The Enthusiasm of Digital Payment Services and Millennial Consumer Behaviour in Indonesia

Purpose: This research aims to study the impact of changes in transaction styles in the 4.0 era with more depth, how consumers from various level start to use technology in ease of everyday life and consumer choices in the use of applications and their willingness to pay for the transaction fee, whether from bank institutions or digital start-up companies in terms of effectiveness, security, and public enthusiasm with digital payment technology. Theoretical Framework: The framework was developed depend on the theory or study literature variables of mobile banking, digital wallet, digital payment and willingness to pay. Design/Methodology/Approach: The research uses 225 sample in Indonesia collected by direct online approach and contingent valuation method open-ended question to digital payment user that use both applications provided by bank institution and digital wallet service. Findings: The result implies that the willingness-to-pay for mobile banking to another bank transaction fee is lower than the actual price and willingness-to-pay for the digital wallet to bank transaction fee is higher than the average real price. Research, Practical & Social Implications: Consumer needs more security aspect on mobile banking transaction but tends to use the digital wallet as their transaction preference due to the promotions and life-service application integrated. As a premium account for digital wallet existed, the consumer tends to demand more on facilities and access to maximum limit of balance on digital wallet. Originality/Value: This study compares the consumer preferences for mobile banking and digital wallet brands accessed in Indonesia. All the respondents of the survey are bank and digital wallet users