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The impact of cognitive, affective and social antecedents on system characteristics and their influence on proxy payments adoption
Journal of Payments Strategy & Systems,
17
(2),
182-199
(2023)
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.
Keywords: proxy payments; digital payments; technology acceptance model; TAM; cognitive; affective
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Author's Biography
Neha Vivek Dharurkar is a chartered accountant, cost and management accountant, and a company secretary. She is currently a research scholar at the Symbiosis Centre for Information Technology at Symbiosis International (Deemed University) and a manager in the payments transformation practice at PricewaterhouseCoopers. She has over ten years of experience in the banking and payments domain, including in such areas as strategy consulting, risk advisory, process improvement and business build-out. She has conducted training programmes both nationally and internationally.
Kanchan Patil is Deputy Director of the Symbiosis Centre for Information Technology at Symbiosis International (Deemed University). Her area of expertise is marketing and information communication technology. She teaches subjects like Industry 4.0, digital transformation, the internet of things and edge computing, computing tools and marketing management, consumer behaviour, and services marketing. She has completed a minor research project funded by the Indian Council of Social Sciences Research, and her research has been published in various peer-reviewed journals.
Balakrishnan Mahadevan has over 25 years experience in banking, technology, payments leadership/management with leading banks such as ABN AMRO Bank, Barclays and Citibank. He has previously worked for the World Bank’s Payment System Development Group, assisting developing nations in improving their financial market infrastructure, and before this was Chief Operating Officer for the National Payments Corporation of India. He is currently a consultant for World Bank on payment system development aspects.
