Understanding Consumer Acceptance for Blockchain-Based Digital Payment Systems in Bhutan

Tenzin Norbu (), Joo Yeon Park (), Kok Wai Wong and Hui Cui
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Tenzin Norbu: School of IT, Murdoch University, Perth, WA 6150, Australia
Joo Yeon Park: School of IT, Murdoch University, Perth, WA 6150, Australia
Kok Wai Wong: School of IT, Murdoch University, Perth, WA 6150, Australia
Hui Cui: Department of Software Systems and Cybersecurity, Faculty of IT, Monash University, Melbourne, VIC 3800, Australia

Future Internet, 2025, vol. 17, issue 4, 1-25

Abstract: Blockchain is a secure, digital ledger that enables faster transactions, reduces fraud, lowers costs, and enhances transparency. The blockchain is capable of changing the face of digital payments by providing greater opportunities for transformation. Consumer acceptance in emerging markets such as Bhutan depends on a number of key factors. This paper explores the impact of performance expectancy, effort expectancy, social influence, and facilitating conditions on consumer acceptance of blockchain-based digital payment systems in Bhutan. Sustained by the Unified Theory of Acceptance and Use of Technology (UTAUT), the study uses PLS-SEM to analyze survey data from 302 respondents. The results show that performance expectancy, the expectation of blockchain’s usefulness, is the most influential factor determining customer acceptance. Effort expectancy and facilitating conditions are equally important. Social influences, although rather marginal, play an important role in Bhutan’s collectivist culture. The paper sheds light on factors for consumer acceptance of blockchain adoption. The findings add to the literature on blockchain adoption in burgeoning economies and provide the foundation for further research on blockchain adoption in multi-cultural contexts.

Keywords: Bhutan; blockchain adoption; consumer acceptance; digital payment systems; effort expectancy; facilitating conditions; performance expectancy; social influence; UTAUT (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2025
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