Adaptability and Acceptance of FinTech Payment System: A Studyon the Users of Bangladesh
DOI:
https://doi.org/10.48165/sajssh.2024.5111Keywords:
FinTech, Technology acceptance model (TAM), Payment system, Adaptability, BangladeshAbstract
With the global changes in financial activities due to FinTech, it impacts the financial behavior of Bangladeshi users as well. Purposes: This study examines the customers’ attitude towards the adaptation of fintech payment services in the context of Bangladesh. Method: A quantitative method is used in this study. Respondents were selected through a purposive sampling technique. A survey technique is used to collect data about the variables. The respondents are the users of the fintech payment system. Regression analysis was done to find out the relationship between different variables. Main Findings: The research finds a statistically significant relationship between different variables which supports the theoretical framework. Applications: The findings will allow for targeted interventions in promoting positive attitudes and intentions to facilitate the adoption and sustained use of the systems.
References
Abu Taher, S., & Tsuji, M. (2022). An Overview of FinTech in Bangladesh: Problems and Prospects. In M. Anshari, M. N. Almunawar, & M. Masri (Eds.), Advances in Finance, Accounting, and Economics (pp. 82–95). IGI Global. https://doi.org/10.4018/978-1-7998- 8447-7.ch006
Ahmad, S. M., & Mamun, A. A. (2020). Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey. CenRaPS Journal of Social Sciences, 2(3), Article 3. https://doi.org/10.46291/cenraps.v2i3.39
Ahmad, S., Tajul Urus, S., & Syed Mustapha Nazri, S. N. F. (2021). Technology Acceptance of Financial Technology (Fintech) for Payment Services Among Employed Fresh Graduates. Asia-Pacific Management Accounting Journal, 16(2), 27–58. https://doi.org/10.24191/APMAJ.V16i2-02
Ajzen, I. (1980). Understanding attitudes and predictiing social behavior. Englewood Cliffs.
Ali, M., Raza, S. A., Khamis, B., Puah, C. H., & Amin, H. (2021). How perceived risk, benefit and trust determine user Fintech adoption: A new dimension for Islamic finance. Foresight, 23(4), 403–420.
Al-Sabaawi, M. Y. M., Alshaher, A. A., & Alsalem, M. A. (2021). User trends of electronic payment systems adoption in developing countries: An empirical analysis. Journal of Science and Technology Policy Management, 14(2), Article 2. https://doi.org/10.1108/JSTPM-11-2020-0162
Alshaikh, I. Y., Razzaque, A., & Alalawi, M. S. M. (2017). Positive emotion and social capital affect knowledge sharing: Case of the public sector of the Kingdom of Bahrain. European, Mediterranean, and Middle Eastern Conference on Information Systems, 284–293.
Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7–25.
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm. Geo. J. Int’l L., 47, 1271.
Arora, A., Gupta, S., Devi, C., & Walia, N. (2023). Customer experiences in the era of artificial intelligence (AI) in context to FinTech: A fuzzy AHP approach. Benchmarking: An International Journal, ahead-of-print(ahead-of-print), Article ahead-of-print. https://doi.org/10.1108/BIJ-10-2021-0621
Ayoungman, F. Z., Chowdhury, N. H., Hussain, N., & Tanchangya, P. (2021). User Attitude and Intentions Towards FinTech in Bangladesh. International Journal of Asian Business and Information Management (IJABIM), 12(3), Article 3. https://doi.org/10.4018/IJABIM.20210701.oa30
Barbu, C. M., Florea, D. L., Dabija, D.-C., & Barbu, M. C. R. (2021). Customer Experience in Fintech. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), Article 5. https://doi.org/10.3390/jtaer16050080
Chuang, L.-M., Liu, C.-C., & Kao, H.-K. (2016). The adoption of fintech service: TAM perspective. International Journal of Management and Administrative Sciences, 3(7), 1– 15.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 319–340.
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35(8), 982–1003.
Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). International position of the German fintech market. FinTech in Germany, 47–54.
Draper, N. R., & Smith, H. (2014). Applied regression analysis. John Wiley & Sons.
Febrian, D., Simanjuntak, M., & Hasanah, N. (2021). The Effect of Benefits Offered and Customer Experience on Re-use Intention of Mobile Banking through Customer Satisfaction and Trust. Jurnal Keuangan Dan Perbankan, 25(3), Article 3. https://doi.org/10.26905/jkdp.v25i3.5879
Feng, 田正利, 封之遠, & 賴品蓁. (2014). Web Site Quality and Online Trading Influences on Customer Acceptance of Securities Brokers. Asia Pacific Management Review, 19(1). https://doi.org/10.6126/APMR.2014.19.1.02
Ferdouse, R. and Tamzid, M. (2018) ‘Relationship among Employee Training, Service Quality and Customer Satisfaction: A Case Study on Private Domestic Airlines in Bangladesh’, International Journal of Ethics in Social Sciences, 6(2), 40-54
Ferdouse, R. and Tamzid, M. (2021) ‘Rationale and impact of employer branding in the recruitment process: a descriptive study’, Journal of Green Business School, 4(1), pp.70– 81.
Ferdouse, R. and Tamzid, M. (2023) “Investigating the Relationship between Brand of the Organization and Recruitment: A Study on Some Selected Private Commercial Banks of Bangladesh”. Int. J. of Cultural Management, 1(3), pp.232-251. https://doi.org/10.1504/IJCULTM.2023.134448
Fishbein, M., & Ajzen, I. (1977). Belief, attitude, intention, and behavior: An introduction to theory and research.
Gai, K., Qiu, M., & Sun, X. (2018). A survey on FinTech. Journal of Network and Computer Applications, 103, 262–273.
Ghazizadeh, M., Lee, J. D., & Boyle, L. N. (2012). Extending the Technology Acceptance Model to assess automation. Cognition, Technology & Work, 14, 39–49.
Giglio, F. (2021). Fintech: A Literature Review. 24(2B), 660–627.
Global-fintech-adoption-index.pdf. (n.d.).
Gu, J.-C., Lee, S.-C., & Suh, Y.-H. (2009). Determinants of behavioral intention to mobile banking. Expert Systems with Applications, 36(9), 11605–11616.
Hammoud, J., Bizri, R. M., & El Baba, I. (2018). The Impact of E-Banking Service Quality on Customer Satisfaction: Evidence From the Lebanese Banking Sector. SAGE Open, 8(3), 215824401879063. https://doi.org/10.1177/2158244018790633
Hasan, R., Ashfaq, M., & Shao, L. (2021). Evaluating drivers of fintech adoption in the Netherlands. Global Business Review, 09721509211027402.
Hassan, M. S., Islam, M. A., Sobhani, F. A., Hassan, M. M., & Hassan, M. A. (2022). Patients’ Intention to Adopt Fintech Services: A Study on Bangladesh Healthcare Sector. International Journal of Environmental Research and Public Health, 19(22), Article 22. https://doi.org/10.3390/ijerph192215302
Hassan, M. S., Islam, M. A., Sobhani, F. A., Nasir, H., Mahmud, I., & Zahra, F. T. (2022). Drivers Influencing the Adoption Intention towards Mobile Fintech Services: A Study on the Emerging Bangladesh Market. Information, 13(7), Article 7. https://doi.org/10.3390/info13070349
Himel, Md. T. A., Ashraf, S., Bappy, T. A., Abir, M. T., Morshed, M. K., & Hossain, Md. N. (2021). Users’ attitude and intention to use mobile financial services in Bangladesh: An empirical study. South Asian Journal of Marketing, 2(1), 72–96. https://doi.org/10.1108/SAJM-02- 2021-0015
Hsu, C.-L., & Lin, J. C.-C. (2016). Effect of perceived value and social influences on mobile app stickiness and in-app purchase intention. Technological Forecasting and Social Change, 108, 42–53. https://doi.org/10.1016/j.techfore.2016.04.012
Islam, M. T. and Tamzid, M. (2023). ‘Artificial Intelligence in Human Resource Management’. In the Book “Management Education for Achieving Sustainable Development Goals in the Context of Bangladesh” (pp. 61-80). Department of Management, University of Dhaka. ISBN:978-984-35-2570-3. DOI: https://doi.org/10.57240/DUJMBK04
Kang, J. (2018). Mobile payment in Fintech environment: Trends, security challenges, and services. Human-Centric Computing and Information Sciences, 8(1), Article 1. https://doi.org/10.1186/s13673-018-0155-4
Karim, M. W., Chowdhury, M. A. M., & Haque, A. K. M. A. (2022). A Study of Customer Satisfaction Towards E-Wallet Payment System in Bangladesh. American Journal of Economics and Business Innovation, 1(1), Article 1. https://doi.org/10.54536/ajebi.v1i1.144
Karim, R. A., Sobhani, F. A., Rabiul, M. K., Lepee, N. J., Kabir, M. R., & Chowdhury, M. A. M. (2022). Linking Fintech Payment Services and Customer Loyalty Intention in the Hospitality Industry: The Mediating Role of Customer Experience and Attitude. Sustainability, 14(24), Article 24. https://doi.org/10.3390/su142416481
Kelly, A. E., & Palaniappan, S. (2023). Using a technology acceptance model to determine factors influencing continued usage of mobile money service transactions in Ghana. Journal of Innovation and Entrepreneurship, 12(1), 34. https://doi.org/10.1186/s13731-023-00301-3
Khatun, N., & Tamanna, M. (2020). FACTORS AFFECTING THE ADOPTION OF FINTECH: A STUDY BASED ON THE FINANCIAL INSTITUTIONS IN BANGLADESH.
Copernican Journal of Finance & Accounting, 9(4), Article 4. https://doi.org/10.12775/CJFA.2020.021
Krishna, K. (2019). A STUDY ON CONCERNS AND PREFERENCES IN CASHLESS PAYMENTS. https://doi.org/10.13140/RG.2.2.22382.87365
Lachhwani, H., & Jain, R. (2021). A Study on Consumer Attitude Towards Fintech Services. SKIPS Anveshan, 2(1). https://doi.org/10.53031/SKIPS.2.1.2021.03
Li, H., Schein, D. D., Ravi, S. P., Song, W., & Gu, Y. (2018). Factors influencing residents’ perceptions, attitudes and behavioral intention toward festivals and special events: A pre event perspective. Journal of Business Economics and Management, 19(2), 288–306.
Lim, S. H., Kim, D. J., Hur, Y., & Park, K. (2019). An Empirical Study of the Impacts of Perceived Security and Knowledge on Continuous Intention to Use Mobile Fintech Payment Services. International Journal of Human–Computer Interaction, 35(10), Article 10. https://doi.org/10.1080/10447318.2018.1507132
Mahmud, K., Joarder, Md. M. A., & Sakib, K. (2023). Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), Article 2. https://doi.org/10.1016/j.joitmc.2023.100032
McCloskey, D. (2004). Evaluating electronic commerce acceptance with the technology acceptance model. Journal of Computer Information Systems, 44(2), 49–57.
Milian, E. Z., Spinola, M. de M., & de Carvalho, M. M. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34, 100833.
Mohamed, H. Y., Hamdan, A., Karolak, M., Razzaque, A., & Alareeni, B. (2021). FinTech in Bahrain: The role of FinTech in empowering women. The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries: The Impact of New Technologies and Entrepreneurship on Business Development, 757–766.
Montgomery, D. C., Peck, E. A., & Vining, G. G. (2012). Introduction to linear regression analysis. John Wiley & Sons.
Nakashima, T. (2018). Creating credit by making use of mobility with FinTech and IoT. IATSS Research, 42(2), 61–66.
Omarini, A. E. (2018). The retail bank of tomorrow: A platform for interactions and financial services. Conceptual and managerial challenges. Research in Economics and Management, 3(2), 110–133.
Pahwa, A., & Raj, T. (2022). DIGITALIZATION OF PAYMENT METHODS: A STUDY ON E PAYMENT’S USAGE PROBLEMS.
Park, N., Rhoads, M., Hou, J., & Lee, K. M. (2014). Understanding the acceptance of teleconferencing systems among employees: An extension of the technology acceptance model. Computers in Human Behavior, 39, 118–127.
Rahman, B., Ahmed, O., & Shakil, S. (2021). Fintech in Bangladesh: Ecosystem, Opportunities and Challenges.
Razzaque, A., & Karolak, M. M. (2010). A quantifiable transcultural knowledge management model to improve quality of healthcare: A case study of The Kingdom of Bahrain. Journal of Economic Development, Management, IT, Finance, and Marketing, 2(1), 111.
Razzaque, A., Eldabi, T., & Jalal-Karim, A. (2013). Physician virtual community and medical decision making: Mediating role of knowledge sharing. Journal of Enterprise Information Management, 26(5), 500–515.
Romanova, I., Grima, S., Spiteri, J., & Kudinska, M. (2018). The Payment Services Directive II and Competitiveness: The Perspective of European Fintech Companies. EUROPEAN RESEARCH STUDIES JOURNAL, XXI(Issue 2), Article Issue 2. https://doi.org/10.35808/ersj/981
Rouibah, K., Abbas, H., & Rouibah, S. (2011). Factors affecting camera mobile phone adoption before e-shopping in the Arab world. Technology in Society, 33(3–4), 271–283.
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021). User innovativeness and fintech adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 188.
Silva, J., Pinho, J. C., Soares, A., & Sá, E. (2019). Antecedents of online purchase intention and behaviour: Uncovering unobserved heterogeneity. Journal of Business Economics and Management, 20(1), 131–148.
Sudheerkumar, M. A., Hemalatha, D. T. M., & V, M. P. (2022). A Study On Preference Of Youth Towards Cashless Payment System. Central European Management Journal, 30(4), Article 4. https://doi.org/10.57030/23364890.cemj.30.4.202
Szajna, B. (1996). Empirical evaluation of the revised technology acceptance model. Management Science, 42(1), 85–92.
Tabachnick, B. G., & Fidell, L. S. (2019). Using multivariate statistics (7th ed.). Pearson.
Tamzid, M. (2018). ‘Effects of Benefits on Employee Retention in Private Banking Sector of Bangladesh.’ Journal of Green Business School, 1(1), 41-52.
Tamzid, M. (2021). ‘Will Artificial Intelligence (AI) Replace Human Recruiters?’ Journal of Green Business School, 4(1), 37-54.
Tamzid, M. (2022a) ‘The effects of different managerial levels on training effectiveness’, International Journal of Social Science and Human Research, Vol. 5, No. 8, pp.3381–3388, DOI: https://doi.org/10.47191/ijsshr/v5-i8-03.
Tamzid, M. (2022b) ‘The indicators of bad selection in private organizations of Bangladesh’, South Asian Journal of Social Sciences and Humanities, Vol. 3, No. 2, pp.56–72, DOI: https://doi.org/10.48165/sajssh.2022.3203.
Tamzid, M., Ferdouse, R., Riya, I. A. (2022). “Exploring Relationship Between Organizational Brand and Year of Business Operation: A Study Based on the National Private Commercial Banks of Bangladesh”. Journal of Green Business School, 5(1), 59-71.
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management Science, 46(2), 186–204.
Vinitha, K., & Vasantha, S. (2017). Factors Influencing Consumer’s Intention to Adopt Digital Payment-Conceptual Model. Indian Journal of Public Health Research & Development, 8(3), Article 3. https://doi.org/10.5958/0976-5506.2017.00181.4
Warshaw, P. R., & Davis, F. D. (1985). Disentangling behavioral intention and behavioral expectation. Journal of Experimental Social Psychology, 21(3), 213–228. https://doi.org/10.1016/0022-1031(85)90017-4
Yin, H., & Gai, K. (2015). An empirical study on preprocessing high-dimensional class imbalanced data for classification. 2015 IEEE 17th International Conference on High Performance Computing and Communications, 2015 IEEE 7th International Symposium on Cyberspace Safety and Security, and 2015 IEEE 12th International Conference on Embedded Software and Systems, 1314–1319.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 South Asian Journal of Social Sciences and Humanities
This work is licensed under a Creative Commons Attribution 4.0 International License.