IDEAS home Printed from https://ideas.repec.org/p/gtr/gatrjs/gjbssr651.html
   My bibliography  Save this paper

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

Author

Listed:
  • 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:)

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"

Suggested Citation

  • Ng Hui Chen, 2024. "Intention to Use FinTech Payments: The Perspectives of Benefits, Risks, and Openness to Change," GATR Journals gjbssr651, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:gjbssr651
    DOI: https://doi.org/10.35609/gjbssr.2024.12.3(1)
    as

    Download full text from publisher

    File URL: http://gatrenterprise.com/GATRJournals/GJBSSR/pdf_files/GJBSSRVol12(3)2024/1.Ng%20Hui%20Chen.pdf
    Download Restriction: http://gatrenterprise.com/GATRJournals/online_submission.html
    File URL: https://libkey.io/https://doi.org/10.35609/gjbssr.2024.12.3(1)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Singh, Nidhi & Sinha, Neena, 2020. "How perceived trust mediates merchant's intention to use a mobile wallet technology," Journal of Retailing and Consumer Services, Elsevier, vol. 52(C).
    2. Senyo, PK & Osabutey, Ellis L.C., 2020. "Unearthing antecedents to financial inclusion through FinTech innovations," Technovation, Elsevier, vol. 98(C).
    3. Johannes M. Gerlach & Julia K. T. Lutz, 2019. "Evidence On Usage Behavior And Future Adoption Intention Of Fintechs And Digital Finance Solutions," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 13(2), pages 83-105.
    4. Seon Hee Kim & Joon Ho Bae & Hyeon Mo Jeon, 2019. "Continuous Intention on Accommodation Apps: Integrated Value-Based Adoption and Expectation–Confirmation Model Analysis," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marvello Yang & Jingzu Gao & Qing Yang & Abdullah Al Mamun & Mohammad Masukujjaman & Mohammad Enamul Hoque, 2024. "Modeling the intention to consume and willingness to pay premium price for 3D-printed food in an emerging economy," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    2. Liu, Chih-Hsing & Dong, Tse-Ping & Vu, Ho Tran, 2023. "Transformed virtual concepts into reality: Linkage the viewpoint of entrepreneurial passion, technology adoption propensity and advantage to usage intention," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    3. Sam Njinyah & Simplice A. Asongu & Sally Jones, 2022. "The role of mobile money adoption in moderating the influence of access to finance in firm performance," Working Papers of the African Governance and Development Institute. 22/075, African Governance and Development Institute..
    4. Perez-Vega, Rodrigo & Hopkinson, Paul & Singhal, Aishwarya & Mariani, Marcello M., 2022. "From CRM to social CRM: A bibliometric review and research agenda for consumer research," Journal of Business Research, Elsevier, vol. 151(C), pages 1-16.
    5. Salvador Angosto & Jerónimo García-Fernández & Irena Valantine & Moisés Grimaldi-Puyana, 2020. "The Intention to Use Fitness and Physical Activity Apps: A Systematic Review," Sustainability, MDPI, vol. 12(16), pages 1-25, August.
    6. Ishtiaq Ahmad Bajwa & Shafiq Ur Rehman & Abid Iqbal & Zaheer Anwer & Murtaza Ashiq & Muhammad Ajmal Khan, 2022. "Past, Present and Future of FinTech Research: A Bibliometric Analysis," SAGE Open, , vol. 12(4), pages 21582440221, October.
    7. Amaral, Christopher & Kolsarici, Ceren, 2020. "The financial advice puzzle: The role of consumer heterogeneity in the advisor choice," Journal of Retailing and Consumer Services, Elsevier, vol. 54(C).
    8. Muhammad Iskandar Hamzah, 2024. "Fear of COVID-19 disease and QR-based mobile payment adoption: a protection motivation perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 946-963, September.
    9. Jinmin Kim & Jaeyoung Kim, 2021. "An Integrated Analysis of Value-Based Adoption Model and Information Systems Success Model for PropTech Service Platform," Sustainability, MDPI, vol. 13(23), pages 1-17, November.
    10. Sharma, Piyush & Ueno, Akiko & Kingshott, Russel, 2021. "Self-service technology in supermarkets – Do frontline staff still matter?," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    11. David Schulzmann & Evis Sinani & Bersant Hobdari & Bent Petersen, . "Drivers of R&D greenfield investment projects in the communications, software and IT service industries in developing countries," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    12. Mkombo, Alfred Lameck & Wahua, Lawrence, 2024. "Review of Behavioural Intention to use Mobile Financial Services," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 1520-1538, January.
    13. Merello, Paloma & Barberá, Antonio & la Poza, Elena De, 2022. "Is the sustainability profile of FinTech companies a key driver of their value?," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    14. Tianlei Pi & Haoxuan Hu & Jingyi Lu & Xue Chen, 2022. "The Analysis of Fintech Risks in China: Based on Fuzzy Models," Mathematics, MDPI, vol. 10(9), pages 1-13, April.
    15. Wang, Haijun & Mao, Kunyuan & Wu, Wanting & Luo, Haohan, 2023. "Fintech inputs, non-performing loans risk reduction and bank performance improvement," International Review of Financial Analysis, Elsevier, vol. 90(C).
    16. Vikram Choudhary & Rajesh K Aithal, 2023. "Low-cost Technologies for Kirana (Small) Retail: A Game Changer?," IIM Kozhikode Society & Management Review, , vol. 12(2), pages 250-258, July.
    17. Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran S. & Hall, John H. & Bennett, Sara E., 2021. "Sustainable economic development in India: The dynamics between financial inclusion, ICT development, and economic growth," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    18. Lin Li & Kyung Young Lee & Emmanuel Emokpae & Sung-Byung Yang, 2021. "What makes you continuously use chatbot services? Evidence from chinese online travel agencies," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(3), pages 575-599, September.
    19. Chakraborty, Debarun & Patre, Smruti & Tiwari, Devisha, 2023. "Metaverse mingle: Discovering dating intentions in metaverse," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    20. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).

    More about this item

    Keywords

    FinTech Payment; Intention to Use; UTAUT; VAM; Benefits; Risks;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gtr:gatrjs:gjbssr651. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Dr. Abd Rahim Mohamad (email available below). General contact details of provider: http://gatrenterprise.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.