Table 1 An overview of relevant prior quantitative research on the consumer acceptance and use of cryptocurrency for online transactions
From: Bitcoin adoption in online payments: examining consumer intentions and word-of-mouth recommendations
Authors | Aim of the study/research question | Theoretical background | Constructs examined | Methodology (target population, sampling, data collection, and analysis methods) | Summary of findings | Country of origin |
|---|---|---|---|---|---|---|
Mendoza-Tello et al. [91] | To examine the role of social media in establishing consumers’ trust and intentions to accept and use cryptocurrencies for online payments | •Social commerce •Social support theory TAM | •Perceived usefulness •Social commerce usage •Perceived risk •Perceived trust Intention to use | •A sample of 125 consumers •A survey technique •Partial least-squares structural equation modelling (PLS-SEM) | The results indicated that social commerce significantly increased consumers’ trust and intentions to use cryptocurrencies. The findings revealed that perceived risk was not significantly associated with consumers’ intentions to use cryptocurrencies for online payments | Spain |
Ter Ji-Xi et al. [139] | To empirically examine the factors that influence consumers’ behavioural intentions to use cryptocurrency as a mode of transaction | •Unified theory of acceptance and use of technology (UTAUT2) | •Performance expectancy •Effort expectancy •Facilitating condition •Social influence •Perceived risk •Behavioural intention Age (moderator) Gender (moderator) | From a sample of 290 respondents, 233 provided usable responses for data analysis A non-probability sampling method PLS-SEM | The results showed performance expectancy, effort expectancy, and facilitating condition as three of the five significant predictors of behavioural intention to adopt cryptocurrency as a mode of transaction. In addition, the relationship between social influence and behavioural intention became significant only when introducing the moderation of age | Malaysia |
Cristofaro et al. [32] | To identify the cultural and behavioural characteristics that influence customers’ intentions to use or not use cryptocurrencies for e-commerce | Theory of planned behaviour | •Intention to use •Attitude •Subjective norm •Herding behaviour •Perceived behavioural control •Financial literacy •Perceived risk •Illegal attitude •Collectivism versus individualism (mediator) High versus low power (mediator) •Long- versus short-term orientation (mediator) | A sample of 2 532 users of cryptocurrencies A survey technique Factor and multiple linear regression analyses on the Statistical Package for the Social Sciences (SPSS) version 20 | The results showed that attitude, subjective norms, perceived behavioural control, and herding behaviour positively and significantly influenced consumers’ intentions to use cryptocurrencies for e-commerce. However, financial literacy had an insignificant influence | USA and China |
Mazambani and Mutambara [87] | To examine behavioural intentions to accept and use cryptocurrency by consumers in an emerging market | Theory of planned behaviour | •Intention to use •Perceived behavioural control •Attitude Subjective norm | A sample of 269 consumers A survey technique Structural equation modelling (SEM) | The results showed that attitude and perceived behavioural control positively and significantly influenced consumers’ intentions to use cryptocurrency. Nevertheless, subjective norms had a negative and insignificant influence | South Africa |
Albayati et al. [2] | To evaluate the usability of blockchain technology by examining behavioural dimensions that impact customers’ intentions towards transactions using blockchain-based cryptocurrency | TAM | Perceived usefulness Perceived ease of use Attitude Social influence Behavioural intention External constructs (design, regulatory support, social influence, trust, and experience) | A sample of 251 consumers PLS-SEM version 3.2 | The findings indicated regulatory support and experience as two powerful factors that instilled customers’ trust in the adoption of blockchain-based technology applications. Furthermore, consumers’ high level of trust in blockchain-based technology applications impacted their behavioural intentions to adopt it | South Korea |
Mashatan et al. [86] | To investigate how trust, a key element of crypto payment use intentions and relational exchanges, could be established in the long term, based on consumers’ perceptions of the privacy and security qualities of the technology | TAM Theory of planned behaviour | Perceived anonymity Perceived traceability Perceived information security fraud risk Perceived trust Intention to use | A sample of 327 consumers A sample survey PLS-SEM version 3 | The findings showed that perceptions of privacy risk, anonymity, and transaction traceability significantly influenced consumer trust in cryptocurrency payment, but that perceived security fraud risk had an insignificant influence. The results showed that perceived trust significantly determined consumers’ intentions to adopt and use cryptocurrency for payments | Canada |
Koroma et al. [71] | To examine the impact of citizens’ trust on their behaviour related to decision-making on the use of cryptocurrency | Trust transfer theory | Technology attachment Citizens’ behaviour Trust in cryptocurrency Blockchain transparency Ethical issues | A sample of 309 respondents A survey SPSS software, and PLS-SEM | The results indicated that technology attachment was positively related to citizens’ trust in cryptocurrency. Often, trust transfer is a barrier when a new technology is introduced to consumers, influenced by numerous factors | Mano River Union States (West Africa) |
Arias-Oliva et al. [13] | To analyse the development of the key success factors of a cryptocurrency from a perspective of consumer behaviour | TAM | Facilitating conditions Effort expectancy Financial literacy Performance expectancy Perceived risk Social influence Intention to use | A sample of 402 respondents A survey A statistical measurement model analysis | The results revealed that factors in the proposed model explained almost 85% of consumers’ intentions to use cryptocurrencies. Perceived performance expectancy was the most significant factor for the success of cryptocurrency use. Surprisingly, perception of risk was not a significant factor | Spain |
Chen et al. [27] | To investigate the factors that impact consumers’ adoption of cryptocurrencies in the Malaysian digital marketplace | UTAUT2 | Social influence Transparency Traceability Attitude Price value | A sample of 295 respondents PLS-SEM | The results revealed the effect of social influence, price value, transaction traceability, and attitude on consumers’ adoption intentions towards cryptocurrencies, mediated by customer satisfaction. However, perceived transparency had a negative impact on the adoption of cryptocurrencies | Malaysia |
Yeong et al. [154] | To measure the degree of consumers’ adoption intentions towards cryptocurrency, in addition to exploring the important drivers of cryptocurrency adoption behaviour of individuals in Malaysia | TAM and its extended versions (TAM2/ TAM3) Innovation diffusion theory Theory of planned behaviour Theory of disruptive innovation UTAUT2 Integrated TAM and social support theory | Facilitating conditions Performance expectancy Hedonic motivation Effort expectancy Transaction processing Price value Government support | A sample of 76 respondents A survey of individuals who were knowledgeable about cryptocurrency PLS-SEM | The findings showed that individuals had higher intentions to adopt crypto payments in Malaysia. The perceptions of performance expectancy, followed by social influence, the facilitating condition, and the price value of cryptocurrency influenced individuals’ behaviour towards its adoption | Malaysia |
Mendoza-Tello et al. [92] | To explore the disrupting impact of cryptocurrencies’ innovation on consumers’ acceptance and perceived trust regarding monetary payments in the e-commerce setting | TAM Support theory | Perceived usefulness Perceived risk Perceived ease of use Perceived trust Intention to use | A sample of 186 respondents A survey comprising university students PLS-SEM | The findings confirmed that perceived trust, perceived risk, and perceived ease of use were not significant factors determining consumers’ intentions to use cryptocurrencies. Instead, their intentions to use such disruptive innovation were strongly determined by perceived usefulness | Spain |
Dabbous et al. [33] | To investigate the elements that impact consumers’ intentions to adopt cryptocurrencies as a mode of financial transactions in a high-risk setting | Diffusion of innovation theory UTAUT2 | Financial technology awareness Social influence Perceived risk Risk aversion Regulatory support Willingness to use | A sample of 255 respondents SEM | The results revealed that while factors like risk aversion and regulatory support might increase individuals’ perceptions of the risk of cryptocurrencies, financial technology awareness and social influence were important to reduce such risk perceptions and thus increase their willingness to use cryptocurrencies | Lebanon |
Radic et al. [117] | To ascertain the essential factors that determine the adoption of cryptocurrency payments by consumers in the South Korean and Chinese tourism sectors | TAM UTAUT2 | Age and gender (moderators) Performance expectancy Effort expectancy Perceived usefulness Perceived ease of use Attitude Risk Security Facilitating conditions Social influence | A sample of 355 and 329 respondents in China and Korea, respectively A post-positivistic paradigm was used to analyse causal relationships between constructs, explore scientific explanations, and the resulting phenomena demonstrated in the human behaviour of the study’s interest | The results indicated that perceptions of usefulness, ease of use, and security predict customers’ attitudes. In turn, attitudes, performance expectancy, effort expectancy, social influence, and facilitating conditions determine tourists’ intentions to use cryptocurrency payments | China and South Korea |
Almajali et al. [4] | To examine the important factors that propel individuals’ behavioural intentions to use cryptocurrency | Theory of planned behaviour | Trust Facilitating conditions Perceived usefulness Perceived ease of use Perceived enjoyment Perceived risk Intention to use Attitude (mediator) Subjected norm | From a sample of 1 000 respondents, 600 provided valid responses A survey including active Facebook users SEM | The results showed that subjective norm, risk perception, perceived usefulness, perceived enjoyment, perceived ease of use, and trust impacted individuals’ intentions to use cryptocurrency. While attitudes influenced individuals’ intentions to use cryptocurrency, these attitudes also mediated the relationships between subjective norm, risk perception, usefulness, enjoyment, and use intentions towards cryptocurrency | Jordan |
Walton and Johnston [149] | To examine the elements (drivers and obstacles) that impact Bitcoin adoption | TAM Theory of planned behaviour Perceived risk theory | Intention Perceived ease of use Perceived usefulness Attitude Perceived trust risk Perceived benefit Perceived security risk Perceived behavioural control Subjective norm | A sample of 237 respondents in virtual communities SEM | The results show that perceived benefit, attitude, subjective norm, and perceived behavioural control directly and significantly influenced consumers’ intentions to use Bitcoin. Factors that indirectly impacted the intentions to use Bitcoin were perceived benefit, usefulness, ease of use, and trust | South Africa |
Shahzad et al. [126] | To empirically assess consumers’ intentions towards cryptocurrency adoption – in particular, Bitcoin | TAM Social cognitive theory Decision-making theory | Perceived ease of use Perceived usefulness as a mediator Awareness Trustworthiness Intention to use | A sample of 376 respondents SEM | The study showed elements of trustworthiness and awareness to be highly important in influencing consumers’ intentions to use Bitcoin, while the impact of ease of use on consumers’ intentions was partially mediated by perceptions of usefulness | China |
Gafar et al. [47] | To evaluate the perceptions of Generation X and Generation Y of Bitcoin | TAM | Extending network of operations of Bitcoin Bitcoin value Security Bitcoin perceptions among Generation X and Generation Y | A sample of 182 respondents SPSS software | The study concluded that Bitcoin had a great potential for future prospects and might change the existing monetary system | Malaysia |