Abstract
This paper investigates the factors influencing the intention to adopt cryptocurrency payments among small to medium-sized enterprises (SMEs) in tourism and hospitality through the lens of the technology acceptance model (TAM). This paper uses an original sample of 101 SMEs employing a total of 15,831 people in Taiwan. Structural equation modeling is used to examine the joint effect of both internal and external factors influencing the intention to use cryptocurrency payments. Results show that (1) strategic orientation, owner/managers personal characteristics (self-efficacy and innovativeness) and social influence have a strong effect on the intention to adopt new technology; (2) perceived usefulness mediates the effects of strategic orientation and social influence; and (3) perceived ease of use mediates the effect of self-efficacy on the intention to adopt cryptocurrency payments. The present study is one of few empirical inquiries about cryptocurrency payment adoption among SMEs. This study extends the theoretical foundations of the TAM into the specific characteristics of SMEs. Limitations of the study are sample size and a single survey design. However, findings of this research on the cryptocurrency payment adoption offer practical implications for tourism stakeholders towards supporting SMEs competitiveness. The originality of this study is based on the fact that cryptocurrency payment is a new technology, and on the potential of cryptocurrency payments to disrupt the traditional way of operating tourism and hospitality SMEs. Hence the importance to consider major factors influencing SMEs’ intentions to adopt this technology.
Highlights
Information technology (IT) is a strategic asset for organizational performance and competitiveness in the tourism and hospitality industry [1] and for small and medium enterprises (SMEs) [2,3]
This paper extends the scope of research on tourism and hospitality SMEs’ IT adoption by empirical examination of both the internal and the external factors affecting the adoption behavior
This study empirically examines the joint effect of such internal factors as strategic orientation and owner/manager individual characteristics, and external factors—social influence and technology characteristics influencing IT adoption behavior among SMEs in tourism and hospitality
Summary
Information technology (IT) is a strategic asset for organizational performance and competitiveness in the tourism and hospitality industry [1] and for small and medium enterprises (SMEs) [2,3]. Tourism and hospitality SMEs operate in a challenging business environment and face intense competition from traditional (e.g., established hotel chains, such as the Hilton, Marriot and Sheraton) and new players (e.g., Airbnb) in the industry [14,15]; and ever increasing demands from customers [16,17,18]. In this environment, business sustainability becomes an important issue. The final section discusses the contributions to theory and practice and the limitations of the study
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