Tech-savvy but different: a comparative study on generational adoption of Fintech-enabled mobile payments

Mobile payment technology has emerged as a disruptive force, revolutionizing traditional financial systems and accelerating the shift toward a cashless economy. The objective of this study is to examine the determinants of mobile payment adoption among Generation Z and Millennials, two generational cohorts that are tech-savvy and important for the growth of fintech. The study employs an extended UTAUT model, which integrates Government Initiatives, and 912 valid responses were collected, analyzed using partial least squares structural equational modeling and multi-group analysis through SmartPLS 4. The results stated that Performance Expectancy, Effort Expectancy, Social Influence, Price Value, Personal Innovativeness, and Government Initiatives significantly impact mobile payment adoption among both cohorts. However, the results of MGA revealed that Facilitating Conditions had a statistically different impact between generations; it mainly impacts millennials. These findings offer important theoretical and practical insights for policymakers and service providers in understanding generational patterns in the recent scenario of mobile payment adoption.