Understanding Consumer Acceptance for Blockchain-Based Digital Payment Systems in Bhutan

Norbu Tenzin; Joo Park; Kok Wong; Hui Cui

doi:10.3390/fi17040134

Back

Understanding Consumer Acceptance for Blockchain-Based Digital Payment Systems in Bhutan

Journal article

Open access

Peer reviewed

Understanding Consumer Acceptance for Blockchain-Based Digital Payment Systems in Bhutan

Norbu Tenzin, Joo Park, Kok Wong and Hui Cui

Future internet, Vol.17(4), 134

2025

DOI: https://doi.org/10.3390/fi17040134

Files and links (1)

pdf

Published482.38 kBDownload View

CC BY V4.0, Open Access

Abstract

Bank technology

Banking industry

Blockchain

Consumers

Data integrity

Digital literacy

Economic growth

Financial inclusion

Financial services

Infrastructure

Innovations

Payment systems

Supply chains

Technology Acceptance Model

Technology adoption

Blockchain is a secure, digital ledger that enables faster transactions, reduces fraud, lowers costs, and enhances transparency. The blockchain is capable of changing the face of digital payments by providing greater opportunities for transformation. Consumer acceptance in emerging markets such as Bhutan depends on a number of key factors. This paper explores the impact of performance expectancy, effort expectancy, social influence, and facilitating conditions on consumer acceptance of blockchain-based digital payment systems in Bhutan. Sustained by the Unified Theory of Acceptance and Use of Technology (UTAUT), the study uses PLS-SEM to analyze survey data from 302 respondents. The results show that performance expectancy, the expectation of blockchain’s usefulness, is the most influential factor determining customer acceptance. Effort expectancy and facilitating conditions are equally important. Social influences, although rather marginal, play an important role in Bhutan’s collectivist culture. The paper sheds light on factors for consumer acceptance of blockchain adoption. The findings add to the literature on blockchain adoption in burgeoning economies and provide the foundation for further research on blockchain adoption in multi-cultural contexts.

Details

Title: Understanding Consumer Acceptance for Blockchain-Based Digital Payment Systems in Bhutan
Authors/Creators: Norbu Tenzin
Joo Park - Murdoch University, School of Information Technology
Kok Wong - Murdoch University
Hui Cui - Monash University
Publication Details: Future internet, Vol.17(4), 134
Publisher: MDPI AG
Number of pages: 25
Identifiers: 991005775633807891
Murdoch Affiliation: School of Information Technology
Language: English
Resource Type: Journal article

Metrics

7 File views/ downloads

48 Record Views

1 Times Cited - Web of Science