Digital wallet dynamics: Perspectives on potential Worldcoin adoption factors in a developing country's FinTech Sector

Abstract

In the dynamic digital environment, the emergence of digital wallets like Worldcoin signifies a transformative trend. This study examines the factors that influence the adoption of digital wallets in Thailand, focusing specifically on the Worldcoin wallet. The primary aim is to identify and analyze the potential determinants that affect user decisions to adopt this technology. Employing a quantitative research methodology, structured questionnaires were administered to 1430 participants to gather data, subsequently subjected to binary logistic regression analysis. This analysis aimed to discern the relationship between various independent variables, encompassing social support, social presence, trust, perceived risk, service reliability, perceived usefulness, perceived ease of use, time saving, convenience, consumption, discount, and promotion, and the dependent variable of Worldcoin wallet adoption. The findings underscore that factors such as social support, social presence, and trust positively influence adoption, emphasizing the significance of community building and trust establishment. Conversely, perceived risk acts as a deterrent to adoption, underscoring the imperative of addressing security concerns. While service reliability and perceived usefulness serve as catalysts for adoption, perceived ease of use does not exhibit a similar effect, implying potential usability issues. Furthermore, economic incentives such as discounts do not yield a significant impact on adoption, suggesting their secondary role as motivators. This study underscores the critical importance of trust, usability, and security in facilitating the broader adoption of Worldcoin and analogous technologies within the Thai context and beyond.