Unification of fintech platforms: reshaping the Bangladeshi financial frontier

Purpose This paper aims to explore the integration of technology platforms of Fintech service providers in Bangladesh and its outcome on the users’ acceptance and intention to use it. It has considered Bangla QR, a Bangladesh-specific unified payment platform, for the said purpose. Design/methodology/approach The study investigates the usage and acceptance of Bangla QR’s financial service application by collecting data on user demographics and usage patterns. The data have been collected from Bangla QR users who have firsthand experience using a unified payment system in Bangladesh. Structural equation modeling (SEM) has been used to analyze the data and investigate the relationships between latent constructs, such as Performance Expectancy (PE), Effort Expectancy (EE), Social Influence (SI), Facilitating Conditions (FC), Hedonic Motivation (HM) and Behavioral Intention (BI). Findings Results reveal that the experience of users from earlier platforms and their expectation of improved technologies have a positive and significant relationship with the behavior intention of users regarding the acceptance of a fresh fintech platform. Specifically, PE, EE and FC have a significant effect on HM. Moreover, HM mediates the relationship between PE and BI, EE and BI and FC and BI. Startlingly, SI does not affect HM and BI. Research limitations/implications The study posits that users of Bangla QR are embracing the unified payment scheme willingly. Experience with new technology in the financial aspects has given them the confidence to continue this in the future. However, social awareness about the intrinsic worth of unified payment should be raised by financial institutions and regulators in Bangladesh. The lack of Bangla QR’s accessibility limits the number of respondents, and its newness hinders the researchers from focusing on price value and habit constituting BI. Originality/value First, this is the first paper to explore the fintech users’ intention to continue a unified payment platform in Bangladesh. Second, it uses the UTAUT2 model with modifications as per the requirement of the study. Finally, this study theorizes specific reasons to develop the overall scenario of a unified payment system in the future in Bangladesh.