Social Commerce as a Driver to Enhance Trust and Intention to Use Cryptocurrencies for Electronic Payments

Abstract

The deployment of cryptocurrencies in e-commerce has reached a significant number of transactions and continuous increases in monetary circulation; nevertheless, they face two impediments: a lack of awareness of the technological utility, and a lack of trust among consumers. E-commerce carried out through social networks expands its application to a new paradigm called social commerce. Social commerce uses the content generated within social networks to attract new consumers and influence their behavior. The objective of this paper is to analyze the role played by social media in increasing trust and intention to use cryptocurrencies in making electronic payments. It develops a model that combines constructs from social support theory, social commerce, and the technology acceptance model. This model is evaluated using the partial least square analysis. The obtained results show that social commerce increases the trust and intention to use cryptocurrencies. However, mutual support among participants does not generate sufficient trust to adequately promote the perceived usefulness of cryptocurrencies. This research provides a practical tool for analyzing how collaborative relationships that emerge in social media can influence or enhance the adoption of a new technology in terms of perceived trust and usefulness. Furthermore, it provides a significant contribution to consumer behavior research by applying the social support theory to the adoption of new information technologies. These theoretical and practical contributions are detailed in the final section of the paper.