SIJDEB, 6(2), 2022, 147-164

p-ISSN: 2581-2904, e-ISSN: 2581-2912

DOI: https://doi.org/10.29259/sijdeb.v6i2.147-164
Received: 9th Apr 2022; Revised: 15th June 2022; Accepted: 27th June 2022

SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC

ECONOMICS AND BUSINESS
http://ejournal.unsri.ac.id/index.php/sijdeb

Purchase Decision: Do the Paylater Ease and

Consumer Satisfaction Affect It? (Case Study on
Shopee Paylater and Gojek Paylater)
Vietha Devia SS, SE., ME., Ph.D1*, Yulia Kusuma Wardani Putri, SE2
1Economics, Faculty of Economics and Business, Universitas Brawijaya Malang
2 Economics, Finance, and Banking Study Program, Faculty of Economics and Business

Brawijaya University
[email protected]; [email protected]

Abstract: This study aims to examine whether the factors of consumer satisfaction and
convenience of Paylater which are manifested in the variables of user age, payment tenor and
interest rates can influence purchasing decisions. This study compares the use of Paylater on
Shopee and Gojek. The consideration of comparing the two Paylater platforms is because
these two platforms rank the most used by Paylater users in Indonesia. This study conducted
in the city of Malang. This study uses primary data with a sample of respondents according
to the Lemesshow formula. The number of sample used is 96 respondents for each object,
namely Shope and Gojek. Then the primary data is processed using PLS. The results showed
that user age, interest rates and consumer satisfaction had a significant effect on purchasing
decisions at Shopee Paylater. While on Gojek Paylater, the variables that have a significant
effect are interest rates and purchase satisfaction.

Keywords: Paylater Ease; Consumer Satisfaction; Purchase Decision; Shopee; Gojek

Introduction
E-commerce is one of the innovations in the application of the use of the internet network.
According to Garin and Perez in (Fernández-Bonilla et al., 2022) E-Commerce is the use of
the internet to buy, 1 sell, or support products and services, not only as an economic
exchange, but also includes the exchange of information. According to Das et al., (2016), E-
commerce in Indonesia is growing rapidly. Australian Government (2018) added that the
growth of E-Commerce in Indonesia has grown dramatically in the last five years and has
grown 60–70 per cent annually since 2014.

* Corresponding Author
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

According to Pham et al., (2018), many studies that prove that g convenience is one of the
main factors boosting the popularity of online shopping. Alwafi & Magnadi (2016) define
that convenience can be felt when consumers want to make purchases, buyers only need to
be connected to the internet anywhere and anytime. Furthermore, the elements contained in
the convenience are related to applications that are easy to use, easy to read, easy payment,
and easy to understand (Rita et al., 2019). Currently, there is a new payment method that
makes it easier for consumers to make transaction payments, namely the PayLater service.
PayLater is contract between the consumer, PayLater provider and the merchant (ASIC,
2018). Since Paylater was launched, until 2020, Gojek has increased by 14 times and the
number of Shopee Paylater users has reached 1.27 million users with active borrower
accumulation reaching 67%, which is around 850 thousand borrowers (Sari, 2021).

According to Venkatesh and Davis in Aparicio et al., (2021), the ease of transaction the
degree of effort a user has to apply for using a certain system or technology. One of the
models used to determine the acceptance of a person to information technology systems,
namely Technology Acceptable Model (TAM). TAM was introduced by Davis (1989) who
developed a framework for thoughts about interest in using information technology based
on perceived ease of use. Someone will be interested in using a technology if you believe that
the technology can be used easily and can influence transactional interest. Transactional
interest is a person's tendency to do purchase of a particular product Basrah and Samsul in
(Wonok & Loindong, 2018).

Uy et al., (2019) said that the element of ease of application is manifested in the consumer's
transaction experience, which affects consumer trust as a vital factor in virtual interaction
between the buyer and the seller. The ease of registration and use of PayLater is a factor for
consumers to make product purchase decisions. Shopee paylater gives its users an interest
rate of 2.95% every month (Khairunnisa et al., 2022). This is also stated by Damayanti &
Canggih (2021) that Shopee Paylater provides bill payment terms to its users starting from a
tenor of 1 month to 12 months with a relatively low interest rate of 0% - 2.95%. Meanwhile,
the Gojek Paylater service can be used by prospective users if the user has upgraded the
Gojek application, uploaded a photo of himself in the form of an ID card, and used GoPay
every time he made a transaction. Gopaylater does not provide interest rates to its users, but
in the form of a subscription fee of IDR 25,000 per month (Nirmalapurie, 2020). The
available payment tenor is also only 30 days or 1 month after the date of use of the transaction
(Satria & Anienda, 2021).

Another variable that is thought to influence consumer purchasing decisions is consumer

satisfaction in using the PayLater application. According to Alaimo et al., (2021) consumer
satisfaction implies the fulfillment of customer needs and consumer experience in consuming
as well as a judgment that products and services have provided a pleasurable level of
consumption-related fulfillment. Based on the Theory of Consumer Behavior, consumers
will always maximize their satisfaction in making purchasing decisions. According to 1980
Marshall economists, the demand for a commodity depends on its maximum utility (Moscati,
2020). Furthermore Khadka & Maharjan (2017), stated customer satisfaction is the key
component for the success of the business. Thus, it can be concluded that based on theory,
consumer satisfaction has a positive effect on demand or purchasing decisions

In fact, a discrepancy was found between theory and empirical results, so that a research gap
emerged. Research conducted by Annisa (2019) shows that the convenience variable has no

148
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

effect on online purchasing decisions if it is not accompanied by other variables. According

to Rafidah & Djawoto (2017) convenience does not affect purchasing decisions. According
to Yang, Xu, & Xing (2022), sales volume and the number of negative comments are the
most influencing factors for purchasing decisions. According to Lichev (2017), dominant
factors that influence consumption behavior are psychological factors. Meanwhile according
to Qazzafi (2020), personality factors such as age, life cycle, lifestyle, motivation, and
perception are the most dominant factors influencing consumer buying behavior.

Based on the background, the purpose of this research is to examine the effect of PayLater
ease and consumer satisfaction on consumer purchasing decisions. The novelty of this
research are the indicators of satisfaction in using non-cash payment facilities (Paylater) in
online transactions. Meanwhile for PayLater ease using indicators such as user age, payment
tenor and interest costs. This is what distinguishes it from previous studies that used the
consumer satisfaction only with the satisfaction of using online transaction services and ease
of transaction factor only using indicators of ease of use of applications or systems. In
addition, this study conducts a comparative study on Shopee PayLater and Gojek PayLater
in the 2021 period as the two highest platforms that are often used. The author conducted
research in the city of Malang. In 2020, Malang City received an award as a city of economic
recovery during an E-commerce-based pandemic (Putri & Munandar, 2021).

The author feels the topic is important to conduct this research in order to broaden the
reader's knowledge related to easier technology to transact. because the average person still
doesn't use cashless transactions due to the perception of complicated requirements. In
addition, for service providers or applications to be more focus on paying attention to
potential consumers so that the service given right on target and able to increase consumer
confidence to use Shopee Paylater and Gojek Paylater. Satisfaction variable was chosen
because in every online purchase, usually consumers before deciding to buy a product will
be interested in reading reviews of previous consumer purchases which are reflected in the
star value. The more stars that an online store has, usually reflects the good value given by
the buyer and can be said to reflect the satisfaction of the buyer. In addition, the author is
interested in examining the convenience of Paylater in terms of user age, payment tenor and
interest rate because usually credit or non-cash payment terms are considered a lot
burdensome to the community. Such as complicated requirements, high interest rates and
payment tenors that have been determined by the Bank. Bank applies the principle of 5C
character, capacity, capital, collateral, and Condition of Economic in credit analysis before
approving it (Tektona & Risma, 2020). So it is difficult for users who are 17 or 21 years old
if they want to get a non-cash payment facility at a bank, in contrast to the Paylater facility
on Shopee Paylater and Gojek Paylater. Even banks can charge higher rates of interest with
greater collateral requirements especially if the credit has a long term tenor (Yoshino &
Taghizadeh-Hesary, 2017). The formulation of the problem in this study is divided into two,
namely: "Does consumer satisfaction and the convenience of PayLater in terms of age,
interest rate and payment tenor affect the use of Purchase Decision on Shopee PayLater";
and "Does consumer satisfaction and the convenience of PayLater in terms of age, interest
rate and payment tenor affect the use of Purchase Decision on Gojek PayLater?";

Literature Review
Ease of Perception and Ease of Paylater Facility

149
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Ben Brahim & Dridi (2015) stated the ease of perception related to where a person in using
a system does not require great effort, easy to use and easy to learn . The ease of use factor
is one of the important factors making consumers shifted from offline shopping to online
shopping and consumers will see how easy the application before making a purchase decision
(Petcharat & Leelasantitham, 2021). Aparicio et al. (2021) confirms that perceived ease of
use and perceived usefulness have a great impact on e-commerce websites intention.

PayLater is a financial facility service for payments in installments without using a credit card.
The motivation of consumers to shop online using a paylater is one of the factors that make
the paylater easy. The ease of transactions using PayLater starts with the requirements and
easy registration compared to applying for a credit card at a bank (Prastiwi & Fitria, 2021).
By providing east, vulnerable users are also more able to handle unexpected emergency
expenses and can avoid financial distress (Afterpay, 2021). Rahardyah in Asja et al., (2021)
also states that the reason users choose to use a paylater is because of the requirements and
easy process. Ease of use which doesn't require a big mental endeavor and can have
implications for attracting new customers (Aparicio et al., 2021;Ben Brahim & Dridi, 2015).

The many options in the payment tenor also make it easier for consumers to use PayLater.
This is supported by Hardhika & Huda (2021) who argue that it is easier for consumers
because the PayLater payment tenor can be adjusted according to their abilities. Novendra
in Maulida (2021) states that paylater users can choose a payment tenor to settle bills ranging
from 1 to 12 months without any guarantees and conditions. This was also conveyed by Putri
et al., (2020) that consumers will make bill payments according to the pre-selected payment
tenor. The shorter the tenor, the lower the interest cost, even only about 1% and low interest
rates make customers use paylater services as payment transactions (Prastiwi & Fitria, 2021).

Consumer Satisfaction

In terms of consumer satisfaction, according to Dawi et al., (2018), customer satisfaction is

the outcome that customers received when the service they experienced exceed their
expectation and generally known as an outcome of service quality. Factors that affect
consumer satisfaction include: quality of service and virtual appearance (Chuenyindee et al.,
2022). Uzir et al., (2020) further argues that consumer satisfaction is an aspect of
psychological attitude or mood of customers, and a firm inevitably focuses on this emotional
state. Tandon in Dat Tran (2020) states the same thing that consumer satisfaction has an
effect on the success of attracting new consumers in online shopping. According to Sasono
et al., (2021), consumers who are satisfied will give shopping experience with a given e-
commerce company and resulting in favorable responses, such as purchase and repurchase.
The intention to repurchase is linked to customer satisfaction (Foroudi & Foroudi, 2020)

Consumer Behaviour and Purchase Decision

Consumer behavior is an activity that involves people obtaining, consuming and ordering of
products or services (Blackwell in Oke et al., 2016). In the theory of consumer behavior,
consumers will choose the maximum level of utility before deciding to make a combination
of consumption or purchase decision. It was natural to think of consumers making choices
so as to maximize their utility, that is, to make themselves as happy as possible (Varian, 2010).
the higher the level of consumer utility, the higher the level of satisfaction. Purchase decisions
is related to acquiring a specific product occur at the moment of purchasing the product

150
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

(Cortina et al., 2017). Dachyar & Banjarnahor (2017) added the the ease factor will affect
customer trust and satisfaction and further affect the purchase intensity. Product payment in
this study is the use of PayLater which provides convenience in the registration process,
selection of payment tenors and low interest costs.

Based on background and literature review, the author can formulate a hypothesis and
conceptual framework is developed as follows:

Figure 1.1. Conceptual Framework

User Age (X1)

Interest Rate (X2)

Consumer Purchase
Decision (Y)
Payment Tenor (X3)

Consumer Staisfaction
(X4)
Source: Author, 2021

H0 : Paylater convenience in terms of (user age, interest rate, payment tenor) and consumer
satisfaction have no effect on purchasing decisions at Shopee Paylater and Gojek Paylater.
H1 : Paylater convenience in terms of (user age, interest rate, payment tenor) and consumer
satisfaction affect purchasing decisions at Shopee Paylater and Gojek Paylater.

Methodology
The author uses primary data by issuing a questionnaire and it is carried out in Malang City
in 2021. The population used in this study is Shopee and Gojek e-commerce users who have
activated Paylater services. While the samples for this study were Shopee and Gojek e-
commerce users in Malang City and had made at least 1 purchase transaction using the
PayLater payment method. The sample calculation uses the Lemeshow formula as follows:

N = Za2.P.Q / L2
Where :
N = Number of samples
Zα = constant value (1.96)
P = estimated population proportion (0.5)
Q = interval and storage (0.5)
L = Level of accuracy 10% (0.1)
Based on this formula, it can be found that the sample used is 96 respondents for each object,
namely Shope and Gojek with the following calculations:

N = Za2.P.Q / L2
N = (1,96)2.0,5.0,5 / (0,1)2
N = 0.9604 / 0.01
N = 96

151
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

This study uses several operational variables, as written in table 1.1:

Table 1.1. Operational Definition and Measurement of Variables

No Variable Operational Instument Indicator Scale
Definition
1 User Age Individual age is Questionnaire a. Perception of Ordinal
(X1) calculated from birth to ease of paylater (Likert)
last birthday when registration based
filling out the on minimum age
questionnaire b. Perception of
ease of paylater
registration based
on required
documents
2 Interest Costs incurred as a Questionnaire a. Perception of Ordinal
Rate (X2) result of borrowing low loan interest (Likert)
funds that have been rates
received include b. Perception of
handling fees, ease of bill
subscription fees, and payments related
other fees that have to low loan
been stated in the interest rates
agreement.
3 Payment Term of credit Questionnaire User perception Ordinal
Tenor (X3) payments by consumers of adjustment of (Likert)
to parties who offer bill payment
credit. capability
4 Consumer Consumers' feelings Questionnaire a.Paylater Ordinal
Satisfaction towards using paylater registration (Likert)
(X4) starting from the b. Paylater use
registration process to c. Pay later
paying off the bill
5 Consumer The consumer's Questionnaire a. Perception of Ordinal
Purchase decision to make a the convenience (Likert)
Decision purchase is in of a paylater as a
(Y) accordance with known payment method
information b. Perception of
satisfaction using
paylater as a
payment method
Source: Author, 2021

The technique of analyzing quantitative research data in this study is using partial least
squares (PLS). Partial Least Square (PLS) aims to examine the relationship between latent
variables and their indicators, it can be used for Likert scale (M. Sarstedt et al., 2020). In
addition this research used small sample. This estimate can use Smart PLS because it is
suitable for research that has a small sample (Maziriri & Madinga, 2018). Furthermore, PLS
uses the bootstrapping method where by testing the data PLS does not require a minimum
number of samples to be used. Thus, SEM PLS can be used to estimate data with a small
sample (Kumar et al., 2022). PLS analysis consists of two sub-models, namely the structural
model or the inner model and the measurement model or the outer model. The regression
model in this study is as follows:

152
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

𝑌 = 𝛼 + 𝛽1 𝑋1 + 𝛽2 𝑋2 + 𝛽3 𝑋3 + 𝛽4 𝑋4 + 𝜀

where :
Y = Purchase Decision
𝛼 = Constant
𝑋1 = User age
𝑋2 = Credit interest rate
𝑋3 = Payment Tenor
𝑋4 = Consumer Satisfaction
𝛽1 , 𝛽2 , 𝛽3 , 𝛽4 = Coefficient of variables from 𝑋1 to 𝑋4

Outer Model

The outer model can be measured from several measurements, namely:

1. Validity Test
a. Convergent validity
Convergent data validity is seen based on the correlation between the scores for each
question or statement that is estimated. Convergent validity of a data can be said to be
valid if the AVE value is more than 0.5 (Maziriri & Madinga, 2018).
b. Discriminant Validity
Discriminant data validity is seen based on differences in concepts or manifest variables
with other latent variables. Discriminant validity of a data can be said to be valid if the
cross loading value or convergent value is more than 0.7 (Yudatama, 2019).
2. Reliability Test
This test is used to determine whether the questionnaire is accurate and consistent as a
measuring instrument for a variable. The reliability of a data is achieved if the composite
reliability is greater than 0.7 (Kumar et al., 2022).

Inner Model

Goodness of Fit model is measured by R-square. R-square can be interpreted as the amount
of influence of the independent variable on the dependent variable in a model. The R-square
value is between 0 and 1. R² has a range of values from 0 to 1. . An R-square value of more
than 0.36 in the research model is a good model (Maziriri & Madinga, 2018). Kumar et al.,
(2022) also states that the R-square value is divided into several ranges, namely 0.25, 0.50,
and 0.75 or in terms of weak, moderate, and strong. So it can be concluded that the greater
the R-square value, the better the research model.

Hypothesis Testing

Hypothesis testing using bootstrap resampling method. The hypothesis is said to be

significant if the p-values are less than aplha 5% (Kumar et al., 2022). The results of the tests
carried out on the inner model are simultaneous results. To determine the effect of the
simultaneous R-square statistical significance or not, a Bootstrapping Complete R-Square
test was performed. If the p-value 0.05, it means that the simultaneous effect of variable X
on variable Y is statistically significant.

153
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Findings
Respondents in this study were PayLater Shopee and Gojek users in Malang City. Data
collection was carried out using a survey method in the form of questionnaires distributed
to respondents online. The time used to distribute the questionnaires until the data is
collected is from 18 December 2021 to 21 January 2022.

This study uses a sample of 96 respondents for Shopee PayLater and has been selected from
127 respondents who have filled out the questionnaire. Meanwhile, for Gojek Paylater, a
sample of 96 respondents has been selected by researchers from 101 respondents who have
filled out online questionnaires. The selection of respondents by the author is taken based
on the answers that have been filled in completely by each respondent.

At Shopee PayLater, the lowest age of respondents in the author's study was 18 years old
with a total of 3 people and a percentage of 3%. Meanwhile, the highest age is 30 years old
with 1 person and a percentage of 1%. It can also be seen that the majority of shopee paylater
respondents are 21 years old, namely 42 people with a percentage of 44%. Meanwhile, in
Gojek PayLater, the lowest age is 21 years with a total of 25 people and a percentage of 26%.
Meanwhile, the highest age is 39 years with 1 person and the percentage is 1%. It can also be
seen that the majority of Gojek Paylater respondents are 21 and 22 years old, namely 25
people with a percentage of 26%.

The data that has been obtained will then be recapitulated to determine the statistical value
descriptively for each variable. The assessment is based on the answer criteria using a Likert
scale as follows:
a. The lowest rating or strongly disagree (STS) is 1
b. The highest rating or strongly agree (SS) is 5
c. The interval of the highest and lowest score is 0.80 which is obtained from the result of
subtracting the lowest score divided by the total score of the assessment.

Interval Value = (highest scoring score – lowest scoring score): the number of assessment
scores

Thus, the limits of the assessment of each variable can be known.

a. Scores 1 – 1.8 for the assessment of Strongly Disagree (STS) or Very Dissatisfied (STP)
b. Scores 1.81 – 2.61 for the assessment of Disagree (TS) or Dissatisfied (TP)
c. Value 2.62 – 3.40 for Neutral (N) assessment
d. Values 3.41 – 4.20 for the assessment of Agree (S) or Satisfied (P)
e. Value 4.21 – 5 for the assessment of Strongly Agree (SS) or Very Satisfied (SP)

For the user age variable, based on the results of the questionnaire on Shopee PayLater, all
respondents on average gave an assessment of the ease of use based on the user age variable
category of 4.36 or strongly agree (SS). Thus, it shows that the perception of the convenience
of PayLater based on the user's age is strongly agree. The highest respondent's assessment
lies in the indicator of document requirements in the form of an ID card, which is 4.44 and
the lowest assessment lies in the minimum age of 17 years, which is 4.28. While on Gojek
PayLater, all respondents on average gave an assessment of the ease of use based on the
user's age category of 4.55 or the category of strongly agree (SS). Thus, it shows that the
perception of the convenience of PayLater based on the user's age is strongly agree. The

154
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

highest respondent's assessment lies in the document requirements indicator in the form of
an ID card, which is 4.64 and the lowest assessment lies in the minimum age of 21 years,
which is 4.46.

For the payment interest rate variable, based on the results of a questionnaire on Shopee
PayLater, all respondents on average gave an assessment of the PayLater convenience based
on the credit interest rate category of 3.60 or agreed category (S). Thus, it shows that the
perception of convenience based on credit interest rates affects the decision to use purchases
with the PayLater application is agree. The highest respondent's assessment lies in the
indicator of easy repayment of low credit costs, which is 3.66 and the lowest assessment lies
in the relatively cheap paylater interest rate, which is 3.55. While on Gojek PayLater, all
respondents on average gave an assessment of the convenience of PayLater based on the
credit interest rate category of 4.09 or the agree category (S). Thus, it shows that the
perception of convenience based on credit interest rates influences purchasing decisions with
the PayLater application is agree. The highest respondent's assessment lies in the indicator
of easy repayment of low credit costs, which is 4.12 and the lowest assessment lies in the
relatively cheap paylater interest rate, which is 4.07.

For the payment tenor variable, based on the results of the questionnaire on Shopee
PayLater, all respondents gave an assessment of the ease of PayLater based on the payment
tenor of 4.17 or agreed category (S). Thus, it shows that the perception of the convenience
of PayLater based on the payment tenor affects purchasing decisions with the PayLater
application is agree. Meanwhile, in Gojek PayLater, all respondents gave an assessment of
the ease of PayLater based on the payment tenor of 4.27 and this value was categorized as
strongly agree (SS). Thus, the perception of the convenience of PayLater based on the tenor
of payments affecting purchasing decisions with the PayLater application is in agreement.

For the purchase satisfaction variable, at Shopee PayLater all respondents gave an assessment
of customer satisfaction of 4.18 or expressed satisfaction with the Shopee PayLater
application. Thus, it can be said that the perception of consumer satisfaction affects
purchasing decisions with the PayLater application. While on Gojek PayLater, all
respondents gave an assessment of customer satisfaction of 4.24 or Very Satisfied (SP)
category with the PayLater application. Thus, it can be said that the perception of consumer
satisfaction affects purchasing decisions with the PayLater application.

For purchasing decision variables, at Shopee PayLater all respondents gave an assessment of
purchasing decisions of 4.1 or agreed category. Or in other words, consumers use Paylater
for purchase transactions because the requirements are easy. In addition, the decision to
repurchase using a paylater is due to satisfaction with the service. While on Gojek PayLater,
all respondents gave an assessment of the purchase decision of 4.32 or the category of
strongly agree (SS). Thus, it shows that consumers use Paylater for purchase transactions
because of its easy requirements. In addition, the decision to repurchase using a paylater is
due to satisfaction with the service.

155
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Validity Test Results

Table 1.2. Convergent Validity Results

Shopee Paylater
X1 X2 X3 X4 Y
X1.1 0.88
X1.2 0.82
X2.1 0.94
X2.2 0.92
X3.1 1.00
X4.1 0.86
X4.2 0.89
X4.3 0.82
Y1.1 0.87
Y1.2 0.87
Source: Author’s computation, 2021

Table 1.3. Convergent Validity Results

Gojek Paylater
X1 X2 X3 X4 Y
X1.1 0.76
X1.2 0.77
X2.1 0.92
X2.2 0.88
X3.1 1.00
X4.1 0.91
X4.2 0.92
X4.3 0.92
Y1.1 0.77
Y1.2 0.86
Source: Author’s computation, 2021

Based on tables 1.2 and 1.3, it can be seen that the value of the outer model through
the convergence test of all indicators produces a value of more than 0.7. Thus, in this study
the statements and questions of each variable have met the criteria for convergent validity as
research data both on Shopee and Gojek.

Table 1.4. Discriminant Validity Results Shopee Paylater and Gojek Paylater
Avarage Variance Extracted Avarage Variance Extracted
(AVE) Shopee Paylater (AVE) Gojek Paylater
X1 0.725 0.593
X2 0.891 0.812
X3 1.000 1.000
X4 0.742 0.851
Y 0.766 0.668
Source: Author’s computation, 2021

Based on tables 1.4, it can be seen that the average value of variance or AVE through
discrimination test shows that all variables have values above 0.5. So, it can be said that the
indicators in the study are discriminatory valid for both Shopee and Gojek.

156
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Reliability Test

Table 1.5. Shopee and Gojek Paylater Reliability Test Results

Composite Reability Shopee Composite Reability Gojek
Paylater Paylater
X1 0.841 0.745
X2 0.943 0.896
X3 1.000 1.000
X4 0.896 0.945
Y 0.868 0.801
Source: Author’s computation, 2021

Based on tables 1.5, it can be seen that the composite reliability value shows that all variables
have a value above 0.7. So, it can be said that all indicators are reliable as a measuring tool in
research both at Shopee and Gojek.

R-Square Test

Table 1.6. Shopee Paylater and Gojek Paylater R-Square values

R-Square Shopee Paylater R-Square Gojek Paylater
Y 0.474 0.275
Source: Author’s computation, 2021

Based on table 1.6, it can be seen that the R-square value for Shopee Paylater is 0.474. It can
be said that the independent variable affects the dependent variable (purchase decision) on
Shopee Paylater by 0.474 or 47.4% and the other 52.6% is influenced by factors outside the
research model. While the R-square for Gojek Paylater is 0.275. It can be said that the
independent variable affects the dependent variable (purchase decision) on Gojek Paylater
by 0.275 or 27.5% and the other 72.5% is influenced by factors outside the research model.

Hypothesis Test

Table 1.7. Shopee and Gojek Paylater t - Hypothesis Test Results

Shopee Paylater P-Values Gojek Paylater P - Values
X1 0.041 0.203
X2 0.012 0.002
X3 0.096 0.202
X4 0.000 0.038
Source: Author’s computation, 2021

Based on table 1.7 it can be seen in Shopee Paylater, partially the variables that have a
significant effect on purchasing decisions at Shopee Paylater are X1 (user age), X2 (credit
interest rate) and X4 (buyer satisfaction). While X3 (payment tenor) does not affect the Y
variable (purchase decision) partially. At Gojek Paylater partially, X2 (credit interest rate) and
X4 (buyer satisfaction) variables have a significant effect on Y variable (purchase decision).
While the variables X1 (user age) and X3 (payment tenor) have no significant effect on the Y
variable.

157
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Bootstrapping Complete R-Square Test

Table 1.8: Bootstrapping Complete R-Square Test Result

Shopee Paylater P-Values Gojek Paylater P - Values
Y 0.0000 0.0000
Source: Author’s computation, 2021

Based on table 1.8, it can be seen that the p-value of bootstrapping complete r-square is
0.000 and the value is less than 0.05. So it can be said that all variables simultaneously have
a significant effect on variable Y, both on Gojek Paylater and Shopee Paylater.

Discussion

Suharman (2019) states that practicality is one of the factors for a consumer to make a
purchase decision. Grover in (Yang et al., 2022) states that the ease of transactions or the use
of technology can affect consumers' intentions to use or purchase online. Lately, the
convenience felt by consumers in making online purchases is through the paylater payment
method. In this study, an analysis has been carried out on the ease of paylater and consumer
satisfaction in influencing purchasing decisions on e-commerce Shopee and Gojek. Prior to
data analysis, this study conducted a validity and reliability test to ensure that the data to be
used was suitable to explain the variables being studied. In this study, the data has passed the
validity and reliability tests so that it can be used for further statistical tests.

Based on table 1.7, the X1 variable on Shopee Paylater can be seen that the user's age has a
significant effect on purchasing decisions. Whereas in Gojek Paylater, the user's age has no
effect on purchasing decisions. At Shopee Paylater, respondents are in the age range of 18 –
30 years. Respondents with this age range are generations Y and Z who prefer online and
non-cash transactions because of their convenience. In addition, the average age range of
18-30 is dominated by students and workers, so it is very easy to get a loan or Shopee Paylater
facility in order to meet their needs. Gen Y and Gen Z are important elements in the
development of e-commerce and online shopping (Moreno et al., 2017). This generation is
the tech-savvy generation and the main segment of digital banking. Digital banking includes
digital payments such as Shopee and Gojek paylater (Windasari et al., 2022). In Gojek
Paylater, respondents are also in the range of 18 – 30 years and both must have an ID card
as in Shopee Paylater, but the Gojek Paylater application has slightly more complicated
requirements than Shopee Paylater. Even though the user is 21 years old and has an ID card,
not all of them can register and use the Gojek Paylater service. Users who can get Gojek
Paylater facilities must upgrade the Go Pay feature first and Gojek will only provide these
services to selected users. PayLater feature is only given exclusively to Gojek's most loyal
customers and active GoPay users (Batubara, 2021).

For the X2 variable, the credit interest rate based on table 1.7 has a significant effect on
purchasing decisions at Shopee Paylater and Gojek Paylater. Paylater is a trigger for
consumers to make purchases impulsively (Ayu et al., 2021). In addition to Paylater providing
low interest rates, Paylater also provides attractive discount and cashback features without a
down payment for using this service (Meilasari-Sugiana et al., 2022). Gojek paylater provides
an interest rate in the form of a subscription fee to users of 25,000 per month. On average,
respondents agree that GoPayLater subscription fees are cheap and easy to pay off. In
addition, if in one month there are no transactions using GoPayLater, the subscription fee

158
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

also does not need to be paid. Batubara (2021) also stated that one of the advantages that
make it easier for consumers to use GoPayLater is the subscription fee which is only paid
once and is fixed every month.

For the X3 variable, namely the payment tenor, it has no significant effect on purchasing
decisions both on Shopee Paylater and Gojek Paylater. At Shopee Paylater, the available
payment tenors are 1 month to 12 months with an interest rate of 0% - 2.95% (Damayanti
& Canggih, 2021). Rahayu in Khairunnisa (2022) states that the terms of interest rate
payments are based on the length of the payment tenor chosen by the user. The interest rate
is 0% for a tenor of 1 month and 2.95% for a tenor of 2 months or more. So that it can be
said, the longer the payment tenor chosen by the user, the greater the interest rate that must
be paid. Meanwhile, for the Gojek Paylater service, the payment tenor is only 30 days or 1
month. This means that in Gojek Paylater there are no installment payments or only one
payment (Batubara, 2021). So, the payment tenor in Gojek Paylater is not one of the reasons
users use Paylater as a payment method.

For the X4 variable, namely user satisfaction, it has a significant effect on purchasing
decisions both on Shopee Paylater and Gojek Paylater. According to Dat Tran (2020)
satisfaction can attract user intention and have a significant impact on the success of new
customers in online shopping. Khadka & Maharjan (2017) states that customer satisfaction
is important for business. This is because finding new customers is more difficult than
attracting old customers. In addition, old customers can also increase loyalty to the
probability of a business. (Boon et al, 2021) added that consumer satisfaction involves the
experience that consumers gain during the buying process and is an important key in the
success of the business world. Further in their research they found that based on the data
Sea Group in 2019, Shopee is an online shop that provides high satisfaction and good
feedback from consumers. Buyer satisfaction can also be associated with buyer convenience.
Convenience has an impact on consumer purchases online (Guo et al., 2022). The
convenience factor here refers to the factors that drive consumer decisions to buy online like
helps to stop wasting their time crowds, long waiting line and energy to buy (Uddin et al.,
2020). Consumer Convenience also refers to comfort of shopping from home and easy
payment (Daroch et al., 2021). This means that here consumers do not need to queue, or can
make time and space efficiency so that it has an impact on customer satisfaction.

Conclusion
The age variable (X1) has an effect on the purchase decision of Shopee Paylater but has no
effect on the purchasing decision of Gojek Paylater. In accordance with the age of the
research sample, namely 18-30, generations Y and Z who like the use of online transactions
and e-money, moreover using Shopee Paylater is easier than using Gojek PayLater. In Gojek
PayLater users must upgrade the Go Pay feature first and selected users who can get Gojek
Paylater facilities are Gojek users who have made many transactions using GoPay on
previous Gojek services. The loan interest rate variable (X2) has a significant effect on
purchasing decisions at Shopee PayLater and Gojek PayLater. that Shopee PayLater's low
interest rate makes many e-commerce users use Shopee PayLater and this has an effect on
increasing the popularity of Shopee PayLater. Gojek PayLater provides an interest rate in the
form of a subscription fee to users of 25,000 per month. On average, respondents agree that
the Gojek PayLater subscription fee is cheap and easy to pay off. In addition, if in one month
there are no transactions using Gojek PayLater, the subscription fee also does not need to

159
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

be paid. Consumer satisfaction variable (X4) has a significant effect on purchasing decisions
at Shopee Paylater and Gojek PayLater. Customer satisfaction involves the experience that
consumers gain during the buying process and is an important key in the success of the
business world. As for the payment tenor (X3), it has no significant effect on purchasing
decisions for both Shopee Paylater and Gojek Paylater. The longer the payment tenor, the
higher the interest costs, so consumers prefer to immediately pay off the payment without
using the longer payment tenor facility on Shopee Paylater. Meanwhile, on Gojek Paylater,
payments can only be made once at the end of the month and cannot be paid in installments.

Limitation and Recommendation

The sample taken in the study is still narrow and only limited in the Malang City. In addition,
research is only carried out on the Shopee Paylater and Gojek Paylater applications, while
currently there are many other Paylater applications such as OVO Paylater, Traveloka
Paylater and many more. So that further researchers are expected to be able to expand the
research area and increase the number of samples in order to get more relevant results and
conduct research on other E-commerce as comparison data and broaden insight about
Paylater.

160
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

References
Afterpay. (2021). The Economic Impact of Buy Now, Pay Later in the US. Retrieved from
https://afterpay-corporate.yourcreative.com.au/wp-
content/uploads/2021/10/Economic-Impact-of-BNPL-in-the-US-vF.pdf
Alaimo et al., (2021). Measuring Consumers’ Level of Satisfaction for Online Food Shopping
during COVID-19 in Italy using POSETs. Socio-Economic Planning Sciences, 82.
https://doi.org/10.1016/J.SEPS.2021.101064
Alwafi, F., & Magnadi, R. H. (2016). Pengaruh Persepsi Keamanan, Kemudahan
Bertransaksi, Kepercayaan Terhadap Toko dan Pengalaman Berbelanja Terhadap Minat
Beli Secara online Pada Situs Jual Beli Tokopedia.com. Diponegoro Journal of Management,
5(2), 1–15. Retrieved from http://ejournal-s1.undip.ac.id/index.php/dbr
Annisa, D. (2019). Pengaruh Kepercayaan, Kemudahan dan Kualitas Informasi Terhadap
Keputusan Pembelian Online Melalui Aplikasi Shopee. EJournal Administrasi Bisnis, 7(1),
248–261. Retrieved from https://ejournal.adbisnis.fisip-unmul.ac.id/site/wp-
content/uploads/2019/02/JURNAL (PENGARUH KEPERCAYAAN,
KEMUDAHAN DAN KUALITAS INFORMASI TERHADAP KEPUTUSAN
PEMBELIAN ONLINE MELALUI APLIKASI SHOPEE) (02-11-19-04-09-33).pdf
Aparicio et al., (2021). Gamification and reputation: key determinants of e-commerce usage
and repurchase intention. Heliyon, 7(3).
https://doi.org/10.1016/J.HELIYON.2021.E06383
ASIC. (2018). Review of Buy Now Pay Later Arrangements. Retrieved from
https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-600-review-
of-buy-now-pay-later-arrangements/
Australian Government. (2018). E-Commerce in Indonesia: A Guide for Australian
Business. In Austrade. Retrieved from austrade.gov.au
Ayu et al., (2021). Buy-Now-Pay-Later ( BNPL ): Generation Z ’ s Dilemma on Impulsive
Buying and Overconsumption Intention. Advances in Economics, Business and Management
Research, 193(Bistic), 130–137.
Batubara, Y. (2021). Fitur Transaksi Platform Gojek: Paylater dalam Tinjauan Hukum Islam
dan Fatwa No. 116/DSN-MUI/IIX/2017 tentang Uang Elektronik Syariah. El-
Mashlahah, 11(1), 60–77. https://doi.org/10.23971/ELMA.V11I1.2626
Ben Brahim, S., & Dridi, M. (2015). Factors behind Resisting Mobile-Banking Adoption:
The Case of Tunisian Consumers. International Journal of Sciences: Basic and Applied Research,
24(1), 185–199. Retrieved from
http://gssrr.org/index.php?journal=JournalOfBasicAndApplied
Boon et al. (2021). The Study of Customer Satisfaction of Shopee Customers In Malaysia.
International Journal of Entrepreneurship, Business and Creative Economy (IJEBCE), 1(2), 30–
44. Retrieved from
https://journals.researchsynergypress.com/index.php/ijebce/article/view/602/206
Chuenyindee, T., Ong, A. K. S., Ramos, J. P., Prasetyo, Y. T., Nadlifatin, R., Kurata, Y. B.,
& Sittiwatethanasiri, T. (2022). Public Utility Vehicle Service Quality and Customer
Satisfaction in the Philippines during the COVID-19 Pandemic. Utilities Policy, 75.
https://doi.org/10.1016/J.JUP.2022.101336
Cortina-Mercado et al., (2017). Effect Of Packaging Design In The Purchase Decision
Process: A Comparison Of Generations. Global Journal of Business Research, 11(2), 11–26.
Retrieved from www.theIBFR.com
Dachyar, M., & Banjarnahor, L. (2017). Factors Influencing Purchase Intention Towards
Consumer-to-Consumer E-commerce. Intangible Capital, 13(5), 946–968.

161
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

https://doi.org/10.3926/ic.1119
Damayanti, F. D. W., & Canggih, C. (2021). Pengaruh Penggunaan Pembayaran Shopeepay
Later Terhadap Perilaku Konsumsi Islam Generasi Milenial Di Surabaya. Jurnal Ilmiah
Ekonomi Islam, 7(3), 1905–1915. https://doi.org/10.29040/JIEI.V7I3.2872
Daroch et al., (2021). A study on factors limiting online shopping behaviour of consumers.
Rajagiri Management Journal, 15(1), 39–52. https://doi.org/10.1108/RAMJ-07-2020-
0038
Das et al., (2016). Unlocking Indonesia ’ s digital Opportunity. McKinsey & Company.
Dat Tran, V. (2020). The Relationship among Product Risk, Perceived Satisfaction and
Purchase Intentions for Online Shopping. Journal of Asian Finance, Economics and Business,
7(6), 221–231. https://doi.org/10.13106/jafeb.2020.vol7.no6.221
Dawi et al., (2018). The Influence Of Service Quality On Customer Satisfaction And
Customer Behavioral Intentions By Moderating Role Of Switching Barriers In Satellite
Pay Tv Market. Recent Issues In Sociological Research Economics & Sociology, 11(4), 198–218.
https://doi.org/10.14254/2071
Fernández-Bonilla et al., (2022). E-commerce in Spain: Determining factors and the
importance of the e-trust. Telecommunications Policy, 46(1).
https://doi.org/10.1016/J.TELPOL.2021.102280
Foroudi, P., & Foroudi, M. M. (2020). Continuance Interaction Intention in Retailing:
Relations between customer values, satisfaction, loyalty, and identification. Inf. Technol.
People , 33, 1303–1326. Retrieved from
https://eprints.mdx.ac.uk/28469/1/Continuance Interaction Intention in retailing.pdf
Guo et al. (2022). An empirical study on consumers’ willingness to buy agricultural products
online and its influencing factors. Journal of Cleaner Production, 336, 130–403.
https://doi.org/10.1016/J.JCLEPRO.2022.130403
Hardhika, R. E., & Huda, A. M. (2021). Pengalaman Pengguna Paylater Mahasiswa Di
Surabaya. Jurnal Commercium.
Khadka, K., & Maharjan, S. (2017). Customer Satisfaction and Customer Loyalty. Centria
University of Applied Sciences.
Khairunnisa et al., (2022). Perilaku Konsumtif Penggunaan Online Shopping dan Sistem Pay
Later dalam Perspektif Ekonomi Islam. FONDATIA, 6(1), 130–147.
https://doi.org/10.36088/FONDATIA.V6I1.1711
Kumar et al., (2022). Assessment of Agile Manufacturing Impact on Business Performance
of Indian Manufacturing industry: A PLS-SEM approach. Sustainable Manufacturing and
Service Economics, 1, 100001. https://doi.org/10.1016/J.SMSE.2022.100001
Lichev, G. T. (2017). Psychological Factors In Determining Consumer Behaviour. Eastern
Academic Journal, 1, 8–16. Retrieved from www.e-acadjournal.org
M. Sarstedt, M. et al. (2020). Handbook of Market Research. In Handbook of Market Research.
https://doi.org/10.1007/978-3-319-05542-8
Maulida, D. M. (2021). Pandangan Ekonomi Islam Terhadap Sikap Konsumerisme Akibat
Metode Pembayaran Tunda Bayar (Paylater). Jurnal Transformatif.
Maziriri, E. T., & Madinga, N. W. (2018). Data to model the prognosticators of luxury
consumption: A partial least squares-structural equation modelling approach (PLS-
SEM). Data in Brief, 21, 753–757. https://doi.org/10.1016/J.DIB.2018.10.032
Meilasari-Sugiana et al., (2022). Trends in Southeast Asia: Financial Technology Adoption in Greater
Jakarta “Patterns, Constraints and Enablers” (9th ed.). Retrieved from
http://bookshop.iseas.edu.sg
Moreno, F. M., Lafuente, J. G., Carreón, F. Á., & Moreno, S. M. (2017). The Characterization
of the Millennials and Their Buying Behavior. International Journal of Marketing Studies,

162
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

9(5). https://doi.org/10.5539/IJMS.V9N5P135
Moscati, I. (2020). History of Utility Theory. In History of Utility (No. N. 129).
https://doi.org/10.4324/9781315739793-3
Nirmalapurie, N. A. (2020). Perlindungan Hukum Bagi Para Pihak Dalam Penggunaan Fitur
PayLater Pada Aplikasi Gojek. Media Iuris, 3(1), 101–118.
https://doi.org/10.20473/MI.V3I1.19161
Oke et al., (2016). Consumer Behavior towards Decision Making and Loyalty to Particular
Brands. International Review of Management and Marketing, 6(S4), 5–6. Retrieved from
http:www.econjournals.com
Petcharat, T., & Leelasantitham, A. (2021). A Retentive Consumer Behavior Assessment
Model of the Online Purchase Decision-Making Process. Heliyon, 7(10).
https://doi.org/10.1016/J.HELIYON.2021.E08169
Pham et al., (2018). Relationship Between Convenience, Perceived value, and Repurchase
Intention in Online Shopping in Vietnam. Sustainability (Switzerland), 10(156), 1–14.
https://doi.org/10.3390/su10010156
Prastiwi, I. E., & Fitria, T. N. (2021). Konsep Paylater Online Shopping dalam Pandangan
Ekonomi Islam. Jurnal Ilmiah Ekonomi Islam, 7(1), 425.
https://doi.org/10.29040/JIEI.V7I1.1458
Putri et al., (2020). Praktik Penyalahgunaan Fitur Kredit(Paylater) oleh Pihak Ketiga melalui
Aplikasi Belanja Online. Jurnal Ammana Gappa.
Putri, R. S. E., & Munandar, A. (2021). Analisis Kinerja Keuangan Pemerintah Daerah Kota
Malang Tahun Anggaran 2016-2020. Jurnal Ilmiah MEA (Manajemen, Ekonomi, &
Akuntansi), 5(3), 2296–2313. https://doi.org/10.31955/MEA.VOL5.ISS3.PP2296-
2313
Qazzafi, S. (2020). (PDF) Factor Affecting Consumer Buying Behavior: A Conceptual Study.
IJSRD - International Journal for Scientific Research & Development, 8(2). Retrieved from
https://www.researchgate.net/publication/341407314_Factor_Affecting_Consumer_
Buying_Behavior_A_Conceptual_Study
Rafidah, I., & Djawoto. (2017). Analisis Keamanan Kemudahan dan Kepercayaan Terhadap
Keputusan Pembelian secara Online di Lazada. Jurnal Ilmu Dan Riset Manajemen, 6(2).
Retrieved from
http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/726/736
Rita et al., (2019). The Impact of E-Service Quality and Customer Satisfaction on customer
behavior in online shopping. Heliyon, 5(10).
https://doi.org/10.1016/J.HELIYON.2019.E02690
Sari, R. (2021). Pengaruh Penggunaan Paylater Terhadap Perilaku Impulse Buying Pengguna
E-Commerce di Indonesia. Jurnal Riset Bisnis Dan Investasi, 7(1), 44–57.
https://doi.org/10.35313/JRBI.V7I1.2058
Sasono et al., (2021). The Impact of E-Service Quality and Satisfaction on Customer Loyalty:
Empirical Evidence from Internet Banking Users in Indonesia. The Journal of Asian
Finance, Economics and Business, 8(4), 465–473.
https://doi.org/10.13106/JAFEB.2021.VOL8.NO4.0465
Satria, W. G., & Anienda, M. (2021). Pelaksanaan Perjanjian Melalui Fitur Paylater di Aplikasi
Gojek terhadap Asas Etikad Baik. Jurnal Revolusi Indonesia, 1(8), 854–866.
https://doi.org/10.1235/JRI.V1I8.166
Suharman. (2019). Analisis Faktor Yang Mempengaruhi Keputusan Pembelian Konsumen
Melalui Aplikasi Online Start-Up Di Kota Medan. Jurnal Riset Bisnis Dan Manajemen, 7(3).
Retrieved from https://ejournal.unsrat.ac.id/index.php/jrbm/article/view/23751
Tektona, R. I., & Risma, Q. (2020). Penerapan Prinsip Character Dalam Pelaksanaan Prinsip

163
 Devia SS, Putri/SIJDEB, 6(2), 2022, 147-164

Kehati-hatian pada Analisis Pemberian Kredit Usaha Mikro. Batulis Civil Law Review,
1(1), 1. https://doi.org/10.47268/ballrev.v1i1.420
Uddin et al., (2020). Measuring overall convenience of consumers on online shopping and their behavioral
intention (MPRA Paper 104588). Retrieved from https://mpra.ub.uni-
muenchen.de/104588/
Uy et al., (2019). Customers’ Perception on the Trustworthiness of Electronic Commerce: A
Qualitative Study. 1573(082). https://doi.org/https://doi.org/10.35542/osf.io/msdpg
Uzir et al., (2020). Does Quality Stimulate Customer Satisfaction Where Perceived Value
Mediates and the Usage of Social Media Moderates? Heliyon, 6(12).
https://doi.org/10.1016/J.HELIYON.2020.E05710
Varian, H. R. (2010). Intermediate Microeconomics; A Modern Approach (8th ed.). New York: W.W.
Norton & Company.
Windasari et al., (2022). Digital-only banking experience: Insights from gen Y and gen Z.
Journal of Innovation and Knowledge, 7(2), 100170.
https://doi.org/10.1016/j.jik.2022.100170
Wonok, P. G., & Loindong, S. (2018). Pengaruh Minat Transaksional, Refrensial, Dan
Prefensial Terhadap Minat Mereferensikan Produk Roxy Di Quicksilver Mantos. Jurnal
EMBA, 6(4), 2108–2117.
Yang et al., (2022). Exploring the core factors of online purchase decisions by building an E-
Commerce network evolution model. Journal of Retailing and Consumer Services, 64, 102784.
https://doi.org/10.1016/J.JRETCONSER.2021.102784
Yoshino, N., & Taghizadeh-Hesary, F. (2017). Solutions For Small And Medium-Sized
Enterprises’ Difficulties In Accessing Finance: Asian Experiences. In Asian Development
Bank Institute Working Paper Series (No. 768). Retrieved from www.adbi.org
Yudatama et al., (2019). Data to Model the Effect of Awareness on the Success of IT
Governance Implementation: A Partial Least Squares Structural Equation Modeling
Approach (PLS-SEM). Data in Brief, 25. https://doi.org/10.1016/J.DIB.2019.104333

164