Aji, Hendy Mus iko; Husin, Maizai ulaidawa i Md; O hman, Abdul Kadi ; Hidaya ,
Anas; Rashid, Wan Edu a Wan
A icle
Religious-based e hics and buy-now-pay-la e e-usage in en ion
among Muslim consume s in Indonesia and Malaysia: a commi men -
us heo y pe spec i e
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Aji, Hendy Mus iko; Husin, Maizai ulaidawa i Md; O hman, Abdul Kadi ; Hidaya ,
Anas; Rashid, Wan Edu a Wan (2024) : Religious-based e hics and buy-now-pay-la e e-usage
in en ion among Muslim consume s in Indonesia and Malaysia: a commi men - us heo y
pe spec i e, Cogen Business & Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11,
Iss. 1, pp. 1-17,
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Religious-based e hics and buy-now-pay-la e
e-usage in en ion among Muslim consume s
in Indonesia and Malaysia: a commi men - us
heo y pe spec i e
Hendy Mus iko Aji, Maizai ulaidawa i Md Husin, Abdul Kadi O hman, Anas
Hidaya & Wan Edu a Wan Rashid
To ci e his a icle: Hendy Mus iko Aji, Maizai ulaidawa i Md Husin, Abdul Kadi O hman,
Anas Hidaya & Wan Edu a Wan Rashid (2024) Religious-based e hics and buy-now-
pay-la e e-usage in en ion among Muslim consume s in Indonesia and Malaysia: a
commi men - us heo y pe spec i e, Cogen Business & Managemen , 11:1, 2363441, DOI:
10.1080/23311975.2024.2363441
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Ma ke ing | esea ch a icle
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2363441
Religious-based e hics and buy-now-pay-la e e-usage in en ion
among Muslim consume s in Indonesia and Malaysia: a
commi men - us heo y pe spec i e
hendy Mus iko ajia , Maizai ulaidawa i Md husinb , abdul kadi O hmanc ,
anas hidaya a and Wan edu a Wan ashidc
aFacul y o Business and economics, Depa men o Managemen , uni e si as islam indonesia, Yogyaka a, indonesia; bazman
Hashim in e na ional Business school, uni e si i eknologi Malaysia, Malaysia; cins i u e o Business excellence, uni e si i
eknologi MaRa, selango , Malaysia
ABSTRACT
his s udy in es iga es he e ec o eligious-based e hics (knowledge abou iba and
pe cei ed iba isk) on Buy-now-Pay-la e (BnPl) e-usage in en ion among Muslim
consume s in indonesia and Malaysia om he lens o commi men - us heo y. an
online su ey was conduc ed among 434 adul Muslims in indonesia and Malaysia who
sel - epo ed BnPl usage. he model was analyzed using he Pa ial leas squa es
s uc u al equa ion Modeling (Pls-seM) app oach. Ou s udy shows ha eligious-based
e hics can discou age BnPl e-usage in en ion, bu only when commi men is low,
highligh ing i s media ing ole. in e es ingly, ou s udy ound no signi ican connec ion
be ween us in BnPl and i s e-usage in en ion. hese indings hold o bo h coun ies,
excep o he ela ionship be ween iba knowledge and us , which was only signi ican
in indonesia. his s udy is he i s o examine eligious-based e hics wi hin he BnPl
con ex using commi men - us heo y.
1. In oduc ion
Buy-now-Pay-la e (BnPl) has become mo e popula as a sho - e m deb al e na i e (ge ans e al., 2021).
BnPl has p ojec ed a global ma ke size o UsD 3.98 illion by 2022 and is apidly becoming a majo playe
in he inancial landscape (alliedMa ke esea ch, 2022). Fin ech companies o e his digi al al e na i e o adi-
ional c edi ca ds and con enien ly in eg a e wi h e-walle pla o ms, p o iding consume s wi h a seamless
and popula paymen op ion. howe e , he eme gence o BnPl aises eligious-based e hical conce ns in
Muslim-majo i y coun ies like indonesia and Malaysia. he business model is pe cei ed o esemble usu y o
iba p ac ices, which a e s ic ly p ohibi ed in islam (aji e al., 2021). such isks can po en ially e ode us and
commi men , nega i ely impac ing consume beha io (Yang e al., 2015).
consume beha io li e a u e demons a ed he associa ion o us and commi men wi h ce ain
isks, such as p ice, quali y, secu i y (Pappas, 2016), inancial, legal, and ope a ional (ali e al., 2021).
schola s belie e ha us is c ucial in a isky si ua ion (Das & eng, 2004) as i may educe isk pe cep-
ion (Mukhe jee & na h, 2007). Un o una ely, li le knowledge has been p oduced abou he ela ionship
o us wi h eligious- ela ed isks, such as iba.
Riba gene ally occu s when bene i s acc ue om deb ansac ions and de e ed paymen s (aji e al.,
2021; Fa ooq, 2009). i esona es wi h he BnPl business model as i essen ially ep esen s a sho - e m
deb a angemen incu ing addi ional cha ges (bene i s) o la e paymen s (ge ans e al., 2021).
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Hendy Mus iko aji [email p o ec ed] Facul y o Business and economics, Depa men o Managemen , uni e si as islam
indonesia, Yogyaka a, indonesia.
h ps://doi.o g/10.1080/23311975.2024.2363441
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 14 Decembe
2023
e ised 11 May 2024
accep ed 29 May 2024
KEYWORDS
iba knowledge; iba isk;
commi men ; us ;
e-in en ion;
buy-now-pay-la e
REVIEWING EDITOR
kaou he kooli,
Bou nemou h Uni e si y,
Uni ed kingdom
SUBJECTS
Ma ke ing; consume
Beha iou ; Business
e hics; Financial se ices
indus y
2 h. M. aJi e al.
consequen ly, Muslim consume s who a e awa e o iba p inciples may ha bo dis us owa ds BnPl and
e ain om engaging wi h he business model as hey a e a aid o all in o such a eligious-based isk.
P e ious s udies highligh he complex ela ionship be ween iba and inancial beha io among
Muslim consume s. Fo ins ance, in indonesia, knowledge abou iba weakens he posi i e ela ionship
be ween pe cei ed bene i s o e-money and in en ion o use i , sugges ing a po en ial de e en e ec
(aji e al., 2019, 2021). simila ly, in he banking con ex , knowledge o iba mode a es he in luence o
subjec i e no ms on a i udes owa d sa ing in islamic banks (asya i e al., 2022). howe e , ha ahap and
is andy (2022) con i med ha while mos indonesian Muslims conside iba o bidden, some disag ee
abou i s applicabili y o con en ional bank p ac ices. hence, hese indings show he a ia ion in how
Muslim consume s unde s and iba and i s applica ion in business p ac ices.
he indings become mo e in e es ing in he Malaysian con ex , whe e Malaysian Muslims (a ound
40%) a e epo ed unsu e abou he legal s a us o iba, and a subs an ial numbe (31%) see no p oblem
wi h i al oge he (Fon aine, 2019). his inding aligns wi h ahmad and Zab i (2023), who ound ha
knowledge abou iba did no signi ican ly in luence bank selec ion c i e ia among Malaysian Muslim
consume s, sugges ing a po en ial disconnec be ween eligious belie s and banking decisions.
F om hese s udies, we iden i y h ee gaps. Fi s , despi e he gene al unde s anding o iba as p ohib-
i ed (ha am), he e is a di e ence in how Muslims in indonesia and Malaysia apply his knowledge in
inancial con ex s. Second, no s udy in es iga ed how he pe cep ion o iba in luences Muslim consum-
e s’ inancial beha io in he con ex o BnPl. Thi d, p e ious s udies did no examine how he ela ion-
ship be ween iba and inancial beha io in e played wi h commi men - us heo y. hence, his omission
ep esen s a signi ican a ea o u he in es iga ion and discussion.
Following hese gaps, ou s udy is aimed a in es iga ing he ela ionship be ween eligious-based
e hics ( iba knowledge and iba isk) on he e-usage in en ion o BnPl and how commi men and us
media e his ela ionship. o achie e hese objec i es, a su ey was pe o med on adul Muslims in
indonesia and Malaysia who ha e used he BnPl ea u e a leas once in se e al online ma ke places and
e-walle pla o ms. he esea ch model is analyzed using he Pls-seM me hod, conside ing i s capabili y
o es a complex model (hai e al., 2022).
Ou s udy o e s aluable heo e ical and p ac ical con ibu ions. Fi s , i explo es he applica ion o
commi men - us heo y wi hin he con ex o BnPl, o e ing a unique pe spec i e. Second, i un eils
he media ing ole o commi men - us heo y in he ela ionship be ween iba knowledge, iba isk
pe cep ion, and he e-usage o BnPl, p o iding aluable new insigh s. Thi d, s udying BnPl h ough he
lens o Muslim beha io is s a egically impo an o gain deepe insigh s in o his dynamic ma ke , con-
side ing he apid g ow h o in ech and he subs an ial po en ial o he Muslim ma ke (Dina s anda d, 2021).
2. Li e a u e e iew
2.1. Buy-Now-Pay-La e in Indonesia and Malaysia
he BnPl’s business model is sho - e m deb inancing (ge ans e al., 2021), whe e consume s can
pu chase he p oduc i s bu pay i la e wi h ze o in e es i paid o e a p ede e mined pe iod (Feng
e al., 2023). he business model o BnPl is simila o c edi ca ds bu di e s in he medium used, in
which BnPl uses a sma phone connec ed wi h pla o ms p o iding he ea u e.
in indonesia, BnPl has wo app oaches (eka, 2021). Fi s , i wo ks in a s andalone applica ion, a deb
se ice a hi d pa y p o ides. second, i is embedded in he consume applica ion. he la es is he mos
popula in indonesia and can be ound in e-walle s and online ma ke place pla o ms like go-Pay, OVO,
shopee, and a eloka. esea ch shows ha BnPl usage in indonesia expe ienced a me eo ic ise du ing
he cOViD-19 pandemic, wi h o e 50% new use s (se yowa i, 2021). in 2024, he na ional au ho i y o
Financial se ices o he epublic o indonesia (OJk) epo ed ha he o al ou s anding loan on P2P
lending, which includes BnPl, achie ed iD 61 illion (equi alen o UsD 3.7 billion) (OJk, 2024). i sug-
ges s he signi ican ma ke size o BnPl in indonesia.
a simila model has also been applied in Malaysia. howe e , in Malaysia, BnPl se ices a e domina ed
by o eign playe s, which include a ome, myiOU, hoolah, Payla e (by g ab), and sPayla e (by shopee).
he BnPl g oss me chandise alue in he coun y will inc ease om UsD 287.0 million in 2021 o UsD
cOgen BUsiness & ManageMen 3
6588.3 million by 2028 ( esea ch & Ma ke , 2022). he inc easing BnPl g oss me chandise alue pa allels
he g owing demand o BnPl se ices among me chan s and consume s. o u he enhance he
demand o BnPl ac i i ies in he coun y, he cen al Bank o Malaysia is o mula ing a consume c edi
ac (cca) o p o ide be e p o ec ion o c edi consume s (ns , 2022).
2.2. Buy-now-pay-la e and iba
Riba is conside ed one o he big sins in islam (adh-Dhahabi, 2012; ahmad & hassan, 2007; Fa ooq,
2009;). he wo d iba o igina es om he a abic e b aba, which means ‘ o g ow’, ‘expand’, ‘inc ease’,
‘in la e’, o ‘excess’ (aji e al., 2021). Riba occu s when he e is an in e es cha ge o de e ed paymen .
he BnPl’s business model has he po en ial o all in o eligious-based e hics issues, such as iba,
because i ea ns p o i om deb o loan ansac ions (aji e al., 2021; ha ahap & is andy, 2022). e en
hough BnPl cha ges in e es - ee on he paymen wi hin a p ede e mined ime (Feng e al., 2023), he
in e es will be cha ged i consume s make a la e paymen . his business model is associa ed wi h ‘ iba
al-jahiliyyah’, o a bene i gained om due paymen (aji e al., 2021). When Muslims ha e highe knowl-
edge abou iba, he e is a high p obabili y o pe cei ing ha he BnPl business model has allen in o
iba, sugges ing high iba isk. ha pe cep ion could nega i ely a ec us in BnPl, ha m ela ionship
commi men wi h BnPl, and hold consume s om using o e-using i . he ela ionship among hose
a iables is discussed in he ollowing sub-sec ion.
2.3. The commi men - us heo y
he commi men - us heo y was p oposed by Mo gan and hun (1994) o challenge he adi ional
ne wo k pa adigm, which places he impo ance o powe in a ela ionship. ins ead o s essing he ole
o powe , Mo gan and hun (1994) emphasized he alue o us and commi men o building a suc-
cess ul ela ionship. in i s applica ion, he commi men - us heo y is o en ound in e-comme ce pu -
chase and online e ailing con ex s (cui e al., 2020; Mukhe jee & na h, 2007; Wang e al., 2016) wi hin
B2B (Bianchi & abu saleh, 2020) o B2c model (Wang e al., 2016).
in he o iginal model o commi men - us heo y, us is de e mined by se e al an eceden s, such as
sha ed alues, communica ion, and oppo unis ic beha io . he heo y also d aws he consequences o
us , such as coope a ion, con lic s, and unce ain y (Mo gan & hun , 1994). Mos p io s udies ocused
only on he ela ional e ec s o us and commi men on he model (Bianchi & abu saleh, 2020; Wang
e al., 2016). he p esen s udy uses he commi men - us heo y o explain commi men and he use
o BnPl.
2.4. Religious-based e hics: knowledge and pe cei ed isk o iba
knowledge is undamen al o unde s anding consume beha io , including isk pe cep ion (Mcneal &
McDaniel, 1981; Oh & ab aham, 2016). knowledge can gi e a pe son a be e sea ch s a egy and g ea e
sel -con idence (Oh & ab aham, 2016), hus minimizing he isk pe cep ion associa ed wi h a p oduc .
he e o e, a pe son wi h be e knowledge should be able o a oid isks be e (Bu a i & allwood, 2019).
empi ically, he e ec s o knowledge on pe cei ed isks ha e been con i med in mul iple con ex s,
such as online shopping and e-comme ce (lopez-nicolas & Molina-cas illo, 2008; nepomuceno e al.,
2014), elec ic ehicles (Wang e al., 2018), and mos ecen ly he cOViD-19 pandemic (lee e al., 2021;
Zhong e al., 2021). Un o una ely, he in es iga ion o he knowledge- isk connec ion in in ech s udies
is less es ablished, especially on BnPl and iba opics.
he concep o iba has no been adequa ely unde s ood by socie y, e en by he Muslims communi y.
Mos people simply unde s ood iba as ‘in e es ’, ‘highe p o i s’, o ‘expensi e p ice’. Muslims in indonesia
s ongly belie e ha iba is une hical and p ohibi ed, bu hei pe cep ions a y when i is implemen ed
in he economics and banking con ex s (ha ahap & is andy, 2022). lending om he heo y o con-
sume knowledge (Mcneal & McDaniel, 1981) and pas empi ical indings in di e en esea ch con ex s
(lee e al., 2021; lopez-nicolas & Molina-cas illo, 2008; nepomuceno e al., 2014; Wang e al., 2018;
Zhong e al., 2021), we a gue ha knowledge abou iba and pe cei ed isk o iba is connec ed as well
4 h. M. aJi e al.
in he BnPl con ex . he sho age o iba knowledge will c ea e an in alid pe cep ion o iba isk. hence,
we hypo hesize ha when Muslims’ knowledge abou iba is good, hey will pe cei e BnPl as eligiously
isky as i migh all in o iba.
H1: knowledge abou iba posi i ely a ec s pe cei ed isk o iba in BnPl business model.
2.5. Knowledge abou iba – us – beha io
P e ious empi ical s udies also con i med he signi ican connec ion be ween knowledge and us
( ahman e al., 2021; zeng & ho, 2022). Bo h ela ionships can be gene ally explained using he
knowledge-a i ude-P ac ice (kaP) amewo k (lee e al., 2021; liao e al., 2022).
in an o ganiza ional con ex , us is de ined as he willingness o ely on he o he pa y and be
ulne able o hei ac ions (Maye e al., 1995). Bu , commonly in consume beha io o ma ke ing li e -
a u e, us e e s o a belie (Zhang & Yu, 2020) ha he selle s o p oduce s will ac in hei bes in e -
es s (shiau & luo, 2012).
us is de eloped in s ages, and he ac o s in luencing us in each s age di e (li e al., 2008). a he
ini ial s age, us has been nega i ely associa ed wi h pe cei ed isk (ali e al., 2021; hong, 2015; Pappas,
2016). his is because, a he ini ial s age, a pe son does no know he us ee (li e al., 2008; Mcknigh
e al., 1998). howe e , when he us o and us ee ha e in e ac ed be o e, he knowledge om pas expe-
ience will u he con ibu e o he decision whe he o us o no o us he us ee. his logic applies
o ou esea ch con ex . knowledge can a ec us in BnPl when Muslims ha e al eady an icipa ed how
he BnPl business model wo ks and, a he same ime, lea ned how iba exis s in he BnPl business model.
he be e he knowledge abou iba he Muslim consume s ha e, he lowe hei us in BnPl becomes.
H2: knowledge abou iba nega i ely a ec s us in BnPl business model.
us is c i ical when making an online ansac ion (Pappas, 2016). he lack o us is he mos com-
mon eason people a oid online pu chases (U ban e al., 2009). us has been ound o a ec beha io
posi i ely, especially when making an online ansac ion (amin e al., 2014; Duane e al., 2014; ge en
e al., 2003; he zallah & Mukh a , 2016; Mou e al., 2017; Pa lou, 2003; shaw, 2014; Wei e al., 2009; Zhou,
2014). us is also conside ed an impo an ex ension o he echnology accep ance model ( aM) (shaw,
2014). his is because online ansac ions a e highly isky due o hei in angible na u e (hong, 2015),
especially in he con ex o paymen (shaw, 2014; Zhou, 2014). he e o e, in ou s udy con ex , we a gue
ha us in luences e-in en ion o use BnPl.
H3a: us in BnPl business model posi i ely a ec s e-in en ion o use BnPl.
a Muslim will be e y conce ned abou halal and ha am, no only in choosing oods o be e ages
( ejeb e al., 2021; shah alam & Mohamed sayu i, 2011) o cosme ics (au i & aji, 2021; khan e al., 2020),
bu also in selec ing inancial p oduc s (aji e al., 2021; Pan a i & aji, 2020). as p e iously men ioned,
Muslim schola s classi ied iba as one o he big sins in islam (adh-Dhahabi, 2012; ahmad & hassan,
2007; Fa ooq, 2009). consequen ly, iba migh es ain a Muslim om using o consuming he p oduc .
in his sense, us plays a i al ole in con incing Muslim consume s o use s abou he halalness o he
p oduc . he signi ican media ing ole o us has been iden i ied in halal pu chase decisions (Mu lih &
Juliana, 2021; Zaka ia e al., 2015). in ou s udy con ex , we a gue ha a Muslim wi h p ope knowledge
abou iba will no use he BnPl ea u e i he sha ia-compliance o he business model is no us -
wo hy and con incing.
H3b: us in BnPl business model media es he e ec be ween knowledge abou iba and in en ion o e-use
BnPl.
2.6. T us and commi men
us is essen ial in in luencing commi men ( ajpou e al., 2022). us is he ex en o cus ome s’ con-
idence ha companies beha e as expec ed. acco ding o no a (2019), us and commi men a e closely
cOgen BUsiness & ManageMen 5
linked because us is essen ial o c ea ing commi men in a ela ional exchange. he ela ionship
be ween us and commi men has been alida ed by many s udies, including ahn and kwon (2020),
B own e al. (2019), and Palu i and Mishal (2020).
in inance, a ious esea che s also in es iga e he in luence o us in commi men . howe e , mixed
indings we e documen ed. Fo ins ance, sembi ing and hamonangan a uan (2020) in es iga ed he ela-
ionship be ween us and commi men in in luencing he con inuous in en ion o use mobile paymen .
hamidi and sa a eeyeh (2019) inco po a ed he elemen s o us and commi men in measu ing mobile
banking adop ion. On he o he hand, sumaedi e al. (2015) ound ha us does no signi ican ly
impac cus ome s’ commi men o sa ing in islamic banking. in ou s udy, i is expec ed ha when
Muslims us he BnPl business model, hei commi men o using BnPl will be a ec ed. in o he
wo ds, as Muslim consume s us he business model used by he BnPl p o ide s, hei commi men o
using BnPl will be highe .
H4: us in he BnPl business model posi i ely a ec s commi men o BnPl.
2.7. Pe cei ed isk o iba – commi men – beha io
in gene al, pe cei ed isk can lessen he ela ionship commi men as i is pe cei ed as a ba ie -like
p ope y o good ela ionship commi men (scia a & Pan aleo, 2018). he commi men - us heo y also
asse s he possible connec ion be ween unce ain y and commi men (Mo gan & hun , 1994), in which
iba, in his con ex , is he unce ain y ha migh ha m ela ionship commi men .
commi men e e s o ‘an endu ing desi e o main ain a alued ela ionship’ (Mo gan & hun , 1994). i
is associa ed wi h he desi e o ac acco ding o he ac ion plan. Many s udies ha e ound ha commi -
men can a ec e-in en ion. Fo example, in a heal hca e se ing, Wang and sai (2019) ound ha com-
mi men a ec s he e-in en ion o pu chase esh ood. amoako e al. (2019) ound ha he ela ionship
be ween commi men and cus ome e-in en ion o pu chase exis s in he ela ionship ma ke ing p ac-
ices o ho elie s. in he inancial con ex , he ela ionship be ween commi men and e-in en ion has
been alida ed in a ious a eas, including in e ne banking (Yuan e al., 2019) and e-comme ce (hadi
e al., 2019).
in ou s udy con ex , we a gue ha Muslims who pe cei e he isk o iba in he BnPl business model
will no ha e he in en ion o euse BnPl in he u u e because hey ha e less commi men o he BnPl
business model due o p e ious usage o ela ionship expe ience.
H5: Pe cei ed iba isk nega i ely a ec s commi men o BnPl.
H6a: commi men o BnPl posi i ely a ec s e-in en ion o use BnPl.
H6b: commi men o BnPl media es he e ec o pe cei ed isk o iba and e-in en ion o use BnPl.
3. Me hods
3.1. Resea ch design and da a collec ion
a quan i a i e esea ch design was selec ed, and he da a was ga he ed using an online su ey. he
online su ey was chosen as i enables he esea che s o collec a wide ange o esponden s om
a ious backg ounds. he ques ionnai e was c ea ed using google Fo ms and dis ibu ed using social
media pla o ms. Be o e dis ibu ion, he ques ionnai e was submi ed o na ional esea ch and inno a ion
agency (B in) o epublic o indonesia o e hical clea ance. a pu posi e sampling echnique was used,
and he esponden s we e chosen by pu posed c i e ia, such as adul Muslims in indonesia and Malaysia
(abo e 18 yea s old) who ha e used he BnPl ea u e a leas once in se e al online ma ke places and
e-walle pla o ms. all pa icipan s p o ided in o med consen a he beginning o he su ey ia a ded-
ica ed consen page. a il e ed ques ion was asked a he beginning o he ques ionnai e o ensu e
sample c i e ia and equi emen s.
Ou s udy na ows he ocus on indonesia and Malaysian ma ke s o wo easons. Fi s , bo h coun ies
ha e a Muslim majo i y popula ion, and he BnPl se ice expe iences signi ican g ow h in hese
6 h. M. aJi e al.
coun ies (OJk, 2024; esea ch & Ma ke , 2022; se yowa i, 2021). Second, while bo h coun ies a e p e-
dominan ly Muslim, he e a e known a ia ions in how s ic ly iba is in e p e ed and applied in inancial
p ac ices, pa icula ly in he con ex o BnPl (Fon aine, 2019; ha ahap & is andy, 2022). his allows us
o explo e how hese di e ing in e p e a ions migh in luence Muslim consume beha io owa ds BnPl
se ices. he esea ch model is analyzed using pa ial leas squa e s uc u al equa ion modeling (Pls-seM)
conside ing i s complexi y (hai e al., 2022).
3.2. Measu es
all i ems used in his s udy a e adap ed and adop ed om p e ious wo ks. he measu emen o pe -
cei ed iba isk was adap ed om kim e al. (2005), such as ‘ he hough o iba in BNPL makes me eel
psychologically uncom o able’. his s udy adap ed i ems om aji e al. (2021) o measu e knowledge
abou iba, such as ‘BNPL is a deb -based ansac ion, and addi ional money equi ed in deb ansac ion is
iba’. us in BnPl was measu ed using h ee i ems adap ed om Pa lou (Pa lou, 2003). commi men o
BnPl is measu ed by six i ems adap ed om Wang e al. (2016). all i ems we e measu ed using a 5-poin
like scale anging om 1 = s ongly disag ee o 5 = ‘s ongly ag ee’. he comple e esea ch model and
cons uc measu emen can be seen in Figu e 1 and able 1.
4. Resul s and discussion
4.1. Resul s
4.1.1. Responden p o iles
able 2 p esen s a comp ehensi e o e iew o he esponden s’ p o ile da a o using he buy now
pay la e (BnPl) ea u e in e-walle s, compa ing indonesia and Malaysia. he o al sample size o
his s udy is 434, wi h 244 pa icipan s om indonesia and 190 om Malaysia. he sample om
indonesia comp ises 62.7% male and 37.3% emale esponden s, while Malaysia has 45.8% male
and 54.2% emale pa icipan s. ega ding age dis ibu ion, mos esponden s in bo h coun ies a e
be ween 18 and 23 yea s old (33.2% in indonesia and 22.1% in Malaysia). he pa icipan s’ ma i al
s a us a ies, wi h 42.6% single, 54.9% ma ied in indonesia, 40.0% single, and 52.1% ma ied in
Malaysia.
educa ion le els show ha a signi ican p opo ion o bo h coun ies ha e a leas a bachelo ’s deg ee,
wi h 58.2% in indonesia and 47.9% in Malaysia. in e es ingly, in indonesia, 19.3% ha e o mal islamic
educa ion, while in Malaysia, 77.4% ha e such educa ion. his demog aphic b eakdown p o ides a
Figu e 1. Resea ch model.
cOgen BUsiness & ManageMen 7
ounda ion o unde s anding he di e se pe spec i es on he BnPl ea u e in e-walle s ac oss di e en
demog aphic g oups in indonesia and Malaysia.
4.1.2. Measu emen model es ima ion
Da a analysis was pe o med using Pa ial leas squa e s uc u al equa ion Modeling (Pls-seM) wi h
sma Pls 4.0 so wa e. he Pls-seM me hod is sui able o es ima ing complex models (hai e al., 2022).
he analysis in Pls-seM is pe o med in wo consecu i e sequences. he i s s ep is o es ima e he
measu emen model. i is pe o med by examining he alidi y and eliabili y o he i ems. he alidi y
es is classi ied in o con e gen and disc iminan . in he con e gen es , aVe and loading ac o s will
be assessed, and he sco e should be g ea e han 0.50 (hai e al., 2022). he squa e oo aVe (co ela-
ion ma ix) and he e o ai -Mono ai a io (h M ) a e es ima ed o he disc iminan alidi y es . he
eliabili y es is pe o med by es ima ing c onbach’s alpha (ca) and composi e eliabili y (c ). he min-
imum h eshold o ca and c is 0.70 (hai e al., 2022).
able 1 shows ha all i ems ha e loading ac o s g ea e han 0.70, and he a e age a iance ex ac ed
(aVe) o all cons uc s has a sco e o mo e han 0.50. he e o e, i indica es good con e gen alidi y
(hai e al., 2022).
he measu emen model o his s udy also has shown good disc iminan alidi y as he co ela ion
sco es wi h simila cons uc s a e g ea e han he co ela ion wi h he o he cons uc s (Fo nell & la cke ,
1981) (see able 3). he h M sco e can also be conside ed as ano he indica o o disc iminan alidi y
assessmen . as shown in able 3, he h M sco es a e below 0.85, indica ing a good disc iminan alidi y.
hence, om hese wo assessmen s, i can be concluded ha he model is ee om disc iminan alidi y
issues (hai e al., 2022).
in addi ion, able 3 shows good in e nal consis ency among i ems in a pa icula cons uc , in which
c onbach’s alpha and composi e eliabili y sco es a e g ea e han 0.70. his esul implies good eliabili y
o he i ems in he model (hai e al., 2022).
4.1.3. S uc u al model es ima ion
Once he measu emen model is alid, he nex s ep is o assess he s uc u al model. he esul s o he
s uc u al model a e summa ized in able 4 and di ided in o h ee dis inc models: (1) he gene al
model (indonesia & Malaysia), (2) he indonesia model, and (3) he Malaysia model. all ViF alues o he
s uc u al model a e less han 3.00, implying ha he model does no ha e collinea i y issues. Besides,
Table 1. Con e gen alidi y and eliabili y es .
Code i ems
Mean sco e
Loadings aVeindonesia Malaysia
PR1 he hough o iba in BnPL makes me eel psychologically uncom o able 4.22 3.71 0.94 0.89
PR2 he hough o iba in BnPL gi es me a eeling o unwan ed anxie y 4.20 3.57 0.97
PR3 he hough o iba in BnPL causes me o expe ience unnecessa y ension 4.21 3.67 0.97
PR4 i am a aid ha BnPL could cause me o all in o iba 4.36 3.83 0.94
PR5 i am a aid ha BnPL is no sa e om iba 4.32 3.83 0.93
KR1 BnPL is a deb -based ansac ion, and addi ional money equi ed in a deb
ansac ion is iba
4.22 3.72 0.94 0.86
KR2 BnPL is a deb -based ansac ion, and any ad an age in deb ansac ion is iba 4.14 3.77 0.92
KR3 BnPL is a deb -based ansac ion, and addi ional money ha has o be paid in
deb ansac ion is iba
4.38 3.81 0.95
KR4 BnPL is a deb -based ansac ion, and he penal y o a deb ansac ion is iba 4.40 3.78 0.94
R1 i belie e ha BnPL business model is ee om iba 1.97 2.81 0.93 0.88
R2 i belie e ha BnPL business model keeps commi men s o a oid iba 2.20 3.01 0.92
R3 i us BnPL business model because i keeps my bes in e es in mind o a oid iba 2.11 2.93 0.94
C1 i wan BnPL business model o be a ailable o a long ime 2.29 3.15 0.80 0.71
C2 he ela ionship ha i ha e wi h BnPL is wo h my maximum e o o main ain 1.94 2.89 0.87
C3 i would eel e y upse i BnPL disappea ed in he u u e 2.24 2.97 0.78
C4 i eel a sense o belonging o BnPL 1.82 2.78 0.92
C5 i eel a ached o BnPL 1.67 2.86 0.80
C6 i am o ien ed owa d he long- e m u u e o BnPL business model 1.83 2.64 0.89
Ri1 i ha e he in en ion o use BnPL again 3.59 2.90 0.96 0.92
Ri2 i ha e he plan o use BnPL in he u u e again 3.58 2.87 0.98
Ri3 i am willing o use BnPL again in he u u e egula ly 3.88 3.08 0.97
No e: PR = Pe cei ed Risk o Riba; KR = Knowledge abou Riba; R = us in BnPL; C = Commi men o BnPL; Ri = Re-in en ion o use BnPL.
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