In the rapidly evolving landscape of financial technology, understanding the intricacies behind the adoption of mobile fintech services has become a critical endeavor for researchers and industry practitioners alike. A recent comprehensive study utilizing advanced analytical models offers groundbreaking insights into how consumers perceive and respond to both the benefits and risks associated with mobile fintech adoption. By integrating Partial Least Squares Structural Equation Modeling (PLS-SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA), this research delves deeper into the nuanced interplay of multiple factors that shape user decisions in this dynamic sector.
This dual-methodological approach is particularly valuable in dissecting the realms of perceived value and perceived risk, two pivotal theories traditionally treated in isolation. By examining ten key constructs encompassing both “bright” (positive value) and “dark” (perceived risk) factors, the study reveals a complex mosaic of conditions that either encourage or hinder the adoption of mobile fintech platforms. The dual analyses complement each other, with PLS-SEM illuminating the net and direct effects of individual variables, while fsQCA uncovers unique configurations or combinations of conditions that collectively influence behavioral intentions. This methodology marks a significant step forward from conventional linear models, capturing the asymmetric and multifaceted nature of technology acceptance.
One of the most striking findings centers on the role of utilitarian value—the practical, functional benefits perceived by users. The study’s PLS-SEM results identify utilitarian value as the strongest positive predictor of adoption intention, overshadowing even enjoyment or hedonic motivations that have held sway in other mobile technology contexts. This outcome is further validated by fsQCA, which places utilitarian value as a core condition in nearly half of the high-adoption configurations. Evidently, users approach mobile fintech primarily as a tool for tangible benefits such as transaction efficiency, cost savings, and ease of use, underscoring a distinctly pragmatic mindset that fintech providers must acknowledge in their design and marketing strategies.
Conversely, the research highlights the surprisingly diminished importance of enjoyment value in fostering adoption behaviors. Despite a plethora of prior work underscoring the role of hedonic motivations in technology uptake—ranging from mobile commerce to wearable devices—this study reveals that enjoyment or entertainment-related features do not significantly affect consumers’ intentions to adopt mobile fintech. This divergence likely stems from the inherently utilitarian nature of financial applications where users prioritize security, accuracy, and speed over experiential pleasures. The contextual specificity of fintech as a service focused on risk management and trust might explain why entertainment-driven incentives fail to resonate strongly in this domain.
Social value emerges as another potent driver of mobile fintech adoption. Earlier research offered mixed conclusions regarding the influence of social factors, often downplaying their effect in financial technology contexts. However, the present study robustly demonstrates that social value plays a significant role, both statistically and configurationally. Peer influences, social norms, and the desire for communal economic interaction amplify adoption intentions, indicating that mobile fintech transcends mere transactional utility and becomes entrenched within social fabrics. This insight aligns with broader behavioral theories asserting the power of social influence in shaping technological acceptance and points to opportunities for fintech firms to leverage social engagement features and community integration as catalysts for growth.
Turning to perceived risks, the findings call for a reexamination of widely held assumptions. While financial risk is conventionally seen as a formidable obstacle to fintech adoption, this analysis reveals that it does not exert a statistically significant negative effect on behavioral intentions. Such a conclusion could reflect increasing user familiarity with digital financial services, enhanced security standards, and risk mitigation policies implemented by fintech providers, all contributing to a perceived normalization of financial risks in the digital payments ecosystem.
In contrast, performance risk—a user’s apprehension regarding the technology’s reliability and functionality—emerges as the predominant deterrent. Both PLS-SEM and fsQCA emphasize the negative impact of performance risk on adoption decisions. Users appear particularly sensitive to the fear of transaction errors, service downtime, and technological failures, factors that overshadow even security or legal concerns in shaping trust and acceptance. This underscores the critical necessity for fintech solutions to maintain robust performance metrics and minimize technical glitches to sustain user confidence and foster widespread adoption.
Interestingly, psychological risk paints a more ambivalent picture. While the structural modeling suggests an insignificant direct effect on adoption, fsQCA configurations reveal that lower levels of psychological risk—such as anxiety or frustration related to unfamiliar technology—do contribute positively when combined with other conditions. This indicates that psychological risk is a contextual influencer rather than an independent predictor, with its impact modulated by accompanying factors like social support or utilitarian benefits. Increasing consumer digital literacy and fintech exposure likely diminish psychological apprehensions over time, suggesting that ongoing user education and intuitive interface design remain valuable strategies.
Similarly, social risk—the worry of social judgment or disapproval—does not significantly deter adoption individually. Yet, its absence often coincides with high adoption pathways identified through fsQCA, implying that minimizing social risk helps create supportive environments where users feel free to engage with fintech. The normalization of digital payments within many societies appears to mitigate fears of social sanction, facilitating smoother adoption trajectories.
Time risk, encapsulating concerns over delays and transaction inefficiency, stands out as a notable barrier with substantial negative impact. Both analytical lenses indicate that users highly value promptness and reliability in fintech transactions and that perceived time wastage erodes trust and satisfaction. This aligns well with technology acceptance theories emphasizing perceived ease of use, positioning time risk mitigation as a key focus area for developers striving to enhance user experiences and accelerate adoption rates.
Security and legal risks, while often cited as major obstacles elsewhere, surprisingly show weak or negligible direct influence in this context. The research posits that robust regulatory frameworks, technological safeguards, and transparent privacy protocols may have instilled sufficient confidence among users, thus dampening fears related to data breaches or legal uncertainties. Nevertheless, the persistent, albeit peripheral, presence of these risks in some configurations signals that fintech firms should maintain vigilance in communication and compliance to uphold user trust.
From a theoretical standpoint, this study makes significant contributions by integrating perceived value and risk theories in a unified framework, thereby transcending prior models that often emphasized enablers while neglecting deterrents. The combined explanatory power attained (~46% of variance in adoption behavior) demonstrates the efficacy of this integrated approach in capturing the multifaceted nature of fintech adoption decisions. Furthermore, empirical validation of granular value and risk dimensions refines the academic discourse, challenging existing paradigms and encouraging a more holistic view of user behavior.
Methodologically, the adoption of both symmetric (PLS-SEM) and asymmetric (fsQCA) analytical techniques provides a robust platform for interrogating complex causality. While PLS-SEM elucidates the overall net effects of various constructs, fsQCA uncovers distinct causal recipes—configurations of antecedents that produce specific outcomes—that might elude traditional models. This dual approach enhances theoretical richness and opens avenues for nuanced, context-sensitive interpretations of user adoption patterns.
The practical implications flowing from these findings are substantial for the fintech industry. Emphasizing utilitarian value through features like real-time financial management tools, instantaneous transaction feedback, and reliable infrastructure directly addresses core user priorities. Moreover, embedding social engagement functionalities and leveraging peer influence tap into the social dynamics proven to enhance uptake. Addressing performance and time risks through technical optimization and streamlined user interfaces can alleviate user concerns, removing prominent adoption barriers. Marketing efforts should pivot away from hedonic appeals toward emphasizing practical benefits, resonating with users’ functional motivations. Lastly, transparent communication regarding security and regulatory compliance remains essential to sustain trust, even if these factors now wield less influence than traditionally believed.
In synthesizing these insights, the study paints a comprehensive, empirically grounded picture of the evolving factors shaping mobile fintech adoption. Rather than a simplistic cost-benefit analysis, user decisions emerge as nuanced outcomes of multiple interrelated conditions, balancing pragmatic functionalities, social contexts, and risk perceptions. These findings carry profound significance for academics aiming to deepen theoretical understanding and for fintech innovators aspiring to craft products and strategies that truly align with consumer needs and behaviors in the digital financial era.
This research signals a paradigm shift whereby fintech adoption transcends mere technological enablers, inviting a holistic examination of value-risk dynamics calibrated to an increasingly sophisticated and digitally immersed user base. As mobile fintech continues to integrate deeper into global financial ecosystems, capturing this complexity via complementary methodological lenses not only enriches knowledge but also holds promise for more effective, user-centered innovation. The ongoing dialogue between empirical rigor and practical applicability effectively bridges academic advances with industry evolution, charting fertile ground for future investigation into the nuanced terrains of digital finance adoption.
Subject of Research:
Analysis of factors influencing mobile fintech adoption through an integrated perceived value and perceived risk framework.
Article Title:
Analysis of mobile fintech adoption based on perceived value and risk theory: findings from PLS-SEM and fsQCA.
Article References:
Wei, N., Liang, Y., Wang, H. et al. Analysis of mobile fintech adoption based on perceived value and risk theory: findings from PLS-SEM and fsQCA.
Humanit Soc Sci Commun 12, 973 (2025). https://doi.org/10.1057/s41599-025-05142-x
Image Credits: AI Generated
