Exploring behavioral intentions of consumers towards different digital payment services through the interplay of perceived risks and adoption factors

K Padma Kiran () and Naga Sailaja Vedala
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K Padma Kiran: Koneru Lakshmaiah Education Foundation (Deemed to be University)
Naga Sailaja Vedala: Koneru Lakshmaiah Education Foundation (Deemed to be University)

Palgrave Communications, 2025, vol. 12, issue 1, 1-13

Abstract: Abstract The current study examines empirically the factors critical for the adoption of a Unified Payments Interface (UPI) by Indian users and the role of perceived risk as a moderator on the effect of various factors on behavioral intention outlined based on the Unified Theory of Acceptance and Use of Technology (UTAUT). The data was accumulated from users engaged in regular digital payments through different UPIs using a survey. Partial Least Square Structural Equation Modeling (PLS-SEM) in combination with multi-group analysis (MGA) was performed to investigate the proposed model and to compare the different UPIs. A positive and significant impact of performance expectancy, effort expectancy, and social influence on behavioral intention for UPI adoption was observed. However, perceived risks moderated the impact of facilitating conditions, performance expectancy, and social influence on the adoption intention. Most of the users gave similar treatment to the different UPIs used by them. This study has several practical and scientific implications for the organizations dealing in the FinTech industry along with the government who are vested in improving the scenario of digital payments in India. Based on this, the development of promotion programs can be conducted that motivate the consumers to adopt UPI usage.

Date: 2025
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DOI: 10.1057/s41599-025-05468-6

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