INNOVATING PAYMENTS SUSTAINABLY
A JOURNEY THROUGH RISKS, REWARDS, AND REGULATORY READINESS
DOI:
https://doi.org/10.33736/ijbs.7963.2025Keywords:
FinTech Payment; Benefits; Risks, UTAUT, meta-UTAUT, VAMAbstract
Despite its potential, FinTech payments have not yet become the mainstream payment method. Traditional card and cash are still preferred over FinTech payments globally, including in Malaysia.
This study aims to investigate the factors driving the usage of FinTech payments in Malaysia based on the Unified Theory of Acceptance and Use of Technology (UTAUT), meta UTAUT, and the Value-based Adoption Model (VAM) covering multiple perspectives of system properties, individual characteristic, and external environment. A total of 546 responses were collected from 13 states in Malaysia using a stratified random sampling technique and analysed using the PLS-SEM approach.
The findings suggest effort expectancy, social benefit, openness to change, and attitude are significant determinants of intention. Attitude is found to mediate the relationship between performance and effort expectancy, economic and social benefit, regulatory support, openness to change, and intention. However, social influence, security, and privacy risk did not impact attitude and intention.
To the best of our knowledge, this is the first study integrating UTAUT, meta-UTAUT, and VAM to explain this issue. By combining multiple theories into one comprehensive framework, it provides valuable insights for developing strategies to promote greater adoption of these technologies.
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