IDEAS home Printed from https://ideas.repec.org/a/sae/sagope/v13y2023i4p21582440231214053.html
   My bibliography  Save this article

UTAUT Determinants of Cashless Payment System Adoption in Thailand: A Hybrid SEM-Neural Network Approach

Author

Listed:
  • Kanokkarn Snae Namahoot
  • Ekkarat Boonchieng

Abstract

Research has been limited on what factors may make customers feel uncomfortable with using electronic payment systems. The purpose of this research study was to develop a model that analyzed the dimensions of the unifiB01;ed theory of acceptance and use of technology (UTAUT) with extra structures to understand how gender can affect whether consumers decide to embrace cashless payment systems in Thailand. Accordingly, 416 valid answers were submitted by banking customers utilizing the survey instrument. Exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) were employed to kick off the process of creating a measurement model. Structural equation modeling (SEM) was then used to pinpoint the most pressing factors that prevent people from embracing online banking systems. The purpose of this research was to develop a technology acceptance model with extra structures to understand how attitudes and perceived risks affect people’s decision-making process as to whether they embrace cashless payment systems in Thailand (i.e., innovativeness). In the second stage, we used a neural network model to rank the importance of various SEM-derived predictions. The results demonstrate a robust association between Internet banking and the value barrier, the risk barrier, and the image barrier. The only factor that indicated any kind of negative influence on whether people chose to use Internet banking was the conventional barrier. Remarkably, the image barrier affected Internet banking adoption more than the risk barrier or the no-frills alternative. Furthermore, according to the data, men experienced greater challenges than women. The findings of this study may help financial institutions create offerings that entice customers to conduct financial dealings with them online. The banking industry could immensely benefit from this research since it may lead to changes in the laws that govern banking and could ultimately enhance customer service and online services.

Suggested Citation

  • Kanokkarn Snae Namahoot & Ekkarat Boonchieng, 2023. "UTAUT Determinants of Cashless Payment System Adoption in Thailand: A Hybrid SEM-Neural Network Approach," SAGE Open, , vol. 13(4), pages 21582440231, December.
    • Handle: RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231214053
    DOI: 10.1177/21582440231214053
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/21582440231214053
    Download Restriction: no
    File URL: https://libkey.io/10.1177/21582440231214053?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Thorsten Beck & Asli Demirgüç-Kunt & Maria Soledad Martinez Peria, 2008. "Banking Services for Everyone? Barriers to Bank Access and Use around the World," The World Bank Economic Review, World Bank, vol. 22(3), pages 397-430, November.
    2. Viswanath Venkatesh, 2000. "Determinants of Perceived Ease of Use: Integrating Control, Intrinsic Motivation, and Emotion into the Technology Acceptance Model," Information Systems Research, INFORMS, vol. 11(4), pages 342-365, December.
    3. M. Humbani & M. Wiese, 2018. "A Cashless Society for All: Determining Consumers’ Readiness to Adopt Mobile Payment Services," Journal of African Business, Taylor & Francis Journals, vol. 19(3), pages 409-429, July.
    4. Yogesh K. Dwivedi & Nripendra P. Rana & Anand Jeyaraj & Marc Clement & Michael D. Williams, 2019. "Re-examining the Unified Theory of Acceptance and Use of Technology (UTAUT): Towards a Revised Theoretical Model," Information Systems Frontiers, Springer, vol. 21(3), pages 719-734, June.
    5. Krivosheya, Egor & Korolev, Andrew, 2016. "Benefits of the retail payments card market: Russian cardholders' evidence," Journal of Business Research, Elsevier, vol. 69(11), pages 5034-5039.
    6. Nuri WULANDARI, 2017. "Cashless Payment in Tourism An Application of Technology Acceptance Model," Journal of Advanced Research in Management, ASERS Publishing, vol. 8(8), pages 1550-1553.
    7. Francisco Liébana-Cabanillas & Iviane Ramos de Luna & Francisco Montoro-Ríos, 2017. "Intention to use new mobile payment systems: a comparative analysis of SMS and NFC payments," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 30(1), pages 892-910, January.
    8. repec:srs:journl:jemt:v:8:y:2017:i:8:p:1550-1553 is not listed on IDEAS
    9. Aidan Duane & Philip O'Reilly & Pavel Andreev, 2014. "Realising M-Payments: modelling consumers' willingness to M-pay using Smart Phones," Behaviour and Information Technology, Taylor & Francis Journals, vol. 33(4), pages 318-334, April.
    10. Wajeeha Aslam & Marija Ham & Imtiaz Arif, 2017. "Consumer Behavioral Intentions towards Mobile Payment Services: An Empirical Analysis in Pakistan," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 29(2), pages 161-176.
    11. Carlos A. Arango & Dylan Hogg & Alyssa Lee, 2015. "Why Is Cash (Still) So Entrenched? Insights From Canadian Shopping Diaries," Contemporary Economic Policy, Western Economic Association International, vol. 33(1), pages 141-158, January.
    12. Ekaterina Semerikova, 2019. "Payment instruments choice of Russian consumers: reasons and pain points," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 14(1), pages 22-41, November.
    13. Baabdullah, Abdullah M. & Alalwan, Ali Abdallah & Rana, Nripendra P. & Kizgin, Hatice & Patil, Pushp, 2019. "Consumer use of mobile banking (M-Banking) in Saudi Arabia: Towards an integrated model," International Journal of Information Management, Elsevier, vol. 44(C), pages 38-52.
    14. Vishanth Weerakkody & Zahir Irani & Kawal Kapoor & Uthayasankar Sivarajah & Yogesh K. Dwivedi, 2017. "Open data and its usability: an empirical view from the Citizen’s perspective," Information Systems Frontiers, Springer, vol. 19(2), pages 285-300, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kuttimani Tamilmani & Nripendra P. Rana & Robin Nunkoo & Vishnupriya Raghavan & Yogesh K. Dwivedi, 2022. "Indian Travellers’ Adoption of Airbnb Platform," Information Systems Frontiers, Springer, vol. 24(1), pages 77-96, February.
    2. Krivosheya, Egor, 2020. "The role of financial innovations in consumer behavior in the Russian retail payments market," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    3. Pillai, Rajasshrie & Sivathanu, Brijesh & Dwivedi, Yogesh K., 2020. "Shopping intention at AI-powered automated retail stores (AIPARS)," Journal of Retailing and Consumer Services, Elsevier, vol. 57(C).
    4. Liqian Gao & Ziyang Liu, 2023. "Unraveling the Multifaceted Nexus of Artificial Intelligence Sports and User Willingness: A Focus on Technology Readiness, Perceived Usefulness, and Green Consciousness," Sustainability, MDPI, vol. 15(18), pages 1-16, September.
    5. Kuttimani Tamilmani & Nripendra P. Rana & Yogesh K. Dwivedi, 2021. "Consumer Acceptance and Use of Information Technology: A Meta-Analytic Evaluation of UTAUT2," Information Systems Frontiers, Springer, vol. 23(4), pages 987-1005, August.
    6. Masoome Abikari & Peter Öhman & Darush Yazdanfar, 2023. "Negative emotions and consumer behavioural intention to adopt emerging e-banking technology," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 691-704, December.
    7. Cansu TÜRKER & Abdullah OKUMUŞ, 2019. "Mobil Ödeme Kullanımına Yönelik Niyet ve Algıların SosyoDemografik Özelliklere Göre Farklılıklarının İncelenmesi," Istanbul Management Journal, Istanbul University Business School, vol. 0(87), pages 111-139, December.
    8. Arpan Kumar Kar, 2021. "What Affects Usage Satisfaction in Mobile Payments? Modelling User Generated Content to Develop the “Digital Service Usage Satisfaction Model”," Information Systems Frontiers, Springer, vol. 23(5), pages 1341-1361, September.
    9. Tamilmani, Kuttimani & Rana, Nripendra P. & Prakasam, Naveena & Dwivedi, Yogesh K., 2019. "The battle of Brain vs. Heart: A literature review and meta-analysis of “hedonic motivation” use in UTAUT2," International Journal of Information Management, Elsevier, vol. 46(C), pages 222-235.
    10. Naser Zamani & Fatemeh Kazemi & Ehsan Masoomi, 2021. "Determinants of entrepreneurial knowledge and information sharing in professional virtual learning communities created using mobile messaging apps," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 11(1), pages 113-127, December.
    11. Semerikova, Ekaterina, 2020. "What hinders the usage of smartphone payments in Russia? Perception of technological and security barriers," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    12. Jain, Shilpi & Basu, Sriparna & Dwivedi, Yogesh K & Kaur, Sumeet, 2022. "Interactive voice assistants – Does brand credibility assuage privacy risks?," Journal of Business Research, Elsevier, vol. 139(C), pages 701-717.
    13. Ponzoa, José M. & Gómez, Andrés & Villaverde, Silvia & Díaz, Vicente, 2021. "Technologically empowered? perception and acceptance of AR glasses and 3D printers in new generations of consumers," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    14. Egor Krivosheya & Polina Belyakova, 2019. "Financial innovations role in consumer behavior at Russian retail payments market," Proceedings of Economics and Finance Conferences 9511955, International Institute of Social and Economic Sciences.
    15. Kuttimani Tamilmani & Nripendra P. Rana & Yogesh K. Dwivedi, 0. "Consumer Acceptance and Use of Information Technology: A Meta-Analytic Evaluation of UTAUT2," Information Systems Frontiers, Springer, vol. 0, pages 1-19.
    16. Ashraf Hilal & Concepción Varela-Neira, 2022. "Understanding Consumer Adoption of Mobile Banking: Extending the UTAUT2 Model with Proactive Personality," Sustainability, MDPI, vol. 14(22), pages 1-23, November.
    17. Malaquias, Rodrigo F. & Hwang, Yujong, 2019. "Mobile banking use: A comparative study with Brazilian and U.S. participants," International Journal of Information Management, Elsevier, vol. 44(C), pages 132-140.
    18. Luis Edwin Chimborazo & Marta Frasquet & Alejandro Mollá, 2021. "Explaining Mobile Commerce Usage Intention Based on Technology Acceptance Models in a Developing Market Context," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 33(1), pages 25-40.
    19. Arpan Kumar Kar, 0. "What Affects Usage Satisfaction in Mobile Payments? Modelling User Generated Content to Develop the “Digital Service Usage Satisfaction Model”," Information Systems Frontiers, Springer, vol. 0, pages 1-21.
    20. Santos-Vijande, María Leticia & Gómez-Rico, Mar & Molina-Collado, Arturo & Davison, Robert M., 2022. "Building user engagement to mhealth apps from a learning perspective: Relationships among functional, emotional and social drivers of user value," Journal of Retailing and Consumer Services, Elsevier, vol. 66(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231214053. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.