Based on the annual data released by We are Social 2020, shows that Indonesia is a country with the highest rate of e-commerce adoption in the world, but is lagging behind in using mobile payments (m-payment). However, it is common to find that m-payment integrated with e-commerce. Why does it happen? To find this out, we conducted this research. The Technology Acceptance Model (TAM) used to parse the decision to use the m-payment technology. Then added financial literacy as antecedent for decision using m-payment. Data collected using questionnaires distributed to students and collected 120 respondents, then analyzed by using SEM. The result showed that the perception of easy to use is not a consideration in using m-payment but rather the perception of usefulness and security. The financial literacy does not influence the intention to use m-payment, but it has an impact on the behavior of using m-payment.