Business Students’ Utilization of Mobile Money Applications

Mobile money is a technology that allows users to access financial services easier and more conveniently using only a mobile phone and an internet connection. With the growth of Filipinos using smartphones, Bangko Sentral ng Pilipinas saw mobile money as the answer to the Philippines’ progress toward financial inclusion. Hence, the researchers conducted this study to analyze the factors influencing mobile money apps utilization among business students. Specifically, it aimed to present the demographic profile of the students; to determine the factors affecting mobile money apps usage as to convenience, social influence, security, speed, and internet affiliation; to examine significant differences in the responses when grouped according to profile variables; and, to propose an action plan. Online survey questionnaires were distributed to a sample size of 285 College of Business Administration (CBA) students, selected at random using stratified sampling. The data gathered revealed that the students have a high agreement on speed and convenience as factors affecting the utilization of mobile money, while there was a general agreement on factors like social influence, security, and internet affiliation. Also, there were significant differences in the responses when grouped according to profile variables. Recommendations, as well as a proposed action plan, were given for the improvement of the utilization of mobile money.

Keywords – Business Students, E-Money, Influencing Factors, Mobile Money, Utilization