Consumer intention to adopt e-wallets in rural India: an investigation by extending the technology acceptance model

Abstract

Cashless economies, digital wallets, and electronic transactions have grown in popularity in urban areas due to the influence of various factors. Therefore, the factors that influence the acceptance of e‑wallets among Indian rural consumers remain in question. To bridge this literature gap, the hypothesized model has been developed that integrates the variables of the Technology Acceptance Model, i.e. Perceived ease of use, and Perceived Usefulness, with factors like Digital Financial Literacy, and Perceived Financial Risk to examine their effect on the attitude and intention to adopt e‑wallet services in rural areas of India. The online survey was conducted by using a 7‑point Likert scale using a snowball sampling technique in the 18 administrative divisions headquarters of Uttar Pradesh, India. The final 720 usable responses were evaluated using Structural Equation Modelling (SEM) in SPSS and AMOS v26. The findings indicate that DFL positively influences PU (.514) and PEOU (.689). However, PFR negatively influences PU (‑.372) and PEOU (‑.102). Further, the effect size of PEOU (.740) is greater than PU (.643) on the attitude of consumers. Lastly, attitude significantly influences the intention of adopting e‑wallet services in rural India with a beta value of .617. The study offers several useful suggestions for theoretical and practical implications.

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