In this paper, we ask: how do individual factors affect individuals’ intentions of adopting fast payment systems (FPS)? We examine the role of financial literacy and beliefs about cash as individual-related variables that complement the technology acceptance model (TAM) in explaining the individuals’ intention to adopt financial innovations.
We surveyed consumers in 11 Latin American countries to measure relevant variables. By applying structural equation modeling, we extended the TAM. We demonstrated that financial literacy and beliefs about cash contribute to developing a fine-grained understanding of what stimulates individuals’ adoption of financial innovations like FPS.
Our results support the claim that individuals with higher levels of financial literacy exhibit a higher intention to adopt FPS through the mediation role of beliefs about cash, perceived usefulness, perceived ease of use and attitude.
To improve FPS’s acceptance probability, designers must add highly usable platforms. However, it could be more important to increase the perceived usefulness of FPS as the system competes directly with traditional payment methods such as cash. If individuals exhibit strong positive beliefs about cash, their attitudes and intentions of adopting FPS will decrease. In addition, policymakers and designers may modify beliefs about cash individuals exhibit by identifying and intervening in their determinants (e.g. financial literacy).
Besides technology-related factors, we demonstrate that beliefs about alternative technologies (e.g. cash) influence the intention to adopt financial innovations like FPS.
