From ease of use to satisfaction: the roles of trust and risk in digital payment adoption Open Access

The digital payment system has attracted sustained scholarly attention for over two decades (Aliakhbar et al., 2026; Khan et al., 2026; Pavlou, 2003; Tan et al., 2024; Yi et al., 2024). The importance and utilization of cashless transactions grew dramatically during and after the global pandemic (Bhopal et al., 2025). In developing economies such as India, the pandemic accelerated adoption even in remote villages (Sarmah et al., 2021). While initial uptake was driven by health-related safety concerns, convenience and perceived ease of use (PEOU) have remained the most powerful drivers, consistent with the technology acceptance model (TAM) propositions. Broader technological changes − rising internet penetration, smartphone proliferation and shifting consumer preferences toward seamless transactions − have reinforced the rise of digital payments, including mobile wallets, internet banking, mobile banking and micro-ATMs (Bhopal et al., 2025).

Yet, despite the rapid expansion of digital payments, two unresolved issues remain. First, while much research has explained adoption, less is known about how adoption translates into customer satisfaction, particularly in fast-digitizing, high-population contexts such as India. Satisfaction is critical not only for continued usage but also for building trust in digital ecosystems. Second, existing TAM-based studies have primarily emphasized linear relationships between PEOU, perceived usefulness (PU) and adoption (Pandey and Kushwaha, 2025). However, bibliometric reviews stress the need to explore boundary conditions and mediating pathways (Bhopal et al., 2025; Tounekti et al., 2022). Specifically, the moderating role of trust and perceived risk has received little attention, even though users may find digital payments easy to use yet remain hesitant if trust is low or perceived risk is high. These gaps motivate the present study, which addresses the following overarching research question (RQ):

To examine this question, the study surveyed 589 active digital payment users in Southern India and used partial least squares structural equation modeling (PLS-SEM) to test both the measurement and structural components of the model. This analytical approach supports simultaneous estimation of moderation and mediation, enabling rigorous assessment of trust and perceived risk as boundary conditions rather than direct antecedents. The results indicate that perceived ease of use has a strong, significant impact on digital payment adoption, which, in turn, substantially enhances customer satisfaction. Trust strengthens the relationship between ease of use and adoption, whereas perceived risk weakens the link between ease of use and perceived usefulness. Notably, adoption − rather than perceived usefulness − mediates the relationship between ease of use and satisfaction, indicating that behavioral uptake, rather than cognitive appraisal, drives downstream satisfaction. These findings suggest that simplicity alone is insufficient; adoption hinges on relational assurances and perceptions of vulnerability.

The study makes a distinct theoretical contribution by reframing two foundational assumptions in the TAM. First, instead of adding trust and perceived risk as parallel antecedents − as done in most digital payment studies (Pavlou, 2003; Rana et al., 2019; Zhou, 2014) − we treat them as moderators that condition classical TAM relationships. This positions trust and vulnerability as structural constraints on whether ease of use translates into perceived usefulness and adoption. Second, by focusing on post-adoption outcomes, particularly customer satisfaction, the study advances TAM beyond its longstanding emphasis on behavioral intention and reveals how adoption shapes lived user experience − an area underdeveloped despite repeated bibliometric recommendations (Tounekti et al., 2022; Bhopal et al., 2025). The nonsignificant mediation of perceived usefulness further challenges canonical TAM assumptions, showing that in high-risk contexts, usability, trust and perceived safety supersede usefulness evaluations. These insights extend TAM in a context-sensitive, non-replicative direction.

The TAM explains technology use through two core beliefs − perceived ease of use (PEOU) and perceived usefulness (PU) − that shape attitudes, intentions and ultimately actual usage (Davis, 1989; Venkatesh and Davis, 2000). TAM has since been expanded to incorporate contextual and social factors, supporting applications across domains such as digital payments (Hanafizadeh et al., 2014; Pandey and Kushwaha, 2025; Singh et al., 2020), tourism (Sharma and Sharma, 2024), supply chains (Tarofder et al., 2017) and cryptocurrencies (Cristofaro et al., 2023).

However, TAM alone cannot fully account for adoption in high-risk financial contexts. Users often hesitate not because of complexity but because of fears of fraud, privacy breaches or institutional unreliability (Pavlou, 2003; Rana et al., 2019; Zhou, 2014). Although trust promotes adoption (Gupta and Hakhu, 2021; Joshi and Chawla, 2024), its ability to strengthen the influence of ease of use remains underexplored. Similarly, perceived risk may weaken the effect of PEOU on PU, functioning as a contextual barrier. This study, therefore, extends the TAM by reframing trust and perceived risk as moderators, shifting them from direct antecedents to boundary conditions.

A second extension addresses post-adoption outcomes. While TAM research emphasizes intentions, fewer studies examine how adoption shapes satisfaction − critical in mature digital payment ecosystems. As shown in Figure 1, our model positions PEOU and PU as primary beliefs; trust and risk as moderators; and adoption as the mediating mechanism linking usability perceptions to customer satisfaction. This structure enables examination of both why users adopt digital payments and how adoption produces positive user experiences.

PEOU is one of the foundational constructs of the TAM (Davis, 1989), referring to the degree to which an individual believes that using a new technology requires minimal effort. In the context of digital payments, PEOU captures not only the ability to conduct basic transactions but also the extent to which users can navigate frequent system updates, new application features and evolving security protocols with confidence. When technologies are intuitive, streamlined and user-friendly, individuals are more likely to incorporate them into their everyday financial routines.

Empirical studies consistently confirm PEOU’s role as a precursor to the adoption of digital payments. For example, Singh et al. (2020) and Sobti (2019) demonstrate that ease of use strongly predicts adoption intentions in digital finance. Evidence from other financial technology domains further supports this pattern: a study among 361 bank clients in Iran revealed that PEOU significantly predicted mobile banking use (Hanafizadeh et al., 2014), while research with 349 Indian respondents showed that PEOU influenced FinTech adoption (Haritha, 2023). More recent work involving 540 Indian users confirmed that PEOU is positively associated with digital payment adoption (Pandey and Kushwaha, 2025). In a similar work conducted on 395 individuals from China, researchers found a positive association of PEOU with digital payment adoption (Gong et al., 2025). Together, these findings highlight that ease of use lowers cognitive barriers and fosters greater willingness to adopt digital payments. Based on intuitive reasoning and cumulative empirical evidence, we posit the following hypothesis:

Trust has long been recognized as a critical factor in the acceptance and adoption of new technologies (Gupta and Hakhu, 2021; Kumar et al., 2023). In digital payments, where users share sensitive financial information, trust becomes even more crucial amid rising cybercrimes and data breaches (Jaradat et al., 2024). If users believe their personal or financial data may be misused, they are likely to experience hesitation, regardless of the system’s technical ease of use.

Empirical evidence supports the role of trust in facilitating digital payment adoption. For example, a study of 284 international tourists in Malaysia showed that trust and perceived system security positively influenced mobile wallet adoption (Lui and Zainuldin, 2025). Other studies confirm a strong association between trust and technology adoption across contexts (Aljaradat and Shukla, 2025; Catacutan, 2025; Joshi and Chawla, 2024; Zhou and Lu, 2025). Similarly, research from Bangladesh found that trust, alongside PEOU, was a key antecedent of mobile financial service and cryptocurrency acceptance (Islam et al., 2024).

Building on this evidence, we argue that trust not only directly influences adoption but also strengthens the effect of PEOU. Even when digital payment systems are intuitive, users may hesitate if they lack confidence in the vendor’s integrity or security infrastructure. When trust is high, the positive impact of PEOU on adoption is amplified, as users are more willing to convert ease of use into actual behavior. Accordingly, we propose the following hypothesis:

In digital financial ecosystems, perceived risk is primarily associated with concerns about data privacy, transaction security and potential financial loss. Users often evaluate not only the ease with which they can operate a system but also the vulnerabilities associated with exposing sensitive information. Empirical studies have shown that cybercrime, fraud and data breaches erode user confidence and foster skepticism about the value of mobile and digital payments (Chawla and Joshi, 2019; Haritha, 2023; Sam et al., 2021). Such risks can erode the perceived usefulness of technology, even when the interface is intuitive and easy to navigate.

The TAM suggests that PEOU has a positive influence on perceived usefulness (Venkatesh and Davis, 2000). However, this link is not unconditional. When perceived risk is high, users may dismiss the usefulness of digital payments despite finding them simple to operate. Conversely, when perceived risk is low, ease of use is more readily translated into judgments of usefulness. Supporting this argument, research with 456 respondents in Australia found that risk and trust were central determinants of FinTech adoption intentions (Chan et al., 2022).

In this study, we therefore argue that perceived risk acts as a boundary condition, moderating the strength of the PEOU–PU relationship. The higher the perceived risk, the weaker the impact of ease of use on perceived usefulness; the lower the risk, the stronger this positive linkage. Notably, the moderating role of perceived risk in this relationship has received little direct attention, which underscores the need for closer empirical scrutiny. Accordingly, we propose the following hypothesis:

Convenience, speed and reliability are central to the value proposition of digital payments, and these qualities are expected to enhance overall customer satisfaction. Extant research consistently documents a positive association between digital payment adoption and satisfaction outcomes (Bhattacharya and Bera, 2023; Lohana and Roy, 2021; Pushparaj et al., 2025; Tan et al., 2025). For example, a study of 599 respondents from tier I and tier II cities in India found that individuals who adopted digital payment systems reported higher satisfaction levels (Lohana and Roy, 2021). Similarly, Pushparaj et al. (2025) reported that 280 customers expressed satisfaction with the information quality and responsiveness of vendors offering digital payments. Bhattacharya and Bera (2023) found, in a survey of 474 Indian respondents, that mobile wallet usage is positively associated with satisfaction. Evidence from other developing contexts supports this relationship: in Bangladesh, an analysis of data from 348 respondents revealed that the use of cashless payments was associated with greater customer satisfaction (Monir et al., 2025).

These findings highlight that adoption not only reflects the acceptance of new technology but also generates tangible benefits for consumers in terms of convenience, efficiency and service quality. Accordingly, we propose the following hypothesis:

The central proposition of TAM is that when individuals perceive a technology as easy to use, they are more likely to adopt it in their daily activities (Yang et al., 2021). In the context of digital payments, ease of navigation and reduced effort in performing transactions encourage adoption, which then shapes downstream outcomes such as satisfaction. While prior research has shown that PEOU can directly influence customer satisfaction (Ma et al., 2017; Monir et al., 2025; Saha et al., 2022), the mechanism by which PEOU leads to satisfaction through actual adoption behavior has received comparatively little attention.

Adoption acts as a conduit: when consumers perceive digital payment systems to be effortless, they are more likely to integrate them into financial transactions, and this continued use enhances their convenience, reliability and overall satisfaction. This pathway aligns with recent bibliometric insights highlighting the growing emphasis on mediating mechanisms in digital payment research to explain how and why relationships unfold (Bhopal et al., 2025). Accordingly, we propose the following hypothesis:

While the direct effects of PEOU on both perceived usefulness and technology adoption have been widely documented, the indirect pathway from PEOU to adoption through perceived usefulness has received comparatively limited attention. For example, a recent study of 390 respondents in India examining mobile-health applications found that perceived usefulness mediated the relationship between PEOU and intention to use new technology (Farooq and Bashir, 2025). More broadly, prior works confirm that PEOU positively influences perceived usefulness (Venkatesh and Davis, 2000) and that perceived usefulness, in turn, enhances adoption of digital payment systems (Aljaradat and Shukla, 2025; Chawla and Joshi, 2019; Shankar and Datta, 2018).

Taken together, this evidence suggests that PEOU may not only exert a direct effect on adoption but also an indirect one, operating through perceived usefulness. In other words, when individuals find digital payment systems easy to use, they are more likely to view them as useful, and this heightened perception of usefulness increases their likelihood of adopting the technology. However, the mediating role of perceived usefulness in digital payment contexts remains underexplored, representing an important theoretical gap. Accordingly, we propose the following hypothesis:

The primary objective of this study is to investigate how PEOU affects digital payment adoption and, consequently, customer satisfaction. To address this objective, the study targeted individuals who were active users of digital payment systems. Because no comprehensive sampling frame of digital payment users exists in the Indian context, we used a non-probability sampling strategy combining convenience and purposive approaches. This choice is consistent with prior empirical research in technology adoption and digital finance (Farooq and Bashir, 2025; Patel et al., 2023).

Data were collected using a structured questionnaire administered through two modes. The first comprised paper-and-pencil surveys distributed across various user settings, from which 400 questionnaires were disseminated. Of these, 367 were returned, with 36 excluded due to incompleteness, yielding 331 usable responses. The second mode used an online survey via Google Forms, which generated 258 complete responses; as the platform requires completion of all items before submission, no missing data occurred in this subsample. In total, the final data set consisted of 589 valid responses. This sample size exceeds the minimum threshold of 384 respondents recommended for populations over 100,000 (Krejcie and Morgan, 1970), ensuring adequate statistical power.

To assess potential non-response bias, we conducted an independent-sample t-test comparing early (n = 75) and late (n = 75) responses. No statistically significant differences emerged (p > 0.05), suggesting that non-response bias was not a concern. This approach follows established practice in survey-based research (Armstrong and Overton, 1977).

Prior to survey administration, informed consent was obtained from all respondents. The introduction to the questionnaire explained that the study was conducted exclusively for academic purposes, that participation was voluntary, and that anonymity and confidentiality would be maintained at all times. Participants were informed of their right to decline or withdraw at any point without penalty. As the institution does not have a formal Institutional Review Board, the research instrument and procedures were reviewed and approved by senior faculty members to ensure compliance with ethical standards.

The final sample comprised 350 males (59.4%) and 239 females (40.6%). Additional demographic details, including age, income and educational background, are presented in the Supplementary Material SM1.

This study used established and validated measurement scales to operationalize the constructs. All items were assessed using a five-point Likert-type scale, anchored at 1 = “strongly disagree” and 5 = “strongly agree.” The constructs, corresponding indicators and their sources are summarized in Table 1.

Perceived ease of use (PEOU). PEOU was measured using items adapted from prior TAM research (Davis, 1989; Hanafizadeh et al., 2014; Venkatesh and Davis, 2000). Items captured the extent to which respondents perceived digital payment systems as easy to learn, navigate and operate in daily use.

Perceived usefulness (PU). PU was assessed using indicators drawn from established TAM literature (Davis, 1989; Shankar and Datta, 2018; Venkatesh and Davis, 2000), reflecting the degree to which digital payment adoption enhanced efficiency, productivity and effectiveness in financial transactions.

Trust. Trust was measured through items adapted from prior studies in digital finance and mobile payment adoption (Joshi and Chawla, 2024; Pavlou, 2003; Zhou, 2014), which captured perceptions of vendor reliability, data security and confidence in system integrity.

Perceived risk. Items for perceived risk were adapted from established scales in technology adoption research (Chawla and Joshi, 2019; Rana et al., 2019). These items reflected concerns about privacy, data misuse and financial loss associated with digital payment transactions.

Digital payment adoption. Adoption was measured through items adapted from prior digital finance studies (Haritha, 2023; Pandey and Kushwaha, 2025), assessing the extent to which respondents actually engaged in using digital payments for routine transactions.

Customer satisfaction. Customer satisfaction was measured using indicators drawn from established consumer behavior literature (Lohana and Roy, 2021; Bhattacharya and Bera, 2023; Monir et al., 2025). Items captured overall satisfaction, fulfillment of expectations and positive evaluation of the digital payment experience (see SM2).

Following the two-step approach recommended by Anderson and Gerbing (1988), we first evaluated the measurement model using confirmatory factor analysis (CFA) with PLS-SEM. (see SM2). Before the full-scale data collection, the questionnaire was pre-tested with a group of 25 respondents, including both academics and frequent digital payment users. The purpose of the pre-test was to ensure clarity of wording, content validity and appropriateness of the scale anchors. Based on the feedback, minor revisions were made to improve the comprehensibility and flow of the items. This step helped establish face validity and reduced the likelihood of respondent misinterpretation.

Factor loadings. All standardized factor loadings exceeded the recommended threshold of 0.70, with the exception of one indicator for PEOU (0.656), which fall within the acceptable range of 0.60–0.70 (Hair et al., 2019) and was retained given its theoretical relevance and contribution to construct validity.

Reliability. Internal consistency was established as Cronbach’s alpha values ranged from 0.802 to 0.927, surpassing the minimum criterion of 0.70. Composite reliability (CR), also reported in Table 1, ranged between 0.795 and 0.941, well above the recommended threshold of 0.70 (Hair et al., 2019).

Convergent validity. Average variance extracted (AVE) values ranged between 0.575 and 0.815, exceeding the 0.50 benchmark, thereby confirming convergent validity (Hair et al., 2019).

Discriminant validity. Discriminant validity was assessed using both the Fornell–Larcker criterion and the heterotrait–monotrait ratio of correlations (HTMT). Fornell–Larcker results indicated that the square root of the AVE for each construct was greater than its correlations with other constructs, thus supporting discriminant validity. HTMT values were all below the conservative threshold of 0.85 (Henseler et al., 2015), further confirming that constructs were empirically distinct.

Taken together, these results demonstrate that the measurement model achieved satisfactory reliability, convergent validity and discriminant validity, providing a strong foundation for testing the structural model.

Discriminant validity was assessed using both the Fornell–Larcker criterion and the heterotrait–monotrait ratio of correlations (HTMT). As shown in Table 1, the square root of the average variance extracted (AVE) for each construct exceeded its correlations with other constructs, satisfying the Fornell–Larcker criterion (Fornell and Larcker, 1981). For example, the square root of AVE for digital payment adoption and PEOU were 0.806 and 0.758, respectively, both greater than their inter-construct correlation of 0.660. Similarly, the square root of AVE values for customer satisfaction (0.793) and trust (0.835) exceeded their correlation of 0.689. These results support discriminant validity.

The HTMT analysis further confirmed this conclusion, as all HTMT ratios were below the conservative threshold of 0.90, indicating that the constructs are empirically distinct (Henseler et al., 2015) (see SM3).

To assess multicollinearity, we examined both outer and inner variance inflation factor (VIF) values. In line with Hair et al. (2019), all VIF values were below the recommended cut-off of 5, demonstrating that multicollinearity was not a concern in this data set (see SM4 and SM5).

Survey-based studies are inherently vulnerable to common method bias (CMB), as both independent and dependent variables are measured from the same respondents at a single point in time (Podsakoff et al., 2024). To address this concern, we conducted multiple diagnostic tests.

First, we applied Harman’s single-factor test. The results showed that the first unrotated factor accounted for 32.16% of the variance, which is well below the 50% threshold, suggesting that CMB is not a major issue in this data set. However, given concerns regarding the sensitivity and reliability of Harman’s test (Howard et al., 2024), we supplemented this analysis with more robust procedures.

Second, we used the full collinearity assessment approach recommended by Kock (2015). All items were loaded onto a common latent variable, and inner VIF values were examined. The results indicated that all VIF values were below the conservative threshold of 3.3, providing further evidence that common method bias was unlikely to compromise the validity of our findings.

In addition to the statistical tests, we incorporated several procedural remedies to mitigate the likelihood of CMB during the survey design and administration process. Respondents were assured of anonymity and confidentiality to reduce evaluation apprehension. The questionnaire clearly communicated that there were no right or wrong answers, encouraging honest responses. We also varied the wording and ordering of items to minimize acquiescence bias and reduce the potential for respondents to infer causal relationships between constructs. These steps, combined with the statistical evidence, enhance confidence that CMB does not significantly affect the results of this study.

The structural model was tested using PLS-SEM (SmartPLS version 4.1.1.2), and the results are presented in Table 2.

As a preliminary step, we conducted hierarchical regression analyses to examine the potential influence of demographic variables (age, gender, educational qualification and monthly income) on digital payment adoption and customer satisfaction. None of these variables exerted a significant effect, and therefore, they were not included as control variables in the final model.

Figure 2 displays the structural model and the estimated path coefficients with corresponding t-values.

H1: Effect of PEOU on adoption. The path coefficient for PEOU → digital payment adoption was positive and highly significant (β = 0.680, p < 0.001), providing strong support for H1.

H2: Moderating effect of trust. The interaction term for PEOU × trust was significant (β = 0.074, p < 0.001), supporting H2. SM6 illustrates the interaction effect. At low levels of PEOU, adoption is higher when trust is “high” than when trust is low. As PEOU increases from low to high, adoption rises across all levels of trust, but the slope is steepest when trust is high, confirming that trust strengthens the positive impact of PEOU on adoption.

H3: Moderating effect of perceived risk. H3 predicted that perceived risk moderates the relationship between PEOU and perceived usefulness. The interaction effect was positive and significant (β = 0.088, p < 0.05), providing support for H3. Since the sign of the regression coefficient for the interaction term carries an unambiguous mathematical meaning, it is recommended to examine the interaction graph to gain a meaningful interpretation of the product of the independent variable and the moderator (Hayes, 2018). SM7 illustrates this effect. When perceived risk is low, PEOU strongly increases perceived usefulness. However, at higher levels of perceived risk, the positive effect of PEOU on usefulness weakens. Notably, at very high levels of PEOU, the moderating influence of risk diminishes, suggesting that usability perceptions can eventually offset risk concerns.

H4: Effect of adoption on satisfaction. The path from digital payment adoption to customer satisfaction was positive and significant (β = 0.813, p < 0.001), providing support for H4.

H5a predicted that digital payment adoption mediates the relationship between PEOU and customer satisfaction. The analysis revealed a significant indirect effect of PEOU on customer satisfaction through adoption (β = 0.553, p < 0.001), supporting H5a. In addition, the moderated mediation effect [PEOU → digital payment adoption → customer satisfaction] was significant across all levels of trust (low: −1 SD, medium: mean, and high: +1 SD), indicating that the mediating role of adoption is robust regardless of trust levels.

H5b proposed that perceived usefulness mediates the relationship between PEOU and digital payment adoption. The results, however, did not support this hypothesis. The indirect effect was small and statistically insignificant (β = 0.0005, p = 0.740). Similarly, the moderated mediation effect [PEOU → perceived usefulness → digital payment adoption] was not significant at any level of perceived risk (low, medium or high), as shown in Table 2. However, conditional indirect effects show that while trust is significant at all levels, risk was significant only at high levels (SM8).

Overall, the results provide strong support for the proposed conceptual model. PEOU emerged as a central driver of digital payment adoption (H1), with its effect amplified by trust (H2) and moderated by perceived risk in its link to perceived usefulness (H3). Adoption, in turn, significantly enhanced customer satisfaction (H4), and also served as a mediator between PEOU and satisfaction (H5a). In contrast, perceived usefulness did not significantly mediate the relationship between PEOU and adoption (H5b). Collectively, these findings underscore the pivotal role of trust and risk as boundary conditions in the TAM framework, while highlighting adoption as the key mechanism translating ease of use into customer satisfaction.

The explanatory power of the model was assessed through R² values, predictive relevance (Q²) and effect sizes (f²). Following Hair et al. (2019), R² values above 0.75 indicate strong explanatory accuracy, values between 0.50 and 0.75 reflect moderate accuracy, and values below 0.25 are considered weak. The results show that perceived usefulness (R² = 0.025) had weak explanatory power, while digital payment adoption (R² = 0.950), and customer satisfaction (R² = 0.660) demonstrated excellent explanatory strength. These statistics indicate that the model provides robust explanatory accuracy, particularly for adoption and satisfaction outcomes.

To further test predictive relevance, PLS-Predict was used by omitting part of the data matrix and assessing the prediction of the omitted part. The predictive relevance index (Q²) suggested a small predictive effect for perceived usefulness (Q² = 0.012), but large effects for digital payment adoption (Q² = 0.947) and customer satisfaction (Q² = 0.708). These results reinforce the predictive robustness of the model in capturing adoption and satisfaction behaviors. SM9 presents the R² and Q² values.

Effect sizes (f²) were also calculated to determine the relative contribution of each exogenous construct to the endogenous variables. Using the formula f² = (R² included – R² excluded)/(1 – R² included), benchmarks of 0.02, 0.15 and 0.35 correspond to small, medium and large effects, respectively (Hair et al., 2019). The results reveal very large effect sizes for the path from PEOU to digital payment adoption (f² = 3.838) and for digital payment adoption to customer satisfaction (f² = 0.702; see SM10). These findings underscore the importance of ease of use in driving adoption and the significant downstream impact of adoption on satisfaction. The cross-validated predictive ability test (CVPAT) for the specific latent variable (LV) summary (PLS SEM versus indicator average [IV]) is reported in SM11. Except for perceived use, the predictive ability for digital payment adoption and customer satisfaction was significant, indicating a strong predictive power.

Finally, the importance–performance map analysis (IPMA) shown in SM12 further clarifies the relative importance of constructs by examining their contributions to key outcomes, providing managerial insights into which drivers should be prioritized for strengthening adoption and customer satisfaction.

Building on the TAM framework (Davis, 1989; Venkatesh and Davis, 2000), this study examined how perceived ease of use (PEOU) translates into digital payment adoption and customer satisfaction, while incorporating trust and perceived risk as boundary conditions. The findings reinforce and extend TAM within the Indian digital payment context.

First, PEOU emerged as a strong predictor of adoption (H1), confirming that technologies perceived as simple and intuitive are more readily embraced (Hanafizadeh et al., 2014; Pandey and Kushwaha, 2025; Singh et al., 2020; Sobti, 2019). In rapidly digitizing environments, ease of navigation reduces cognitive burden and lowers entry barriers.

Second, trust significantly strengthened the PEOU–adoption relationship (H2). Ease of use alone is insufficient unless users believe providers will safeguard their financial data. This reflects a dual adoption logic in which usability perceptions are reinforced by relational assurances that mitigate vulnerability (Aljaradat and Shukla, 2025; Gupta and Hakhu, 2021; Joshi and Chawla, 2024; Kumar et al., 2023; Zhou and Lu, 2025).

Third, perceived risk moderated the PEOU–usefulness link (H3). Even intuitive systems may be judged less useful when users anticipate fraud, privacy breaches or financial loss (Chawla and Joshi, 2019; Chan et al., 2022; Haritha, 2023; Sam et al., 2021). Thus, usefulness evaluations are filtered through perceived vulnerability: low risk strengthens the PEOU–PU relationship, whereas high risk weakens it.

Fourth, adoption positively influenced customer satisfaction (H4), consistent with prior research (Bhattacharya and Bera, 2023; Lohana and Roy, 2021; Monir et al., 2025; Pushparaj et al., 2025). Adoption generates satisfaction by aligning expected convenience with actual experience.

Fifth, adoption mediated the PEOU–satisfaction relationship (H5a), indicating that ease enhances satisfaction primarily through usage (Ma et al., 2017; Monir et al., 2025; Saha et al., 2022). In contrast, perceived usefulness did not mediate PEOU and adoption (H5b), suggesting that in risk-sensitive contexts, usability, trust and security concerns may outweigh performance evaluations (Aljaradat and Shukla, 2025; Chawla and Joshi, 2019; Farooq and Bashir, 2025; Shankar and Datta, 2018).

This study makes three key theoretical contributions. First, it extends the TAM by reconceptualizing trust and perceived risk as boundary conditions rather than direct antecedents. Although prior research has established the direct effects of trust and risk on technology adoption (Aljaradat and Shukla, 2025; Gupta and Hakhu, 2021; Pavlou, 2003; Rana et al., 2019; Zhou, 2014), their moderating roles have received limited attention. Our findings show that trust strengthens the effect of PEOU on adoption, while perceived risk weakens the relationship between PEOU and perceived usefulness. This reframing refines TAM (Davis, 1989; Venkatesh and Davis, 2000) by clarifying when and under what conditions ease of use translates into adoption and perceived value.

Second, the study shifts TAM’s emphasis from behavioral intention to post-adoption outcomes, particularly customer satisfaction. While TAM and related models (e.g. UTAUT) primarily explain intention to adopt (Venkatesh and Davis, 2000; Hanafizadeh et al., 2014; Singh et al., 2020), fewer studies examine how actual adoption shapes user experience. By demonstrating that adoption mediates the relationship between PEOU and satisfaction, this research responds to calls for deeper theorization of post-adoption consequences (Tounekti et al., 2022; Bhopal et al., 2025) and complements prior work linking digital payments with satisfaction (Bhattacharya and Bera, 2023; Lohana and Roy, 2021; Monir et al., 2025).

Third, situated in India’s rapidly digitalizing ecosystem, the findings highlight contextual limits to TAM’s assumed universality. The strong impact of PEOU and the nonsignificant mediation of perceived usefulness diverge from the classic TAM pathway (Venkatesh and Davis, 2000; Shankar and Datta, 2018; Farooq and Bashir, 2025), suggesting that simplicity and trust may outweigh performance evaluations in high-risk environments (Chan et al., 2022).

Collectively, these contributions reposition TAM as a context-sensitive framework linking ease, risk, trust, adoption and satisfaction.

This study offers several actionable implications for practitioners, digital payment providers and policymakers.

First, the strong effect of PEOU on adoption underscores the strategic importance of simple, intuitive and user-friendly interfaces. Excessively complex procedures − such as repeated password verification or multiple authentication layers − may deter users despite their security advantages. Providers must therefore strike a careful balance between security and convenience, ensuring that usability remains central to system design and continuous improvement (Singh et al., 2020; Sobti, 2019).

Second, the moderating role of trust indicates that usability alone is insufficient to drive adoption. Consumers must also believe that providers will safeguard their financial and personal data. Strengthening trust requires transparent data-handling policies, clear communication of security features, visible guarantees and rapid resolution of fraud or transaction errors. As prior research demonstrates, trust is a critical determinant of sustained adoption in mobile payments and financial technologies (Gupta and Hakhu, 2021; Joshi and Chawla, 2024; Zhou and Lu, 2025).

Third, perceived risk weakens the translation of ease of use into perceived usefulness. Security concerns − particularly regarding fraud, privacy breaches and financial loss − can undermine value perceptions even when systems are easy to operate. Vendors and policymakers should therefore invest in robust cybersecurity infrastructure, secure transaction protocols and consumer education initiatives aimed at fraud awareness and digital literacy. Reducing perceived risk not only protects users but also reinforces perceived usefulness and long-term adoption (Chawla and Joshi, 2019; Chan et al., 2022).

Finally, the positive link between adoption and customer satisfaction suggests that encouraging uptake is insufficient without ensuring reliable post-adoption experiences. Continuous service quality, responsive customer support and seamless transaction processing are essential to sustaining satisfaction, trust and loyalty (Bhattacharya and Bera, 2023; Lohana and Roy, 2021; Monir et al., 2025).

This study has several limitations that suggest directions for future research. First, the cross-sectional design limits causal inference; longitudinal or experimental studies could assess whether the mediating role of adoption and the moderating effects of trust and perceived risk remain stable over time and across usage stages. Second, reliance on convenience sampling constrains generalizability. Future research should use probability-based or stratified sampling, particularly comparing rural and urban users, to enhance external validity. Third, the model adopts a focused theoretical scope, emphasizing PEOU and perceived usefulness while treating trust and risk as moderators. Additional factors − such as subjective norms, facilitating conditions and hedonic motivations − should be integrated into post-adoption models.

The findings also invite deeper conceptual inquiry. Future studies could differentiate interpersonal, institutional and system-based trust, unpack distinct forms of risk and examine downstream outcomes such as loyalty, continuance intention and word of mouth, fostering more context-sensitive models of digital payment adoption.

This study examined digital payment adoption through the TAM, showing that perceived ease of use remains a powerful driver of adoption, yet its effect materializes through actual usage, which converts simplicity into satisfaction. By framing trust and perceived risk as boundary conditions, the findings reveal that adoption is not only a matter of functionality, but also of confidence and perceived security: trust strengthens the move from ease to action, while risk weakens the translation of ease into value. In doing so, the study extends TAM beyond intention toward lived experience, underscoring that sustainable digital ecosystems rely as much on relational assurances and risk management as on intuitive design. Ultimately, when digital payment systems are easy, trustworthy and safe, they foster not only adoption but enduring satisfaction and confidence in digital finance.

The supplementary material for this article can be found online.