A Conceptual Framework of Digital Payment Adoption: Integrating Technology Readiness Index and Technology Acceptance Model

Digital payments have revolutionized the way the financial transactions are conducted and expanded rapidly in a brief timeframe, yet there is significant variation in adoption of digital payment technology among different population groups. This study intends to understand the theoretical foundations of the digital payment adoption among consumers and proposes the conceptual framework by integrating two distinct and previously established technology adoption models Technology Readiness Index (TRI) and Technology Acceptance Model (TAM) to identify the principal determinants of digital payment adoption behaviour. While TAM focuses on the attributes of the technology such as Perceived Ease of Use and Perceived Usefulness, TRI enriches the model by accounting of individual readiness factors such as optimism and innovativeness which posits the digital payment adoption behaviours and discomfort and insecurity which are considered as limiting factors for the adoption of digital payment. The integration of technology attributes from TAM and individual readiness attributes of TRI in the proposed framework would also increase the predictive ability of model. This study offers a holistic understanding of user behaviour towards digital payment adoption.