Original Article

Factors Influencing the Adoption Asia-Pacific Journal of Management

Research and Innovation

of Payment Banks in India

16(4) 309–321, 2020
© 2021 Asia-Pacific
Institute of Management
Using an Extended TAM Reprints and permissions:
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DOI: 10.1177/2319510X211013598
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Japneet Kaur1, Sawraj Kaur1, Amanjot Singh Syan2 and

Rishi Raj Sharma3

Abstract
The purpose of this study is to investigate the factors that shape behavioural intentions of customers towards the adoption of
payment banks in India. The conceptual framework of study is based upon integration of technology acceptance model with initial
trust, facilitating conditions and social influence. Further, the study tests the moderating role of age, income and self-efficacy on the
relationships between dependent variable and associated predicted variable.
A total of 507 responses were collected from the state of Punjab (India), using convenient sampling technique and were analysed
using the structural equation modelling (SEM). The results revealed that perceived ease of use had the highest impact on the behavioural
intentions, followed by initial trust and social influence. Facilitating conditions and perceived usefulness showed lower impact on
the behavioural intentions towards the adoption of payment banks. Also, moderation analysis revealed that self-efficacy moderates
the relation of perceived ease of use and perceived usefulness with behavioural intentions. Results imply that marketers should
collaborate with developers to provide the customers with easy-to-operate solutions along with robust customer support mechanism
to escalate the adoption intention of those having lower self-efficacy levels.

Keywords
Payment banks, adoption, structural equation modelling, perceived ease of use, initial trust and social influence

Introduction is concerned. Finally, limited geographical reach and less

Banking industry has demonstrated an enormous amount of
development and procedural advancements in recent couple
of decades. These improvements have increased the
potential of banking entities to handle a large quantity of
client base by providing them with enhanced and efficient
solutions (Madan & Yadav, 2016). These innovations have
rapidly become the source of competitive advantage in
the banking sector. Given the force of challenge, banks have
started to utilise electronic applications to supersede the
constrictions posed by physical banking relating to cost and
time (Baabdullah et al., 2016). The new and improved
information and communication technology (ICT) has
completely converted the world into knowledge-based
economy. Traditional physical banking is less desired by the
population due to many reasons. First, the bank accounts
have high maintenance fees. Second, users have to face
inconvenience due to long queues as far as physical banking
operating hours have also been cited as major restrictions
for users (Baabdullah et al., 2016).
As a result, the banks have sought to opt for Internet
banking–based solutions to curtail the restrictions in the
case of physical banking. Additionally, high-speed Internet
services have made online communication possible at
reasonable prices (Oliveira et al., 2014). The emergence of
Internet-based banking became more popular due to its
exponential developments and advancements in connectivity
(Martins et al., 2014). It is the most promising innovation
that has been considered valuable for both consumers and
bankers. It enables customers to access their accounts
through mobile phones anytime and anywhere to conduct
different types of transactions such as checking of account
balances, transferring money, getting loans, paying bills and
many other financial transactions (Madan & Yadav, 2016).
Despite the grave benefits provided by the Internet-based
banking services, the adoption is still low in developing,

1 Department of Commerce and Business Management, Khalsa College, Amritsar, Punjab, India.
2 Mittal
School of Business, Lovely Professional University, Phagwara, Punjab, India.
3 Department of Business Management, Guru Nanak Dev University RC, Gurdaspur, Punjab, India.

Corresponding author:
Amanjot Singh Syan, University Business School, Guru Nanak Dev University, Amritsar, Punjab 143005, India.
E-mail: amnsyn@hotmail.com
310
and customers are reluctant to adopt it as a full alternative
for physical banking. Thus, payment banks have been
introduced by the Indian government, in 2014, on the lines
of Kenya’s payment bank (Mas & Morawczynski, 2009) to
manage and enhance the financial inclusion in the country.
Payment banks were launched to specifically target the
under-banked and unbanked in the country, by providing
them complete banking solutions, which cannot be provided
in the case of Internet banking (Dass & Pal, 2011;
Martins et al., 2014; Mor, 2013; Reddy, 2015; Sikdar
& Kumar, 2016).
These are new stripped down type of banks, which can
provide different types of services such as accepting
deposits, payment services like payment of bills, remittance
services, issue debit and ATM cards and provide interest
rates as prescribed by the RBI. These banks cannot lend
money, and they cannot issue credit cards to users (Sikdar &
Kumar, 2016). The main objective of these types of banks is
to upsurge the level of financial services in the country,
especially in rural and remote areas, where people with low
income can perform payment transactions, in spite of
having limited access to banking services (Naik et al.,
2018). Since, payment banks are accessed through the
mobile phones using an Internet connection, there are many
challenges like lack of knowledge and skills to operate such
technologies and lack of trust to use the technology
(Damghanian et al., 2016; Kesharwani & Bisht, 2012;
Pavlou, 2003). Additionally, researchers have also argued
that users adopt services like payment banks due to its
various monetary benefits such as cashbacks, non-monetary
benefits and value-added services (Roca et al., 2009; Sikdar
& Kumar, 2016; Vaishnavi & Shruthi, 2017). But despite
the various benefits and incentives provided, payment
banks have still not been adapted as a complete alternative
to physical banking. It has been found that the adoption of
technologies like Internet banking and mobile banking is
still under the prescribed level in India (Chakiso, 2019).
Many studies carried out by Alalwan et al. (2018), Sharma
et al. (2018) and Singh and Srivastava (2018) tried to
understand the adoption of payment banks in India and
have enriched the literature towards the adoption and use of
mobile banking in the country.
As the payment bank is the new concept and its
implementation is still in its initial stage in India, few
studies have addressed this technology so far (Abid, 2017;
Ernst & Young., 2016; Goel & Manrai, 2016; Kohli & Patel,
2016). Very few studies on payment banks so far have
exhibited the wide view of the factors shaping the intentions
regarding the adoption of payment banks in India. Thus,
this paucity in research needs to be addressed to close the
existing lacuna. Thus, the present study aims to measure the
effect of various factors on users’ behavioural intention to
adopt payment banks. Second, it further tests the moderating
role of demographic variables (age, income) and
psychographic variable (self-efficacy) on the relationship
between the predictor and predicted variable.
Asia-Pacific Journal of Management Research and Innovation 16(4)
Literature Review
Payment bank is the new area of research in the field of
technology adoption in India. Many studies were conducted
related to Internet banking, mobile banking and mobile
payment systems, but the literature pertaining to payments
banks is very scarce (Kesharwani & Bisht, 2012; Kumar
et al., 2020; Oliveira et al., 2016; Shankar & Kumari, 2016).
Thus, the theoretical background of this study is derived
from the previous literature related to the technological
adoption of technologies such as mobile banking, online/
Internet banking, mobile payments and e-wallets.
Many theories have been developed so far on the
technological adoption such as technology acceptance
model (Davis, 1989), unified theory of acceptance (TAM)
and use of technology (Venkatesh et al., 2003), innovation
diffusion theory (Rogers, 2003) and theory of planned
behaviour (Ajzen, 1991). But in this study, TAM has been
used to provide a baseline for the research conducted while
integrating it with initial trust, facilitating conditions and
social influence. TAM is termed as the most powerful
research model to explain behaviour of the users towards
the adoption of information technology (Davis, 1989) and is
widely acceptable. In this model, two beliefs, that is,
perceived ease of use (PEOU) and perceived usefulness
(PU) of the system are the most important factors to know
the user’s intentions of adoption. PEOU is defined as the
degree to which a person considers that adopting a system
will be effortless (Hsu & Kulviwant, 2006). PU is termed as
the degree to which a person perceives that adopting a
particular system will increase his performance (Patel &
Patel, 2018). Also it is believed that individual differences
affect the mobile payment adoption intentions through
PEOU and PU (Hsu & Kulviwat, 2006).
Conceptual Framework and
Hypothesis Development
Initial Trust
Trust has multiple definitions related to its complex
phenomenon. It is defined in the context of Internet banking
as the ‘willingness to operate financial transactions online
via Internet and expecting the fulfillment of obligations by
the banks regardless of consumer’s operating abilities
regarding online banking’ (Kesharwani & Bisht, 2012).
Many researchers believed that trust is the most significant
component in e-commerce, as it involves risk and
uncertainty (Benamati et al., 2010). Internet banking is
highly risky and uncertain, as it involves the payment
transactions online (Damghanian et al., 2016). Thus, people
felt troubled to share personal and financial information
like account numbers and passwords online because of
various trust issues and security defects. Therefore, users do
not feel safe in using Internet banking without building trust
Kaur et al.
upon the service providers, especially when the issues such
as security, uncertainty and privacy were not resolved
properly (Damghanian et al., 2016). Thus, initial trust
affects the behavioural intentions of the users, which
significantly play a dominating role towards the adoption of
Internet/mobile banking.
Facilitating Conditions
Facilitating conditions are characterised as ‘how much an
individual accepts that an authoritative and technical
infrastructure exists to help utilization of the framework’
(Venkatesh et al., 2003). Association between facilitating
conditions and actual usage behaviour was proven in many
studies, which indicated the positive effect of facilitating
conditions on adoption behaviour of a person, that is,
individuals’ perceptions are affected by technological
infrastructure and authoritative improvement, which can
inspire them to keep utilising a given service (Dwivedi
et al., 2017). Alalwan et al. (2018) argued that people get
motivated towards the adoption of mobile banking when
they get favourable conditions and complete support. It was
further argued that the user’s abilities of browsing the
Internet banking facilities influenced their intentions
towards the adoption of technology. Convenience and
the compatibility level of humans also increase the use of
technology among customers. Accordingly, if the users
are given the most recent highlights about what these
innovations bring to the table, at that point, they are more
likely to receive them and adopt them.
Social Influence
Social influence tries to know the changes in behaviour of a
person, brought by external inputs like information that is
communicated to them (Malhotra & Gelletia, 1999). Theory
of reasoned action described social influence in place of the
term ‘subjective norm’ (Fishbein & Ajzen, 1975). It is
defined as ‘the degree to which an individual perceives that
his close friends or family members or any other person
who is important in his life, believes that he should use the
new system’ (Venkatesh & Morris, 2000).
Many researchers found social influence as a strong
predictor of Internet/mobile banking adoption and plays a
major role in consumer’s awareness towards the adoption
of technology (Oliveira et al., 2016) as of the fact that the
behavioural intentions will be influenced by the factors like
risk and uncertainty, which lead to users consulting peer
groups and other members of the family before adopting the
technologies like payment banks. Thus, it is believed that
the adoption of payment banks in India will be affected by
the user’s social relationships, and these relationships can
either increase the use of a technology or decrease its use.
311
Perceived Ease of Use
PEOU is one among the main beliefs of TAM. It was
explained as the person’s perception that using a particular
technology would be effortless, was simple and easy to
handle. Thus, it was considered as one of the major aspects
that would affect the adoption of technology by influencing
its users’ intentions. This was confined by many researchers
in their respective studies (Davis, 1989; Hsu & Kulviwant,
2006; Lee, 2009). In the Internet and mobile banking
context, PEOU had a critical role in determining
technological adoption. It was argued that a person usually
adopts a technology, which is easy to learn and operate and
definitely will result in reducing the efforts (Li & Yeh,
2010; Yen et al., 2010). Thus, a person is less likely to adopt
a technology, which is complex and unfriendly. Also,
according to Davis (1989), PU is also believed to be
influenced by PEOU because higher PEOU will contribute
towards better or improved performance of information
system/technology (Yen et al., 2010).
Perceived Usefulness
PU is defined as the degree to which a person believes that
adoption of a particular technological system will upsurge
his job performance and effectiveness (Davis, 1989). In
other words, a person will adopt a system if he perceives
some benefits from it and helps him to achieve his goals.
Many studies like Lee (2009) have shown a positive relation
of PU with the behavioural intentions and attitudes. In
online/Internet/ mobile banking, PU has played a significant
role. A user will adopt such technology if he finds that an
online transaction will save him from standing in long
queues and ultimately saves his time and money (Kim et al.,
2010). It is considered as a great predictor of technological
adoption as it develops a positive attitude towards it. Hong
et al. (2006) were of the view that PU results in establishing
a person’s trust towards the Internet banking adoption.
Self-Efficacy as a Moderator
Self-efficacy alludes to ‘convictions in ones capacities to
prepare the inspiration, course of actions and cognitive
resources; expected to fulfill given situational needs’ (Wood
& Bandura, 1989). As per the theory of self-efficacy, low
self-efficacy can hinder the adoption of a technology
(Bandura & Schunk, 1981). Many studies, like Alfahl et al.
(2018), found that the self-efficacy affects the behavioural
intentions of the users towards the adoption of mobile
banking services. Self-efficacy had an important role as a
moderator in innovative technological adoption in studies
such as Iconaru (2013), Liu and Hung (2016), Rabinowitz
et al. (2009) and Jaradat and Faqih (2014). Thus, the present
study also inspects the part of self-efficacy as a moderating
factor in the current study.
312
Age as Moderator
In terms of adoption of technology, many studies have
demonstrated that young people behave in a different way
as compared to the people who are older. Older customers
found it difficult to cope with innovative technologies and
did not feel comfortable, especially in the case of online
transactions as they felt that face-to-face transactions were
more secure and reliable. According to Demirci and Ersoy
(2008), discomfort and insecurity were also found to be
higher in the case of older people as compared to the
younger population. Age also acted as a moderator in
many studies, and studies conducted by Yi et al. (2005)
demonstrated that age was a robust indicator in terms of
technological adoptions. Jaradat and Faqih (2014) found a
moderating effect of gender and age on the adoption of
mobile technologies in Jordon. Wang et al. (2009) also
found a moderating effect of age on the intention towards
the adoption of mobile learning. Thus, age is taken as a
moderating factor in the current study.
Income as a Moderator
Income is characterised as the cash earned by people or
organisations in return for giving items or administrations.
It influences the users’ frame of mind and behaviour. Past
research studies have analysed how income may energise or
dishearten a use from innovation appropriation. Previous
established studies have examined the role of income in
inspiring or dissuading people from adopting a new
technology. Porter and Donthu (2006) found that low-
income users are more concerned about the cost and fee of
the adoption of innovation, whereas high-income groups
are easily able to afford the latest and expensive technology,
and this income difference creates extreme anxiety among
the low-income users. Hernández et al. (2011) also
explained that low-income consumers perceive higher risks
than high-income users in the case of online payments, and,
therefore, low-income users do not feel motivated to adopt
such innovations.
Hence, in the light of the aforementioned discussions,
age, income and self-efficacy are taken into consideration
as moderating variables, and thus the following hypothetic
model is proposed along with the hypothesis.
Hypothesis Formulation
The following hypotheses have been formulated, based on
the literature reviewed earlier.
H1: Initial trust (IT) positively influences the
behavioural intention towards the adoption of
payment banks.
H2: Facilitating conditions (FC) positively influence
the behavioural intention towards the adoption of
payment banks.
Asia-Pacific Journal of Management Research and Innovation 16(4)
H3:  Social influence (SI) positively influences the
behavioural intention towards the adoption of
payments banks.
H4:  PEOU positively influences the behavioural
intention towards the adoption of payment Banks.
H5: PU positively influences the behavioural intention
towards the adoption of payment banks.
H6(a, b, c, d, e): Age moderates the relationship between
independent (IT, FC, SI, PEOU and PU) and
dependent variable (BI).
H7(a, b, c, d, e): Income moderates the relationship
between independent (IT, FC, SI, PEOU and PU)
and dependent variable (BI).
H8(a, b, c, d, e): Self-efficacy moderates the relationship
between independent (IT, FC, SI, PEOU and PU)
and dependent variable (BI).
H9: PEOU positively influences the PU towards the
adoption of payment banks.
Proposed Research Model
Based on the earlier discussions and literature reviewed, the
following research model has been proposed (Figure 1).
Research Methodology
To achieve the objectives of the study, primary data were
collected from the states of the Punjab by using a structured
questionnaire. Most of the respondents included in the
study were the people belonging to rural areas, those who
had less knowledge and education and were from low
economic groups. Migrant labourers, small businessmen,
small vendors and people from the rural background who
were either unbanked or under-banked in one or alternate
way were contacted for the purpose of data collection.
Convenience sampling technique, which was a non-
probabilistic technique, was used to collect the data from
the respondents because it was not possible to prepare a
sampling frame of target respondents to be included in the
study to conduct the probabilistic sampling technique.
A total of 550 questionnaires were administered, of which
521 questionnaires were returned. Among the returned
questionnaires, 14 questionnaires were excluded as they
were incomplete, and only 507 were considered fit to be
included in the study.
Scale
All the items used in this study were taken from previous
established literature. Items for ‘initial trust; were taken
from Kim et al. (2009) and Koufaris & Hampton-Sosa
(2004), the items for ‘facilitating conditions’ were taken
from Venkatesh et al. (2012), ‘social Influence’ was adapted
from Zhou et al. (2010) and ‘self-efficacy’ items were
adapted from Jaradat & Faqih (2014). However, the items
Kaur et al. 313

Figure 1. Conceptual Model

Source: The authors.

for two beliefs of TAM, that is, ‘PEOU’ and ‘usefulness’ were Table 1. Demographic Profile of the Respondents
taken from Davis (1989). Finally, for the dependent variable
Measure Value Frequency Percentage (%)
‘behavioral intentions’, the statements were taken from the
studies of Kim et al. (2009) and Venkatesh et al. (2012). Gender Male 365 71.992
The questionnaire (Appendix A) was translated from Female 142 28.007
English to Punjabi and Hindi versions because these are the Age 18–28 years 165 32.544
main languages for native people of Punjab and Haryana. 29–39 years 293 57.790
The translation was carried out by following the back- 40–50 years 29 5.719
translation method as suggested by Brislin (1970). Then, Above 50 years 20 3.944
the Punjabi and Hindi versions of the questionnaire were Education Up to 10th 286 56.410
judged by a panel of experts, and appropriate changes were 11th–12th 124 24.457
made (Dwivedi et al., 2017). A pilot study with 50
Graduation 52 10.256
respondents was conducted to check and curtail any
Postgraduation 45 8.875
problems regarding the language and vagueness of
Income Up to `100,000 142 28.007
statements used (Dwivedi et al., 2017). Factor reliability
(Per Annum) `100,001–300,000 238 46.942
was also tested using Cronbach’s α, and all values were
found to be higher than 0.70 (Nunnally, 1978). `300,001–500,000 96 18.934
Above `500,000 31 6.114
Area Rural 336 66.272
Demographic Profile of the Respondents Urban 171 33.727
Out of all the respondents contacted, majority of the Source: The authors.
respondents were males (394) and the remaining 113 were
females. While talking about the age, 57.79% of the
respondents belonged to the age group of 29–30 years,
Data Analysis
followed by 32.54% who belonged to the age group of In the current study, the exploratory factor analysis (EFA)
18–28 years. Majority of the respondents (46.94%) was conducted, followed by confirmatory factor analysis
belonged to the `100,000–300,000 income group. (CFA) to verify the factor structure. Prior to conducting
Additionally, the detailed demographic statistics have been EFA, data were checked for suitability to conduct the factor
presented in Table 1. analysis. The data were checked for normality, which is the
314 Asia-Pacific Journal of Management Research and Innovation 16(4)

basic assumption for parametric tests (Hair et al., 2015). Table 3. Rotated Component Matrix
However, it is also suggested by Altman and Bland (1995)
Component
that normality of the data set can be ignored if a large
sample has been taken. Data were then accessed for the 1 2 3 4 5 6 7
factor analysis, and two statements having lower than BI2 0.973
recommended loading were removed from the research BI1 0.972
instrument and data were again subjected to EFA. Kaiser– BI3 0.969
Meyer–Olkin (KMO) and Bartlett’s test of sphericity were BI4 0.959
also used to check the suitability, and results were BI5 0.948
satisfactory to proceed further (Table 2). To check the BI6 0.933
reliability, Cronbach’s α was calculated (0.724), which was IT1 0.967
assumed to be satisfactory for behavioural studies (Cronbach,
IT2 0.942
1951; Hundal & Kumar, 2015; Syan et al., 2019).
IT4 0.938
Rotated method of varimax rotation was used, and six
IT3 0.936
constructs were explored, which had an eigenvalue of more
FC1 0.943
than 1. All the variables extracted accounted for a total
variance of 82.59% (Kumar et al., 2020). Table 3 presents FC2 0.943
the factor loadings of all the statements, and loading of all FC3 0.935
the statements is above 0.6, which is considered satisfactory FC4 0.871
(Malhotra & Dash, 2014). Thus, it can be concluded that PEU1 0.975
data were suitable for further analysis. PEU2 0.959
PEU3 0.926
PEU4 0.910
Measurement Model PU1 0.976
To test the validity of explored constructs, the CFA was PU2 0.960
used. Fitness of the measurement model is presented in PU3 0.948
Figure 2. It is found that all the values are above the PU4 0.875
threshold level of fit indices. Results show that the degree SE1 0.925
of freedom = 2.196; CMIN/df = 549.111; Goodness of fit SE2 0.898
index = 0.923 reflects good model fit, adjusted goodness of SE3 0.887
fit index = 0.900; Tucker–Lewis index = 0.971; normal fit SE4 0.814
index = 0.956; root means square error of approximation
SI1 0.809
(RMSEA) = 0.048; and comparative fit index = 0.976
SI2 0.802
(Table 4) are below the conservative cut-off values (Syan
SI3 0.798
et al., 2019).
SI4 0.684
Source: SPSS output.
Reliability and Validity Note: Extraction method: Principal component analysis.
Rotation method: Varimax with Kaiser normalisation.
Reliability of constructs is tested by using Cronbach’s α,
and the value for all the constructs varies from 0.806 to
0.858, which indicates that data are highly reliable (Hair
et al., 2015). Hence, all the constructs demonstrate an variance extracted (AVE) of every construct should be
acceptable level of reliability scores (Malhotra & Dash, higher than the variance shared between the construct and
2014). To get satisfied discriminant validity, the average other constructs in the model (Tables 5 and 6). Therefore,
measurement model of the study is found valid in terms of
Table 2. KMO and Bartlett’s Test
discriminant validity (Bollen, 1989; Pallant, 2001).

Kaiser–Meyer–Olkin measure of sampling 0.854

adequacy Structural Model
Bartlett’s test of Approximate 14201.617 After the measurement model, the structural model was
sphericity chi-square tested to verify the hypothesised relations. Table 7 presents
df 435 the results of causal relationships between the dependent
Significance 0.000 variable and the associated predictor variables along
Source: SPSS output. with the standardised path coefficients. Precisely, PEOU
Kaur et al. 315

(β = 0.60, p < 0.001) and initial trust (β = 0.48, p < 0.001)

significantly affect the behavioural intentions to use
payment banks. Whereas social influence (β = 0.38, p <
0.001) had a positive influence. While talking about
facilitating conditions and PU, the hypotheses have been
supported.

Moderating Effects
After analysing the path coefficients, the model was
subjected to multi-group analysis to test the effects of the
moderating variables on the association amid the
independent (IT, FC, SI, PEOU, PU) and dependent
constructs (intention to adopt payment banks) (Table 8).
Multi-group analysis technique was employed to examine
the moderating effects of demographic variables (age,
income) and psychographic variable (self-efficacy) on the
relations between the dependent and the independent
variables. The data were thus divided into subgroups after
which the structural model was run for each subgroup. The
detailed results are presented in Table 7.
Age
To find the moderating effect of age, the sample was further
subdivided into two groups, based on the mean age of the
sample data, one group with respondents less than 40 years
of age and the other group greater than 40 years of age. The
results revealed that age moderates only one of the
relationship, that is, relationship between social influence
(SI) and behavioural intentions to adopt payment banks
where z = 1.884*, at p < 0.1 level of significance. Chang
et al. (2019) observed that younger people frequently
associate with Internet use or any kind of online behaviour
with a sense of happiness or achievement and also to follow
a trend. Therefore, they make more use of online platforms
to perform their tasks. Moreover, their study also suggested
that higher experience (age wise) portrays a weak
relationship between behavioural intention and social
influence because people above 40 years of age believe that
Internet should not be associated with the sense of
accomplishment or happiness. Thus, the study concludes
that young customers are more technology savvy as
Figure 2. Measurement Model
compared to people who were more than 40 years of age.
Source: AMOS output.
Income
Table 4. Model Fit Indices To, further, find the moderating effect of income on the
Fit Indices Ideal Values Calculated Value individual construct, the sample was divided into two
groups—one group with respondents drawing an income
CMIN/Df ≤3.000 2.365
less than `300,000 per annum and the other group drawing
GFI ≥0.90 0.922 an income greater than `300,000 per annum. The results
AGFI ≥0.80 0.861 revealed that the income moderates two relationships, that
TLI ≥0.90 0.947 is, among initial trust, facilitating conditions and behavioural
CFI ≥0.90 0.974 intentions to adopt payment banks with z = 1.71*, at p < 0.1
RMSEA ≤0.08 0.074 for the former and z = 2.67***, at p < 0.001 for the latter.
RMR ≤0.05 0.039 Thus, results suggest moderating effects of different income
Source: Compiled from AMOSS output. groups on the construct. It is observed that the higher
316 Asia-Pacific Journal of Management Research and Innovation 16(4)

Table 5. Validity and Reliability

Constructs Composite Reliability Average Variance Extracted Maximum Shared Variance Average Shared Variance
Initial trust 0.904 0.704 0.018 0.008
Facilitating conditions 0.984 0.926 0.013 0.004
Social influence 0.960 0.858 0.013 0.004
Perceived ease of use 0.977 0.914 0.181 0.039
Perceived usefulness 0.939 0.759 0.181 0.041
Behavioural intentions 0.904 0.708 0.002 0.002
Self-efficacy 0.960 0.787 0.148 0.005
Source: Compiled from SPSS output.

Table 6. Discriminant Validity

Self- Behavioural Initial Facilitating Perceived Perceived Social

CR efficacy Intention Trust Conditions Ease of Use Usefulness Influence
Self-efficacy 0.918 0.860
Behavioural intention 0.987 0.011 0.962
Initial trust 0.976 0.068 0.069 0.955
Facilitating conditions 0.962 0.085 0.076 0.415 0.930
Perceived ease of use 0.959 0.046 0.014 0.058 0.088 0.924
Perceived usefulness 0.960 0.049 0.092 0.009 0.096 0.022 0.926
Social influence 0.826 0.359 0.360 −0.100 −0.062 −0.010 0.064 0.737
Source: Compiled from AMOSS output.

Table 7. Path Analysis Results

Path Hypothesis b p-Value Results

IT→BI H1 0.48 * Supported
FC→BI H2 0.29 * Supported
SI→BI H3 0.38 * Supported
PEOU→BI H4 0.60 * Supported
PU→BI H5 0.23 0.028 Supported
PEOU→PU H9 0.35 * Supported
Source: Compiled from AMOSS output.
Note: *Significance level 5%.

Table 8. Moderating Effect

Estimate p-Value Estimate p-value Z-score Results

Age <40 >40
IT > BI 0.065 0371 0.165 0.023 0.713 Not supported
FC > BI 0.134 0.673 0.338 *** 0.953 Not supported
SI > BI 0.047 0.726 0.273 0.002 1.884* Supported
PEOU > BI 0.189 0.582 0.213 0.012 1.385 Not supported
PU > BI 0.091 0.231 0.126 0.031 1.125 Not supported
Income <300,000 >300,000
IT > BI 0.146 *** 0.567 0.031 1.71* Supported
FC > BI 0.267 *** −0.168 0.190 2.67*** Supported
SI > BI 0.231 0.108 0.244 0.002 0.985 Not supported
PEOU > BI 0.183 0.011 0.274 0.005 0.751 Not supported
PU > BI 0.292 *** 0.069 0.52 −1.521 Not supported
(Table 8 continued)
Kaur et al.
(Table 8 continued)
Estimate p-Value
Self-efficacy Low
IT > BI 0.128 0.051
FC > BI 0.142 0.052
SI > BI 0.16 0.03
PEOU > BI 0.367 ***
PU > BI 0.256 ***
Source: Compiled from AMOSS output.
Note: *p < 0.10, **p < 0.05, and ***p < 0.01.
SC: Social capital; PU: perceived usefulness; PC: perceived compatibility; FC: facilitating conditions; ES: extension services; and BI: behavioural intentions.
income group has more efficiency than the lower income
group. This is possible because people in the higher income
group are busy and have less time to visit the branch for
banking. Moreover, they have adequate financial resources
to buy the latest smartphones with Internet facilities to
perform banking transactions whenever required. Thus,
they opt for mobile banking as a preferred way to carry out
their banking transactions. Thus, they perceived mobile
banking as a convenient way to conduct mobile banking
transactions. Accordingly, when people with higher income
got facilities by sitting at home, they found it easier and
convenient; this, in turn, establishes trust towards mobile
banking, which results in building positive intentions
towards its adoption.
Self-efficacy
To further find out the moderating effect of self-efficacy on
the individual construct, the sample was divided into two
groups, namely high self-efficacy and low self-efficacy.
The results showed that self-efficacy moderates relationship
between PEOU and behavioural intentions to adopt payment
banks with z = 2.197*** at p < 0.001 and also moderated
the relationship between PU and behavioural intentions to
adopt payment banks with z = 1.826* at p < 0.10. This
implies that once users translate knowledge, skills and
behaviours they possess into an actionable execution, it
becomes easy to cope up with new things.
Discussions and Conclusions
This article attempted to study the factors that have an
impact on the behavioural intentions of the Indian users to
adopt payment banks. The study focused on studying the
antecedents affect the adoption and have also explicated
the role of demographic and psychographics variable upon
the relation of independent and dependent variables. The
model proposed in the study has been empirically validated
and as a result, 64.60% variance has been explained, which
provides substantial ground to consider the model valid as
per the observed data.
Additionally, all the paths discussed in the proposed
model have been accepted. The value of the path coefficients
317
Estimate p-value Z-score Results
High
0.166 0.106 0.306 Not supported
0.166 0.098 0.246 Not supported
0.312 0.003 1.16 Not supported
0.071 0.348 2.197** Supported
0.077 0.451 1.826* Supported
clearly reveals that the construct of PEOU has the highest
impact on the behavioural intentions. When users have are
assured that technology is easy to use, they will be more
inclined to adopt that technology. The results are opposite to
TAM, where usefulness of the technology has a more
promising impact on the intentions. The plausible
explanation behind this is that payment banks are a new
technology, and customers are not yet fully aware of the
usefulness of payment banks. Also, the moderation analysis
has revealed that self-efficacy moderates the relationship of
PEOU and behavioural intentions. Thus, people with
escalated levels of self-efficacy have internal locus of
control and have high tendency to solve a particular
problem, and, thus, they feel that a technology is easy to
use. These results of the current study are similar to the
results from a study performed by Islam et al. (2011).
While talking about the initial trust, it is the second most
influential factor that affects behavioural intentions.
Payment banks being a new technology will only be adopted
by a user if trust is developed by the service provider at the
initial stage. Also, the effect of of income on adoption
payment banks has been unveiled in current study. People
with high levels of income are more ready to try their hands
on new technology like payment banks, as they have a
substantial amount of cushion to bear the loss. Henceforth,
it is the interplay of psychological and demographic
variables like income, which enhances the adoption of
payment banks.
Furthermore, the study suggests that the usefulness of
technology has a restrained effect on the adoption intentions
of the users regarding payment banks. The plausible
explanation on moderate effect of PU on payment banks’
adoption is that users are not aware of proper functioning
of payment banks. People only rely on making online
payments through payment banks because they feel that it is
an easy way to complete a transaction and alternatively
other functions are ignored, which limits the usefulness of
the same. In addition to this, the results have also revealed
that the relation between PU and intention to adopt payment
banks is positively moderated by self-efficacy. Simply put,
people with higher levels of self-efficacy will have higher
perceived usefulness for technologies like payment banks,
318
for example, people having higher self-efficacy and are
more confident in solving problems if they arise, and, thus,
they are ready to undertake new experiments, which are not
explored by others and may be ignored by users who have a
low self-efficacy.
While talking about the facilitating conditions and social
influence, they had a very low impact on the behavioural
intentions of the users to adopt payment banks. This can be
explained as, when the user feels that technology can be
used easily, and there is initial trust in the technology under
use, he will rely less on external environmental cues like
facilitating conditions and social influence. Additionally,
the services like payment banks are more personalised and
deal with financial products. Thus, customers do not tend to
rely on the external environment; rather, their behaviour is
more affected through the internal cues like trust and
credibility on the service and service provider as well.
In a nutshell, it can be said that demographics and
psychographics play a tremendous role in influencing the
behaviours of the users concerning the payment banks if they
are interacted through the other technological constructs.
Implications
The present study has made significant contributions in the
present literature, which are precious for practitioners as
well as researchers. From the research perspective, the
model presents a holistic view of the factors that shape the
users’ behavioural intention regarding the adoption of
payment bank. Additionally, the study took into account a
wide view of the behavioural factors in addition to the
perceived variables of TAM. Theoretical and practical
implications are discussed in detail below.
The current study sought to present precious contributions
to the present literature. This study has added a more precise
and thoughtful theoretical understanding of dynamics of the
adoption of payment banks by users in the context of a
developing country like India. Further, the current study is
based on TAM, in addition to some psychological and
technological variables along with moderating factors: age,
income and self-efficacy. However, the moderating role of
income and self-efficacy often tends to be overlooked in the
investigation into adoption of banking technologies,
especially in relation to countries like India. As a result, this
empirical study contributes largely to the existing
knowledge base by filling the lacuna relating to the
moderating effect of demographic and psychographic
variables in the adoption of payment bank.
Practically, this study contributes by providing deeper
insights into the intricacies involved in the adoption process
with regard to the payment bank by leaving some significant
practical implications. This study offers advertisers and
specialist organisations, a hint that could assist them with
improving the key viewpoints that are considered by clients
concerning payment banks. The payment bank’s application
should be made user-friendly and easy to use so as to
Asia-Pacific Journal of Management Research and Innovation 16(4)
enhance adoption. Help and support systems should be
made readily available to elevate the user’s acquaintance
regarding application in the initial stages, as it is a highly
personalised service, and users are also concerned about the
privacy and security of the technology they are using. Also,
to create initial trust among the users, viral advertisements
and word of mouth should be created so that the user feels
that the application is trustworthy and their money is safe.
These heightened levels of user’s initial trust will also lead
to create a positive image of the service under question and
can also have an effect on the social and peer groups, which
will ultimately reinforce a positive behaviour in potential
users. Showcasing methodologies should concentrate on
forming the clients’ recognition that payment banks are
increasingly supple and adaptable conductors to have
admittance to banking administrations in comparison with
physical banking. In a nutshell, it can be ascertained from
the current investigation that policymakers and financial
institutions need to set up a relationship of trust with the
client from the beginning to reinforce the adoption of
payment banks among customers, which, in turn, reflects
the positive intentions of the customers towards its adoption.
Limitations and Future Scope
The present study no doubt made an important addition to
the literature that can augment the thought process of
adoption of technologies like payments banks. Like other
studies, this study also contains some limitations. The study
was conducted in the state of Punjab and Haryana with a
limited sample size, which may have an effect on the
generalisability of the results of the study. Similar studies
can be conducted in other regions having different
demographics to enhance the generalisability. Since, cross-
sectional data have been used, true results can be unpacked
by conducting a longitudinal study in the same context to
study the evolution of interest of the Indian users towards
payment banks. Lastly, as the payment bank is a consumer
technology, various factors such as hedonic motivation,
self-efficacy, information quality and innovativeness should
be considered, and studies should be carried out on how
these variables play their part to make behavioural
modifications in the minds of the users.
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with respect
to the research, authorship and/or publication of this article.
Funding
The authors received no financial support for the research,
authorship and/or publication of this article.
ORCID iD
Amanjot Singh Syan https://orcid.org/0000-0001-5160-6326
Kaur et al. 319

Appendix A. Survey Items and Sources

Constructs Items Source

Initial trust (IT) I believe in the information that payment banks provides me Kim et al. (2009) and Koufaris
and Hampton-Sosa (2004)
I find payment banks secure
Payment banks seems very reliable
Payment bank service providers keep interests of the users in mind
Facilitating I have the resources necessary to use payment bank Venkatesh et al. (2012)
conditions (FC) I have the knowledge necessary to use services provided by payment banks
Internet on mobile is compatible with other technologies I use
I can get help from others if I find any difficulties using payment banks
Social influence (SI) My friends and family find the use of payment banks valuable Zhou et al. (2010) and
The people that influence my behaviour use payment banks
I find payment banks trendy
People who use payment bank have professional status
Perceived ease of Payment banks services are easy to learn Davis (1989)
use (PEOU) My interaction with payment banks is clear and understandable
I find payment banks easy to operate
It is easy for me to become skilful while using payment banks without any help
Perceived I find payment banks useful in my daily life transactions Davis (1989)
usefulness (PU) I find payment banks increase my chances of achieving tasks
I believe payment banks help me accomplish tasks more quickly
I find payment banks increase my productivity
Self-efficacy (SE) I will only use a payment bank if I heard it before Jaradat and Faqih (2014) and
I will use payment banks when my friends introduce it to me Teoh et al. (2013)
I think that I can use payment banks if someone shows me how to operate it
I think that I can use payment bank if I had used similar technology before this
one
Behavioural I have the intention of making my mobile payments using the payment banks Kim et al. (2009) and Venkatesh
intentions (BI) et al. (2012)
I intend to continue using payment banks as well in the future
I have the intention to make payment transfers using payment banks
I prefer using payment banks over any other payment channels
I plan to continue to use payment banks regularly
I will always try to use payment banks in my day-to-day life

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