Authors: Dr. P. Srimathi
Abstract: The move towards cashless ecosystems is a paradigm shift in consumer behavior regarding financial transaction; however, the significance of consumer trust in this process and its ability to accelerate or hinder the shift is not well understood yet. This research paper studies the complex connection between digital payments adoption and consumer trust in the context of cashless ecosystems with the use of UTAUT and TAM theoretical models to develop an analytic framework. The study uses the mixed methods approach and analyzes both quantitative data obtained through survey of 479 participants of different demographics and adoption patterns. Results show that consumer perception of trust and security is the most powerful predictor of their intentions regarding cashless transactions; moreover, facilitating conditions and social influence were found to have a significant positive impact on intentions. Surprisingly, perceived ease of use was found to have no direct significant impact on adoption intentions, which indicates that modern interfaces are intuitively designed enough. The study makes contributions to theory in terms of adoption trust framework proposition and has practical implications for public policy makers, banks and service providers aiming to increase adoption rates of digital payments in developing countries.
DOI: http://doi.org/10.5281/zenodo.23099615
