Abstract
This study explores the cognitive, social and affective factors influencing the adoption of proxy payments, and seeks to identify the reasons for and resistance to their adoption. The study extends the technology acceptance model (TAM) with other cognitive, social and affective factors and proposes a research model for proxy payments adoption intentions. The model was empirically tested using 336 survey responses, and the data analysed using structured equation modelling. We found that the constructs of TAM significantly influenced the adoption intention of proxy payments. Cognitive factors such as mobility, responsiveness, security and transaction stress were observed to significantly influence perceived usefulness and ease of use, and factors such as mobility and responsiveness were observed to influence perceived ease of use. In addition, all the affective factors were seen to influence the perceived ease of use significantly, without influencing usefulness. Perceived usefulness was also significantly influenced by constructs such as perceived ease of use and social influence. The study of these constructs is of great significance for stakeholders such as payment system operators, banks, merchants, issuers, acquirers, device manufacturers and governments. This model can be leveraged in different countries planning proxy payments so that digital payments using proxy payments get a wider acceptance. In addition, FinTech entities across the globe may evaluate the factors identified in this paper to develop innovative and useful offerings to increase proxy payments adoption.
Published Version
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