Factors influencing behavioral intention in adopting mobile payment in the Philippines

https://doi.org/10.70228/JHER2025031A

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ABSTRACT

Advances in doing business have recently been explored as more convenient and faster, and cashless transactions have become imperative—all because of the health crisis and the emergence of different digital innovations. The Fintech usage behavior of Filipinos and factors influencing them to adopt mobile payments were determined through an online survey of 271 Fintech adopters and analyzed using the modified Unified Theory of Acceptance and Use of Technology (UTAUT) model as a framework. Social Influence, Facilitating Conditions, Performance Expectancy, Effort Expectancy, Perceived Risk, Perceived Value, and User Innovativeness were used to predict the intention to use mobile payments. The results show that Filipinos exhibit a higher usage level for Fintech services that are more familiar and easier to understand. These services are primarily used in payments and fund transfers. Hesitancy to use Fintech for large transactions is evident in the usage frequency and average monthly value. The relationships between Social Influence, Facilitating Conditions, Perceived Value, User Innovativeness, and Behavior Intention are significant. In contrast, Performance Expectancy, Effort Expectancy, and Perceived Risk affect individuals' Perceived Value, influencing adoption intention. The result suggests that Filipinos are more likely to adopt mobile payment if they believe the benefits outweigh the possible losses. These findings have implications for the marketing strategies of the government, financial service providers, and businesses wanting to convince consumers to use Fintech, specifically mobile payments.

Keywords: Fintech, mobile payment, UTAUT