E-Wallet Selection Based on University Students' Perceptions in Medan City Using the Multi-Factor Evaluation Process

Muhammad Dwi Alfitra; Rima Aprilia

doi:10.56427/jcbd.v5i3.1095

Authors

Muhammad Dwi Alfitra Universitas Islam Negeri Sumatera Utara
Rima Aprilia Universitas Islam Negeri Sumatera Utara

DOI:

https://doi.org/10.56427/jcbd.v5i3.1095

Keywords:

E-Wallet, Multi-Factor Evaluation Process, Multi-Criteria Decision Making, Decision Support, University Students

Abstract

With advancements in digital transactions and financial technology, university students are increasingly adopting e-wallets, yet the large number of options often makes it difficult for students to select the most suitable e-wallet. Although e-wallet selection has previously been studied using multi-criteria decision-making approaches such as the Analytic Hierarchy Process and TOPSIS, the Multi-Factor Evaluation Process (MFEP) method has not yet been applied to e-wallet selection based on the perceptions of university students in Medan City. This study addresses that gap by developing an MFEP-based decision framework for e-wallet selection. Purposive sampling was used to select 400 university-student respondents for this quantitative study. Seven criteria (ease of use, security, administrative costs, service features, merchant availability, promotions/ discounts/cashback, and ease of top-up and cash withdrawal) were assessed using data collected through a Likert-scale questionnaire. The MFEP method involved determining factor weights, factor evaluation scores, weighted evaluations, and overall evaluation scores. The results show that ShopeePay obtained the highest total MFEP score of 0.7930, narrowly ahead of DANA (0.7927), GoPay (0.7904), OVO (0.7707), and LinkAja (0.7554). Because the margin between the two leading alternatives is small, this ranking should be interpreted as indicative rather than definitive.

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