Exploring the Antecedents of Intention to Embrace Mobile Wallets

Rapid advancements in digital technology have spurred the expansion of the digital payment realm, where virtual wallets have gained prominence in the sphere of conducting financial transactions.This paper delves into the antecedentsthat determine the users’ intention to embrace mobile wallets and examines their impacton intention to accept mobile wallets.The current researchadopts Unified Theory of Acceptance and Use of Technology (UTAUT2) framework and uses four constructs namely, performance expectancy, social influence, hedonic motivation and facilitating conditions from the framework. The framework was extended by considering trust as the fifth construct to predict behavioural intention, due to its critical role in accepting innovative technologies. Data collected through a questionnaire was analysed using Structural Equation Modelling (SEM). Four constructs namely, performance expectancy, social influence, hedonic motivation, and trust had a significant role as determinants of intention to adopt mobile wallets. Together they accounted for 74% variance in behavioural intention. However, facilitating conditions did not have a significant role as a determinant of intent to acceptmobile wallets.The findings offer valuable insights for businesses, policymakers, and researchers, about adoption dynamics and aids in devising strategies to enhance mobile wallet adoption, thereby optimising the digital payment landscape.