Abstract
Purpose The purpose of this study is to empirically investigate the relationship between a set of functional and social–psychological barriers and bank customers’ intention to fully adopt digital payment methods (DPMs). Design/methodology/approach The data were collected via an online questionnaire sent to two samples of Swedish bank customers, namely, adopters-accepters (i.e. young bank customers) and adopters-resisters (i.e. a group opposing a cashless society). Hypotheses were tested by applying an ordinal regression model. Findings Regarding the adopters-accepters, privacy and access barriers can be obstacles to the full adoption of DPMs. The adopters-resisters perceived all five studied barriers as significant, though only the impersonalisation barrier seemed to matter when the barriers were related to their intention to fully adopt DPMs. Moreover, the results suggest that barriers have a stronger negative effect on the intention to fully adopt among those with extensive experience of DPMs. Practical implications Based on the barriers affecting the intention of particular groups of bank customers to adopt DPMs, banks could implement customised measures to promote the ongoing development of digital financial services. Originality/value In this under-researched area, this study provides empirical knowledge of the influence of various barriers on the intention of bank customers characterised as adopters-accepters and adopters-resisters to fully adopt DPMs.
Highlights
Financial payment channels have developed significantly since the 1950s and 1960s when the first automated teller machines were introduced in the USA (Batiz-Lazo et al, 2014)
For the adopters-resisters, the results indicate that the privacy barrier has no significant influence on the intention to fully adopt digital payment methods (DPMs), so H1a is supported while H1b is rejected
The possibility of banks and other authorities tracking customers’ online payment activities, possibly leading to the invasion of private life and to privacy issues, can be seen as a serious barrier. This is related to Larsson et al.’s (2016) suggestion that young bank customers (YBCs) are more sensitive than are other bank customers to the privacy implications of digital payments and are, keen to have control over their own private information
Summary
Financial payment channels have developed significantly since the 1950s and 1960s when the first automated teller machines were introduced in the USA (Batiz-Lazo et al, 2014). The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
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