The Drivers of the Behavioral Adoption Intention of BITCOIN Payment from the Perspective of Chinese Citizens

Abstract

The bitcoin payment innovation has gained wider interest around the world, but its adoption among the general population has been a challenge. Bitcoin as a peer-to-peer technology works with no central authority or banks, and the transaction management and issuing of bitcoin is carried out collectively by the network. One major debate on bitcoin development and diffusion is the critical matter of nongovernment intervention through adequate policy and regulatory framework and thus hinders people’s active participation (acceptance) in the bitcoin market. Consequently, this study is purposed to examine the role government policy and regulations (moderating impact) can have in driving the acceptance of bitcoin payment from the Chinese perspective. The UTAUT was used as the theoretical basis from which a model was developed for testing. The structural equation model (SEM) through the use of SmartPLS was employed to undertake the analysis. The results have demonstrated that government regulation moderates (significant) the influence of both performance expectancy and infrastructure support on the behavioral acceptance of bitcoin payment. However, government regulation contrary to expectations was not significant in moderating the influence of effort expectancy (EE) and security on the acceptance of bitcoin payments. Additionally, the study discovered that performance expectancy, security, EE, and infrastructure support were significant in encouraging bitcoin behavioral adoption. The practical and theoretical implications of these findings on the development and diffusion of bitcoin technology systems are dissected meticulously.

Factors Affecting Trust and Acceptance for Blockchain Adoption in Digital Payment Systems: A Systematic Review

“…The unified theory of acceptance and use of technology comprises eight different models [2,25,45] that facilitate comprehension of user-perceived technology adoption [2].…”

“…Trust is a pivotal factor in the consumers' inclination to embrace technologies and services [22] as it aids in mitigating perceived risks and uncertainties associated with them, hence augmenting customers' levels of acceptance and intention to adopt [23,24]. Another critical component that must be considered before adopting innovative technologies is the acceptance of users [2,9,25,26]. Several models and frameworks have been established to elucidate the user adoption of innovative technologies, highlighting aspects that can influence user acceptance due to the significance of this phenomenon.…”

Analysis of Factors Affecting Use Behavior towards Mobile Payment Apps: A SEM Approach

“…It was found that performance expectancy was the primary criterion which influence retailers' behavioral intention to adopt mobile payment apps [39]. The studies [40][41][42][43][44][45][46][47] have also studied the relationship between performance expectancy and behavioral intention. With this backdrop, the following hypotheses were formed: H1: there is no impact of performance expectancy on behavioural intention to use mobile payment applications.…”

“…In research conducted by Alshare and Lane [55], it was revealed that there is a strong relationship between effort expectancy and the behavioral intention of customers. The studies [40][41][42][43][44][45][46][47] have also evaluated the relationship between effort expectancy and behavioral intention. The above discussion led to the formulation of the following hypothesis: H2: there is no impact of effort expectancy on behavioral intention to use mobile payment applications.…”

“…Several other studies such as [6,74,75] have also witnessed a strong association between behavioral intention and the use of mobile payment systems. The studies [41,44,47,76] have also evaluated the impact of behavioral intention on actual use behavior. Thus, the next hypothesis was formulated: H6: there is no impact of behavioral intention to use mobile payment applications on the use behavior of the users.…”