EFFECTS OF USAGE INTENTION TOWARDS THE ADOPTION OF DIGITAL WALLETS

Abstract

The swift expansion of digital payment methods has drastically altered the financial landscape, especially in urban areas like Chennai. This study examines the determinants affecting the intention to utilize and embrace digital wallets among users in Chennai. Based on the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT), the study finds critical elements like perceived ease of use, perceived usefulness, trust, security, and demographic factors influencing adoption behavior. The results indicate that convenience, promotional incentives, and transaction simplicity are essential factors influencing usage intention, but security apprehensions and trust deficiencies constitute significant obstacles. Furthermore, demographic factors including age, income, and educational attainment substantially influence the correlation between usage intention and the adoption of digital wallets. The research highlights the necessity of focused initiatives to bolster consumer trust and identifies obstacles impeding widespread adoption, therefore facilitating a sustainable transition to a cashless economy in Chennai.