Factors Affecting M-Payment Adoption in Millenials – Testing Extended UTAUT2Modal


  • Disha Sharma Amity Business School, Amity University Chhattisgarh, India
  • Yashwant Kumar Vaid Information Technology, Manager- Bigmint Technologies Private Limited, India


M-Payment, UTAUT2, Consumer adoption, Perceived credibility, millennials, Generation Z


M-Payment seems to be one of the most preferable services to adopt by the customers, which can provide the customers with a better service to enhance the effectiveness of transactions. As the progression of M-Payment is directly proportional to the adoption of M-Payment. The purpose behind this research paper is to acknowledge the assimilated factors affecting the adoption of M-Payment and validate the effect of the same with the integrated variables of the Unified Theory of Acceptance and Use of Technology (UTAUT2 extended and expended model on the parameters of Behavioral Intentions and Use Behavior. In the present study, we acknowledged a sample of 163 consumers from Raipur, Chhattisgarh, and applied ‘Structure Equation Modelling (SEM)’ technique to examine the research objective. Furthermore, factor analysis, model fit, and regression techniques are applied to acquire the result. The results mainly showed that behavioral intention is positively and significantly influenced by facilitating conditions and perceived credibility, whereas behavioral intention, in turn, has a significant influence and impact on the use of behavior. An M-Payment system can work more effectively by concentrating more on credibility and facilitating conditions. The present study can also be useful for service providers and regulators   in developing effective M-payment implementing strategies and designs. Finally, in the last section, we discussed the research limitations and future research scope.


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How to Cite

Sharma, D. ., & Yashwant Kumar Vaid. (2023). Factors Affecting M-Payment Adoption in Millenials – Testing Extended UTAUT2Modal. Thailand and The World Economy, 41(2), 40–61. Retrieved from https://so05.tci-thaijo.org/index.php/TER/article/view/265366