Factors affecting Intention to Invest in Digital Gold based on TAM framework

Ferheen Rehman and Danish Ahmed Siddiqui

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: The rapid growth of financial technologies has introduced innovative investment avenues, including digital gold, a tokenized form of gold ownership. Despite its potential to promote financial inclusion in emerging markets, limited empirical evidence exists regarding the determinants of intention to invest in digital gold, particularly in Pakistan. Grounded in the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB), this study investigates how attitude, perceived usefulness, perceived ease of use, and perceived behavioral control influence investment intentions. Furthermore, the study examines the mediating roles of regulation and protection, awareness, perceived risk, and trust. Data were collected through a structured survey of 208 participants in Pakistan and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that all four direct predictors significantly influenced investment intention. Mediation analysis showed that regulation and protection, perceived risk, and trust significantly mediated several of these relationships, while awareness did not emerge as a significant mediator. Model fit indices indicated an acceptable level of fit (SRMR = 0.087), although the NFI value suggested scope for improvement. The findings highlight the critical role of regulatory safeguards, trust, and risk management in shaping investors' intentions to adopt digital gold, while also demonstrating that awareness alone is insufficient to drive behavioral adoption in the absence of institutional and psychological assurances. The study contributes to theory by integrating the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB) with contextual mediators specifically regulation and protection, trust, perceived risk, and awareness thereby extending classical behavioral frameworks to the domain of fintech-based investment behavior in emerging economies. This integration provides a more comprehensive understanding of how cognitive, attitudinal, and institutional factors jointly influence digital investment decisions. The more study contributes to theory by integrating TAM and TPB with contextual mediators and offers practical insights for policymakers and fintech firms to strengthen regulatory clarity, enhance consumer trust, and expand financial inclusion.

Keywords: digital gold; financial technology; investment intention; regulation; trust; perceived risk; awareness (search for similar items in EconPapers)
Date: 2026
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