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Using the UTAUT model to analyze user intention to accept electronic payment systems in Serbia

Author

Listed:
  • Nenad Tomić

    (University of Kragujevac)

  • Zoran Kalinić

    (University of Kragujevac)

  • Violeta Todorović

    (University of Kragujevac)

Abstract

This study applies The Unified Theory of Acceptance and Use of Technology (UTAUT) to explain the acceptance of electronic payment systems in Serbia. We used extended model that incorporates several external variables, such as perceived security, trust, privacy, convertibility and financial costs, along with basic UTAUT predictors. The sample comprised of 457 respondents. We applied structural equation modelling to develop the model and draw conclusions. The results showed that performance expectancy, perceived security, trust and social influence had strong positive effects on behavioral intention. Conversely, we found behavioral intention, convertibility and financial costs to be significant drivers of user behavior. We consider the inclusion of convertibility in the model and proving its significance to be the main practical implications of our research, and also suggest to be considered as a factor in models designed for countries with low purchasing power of national currency.

Suggested Citation

  • Nenad Tomić & Zoran Kalinić & Violeta Todorović, 2023. "Using the UTAUT model to analyze user intention to accept electronic payment systems in Serbia," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 22(2), pages 251-270, May.
    • Handle: RePEc:spr:portec:v:22:y:2023:i:2:d:10.1007_s10258-022-00210-5
    DOI: 10.1007/s10258-022-00210-5
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    References listed on IDEAS

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    1. Roya Gholami & Augustine Ogun & Elizabeth Koh & John Lim, 2010. "Factors Affecting e-Payment Adoption in Nigeria," Journal of Electronic Commerce in Organizations (JECO), IGI Global, vol. 8(4), pages 51-67, October.
    2. Bong Keun Jeong & Tom E Yoon, 2013. "An Empirical Investigation on Consumer Acceptance of Mobile Banking Services," Business and Management Research, Business and Management Research, Sciedu Press, vol. 2(1), pages 31-40, March.
    3. Patil, Pushp & Tamilmani, Kuttimani & Rana, Nripendra P. & Raghavan, Vishnupriya, 2020. "Understanding consumer adoption of mobile payment in India: Extending Meta-UTAUT model with personal innovativeness, anxiety, trust, and grievance redressal," International Journal of Information Management, Elsevier, vol. 54(C).
    4. Emrah Oney & Gizem Oksuzoglu Guven & Wajid Hussain Rizvi, 2017. "The determinants of electronic payment systems usage from consumers’ perspective," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 30(1), pages 394-415, January.
    5. Liébana-Cabanillas, Francisco & Marinković, Veljko & Kalinić, Zoran, 2017. "A SEM-neural network approach for predicting antecedents of m-commerce acceptance," International Journal of Information Management, Elsevier, vol. 37(2), pages 14-24.
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    Cited by:

    1. Adel Ben Youssef & Mounir Dahmani, 2023. "Examining the Drivers of E-Commerce Adoption by Moroccan Firms: A Multi-Model Analysis," Post-Print hal-04374231, HAL.

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    More about this item

    Keywords

    UTAUT; Convertibility; Performance expectancy; Serbia; Electronic payment systems;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • M39 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Other

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