Exploring trust and outcome expectancy in FinTech digital payments: insights from the stimulus-organism-response model

Purpose This study uses the S-O-R theory to examine how trust and outcome expectancy influence usage and advocacy. It also analyzes the moderating role of trust in a low-trust society and the differences between low-trust and high-trust consumer segments. Design/methodology/approach Our analysis was based on a sample of 400 responses collected using a pre-tested survey during January–March 2023. Purposeful and snowball sampling techniques were used to select the study participants. The research model was estimated using the SmartPLS 4.0 statistical application. Findings The findings revealed that outcome expectancy strongly predicts consumer trust. While word of mouth was impacted more by trust than usage behavior, trust was found to be a stronger predictor of recommendation behavior of FinTech digital payment systems than usage behavior. We distinguished between consumers with low trust (“misbelievers”) and those with high trust (“believers”). We found that the effect of outcome expectancy on usage behavior was more substantial for “misbelievers” than “believers.” Practical implications The study’s findings have practical implications for business and marketing executives, regulators, FinTech companies and the banking and payment industry in designing strategies for gaining consumer trust, promoting consumer recommendation behavior and using FinTech innovations. Originality/value This research’s originality lies in applying the S-O-R theory to the digital payment context within FinTech. It examined consumer trust dynamics and outcome expectancy dynamics, particularly in the underresearched setting of developing countries known for their low-trust environments. Also, the study introduces a methodological innovation by employing multigroup analysis to “decompose” moderation associations, offering more profound insights into the influence of trust on the adoption and sustained use of FinTech services.