Title: Merchant loyalty drivers to use electronic money

Authors: Hotniar Siringoringo; Dandy Kurnia; Nurul Hidayah; Sudaryanto Sudaryanto

Addresses: Master Program of Industrial Engineering and Management, Universitas Gunadarma, Jakarta, 16424, Indonesia ' Master Program of Industrial Engineering and Management, Universitas Gunadarma, Jakarta, 16424, Indonesia ' Master Program of Industrial Engineering and Management, Universitas Gunadarma, Jakarta, 16424, Indonesia ' Master Program of Industrial Engineering and Management, Universitas Gunadarma, Jakarta, 16424, Indonesia

Abstract: 'Electronic money' is an emerging payment method these last decades that is increasing its utilisation with the spread of transmission of coronavirus 19 pandemic. The goal of this research was to verify the influence of intention, perceived risk, satisfaction, and trust on users' loyalty toward e-money. This is attitudinal loyalty so thus questionnaire was deployed to collect data from e-money users. Merchant becomes the target of e-money user in this study. Structural equation modelling (SEM) was deployed to verified model developed to the data collected. Results revealed that data fit the model. It means intention, perceived risk, satisfaction, and trust simultaneously affect merchant loyalty in using e-money significantly. However, partially only intention and satisfaction affect merchant loyalty significantly. The influence is positive and very strong. This paper discussed the implication of the result that need to be considered by e-money stakeholders as well as future research challenges.

Keywords: e-money; consumer behaviour; attitudinal loyalty; merchant; Indonesia.

DOI: 10.1504/IJBIR.2026.150773

International Journal of Business Innovation and Research, 2026 Vol.39 No.1, pp.79 - 97

Received: 24 Aug 2022
Accepted: 27 Oct 2022
Published online: 23 Dec 2025 *

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