Intention to Use FinTech Payments: The Perspectives of Benefits, Risks, and Openness to Change

Ng Hui Chen ()
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Ng Hui Chen: Asia Pacific University of Technology & Innovation Jalan Teknologi 5, Taman Teknologi Malaysia, 57000 Kuala Lumpur, Malaysia Author-2-Name: Muzafar Shah Habibullah Author-2-Workplace-Name: "Putra Business School Level 3, Office Building of the Deputy Vice-Chancellor (Research & Innovation) 43400, UPM 43400 Seri Kembangan, Selangor, Malaysia. " Author-3-Name: Resul Sapar Author-3-Workplace-Name: "Putra Business School Level 3, Office Building of the Deputy Vice-Chancellor (Research & Innovation) 43400, UPM 43400 Seri Kembangan, Selangor, Malaysia. " Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:

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Abstract: "Objective - The COVID-19 pandemic has significantly transformed many aspects of daily life, including the way payments are made. While the usage of cashless payments has increased, cash remains the main mode of payment in Malaysia. Therefore, this study aims to explore the factors driving the intention to use FinTech payments based on the Unified Theory of Acceptance and Use of Technology (UTAUT) with the Value-based Adoption Model (VAM). Methodology/Technique - 546 usable responses were collected using a stratified sampling technique across 13 states in Malaysia. Then, structural equation modeling using the partial least squares approach was applied to test the hypotheses. Finding - The findings show that performance expectancy, effort expectancy, social benefit, privacy risk, and openness to change are the significant determinants of intention to use FinTech payments. Openness to change was found to be the most significant predictor of intention to use FinTech payments. However, the study failed to confirm the impact of social influence, economic benefit, security risk, and regulatory support on the intention to use FinTech payments. This study does not fully validate the significance of UTAUT and VAM constructs. Novelty - To the best of our knowledge, this is the first study that uses the UTAUT and VAM on intention to use FinTech payments together with openness to change and regulatory support. This is a framework that covers the decision-making determinants from the perspectives of benefits, risks, individual characteristics, and the external environment. Type of Paper - Empirical"

Keywords: FinTech Payment; Intention to Use; UTAUT; VAM; Benefits; Risks (search for similar items in EconPapers)
JEL-codes: G23 G28 G29 (search for similar items in EconPapers)
Pages: 23
Date: 2024-09-30
New Economics Papers: this item is included in nep-pay and nep-sea
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Published in Global Journal of Business and Social Science Review, Volume 12, Issue 3.

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DOI: 10.35609/gjbssr.2024.12.3(1)

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