The effect of financial literacy and user experience on e-wallet user loyalty with user satisfaction as a mediation variable on generation Z in Cirebon City
-
Karlina Karlina(1)
Department of Management, Faculty of Economics and Business, Swadaya Gunung Jati University
-
Krisdiana Krisdiana(2*)
Department of Management, Faculty of Economics and Business, Swadaya Gunung Jati University
(*) Corresponding Author
Keywords:
Financial Literacy, User Experience, User Satisfaction, User Loyalty, E-Wallet, Generation Z
Abstract
This study examines the influence of financial literacy and user experience on e-wallet user loyalty, with user satisfaction serving as a mediating variable among Generation Z in Cirebon City. Adopting a quantitative explanatory approach, data were collected from 120 active e-wallet users through a structured questionnaire and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings reveal that financial literacy and user experience do not directly influence user loyalty. However, both variables have a positive and significant effect on user satisfaction, which in turn significantly enhances user loyalty. Furthermore, user satisfaction fully mediates the relationships between financial literacy and loyalty as well as between user experience and loyalty, indicating that loyalty is developed primarily through users’ satisfaction rather than through the direct effects of financial knowledge or service experience. These findings highlight the pivotal role of user satisfaction in strengthening customer retention in the digital payment ecosystem. The study contributes to the literature on digital financial services by extending understanding of the mechanisms underlying e-wallet loyalty among Generation Z and provides practical implications for service providers seeking to enhance long-term user engagement through improved customer experience and satisfaction.
Keywords: Financial Literacy; User Experience; User Satisfaction; User Loyalty; E-Wallet; Generation Z
Downloads
Download data is not yet available.
References
Achyani, F., & Widyana, IGN (2024). The influence of user experience on e-wallet user satisfaction and loyalty with security and personalization factors as contextual determinants. Journal of Technology Management and Information Systems, 6(2), 112–126.
Arini, N., Lestari, B, A, H., Hanani, T. (2024). The Determinants of Mobile E Wallet Adoption Across Generation, A Lesson Learned From Indonesia. Ilomata International Journal of Tax and Accounting, 5(2), 488-502.
Budirahardjo, M., & Laksmidewi, D. (2022). Faktor yang Mendorong Intensi untuk Melanjutkan Penggunaan Dompet Digital: Studi Pada Pengguna di Pulau Jawa. Jurnal Aplikasi Bisnis dan Manajemen, 8(2), 444–457.
Dahlberg, T., Guo, J., & Ondrus, J. (2015). A critical review of mobile payment research. Electronic Commerce Research and Applications, 14(5), 265–284.
Dan, UEQ, and UX Honeycomb. “Analysis of the User Experience of the Dana E-Wallet Application Using the User Experience Questionnaire (UEQ) and UX Honeycomb.” : 91–100.
Desilfa, Y., Hetri Suriyanti, L., Accounting Studies, P., Economics and Business, F., & Muhammadiyah Riau Corresponding Author, U. (2025). The Influence of Financial Literacy, Financial Inclusion, and Gender on Financial Behavior in Generation (Z). Journal of Information Systems, Accounting and Management, 5(3), 372–387.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
Hariyani, R., & Prasetio, T. (2024). Consumer Behavior of Generation Z: E-wallet and Financial Literacy Aspects. Journal of Business Administration, 4(2), 34–41. https://doi.org/10.31294/jab.v4i2.3725
Hayatunnasha, N., & Parlina, N. D. (2026). The Influence of E-Wallet Usability and Financial Literacy on Generation Z ’ s Consumption Behavior in Cirebon City. 5(2), 295–308.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135.
Hidayat, R. (2023). The effect of service quality and user experience on e-wallet user loyalty with satisfaction as a mediating variable. Journal of Digital Management and Finance , 7 (1) , 45–60.
Hidayat, R., Firmansyah, D., & Lestari, S. (2022). Financial literacy and digital financial service usage behavior among the younger generation. Journal of Financial Management and Banking, 9(1), 33–47.
Hidayat, T., & Saifulloh, M. (2022). The influence of user experience on the satisfaction and loyalty of e-wallet service users in Indonesia. Journal of Management and Information Systems, 5(2), 98–112.
Kotler, P., & Keller, K. L. (2020). Marketing management (15th ed.). Pearson Education Limited.
Lusardi, A., & Mitchell, O. S. (2020). The economic importance of financial literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44.
Maryam, S., Rahmawati, ED, & Taufiq, NM (2023). Student consumer behavior: the role of financial literacy and
electronic wallets. Student Scientific Research Journal (JIPM).
May, No. 2025. “E-Wallet User Satisfaction: A Study of Generation Z in the Digital Era.”
Nabilah, F., Hartono, & Dwihandoko, TH (2025). The Effect of E-Wallet Use on Financial Behavior (A Study of Generation Z Living in Gedeg District). JIMU: Multidisciplinary Scientific Journal, 3(4), 604–609.
https://ojs.smkmerahputih.com/index.php/jimu/article/view/1129
Ningrum, AP, & Yudistria, R. (2025). The influence of user experience on the satisfaction and loyalty of e-wallet users in generation Z. MAMEN: Journal of Management, 4(1), 55–70.
Nitzl, C., Roldán, J. L., & Cepeda, G. (2016). Mediation analysis in partial least squares path modeling: Helping researchers discuss more sophisticated models. Industrial Management & Data Systems, 116(9), 1849–1864.
Nugroho, NT (2022). The influence of user experience on the satisfaction and loyalty of e-wallet users in generation Z. Journal of Digital Management and Business, 5(2), 120–134.
Nugroho, NT, & Sundari, S. (2025). The influence of perceived usefulness and ease of use on the satisfaction and loyalty of e-wallet users in generation Z. Scientific Journal of Management and Entrepreneurship, 5(1), 1–15.
OECD / Infe Toolkit For Measuring Financial Literacy And Financial I Nclusion 2022. (2022).
Putri, AR (2020). The influence of user experience on e-wallet user satisfaction and loyalty in Indonesia. Journal of Digital Management and Business, 3(2), 85–99.
Putri, AR, & Pratama, RA (2021). Analysis of e-wallet usage in urban consumer behavior. Indonesian Journal of Economics and Business, 6(2), 145–158.
Putri, F. F. 2025. “The Influence of E-Wallet Service Dimensions on Customer Loyalty Mediated by Customer Satisfaction.” 6(12): 4754–71.
Rahardja, U., Sigalingging, C. T., Putra, P. O. H., Hidayanto, A. N., & Phusavat, K. (2022). The Impact of Mobile Payment Application Design and Performance Attributes on Consumer Emotions and Continuance Intention. International Journal of Human–Computer Interaction, 38(14), 1316–1331.
Rahman, M., Hasan, M., & Mia, M.A. (2021). The role of financial literacy and customer satisfaction in influencing e-wallet loyalty. Journal of Financial Services Marketing, 26 (3), 145–156.
Rahmawati, D., & Firmansyah, D. (2021). Digital financial literacy and its influence on the behavior and financial satisfaction of e-wallet users in Indonesia. Journal of Digital Management and Finance, 4(2), 101–115.
Rahmayanti, S., & Kencana, IPEN (2023). The effect of financial literacy on e-wallet user loyalty with satisfaction as a mediating variable. Journal of Digital Management and Business, 7(1), 14–28.
Ramadhani, L. M., and Aris, E. S. 2025. “The Influence of Financial Literacy, Daily Interest, and Digital Transaction Recording on Students’ Personal Financial Management (Case Study on SeaBank Users).” 5: 223–32. doi:10.55606/jupea.v5i2.3972.
Riyani, D., Pratama, A., & Lestari, S. (2023). The influence of digital service quality on e-wallet user satisfaction and loyalty. Journal of Business and Management Strategy Studies, 7(2), 89–104.
Samara, A. 2023. “The Influence of Ease of Use, User Experience and Customer Satisfaction on Customer Loyalty in the Use of Digital Wallet Applications (E-Wallet) Among Buddhi Dharma University Students.” 1(2).
Sari, NP, & Ramadhani, RF (2021). The influence of financial literacy on e-wallet usage behavior among the younger generation. Journal of Digital Economics and Finance, 4(1), 60–74.
Sari, RA, & Rahmawati, F. (2021). The Influence of E-Wallets on Generation Z's Consumptive Behavior in the Digital Era. Journal of Economics and Business, 2(2), 500–507.
Sevilla, C. G., Ochave, J. A., Punsalan, T. G., Regala, B. P., Regala, B. P., & Uriarte, G. G.
Sholikah, N., & Wibowo, A. (2023). Analysis of user experience and its influence on the sustainability of fintech application use. Journal of Digital Business and Technology, 6(1), 44–59.
Sitorus, RM (2023). Digital financial literacy and its influence on the financial management behavior of e-wallet users. Journal of Financial Management, 8(2), 101–115.
Solihati, GP, Anah, S., & Anggraini, W. (2024). Fintech user satisfaction as an intermediary: Analysis of the influence of financial literacy, ease of use, and trust on user loyalty in MSMEs. KEUNIS: Journal of Finance and Business, 13(1), 1–15.
Watson IV, G. F., Beck, J. T., Henderson, C. M., & Palmatier, R. W. (2024). Customer loyalty: A refined conceptualization, measurement, and model. Journal of Retailing and Consumer Services, 81, 104020.
Widyasanti, AAP, & Suarmanayasa, IN (2023). The influence of ease of use and perceived usefulness on e-wallet usage interest among Generation Z. Journal of Digital Management and Business, 6(1), 25–39.
Wiyanto, H. (2023). Faktor Yang Mempengaruhi Financial Behavior Pada Pengguna E- Wallet Di Jakarta Barat. 05(02), 373–382.
Arini, N., Lestari, B, A, H., Hanani, T. (2024). The Determinants of Mobile E Wallet Adoption Across Generation, A Lesson Learned From Indonesia. Ilomata International Journal of Tax and Accounting, 5(2), 488-502.
Budirahardjo, M., & Laksmidewi, D. (2022). Faktor yang Mendorong Intensi untuk Melanjutkan Penggunaan Dompet Digital: Studi Pada Pengguna di Pulau Jawa. Jurnal Aplikasi Bisnis dan Manajemen, 8(2), 444–457.
Dahlberg, T., Guo, J., & Ondrus, J. (2015). A critical review of mobile payment research. Electronic Commerce Research and Applications, 14(5), 265–284.
Dan, UEQ, and UX Honeycomb. “Analysis of the User Experience of the Dana E-Wallet Application Using the User Experience Questionnaire (UEQ) and UX Honeycomb.” : 91–100.
Desilfa, Y., Hetri Suriyanti, L., Accounting Studies, P., Economics and Business, F., & Muhammadiyah Riau Corresponding Author, U. (2025). The Influence of Financial Literacy, Financial Inclusion, and Gender on Financial Behavior in Generation (Z). Journal of Information Systems, Accounting and Management, 5(3), 372–387.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
Hariyani, R., & Prasetio, T. (2024). Consumer Behavior of Generation Z: E-wallet and Financial Literacy Aspects. Journal of Business Administration, 4(2), 34–41. https://doi.org/10.31294/jab.v4i2.3725
Hayatunnasha, N., & Parlina, N. D. (2026). The Influence of E-Wallet Usability and Financial Literacy on Generation Z ’ s Consumption Behavior in Cirebon City. 5(2), 295–308.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135.
Hidayat, R. (2023). The effect of service quality and user experience on e-wallet user loyalty with satisfaction as a mediating variable. Journal of Digital Management and Finance , 7 (1) , 45–60.
Hidayat, R., Firmansyah, D., & Lestari, S. (2022). Financial literacy and digital financial service usage behavior among the younger generation. Journal of Financial Management and Banking, 9(1), 33–47.
Hidayat, T., & Saifulloh, M. (2022). The influence of user experience on the satisfaction and loyalty of e-wallet service users in Indonesia. Journal of Management and Information Systems, 5(2), 98–112.
Kotler, P., & Keller, K. L. (2020). Marketing management (15th ed.). Pearson Education Limited.
Lusardi, A., & Mitchell, O. S. (2020). The economic importance of financial literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44.
Maryam, S., Rahmawati, ED, & Taufiq, NM (2023). Student consumer behavior: the role of financial literacy and
electronic wallets. Student Scientific Research Journal (JIPM).
May, No. 2025. “E-Wallet User Satisfaction: A Study of Generation Z in the Digital Era.”
Nabilah, F., Hartono, & Dwihandoko, TH (2025). The Effect of E-Wallet Use on Financial Behavior (A Study of Generation Z Living in Gedeg District). JIMU: Multidisciplinary Scientific Journal, 3(4), 604–609.
https://ojs.smkmerahputih.com/index.php/jimu/article/view/1129
Ningrum, AP, & Yudistria, R. (2025). The influence of user experience on the satisfaction and loyalty of e-wallet users in generation Z. MAMEN: Journal of Management, 4(1), 55–70.
Nitzl, C., Roldán, J. L., & Cepeda, G. (2016). Mediation analysis in partial least squares path modeling: Helping researchers discuss more sophisticated models. Industrial Management & Data Systems, 116(9), 1849–1864.
Nugroho, NT (2022). The influence of user experience on the satisfaction and loyalty of e-wallet users in generation Z. Journal of Digital Management and Business, 5(2), 120–134.
Nugroho, NT, & Sundari, S. (2025). The influence of perceived usefulness and ease of use on the satisfaction and loyalty of e-wallet users in generation Z. Scientific Journal of Management and Entrepreneurship, 5(1), 1–15.
OECD / Infe Toolkit For Measuring Financial Literacy And Financial I Nclusion 2022. (2022).
Putri, AR (2020). The influence of user experience on e-wallet user satisfaction and loyalty in Indonesia. Journal of Digital Management and Business, 3(2), 85–99.
Putri, AR, & Pratama, RA (2021). Analysis of e-wallet usage in urban consumer behavior. Indonesian Journal of Economics and Business, 6(2), 145–158.
Putri, F. F. 2025. “The Influence of E-Wallet Service Dimensions on Customer Loyalty Mediated by Customer Satisfaction.” 6(12): 4754–71.
Rahardja, U., Sigalingging, C. T., Putra, P. O. H., Hidayanto, A. N., & Phusavat, K. (2022). The Impact of Mobile Payment Application Design and Performance Attributes on Consumer Emotions and Continuance Intention. International Journal of Human–Computer Interaction, 38(14), 1316–1331.
Rahman, M., Hasan, M., & Mia, M.A. (2021). The role of financial literacy and customer satisfaction in influencing e-wallet loyalty. Journal of Financial Services Marketing, 26 (3), 145–156.
Rahmawati, D., & Firmansyah, D. (2021). Digital financial literacy and its influence on the behavior and financial satisfaction of e-wallet users in Indonesia. Journal of Digital Management and Finance, 4(2), 101–115.
Rahmayanti, S., & Kencana, IPEN (2023). The effect of financial literacy on e-wallet user loyalty with satisfaction as a mediating variable. Journal of Digital Management and Business, 7(1), 14–28.
Ramadhani, L. M., and Aris, E. S. 2025. “The Influence of Financial Literacy, Daily Interest, and Digital Transaction Recording on Students’ Personal Financial Management (Case Study on SeaBank Users).” 5: 223–32. doi:10.55606/jupea.v5i2.3972.
Riyani, D., Pratama, A., & Lestari, S. (2023). The influence of digital service quality on e-wallet user satisfaction and loyalty. Journal of Business and Management Strategy Studies, 7(2), 89–104.
Samara, A. 2023. “The Influence of Ease of Use, User Experience and Customer Satisfaction on Customer Loyalty in the Use of Digital Wallet Applications (E-Wallet) Among Buddhi Dharma University Students.” 1(2).
Sari, NP, & Ramadhani, RF (2021). The influence of financial literacy on e-wallet usage behavior among the younger generation. Journal of Digital Economics and Finance, 4(1), 60–74.
Sari, RA, & Rahmawati, F. (2021). The Influence of E-Wallets on Generation Z's Consumptive Behavior in the Digital Era. Journal of Economics and Business, 2(2), 500–507.
Sevilla, C. G., Ochave, J. A., Punsalan, T. G., Regala, B. P., Regala, B. P., & Uriarte, G. G.
Sholikah, N., & Wibowo, A. (2023). Analysis of user experience and its influence on the sustainability of fintech application use. Journal of Digital Business and Technology, 6(1), 44–59.
Sitorus, RM (2023). Digital financial literacy and its influence on the financial management behavior of e-wallet users. Journal of Financial Management, 8(2), 101–115.
Solihati, GP, Anah, S., & Anggraini, W. (2024). Fintech user satisfaction as an intermediary: Analysis of the influence of financial literacy, ease of use, and trust on user loyalty in MSMEs. KEUNIS: Journal of Finance and Business, 13(1), 1–15.
Watson IV, G. F., Beck, J. T., Henderson, C. M., & Palmatier, R. W. (2024). Customer loyalty: A refined conceptualization, measurement, and model. Journal of Retailing and Consumer Services, 81, 104020.
Widyasanti, AAP, & Suarmanayasa, IN (2023). The influence of ease of use and perceived usefulness on e-wallet usage interest among Generation Z. Journal of Digital Management and Business, 6(1), 25–39.
Wiyanto, H. (2023). Faktor Yang Mempengaruhi Financial Behavior Pada Pengguna E- Wallet Di Jakarta Barat. 05(02), 373–382.
Published
2026-07-13
How to Cite
Karlina, K., & Krisdiana, K. (2026). The effect of financial literacy and user experience on e-wallet user loyalty with user satisfaction as a mediation variable on generation Z in Cirebon City. Journal of Management : Small and Medium Enterprises (SMEs), 19(2), 1401-1415. https://doi.org/10.35508/jom.v19i2.27927
Section
Articles
