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Can Cryptocurrency Be a Payment Method in a Developing Economy?: The Case of Bitcoin in South Africa

Author

Listed:
  • Adheesh Budree

    (University of Cape Town, South Africa)

  • Tawika Nkosana Nyathi

    (University of the Western Cape, South Africa)

Abstract

This study sought to understand the factors driving the consumer adoption of a cryptocurrency, in particular Bitcoin, as an electronic payment (e-payment) system for electronic commerce (e-commerce) transactions within a developing economy such as South Africa. The advent of e-commerce has led to increased online transactions facilitated by e-payment systems, which can fall prey to opportunistic hackers. Cryptocurrencies have been pegged as a solution to this security issue. However, little is currently known around consumer propensity to use a cryptocurrency as an e-payment option, particularly within a developing economy. The investigated factors that could influence user adoption were based on literature and tested on a South African representative sample of 814 respondents. Of the factors identified from literature, the study found that “perceived usefulness and perceived ease of use,” “self-efficacy,” “awareness,” “trust,” and “security” have the most significant influence on South African consumers adopting a cryptocurrency as an e-payment system.

Suggested Citation

  • Adheesh Budree & Tawika Nkosana Nyathi, 2023. "Can Cryptocurrency Be a Payment Method in a Developing Economy?: The Case of Bitcoin in South Africa," Journal of Electronic Commerce in Organizations (JECO), IGI Global, vol. 21(1), pages 1-21, January.
    • Handle: RePEc:igg:jeco00:v:21:y:2023:i:1:p:1-21
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    References listed on IDEAS

    as
    1. Shalu Chopra & Rajeev Dwivedi & Arun Mohan Sherry, 2013. "Leveraging Technology Options for Financial Inclusion in India," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 4(1), pages 10-20, January.
    2. Wonglimpiyarat, Jarunee, 2016. "Bitcoin: The revolution of the payment system?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 9(4), pages 230-240, January.
    3. Francisco Liébana-Cabanillas & Francisco Muñoz-Leiva & J. Sánchez-Fernández, 2018. "A global approach to the analysis of user behavior in mobile payment systems in the new electronic environment," Service Business, Springer;Pan-Pacific Business Association, vol. 12(1), pages 25-64, March.
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