M-Payment Adoption in SMEs; Virtual Entrepreneurs

Abstract

The fast growth and adoption of M-payment services has been fueled by the technology and communication revolution. The goal of this study is to examine M-payment adoption and implications among SMEs within informal virtual entrepreneurs and give insights to help them continue their venture operations to compete in a technologically sophisticated environment. The purpose of this research aimed to investigate the unknown facts about the M-payment phenomena from an enterprise standpoint. The current study is quantitative, and the model was created using Unified Theory of Acceptance and Use of Technology 2 constructs and empirical data from previous literature. A generally verified and reliable model for the study was constructed using the Unified Theory of Acceptance and Use of Technology model and empirical data. The study's primary data were gathered from 122 SME owners who expanded their enterprises to virtual platforms. The study's findings emphasized that perceived transaction convenience and compatibility, as well as relative advantage and absorptive capacity, have a significant impact on M- payment adoption, while perceived risk has a significant negative impact on M-payment adoption among informal virtual entrepreneurs in the SME context in Sri Lanka. Furthermore, social influence has no influence on M-payment acceptance. The study findings are helpful for developers, vendors, policymakers, and SMEs entrepreneurs in determining the wants of most growing sectors of the economy, and the model established from the current study may be applied for future studies by identifying and eliminating restrictions of the same study.