurial decisions. Management Decision, 62(8), 2558–2577. https://doi.org/10.1108/MD-09-2022-1292

Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319–340.

Dawood, H. M., Liew, C. Y., & Lau, T. C. (2021). Mobile perceived trust mediation on the intention and adoption of FinTech innovations using mobile technology: A systematic literature review. F1000Research, 10, 1252. https://doi.org/10.12688/f1000research.74656.1

Ediagbonya, V., & Tioluwani, C. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100–119. https://doi.org/10.1108/TECHS-10-2021-0017

Garad, A., Surwanti, A., Al-Ansi, A. M., Riyadh, H. A., Alfaiza, S. A., & Al Iman, B. (2025). Users’ Intentions of Adopting Fintech Services: Analysis of Trust and Attitude Elements. In M. Shehadeh & K. Hussainey (Eds.), From Digital Disruption to Dominance (pp. 103–119). Emerald Publishing Limited. https://doi.org/10.1108/978-1-83549-608-420251004

GoodStats. (2024, July 24). 96% Masyarakat Indonesia Sudah Menggunakan E-Wallet - GoodStats Data. Https://Data.Goodstats.Id/Statistic/96-Masyarakat-Indonesia-Sudah-Menggunakan-e-Wallet-ItxIc.

Gremyr, I., Birch-Jensen, A., Kumar, M., & Löfberg, N. (2022). Quality functions’ use of customer feedback as activation triggers for absorptive capacity and value co-creation. International Journal of Operations and Production Management, 42(13), 218–242. https://doi.org/10.1108/IJOPM-11-2021-0692

Hinson, R., Lensink, R., & Mueller, A. (2019). Transforming agribusiness in developing countries: SDGs and the role of FinTech. In Current Opinion in Environmental Sustainability (Vol. 41, pp. 1–9). Elsevier B.V. https://doi.org/10.1016/j.cosust.2019.07.002

Jangir, K., Sharma, V., Taneja, S., & Rupeika-Apoga, R. (2023). The Moderating Effect of Perceived Risk on Users’ Continuance Intention for FinTech Services. Journal of Risk and Financial Management, 16(1). https://doi.org/10.3390/jrfm16010021

Kharisma, G. (2024, August 27). Data fintech Indonesia: panduan lengkap. Https://Id.Techinasia.Com/Data-Fintech-Indonesia-Panduan-Lengkap.

Kim, J. H., Jang, J., Kim, Y., & Nan, D. (2022). A Structural Topic Model for Exploring User Satisfaction with Mobile Payments. Computers, Materials and Continua, 73(2), 3815–3826. https://doi.org/https://doi.org/10.32604/cmc.2022.029507

Kipfelsberger, P., Herhausen, D., & Bruch, H. (2016). How and when customer feedback influences organizational health. Journal of Managerial Psychology, 31(2), 624–640. https://doi.org/10.1108/JMP-09-2014-0262

Kozinets, R. V. (2002). kozinets2002. Journal of Marketing Research, 39, 61–72.

Laukkanen, T. (2016). Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking. Journal of Business Research, 69(7), 2432–2439. https://doi.org/10.1016/j.jbusres.2016.01.013

Lavrinenko, O., Čižo, E., Ignatjeva, S., Danileviča, A., & Krukowski, K. (2023). Financial Technology (FinTech) as a Financial Development Factor in the EU Countries. Economies, 11(2). https://doi.org/10.3390/economies11020045

Li, C., Khaliq, N., Chinove, L., Khaliq, U., Ullah, M., Lakner, Z., & Popp, J. (2023). Perceived transaction cost and its antecedents associated with fintech users’ intention: Evidence from Pakistan. Heliyon, 9(4). https://doi.org/10.1016/j.heliyon.2023.e15140

Lim, S. H., Kim, D. J., Hur, Y., & Park, K. (2019). An Empirical Study of the Impacts of Perceived Security and Knowledge on Continuous Intention to Use Mobile Fintech Payment Services. International Journal of Human-Computer Interaction, 35(10), 886–898. https://doi.org/10.1080/10447318.2018.1507132

Liu, Y., Saleem, S., Shabbir, R., Malik, &, Shabbir, S., Irshad, A., & Khan, S. (2021). The relationship between corporate social responsibility and financial performance: a moderate role of fintech technology. Environmental Science and Pollution Research, 28, 20174–20187. https://doi.org/10.1007/s11356-020-11822-9/Published

Mascarenhas, A. B., Perpétuo, C. K., Barrote, E. B., & Perides, M. P. (2021). The influence of perceptions of risks and benefits on the continuity of use of fintech services. Brazilian Business Review, 18(1), 1–21. https://doi.org/10.15728/BBR.2021.18.1.1

Muhammad, S., Pan, Y., Magazzino, C., Luo, Y., & Waqas, M. (2022). The fourth industrial revolution and environmental efficiency: The role of fintech industry. Journal of Cleaner Production, 381. https://doi.org/10.1016/j.jclepro.2022.135196

Nasr, L., Burton, J., & Gruber, T. (2018). Developing a deeper understanding of positive customer feedback. Journal of Services Marketing, 32(2), 142–160. https://doi.org/10.1108/JSM-07-2016-0263

Nasr, L., Burton, J., Gruber, T., & Kitshoff, J. (2014). Exploring the impact of customer feedback on the well-being of service entities ATSR perspective. Journal of Service Management, 25(4), 531–555. https://doi.org/10.1108/JOSM-01-2014-0022

Nijjer, S., Sood, K., Grima, S., Rupeika-Apoga, R., & Varma, P. (2022). Thematic Analysis of Financial Technology (Fintech) Influence on the Banking Industry. Risks, 10, 186. https://doi.org/10.3390/risks

Niraj, R., Foster, G., Gupta, M. R., & Narasimhan, C. (2008). Understanding customer level profitability implications of satisfaction programs. Journal of Business and Industrial Marketing, 23(7), 454–463. https://doi.org/10.1108/08858620810901211

Nizam, F., Hwang, H. J., & Valaei, N. (2019). Measuring the Effectiveness of E-Wallet in Malaysia. In R. Lee (Ed.), Big Data, Cloud Computing, Data Science & Engineering (pp. 59–69). Springer International Publishing. https://doi.org/10.1007/978-3-319-96803-2_5

Oladapo, I. A., Hamoudah, M. M., Alam, M. M., Olaopa, O. R., & Muda, R. (2022). Customers’ perceptions of FinTech adaptability in the Islamic banking sector: comparative study on Malaysia and Saudi Arabia. Journal of Modelling in Management, 17(4), 1241–1261. https://doi.org/10.1108/JM2-10-2020-0256

Olsen, M., Hedman, J., & Vatrapu, R. (2011). e-Wallet Properties. 2011 10th International Conference on Mobile Business, 158–165. https://doi.org/10.1109/ICMB.2011.48

Pu, R., Teresiene, D., Pieczulis, I., Kong, J., & Yue, X. G. (2021). The interaction between banking sector and financial technology companies: Qualitative assessment—a case of lithuania. Risks, 9(1), 1–22. https://doi.org/10.3390/risks9010021

Qatawneh, N., Al-Okaily, A., Al-Okaily, M., & Ur Rehman, S. (2025). Exploring the antecedent factors of continuous intention to use mobile money: insights from emerging markets. Digital Policy, Regulation and Governance, 27(2), 175–200. https://doi.org/10.1108/DPRG-04-2024-0080

Rania, D. (2024). Survei Dompet Digital Paling Favorit di Indonesia [2024]. Https://Jubelio.Com/Hasil-Survei-Dompet-Digital-Paling-Favorit-Di-Indonesia/.

Ryu, H.-S. (2018). What makes users willing or hesitant to use Fintech?: the moderating effect of user type. Industrial Management & Data Systems, 118(3), 541–569. https://doi.org/10.1108/IMDS-07-2017-0325

Ryu, H. S., & Ko, K. S. (2020). Sustainable development of Fintech: Focused on uncertainty and perceived quality issues. Sustainability (Switzerland), 12(18). https://doi.org/10.3390/su12187669

Safiullah, M., & Paramati, S. R. (2024). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24(1), 453–475. https://doi.org/10.1007/s10660-022-09595-z

Sampat, B., Mogaji, E., & Nguyen, N. P. (2024). The dark side of FinTech in financial services: a qualitative enquiry into FinTech developers’ perspective. International Journal of Bank Marketing, 42(1), 38–65. https://doi.org/10.1108/IJBM-07-2022-0328

Sartika, D., Tan, F., & Warokka, A. (2021). Development of Financial Technology (Fintech) in Indonesia and Its Affecting Factors. 5(4), 469–483. http://journalppw.com

Shiau, W.-L., Yuan, Y., Pu, X., Ray, S., & Chen, C. C. (2020). Understanding fintech continuance: perspectives from self-efficacy and ECT-IS theories. Industrial Management & Data Systems, 120(9), 1659–1689. https://doi.org/10.1108/IMDS-02-2020-0069

Singh, R., Malik, G., & Jain, V. (2021). FinTech effect: measuring impact of FinTech adoption on banks’ profitability. International Journal of Management Practice, 14(4), 411–427. https://doi.org/10.1504/IJMP.2021.116587

Singh, R., Rafat, A., & Srivastava, S. (2024). Payment Fintech application adoption in low–income groups: How financial literacy moderates influencing factors? Journal of Science and Technology Policy Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/JSTPM-12-2023-0240

Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives FinTech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/MD-09-2019-1318

Song, H., Han, S., Liu, W., & Ganguly, A. (2023). What role do FinTech companies play in supply chain finance? A signaling intermediary perspective. Journal of Business and Industrial Marketing, 38(6), 1279–1294. https://doi.org/10.1108/JBIM-12-2021-0587

Srivastava, S., Mohta, A., & Shunmugasundaram, V. (2024). Adoption of digital payment FinTech service by Gen Y and Gen Z users: evidence from India. Digital Policy, Regulation and Governance, 26(1), 95–117. https://doi.org/10.1108/DPRG-07-2023-0110

Stankevičienė, J., & Kabulova, J. (2022). Financial technology impact on stability of financial institutions. Technological and Economic Development of Economy, 28(4), 1089–1114. https://doi.org/10.3846/tede.2022.17093

Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information and Computer Security, 26(1), 109–128. https://doi.org/10.1108/ICS-06-2017-0039

Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (Fintech): A systematic literature review. In Information (Switzerland) (Vol. 11, Issue 12, pp. 1–20). MDPI AG. https://doi.org/10.3390/info11120590

Teng, S., & Khong, K. W. (2021). Examining actual consumer usage of E-wallet: A case study of big data analytics. Computers in Human Behavior, 121. https://doi.org/10.1016/j.chb.2021.106778

Thorne, S., Jensen, L., Kearney, M. H., Noblit, G., & Sandelowski, M. (2004). Qualitative metasynthesis: Reflections on methodological orientation and ideological agenda. In Qualitative Health Research (Vol. 14, Issue 10, pp. 1342–1365). https://doi.org/10.1177/1049732304269888

Wang, J. S. (2022). Verification Techniques in FinTech Compared from User Perspectives. Social Science Computer Review, 41(4), 1438–1455. https://doi.org/10.1177/08944393211058310

Wirtz, J., Kuan Tambyah, S., & Mattila, A. S. (2010). Organizational learning from customer feedback received by service employees: A social capital perspective. Journal of Service Management, 21(3), 363–387. https://doi.org/10.1108/09564231011050814

Wulandari, C. S. (2023, March 31). Dompet Digital Naik Daun, Membetot Minat Kala Pandemi. Https://Www.Bi.Go.Id/Id/Bi-Institute/BI-Epsilon/Pages/Dompet-Digital--Naik-Daun,-Membetot-Minat-Kala-Pandemi.Aspx.

Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding fintech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893–1911. https://doi.org/10.3390/jtaer16050106

Yeung, M. C. H., & Ennew, C. T. (2000). From customer satisfaction to profitability. Journal of Strategic Marketing, 8(4), 313–326. https://doi.org/10.1080/09652540010003663

DOI: http://dx.doi.org/10.17977/jabe.v10i2.63305