Saleem, Muhammad e al.
A icle
Beha io al in en ion o adop FinTech se ices: A
compa a i e s udy be ween digi al immig an s and digi al
na i es in Pakis an
Pakis an Jou nal o Comme ce and Social Sciences (PJCSS)
P o ided in Coope a ion wi h:
Joha Educa ion Socie y, Pakis an (JESPK)
Sugges ed Ci a ion: Saleem, Muhammad e al. (2025) : Beha io al in en ion o adop FinTech se ices:
A compa a i e s udy be ween digi al immig an s and digi al na i es in Pakis an, Pakis an Jou nal o
Comme ce and Social Sciences (PJCSS), ISSN 2309-8619, Joha Educa ion Socie y, Pakis an (JESPK),
Laho e, Vol. 19, Iss. 2, pp. 279-306
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Pakis an Jou nal o Comme ce and Social Sciences
2025, Vol. 19(2), 279-306
Pak J Comme Soc Sci
Beha io al In en ion o Adop FinTech Se ices:
A Compa a i e S udy Be ween Digi al Immig an s
and Digi al Na i es in Pakis an
Muhammad Saleem1,2*, Haliyana Khalid1, Haneen Mohammad Shoaib3
Faisal Mohammed Almaslukh1, Ayesh Wijenayake4, Asim Nasa 1
1 Azman Hashim In e na ional Business School, Uni e si i Teknologi Malaysia, Kuala
Lumpu , Malaysia
2 ALFA Uni e si y College, Kuala Lumpu , Malaysia
3 College o Business Adminis a ion, Uni e si y o Business and Technology, Jeddah,
Kingdom o Saudi A abia
4 Facul y o Managemen , Law and Social Sciences, Uni e si y o B ad o d, Uni ed Kingdom
*Co esponding au ho : [email p o ec ed]
A icle His o y
Recei ed: 13 Ap 2025
Re ised: 29 June 2025
Accep ed: 30 June 2025
Published: 30 June 2025
Abs ac
This s udy aims o in es iga e he key ac o s in luencing he adop ion o inancial
echnology among digi al immig an s and na i es by ex ending he di usion o inno a ion
heo y. A con enience sampling echnique was employed o collec da a om 160 digi al
immig an s and 193 digi al na i es, esul ing in a o al o 353 esponses. A s uc u al
equa ion modelling app oach was employed o conduc a mul ig oup analysis compa ing
he esponses o digi al immig an s and digi al na i es using Sma PLS so wa e. This
s udy e eals signi ican ela ionships be ween ela i e ad an age, complexi y,
compa ibili y, us , da a secu i y, and in en ion o adop FinTech se ices. Mo eo e , his
s udy emphasizes he impo ance o add essing da a secu i y conce ns and ensu ing
compa ibili y wi h exis ing inancial sys ems o os e us and acili a e he adop ion o
FinTech. No ably, he p esen esea ch holds impo an implica ions o s akeholde s,
including academia, he inancial indus y, and policymake s, in o ming mode n s a egies
o p omo e inancial inclusion by a ge ing all age g oups o use s in his digi al inancial
landscape.
Keywo ds: FinTech, digi al immig an s, digi al na i e, in en ion, di usion o inno a ion
(DOI) heo y, in en ion o adop in ech, us , da a secu i y.
Beha io al In en ion o Adop FinTech Se ices
280
1. In oduc ion
In his cu en e olu ion o he digi al economy, he Financial Technology (FinTech)
indus y is conside ed a undamen al enable o economic de elopmen aligning wi h he
Sus ainable De elopmen Goal (SDG) 8, “Decen Wo k and Economic G ow h” and SDG
9, “Indus y, Inno a ion, and In as uc u e” o Uni ed Na ions (Pauliuke ičienė and
S anke ičienė, 2022). No ably, ecen empi ical s udies on inancial se ices ha e
conside ed FinTech se ices as echnology-d i en inno a ions, os e ing economic
de elopmen (Abbas e al., 2024), job c ea ion (Ayimah e al., 2024), and enhancing he
e ec i eness o a coun y's iscal and mone a y policies (Khan e al., 2023). By le e aging
digi al echnology-d i en applica ions wi hin he FinTech indus y, including mobile
banking, blockchain, Apple Pay, and Google Pay, us wo hy and secu e inancial se ices
a e being o e ed o indi iduals and o ganiza ions (Rabaa'I, 2023; Alalwan e al., 2024). In
his ega d, Aloulou e al. (2024) highligh ed ha he adop ion o FinTech se ices
wo ldwide has led o ex ensi e economic g ow h ac oss a ious egions and demog aphics.
Recen ly, S a is a epo ed ha he global FinTech indus y gene a ed USD 340.10 billion
in 2024 (S a is a, 2024). Likewise, he numbe o FinTech se ice use s wo ldwide has
been s eadily inc easing compa ed o adi ional banking sys ems (Esawe, 2022).
Howe e , conside ing he cu en ise in cybe c imes, phishing a acks, and debi /c edi
ca d hacking, among o he h ea s, he momen um behind implemen ing FinTech se ices
among use s is undeniable. Thus, unde s anding he di e en impe a i e implica ion
pa e ns be ween a ious age g oups, i.e., digi al immig an s and digi al na i es, is c ucial
o FinTech companies o o mula e s a egies o inclusi e and sus ainable ecosys ems,
especially in de eloping na ions. Digi al na i es a e indi iduals bo n and aised du ing he
digi al e a, o en cha ac e ized by hei amilia i y and ease wi h echnology (Ho mann e
al., 2014). Thus, digi al immig an s a e indi iduals who we e in oduced o digi al
echnology la e in li e (Au y J & Be ge, 2011). On he o he hand, unde s anding he
impe a i e adop ion pa e ns o digi al immig an s and digi al na i es is c ucial o FinTech
companies o o mula e s a egies o inclusi e and sus ainable ecosys ems, especially in
de eloping na ions like Pakis an. In his iew, Zhang e al. (2023) no ed ha he e is a lack
o empi ical s udies examining he beha io al in en ion o indi iduals o adop FinTech
se ices in Pakis an. To make FinTech se ices amilia and easy o use in Pakis an, he
S a e Bank o Pakis an (SBP) es ablished Facili a ion Desk Se ices (FDS) o FinTech
companies, which aim o unde s and and expand FinTech se ices in u al and u ban a eas
o he coun y. Despi e his e olu iona y echnological p og ess, he adop ion o FinTech
se ices emains complex and insecu e, pa icula ly o digi al na i es ( hose bo n in o he
digi al e a) and digi al immig an s ( hose who adop ed echnology la e in li e). Despi e he
g owing popula i y o FinTech se ices wo ldwide, signi ican p ac ical and heo e ical
gaps emain in ou unde s anding o he c i ical ac o s in luencing he adop ion o FinTech
se ices among digi al na i es and digi al immig an s. On he o he hand, Appiah and
Agblewo nu (2025) no ed ha “e en in ad anced economies, lack o p ope egula ion has
been iden i ied as a majo ba ie o Fin ech adop ion” (p.2).
Saleem e al
281
Theo e ically, p e ious empi ical s udies (e.g., Chan e al. (2022); Laksamana e al. (2023);
Zhang e al. (2023)) applied and examined he indi iduals’ beha io al in en ion o adop
FinTech se ices employing he Technology Accep ance Model (TAM). Limi ed exis ing
s udies ha e ex ended and applied he Di usion o Inno a ions (DOI) heo y o in es iga e
he in luence o us and da a secu i y on he in en ion o adop FinTech se ices. In
con as wi h p e ious empi ical esea ch, his s udy seeks o add ess he abo emen ioned
gaps by shedding ligh on he de e minan s o FinTech adop ion among digi al na i es and
digi al immig an s by aligning wi h he dimensions o he DOI heo y (i.e., ela i e
ad an ages, complexi y, and compu abili y) by ex ending wi h he wo ex e nal a iables
(i.e., us and da a secu i y). Despi e he widesp ead p esence o FinTech se ices
wo ldwide, he e is a no able lack o empi ical s udies examining he ela ionship be ween
he adop ion o FinTech se ices and us and da a secu i y. No ably, Jena (2025) s a ed
ha “issues such as insu icien digi al li e acy, lack o ai h in digi al pla o ms, and
inadequa e in as uc u e equen ly obs uc he implemen a ion o hese echnologies”
(p.6). The abo e-men ioned gap in he li e a u e lea es nume ous media ing ela ionships
be ween ac ual DOI heo y dimensions and in en ion o adop FinTech se ices unexplo ed.
By inco po a ing us and da a secu i y as media ing a iables, he ex ended DOI heo y
p o ides a obus heo e ical ounda ion o he adop ion o FinTech se ices among bo h
digi al immig an s and digi al na i es. The e o e, a lack o secu i y measu es and us
among digi al na i es and immig an s can igo ously damage use s’ in en ions, ul ima ely
de e ing hei adop ion o FinTech se ices.
The e o e, he p esen s udy con ibu es o he li e a u e by adding new knowledge and
es ablishing ac ionable insigh s o he inancial se ices indus y, public and p i a e
inancial policy-making bodies, and s akeholde s ac oss academia. Ul ima ely, by
un a elling he complexi ies o FinTech adop ion, his s udy ad ances ou knowledge and
p omo es inclusi e and sus ainable FinTech ecosys ems.
This pape is s uc u ed in o i e sec ions. The heo e ical unde pinnings and hypo heses
de elopmen a e ou lined in Sec ion 2. The hi d sec ion demons a es he esea ch me hod,
demog aphic cha ac e is ics, and eliabili y and alidi y o he measu emen o i ems. The
ou h and i h sec ions p o ide he hypo heses es ing, discussion, conclusion, limi a ions,
and u u e esea ch agenda.
2. Li e a u e Re iew and Theo e ical Founda ion
2.1 A Comp ehensi e Re iew o FinTech Se ices in Pakis an
The i s FinTech se ice in Pakis an, Easypaisa, was in oduced in 2009 by Teleno , a
elecom company. Ini ially, he company o e ed only money ans e and collec ion
se ices (Mus a a, 2015). Cu en ly, he company p o ides a wide ange o se ices,
including cash deposi s and wi hd awals, ans e s, online shopping, u ili y bill paymen s,
and insu ance plans (Mi he, 2015). Howe e , FinTech companies ha e e olu ionized
Beha io al In en ion o Adop FinTech Se ices
282
Pakis an’s digi al inancial landscape, o e ing inno a i e and secu e solu ions ha
enhance he consume s’ accessibili y, a o dabili y, and e iciency o a comp ehensi e
ange o inancial se ices (Ali e al., 2021). In Pakis an, se e al FinTech companies,
including NayaPay, SadaPay, Mobilink Mic o inance Bank, and TAG, o e i ual bank
accoun se ices ha enable use s o ans e money and ecei e bills digi ally. Howe e ,
due o he us and lack o echnological awa eness among use s, o e 80% o inancial
se ices a e s ill pe o med using adi ional banking sys ems (Kap onasia, 2024), a no ably
low pe cen age compa ed o o he de eloping coun ies. Acco ding o a su ey by Fo bes,
only 23% o he o al popula ion in Pakis an possesses basic inancial li e acy (Fo bes,
2023). Unde sco ing he inancial li e acy scale in Pakis an, a Wo ld Bank epo (2016)
iden i ied ha 100 million adul s in Pakis an a e s ill unawa e o egula ed digi al inancial
se ices, ep esen ing 5% o he global unbanked popula ion. Go e nmen agencies like
he SBP and “The Secu i ies and Exchange Commission o Pakis an” (SECP) ha e been
ins umen al in os e ing a conduci e egula o y en i onmen o inancial companies,
which has con ibu ed o a su ge in digi al paymen s, wi h ansac ions g owing o e 30%
annually and mobile walle use s exceeding 50 million in a popula ion o 245 million
(Ka andaaz, 2021). In addi ion, a ecen epo by Ka andaaz s a ed ha he ma ke sha e
o he FinTech indus y in Pakis an is es ima ed o each USD36 billion by he end o 2024,
which will gene a e ou million new jobs and con ibu e 7% o he coun y's o e all GDP,
s epping owa ds he achie emen o SDG8 and SDG 9 (Ka andaaz, 2021). Addi ionally,
Digi 's epo o ecas s ha by he end o 2024, mo e han 45% o Pakis an's popula ion
will ha e adop ed digi al banking se ices (Digi , 2024). Mo e ecen ly, Da az’s ‘DigiPay’
in oduced he ‘Buy Now, Pay La e ’ (BNPL) in e es - ee ins almen model, which has
apidly become popula among Pakis ani consume s. Addi ionally, SBP acili a es local
FinTech companies in collabo a ing wi h in e na ional digi al paymen ga eways, such as
PayPal, Payonee , and Wise, which ha e expe ienced a 47% inc ease in digi al ansac ions
(Digi , 2024).
2.2 FinTech Se ices
FinTech is de ined as he digi aliza ion o echnology-enabled p ocess o inance solu ions.
Acco ding o Laksamana e al. (2023), FinTech has unde gone h ee dis inc s ages o
e olu ion, ans o ming he inancial se ices indus y. In he i s s age (1866-1967),
eleg aphs and ansa lan ic cables acili a ed he apid ans e o inancial and paymen
in o ma ion. In he second phase (1967-2008), he u iliza ion o In o ma ion Technology
(IT) enabled con en ional inancial ins i u ions o expand hei se ices and p oduc s
h ough online banking, Au oma ed Telle Machines (ATMs), elec onic paymen s, and
clea ing sys ems. In he hi d s age (2008-p esen ), ad anced echnology has enabled new
en an s o p o ide di ec , non-in e media ed inancial se ices o cus ome s, in ensi ying
compe i ion o inancial ins i u ions. No ably, se e al p io empi ical s udies ha e
highligh ed ha FinTech is a as -g owing indus y o e ing a wide ange o applica ions,
including ma ke place inancing, mobile paymen sys ems, and c yp ocu encies (Hu e al.,
2019; Chaudh y e al., 2022; Qi e al., 2024). Rela i ely ad anced applica ions o FinTech
Saleem e al
283
se ices a e success ully building us among use s o all ages h ough eliable se ices,
appa en communica ion, and adhe ence o da a p o ec ion egula ions (Koloseni and
Manda i, 2024). Such ac o s unde pin solid us among FinTech se ice use s, add essing
conce ns abou po en ial cybe h ea s and da a b eaches. Acco dingly, S ewa and Jü jens
(2018) highligh ha FinTech p o ide s mus implemen obus secu i y measu es, such as
enc yp ion and egula audi s, o eassu e use s and mi iga e isks. Mo eo e , ela i e
ad an ages, such as cos -e ec i eness, con enience, and enhanced unc ionali y, make
FinTech mo e appealing o use s in e ms o us (Aloulou e al., 2024). The e o e, he
indings on FinTech se ices om ecen empi ical s udies a e p esen ed in Table 1.
Table 1: Recen Empi ical S udies on Fin ech
Au ho (s)/S udy
Objec i es, Me hod, and
Region
Findings
S ewa and Jü jens
(2018)
Using he Technology
Accep ance Model, an
empi ical analysis echnique
was employed o examine he
in luence o us , da a
secu i y, and use in e ace
design on he adop ion o
FinTech in Ge many.
Findings e eal ha cus ome
us , da a secu i y, and use
in e ace design ha e a
signi ican impac on FinTech
adop ion, despi e he low
adop ion a e among mobile
use s.
Hu e al. (2019)
An ex ended echnology
accep ance model was
employed o in es iga e he
impac o use
inno a i eness, go e nmen
suppo , b and image, and
pe cei ed isk on us and
subsequen use a i udes
owa d adop ing Fin ech
se ices in China.
The indings highligh he
c i ical ole o us in shaping
use s' a i udes owa d adop ing
Fin ech se ices, unde sco ing
us as a key de e minan in he
ex ended TAM. No ably, he
s udy e eals ha pe cei ed
ease o use and pe cei ed isk
do no signi ican ly in luence
a i udes owa d adop ion,
challenging con en ional
assump ions in he o iginal TAM.
Zhang e al. (2023)
The s udy aims o
empi ically examine he
impac o pe cei ed ease o
use, da a secu i y, and
pe cei ed use ulness on he
Pe cei ed ease o use, da a
secu i y, use ulness, and us
d i e FinTech adop ion, while
FinTech p omo ion has a
Beha io al In en ion o Adop FinTech Se ices
284
Au ho (s)/S udy
Objec i es, Me hod, and
Region
Findings
adop ion in en ion o Fin ech
se ices h ough cus ome
us and Fin ech p omo ion
in comme cial banks o
Pakis an using he TAM
minimal impac on us and
use ulness.
Saadah and
Se iawan (2024)
A con enience sampling
echnique was employed in
his quan i a i e esea ch o
explo e he ac o s
in luencing small and
medium-sized en e p ises’
us and in en ion o
con inue using FinTech in
Indonesia.
Con enience and economic
bene i s signi ican ly in luence
pe cei ed bene i s.
Addi ionally, he pe cei ed
bene i s ha e a signi ican
posi i e impac , while he
pe cei ed isks indica e a
signi ican nega i e impac on
us . Likewise, he indi iduals’
in en ion o con inue using
in ech is e ealed by us .
Qi e al. (2024)
Employed a quan i a i e
esea ch app oach o examine
he impac o he ex ended
pos -accep ance model
ac o s, such as inancial
capabili y, pe cei ed
secu i y, use ulness, in ech
p o iciency, and in es men
isk ole ance, on FinTech
use in he USA.
Financial capabili y,
echnological p o iciency,
in es men isk ole ance, and
use ulness d i e FinTech
adop ion, wi h inancial li e acy
boos ing sa e y and us .
Aloulou e al.
(2024)
Quan i a i e esea ch was
employed o explo e
consume s’ a ou able
a i udes and adop ion o
FinTech echnology, as well
as i s impac on he
pe o mance o he banking
sec o in he UAE.
The esul s highligh ha he
adop ion o FinTech
subs an ially in luenced he
banking indus y's pe o mance
du ing he COVID-19
pandemic.
Saleem e al
285
2.3 Di usion o Inno a ion (DOI) Theo y
The DOI heo y explains how exci ing se ices and/o echnologies a e dis ibu ed wi hin
a social sys em (Koloseni and Manda i, 2024). This heo y in ol es key a iables such as
ela i e ad an ages, complexi y, and compa ibili y, which signi ican ly p ede e mine
indi iduals' adop ion beha io owa ds new se ices and/o echnologies (MacVaugh and
Schia one, 2010; Ali e al., 2019). Howe e , DOI heo y emphasizes he signi icance o
speci ic echnology adop ion p ac ices (Sob i, 2019). Howe e , p io s udies ha e
elabo a ed on pe cei ed compa ibili y as he mos signi ican a iable in DOI heo y,
de ined as he deg ee o which consume s ely on new echnologies (Koloseni and Manda i,
2024), pa icula ly when he echnology is unp edic able in ela ion o exis ing use needs,
expe iences, and alues (Saleem e al., 2025). The DOI heo y could be ex ended using
se e al echnology-speci ic cons uc s (i.e., consume awa eness and eligiosi y) ha play
essen ial oles in de eloping a s ong adop ion in en ion among indi iduals (Ali e al.,
2019). The e o e, he p esen s udy ex ends he DOI heo y by inco po a ing us and da a
secu i y a iables, which ha e no been p e iously applied o in es iga e he in en ion o
adop FinTech se ices among digi al immig an s and digi al na i es. T us is c ucial in
shaping indi iduals’ willingness o emb ace new and exis ing se ices o echnologies,
in luencing hei pe cep ions o eliabili y (Saadah and Se iawan, 2024). On he o he hand,
da a secu i y p o ed essen ial in sa egua ding consume s’ pe sonal in o ma ion while using
new and/o exis ing se ices o echnologies (Ca los Roca e al., 2009). T us and da a
secu i y o ex ended DOI heo y accoun o consume s' sensi i i y o cybe secu i y h ea s
while using FinTech se ices. An empi ical s udy by Sun e al. (2024) highligh ed how
new and exis ing echnologies con ibu e o building us wo hiness among indi iduals,
encou aging hem o adop FinTech se ices o mee hei inancial needs. The e o e, based
on he abo e c i ical discussions and a gumen s, his s udy o mula ed a concep ual
amewo k, p esen ed in Figu e 1, o de ine he in en ion o digi al immig an s and digi al
na i es o adop FinTech se ices using he ex ended DOI heo y.
3. Hypo hesis De elopmen
3.1 Rela i e Ad an age
“A ela i e ad an age is he le el o which people assume ha he new inno a ion is be e
han he old adi ional one” (Al-Rahmi e al., 2019, p. 26799). Nume ous empi ical s udies
in es iga ed he impac o ela i e ad an ages on us and da a secu i y. Fo example,
Koloseni and Manda i (2024) ound ha ela i e ad an ages ha e a signi ican and posi i e
impac on us and in en ion o adop digi al paymen se ices. This inding aligns wi h a
p e ious s udy by Wong e al. (2024), which ound ha he ela i e ad an ages
signi ican ly in luence consume s’ us in online shopping. Ano he su ey by Aloulou e
al. (2024) examined he ela i e ad an ages as an essen ial ac o o he DOI heo y, which
suppo s p edic ing use s’ us in FinTech se ices. This means ha indi iduals who
belie e FinTech se ices may us wo hy and secu e a e mo e likely o adop hem.
Beha io al In en ion o Adop FinTech Se ices
286
The e o e, limi ed s udies ha e explo ed he di ec link be ween ela i e ad an ages, us ,
and da a secu i y conce ns o digi al immig an s and digi al na i es. To b idge he
a o emen ioned esea ch gap, his s udy o mula ed he ollowing hypo heses.
➢ H1: Rela i e ad an age has a signi ican posi i e impac on us .
➢ H2: Rela i e ad an age has a signi ican posi i e impac on da a secu i y.
3.2 Complexi y
Complexi y de ines he indi idual’s pe cei ed e o needed o lea n and use he
echnology (Tan and Teo, 2000). I e o s o use echnology a e excessi ely challenging,
i may ha e an insigni ican impac on building use ina en ion (Lopez and Tucke , 2017).
Exis ing empi ical s udies exhibi ed ha he complexi y o using FinTech se ices may
pose hu dles o es ablishing solid us and da a secu i y among use s. Fo ins ance, a ecen
empi ical s udy by Qi e al. (2024) sugges ed ha he complexi y o FinTech se ices has
an insigni ican impac on use s’ us and da a secu i y conce ns. Simila ly, Chaudh y e
al. (2022) emphasized ha he high complexi y o new and/o exis ing echnologies may
make use s eel less con iden in hei abili y o pe o m pe sonal asks, ul ima ely
maximizing isk ac o s. In his iew, Laksamana e al. (2023) ound ha use - iendly
FinTech applica ions ha e a signi ican impac on use s' us and pe cep ions o da a
secu i y. Minimizing complexi y in he use o FinTech applica ions may enhance use s’
pe cep ions o us and da a secu i y. Use s a e mo e likely o adop FinTech se ices i
hey us he applica ion and belie e hei pe sonal and inancial da a is secu e (S ewa
and Jü jens, 2018). The e o e, o b idge his empi ical gap, we o mula ed he ollowing
hypo heses.
➢ H3: Complexi y has a signi ican posi i e impac on us .
➢ H4: Complexi y has a signi ican posi i e impac on da a secu i y.
3.3 Compa ibili y
“Pe cei ed compa ibili y e e s o he deg ee o which an inno a ion is pe cei ed as
consis en wi h he alues, needs, and pas expe iences o po en ial use s” (Rabaa'I, 2023,
p.13). Indi iduals who pe cei e a high le el o compa ibili y a e mo e likely o us digi al
paymen applica ions and eel ha hei pe sonal and inancial da a is secu e while
pe o ming inancial ansac ions using FinTech se ices (Chan e al., 2022). Fo example,
Nguyen e al. (2022) examined he use s' beha io al in en ion o adop online paymen
se ices in Vie nam and con i med ha us and da a secu i y isks a e he undamen al
de e minan s o consume s’ in en ion o adop FinTech se ices. Acco dingly, ano he
empi ical s udy by Ca los Roca e al., 2009) ound ha e o expec ancy mi iga es
pe cei ed isk and us in Aus alia, Singh e al. (2020) no ed ha consume s who pe cei e
online banking as compa ible wi h hei inancial alues and needs a e likely o us and
pe cei e i as a secu e inancial se ice, ul ima ely impac ing hei adop ion in en ion in
India. Thus, his s udy o mula ed he ollowing hypo heses o b idge he abo e-men ioned
empi ical gaps.
Saleem e al
293
Addi ionally, Table 4 p esen s he disc iminan alidi y (Fo nell-La cke c i e ion) o he
a iables, which alida es whe he a a iable is s ongly co ela ed wi h i s indica o s han
o he a iables (Ab Hamid e al., 2017). Thus, he diagonal alues o he disc iminan
alidi y p esen he squa e oo o he AVE o each a iable, while he o -diagonal
elemen s ep esen he associa ion be ween a iables (Hensele e al., 2015). The esul s
indica e ha each cons uc mee s he c i e ion o disc iminan alidi y.
Table 4: Disc iminan Validi y (Fo nell-La cke C i e ion)
Cons uc s
1
2
3
4
5
6
Compa ibili y (1)
0.693
Complexi y (2)
0.498
0.741
Da a Secu i y (3)
0.582
0.608
0.598
In en ion o adop Fin ech (4)
0.440
0.538
0.426
0.864
Rela i e Ad an age (5)
0.510
0.548
0.446
0.612
0.817
T us (6)
0.431
0.530
0.524
0.750
0.493
0.692
5.3 Hypo heses Tes ing
The pa h coe icien s in Table 5 and Figu e 2 illus a e he ela ionships among a ious
cons uc s and he in en ion o adop Fin ech ac oss di e en g oups ( ull sample, digi al
immig an s, and digi al na i es). The esul s show ha ela i e ad an age signi ican ly
in luences us wi h coe icien s o (0.492) o he ull sample, (0.427) o digi al
immig an s, and (0.574) o digi al na i es, suppo ing H1. Simila ly, ela i e ad an age
posi i ely a ec s da a secu i y wi h coe icien s o (0.283), (0.255), and (0.316),
espec i ely, suppo ing H2. Complexi y is ano he signi ican ac o , posi i ely impac ing
us (0.351), (0.332), and (0.392), as well as da a secu i y (0.556), (0.521), and (0.565),
he eby suppo ing H3 and H4. The in luence o compa ibili y on us (0.312), (0.237),
and (0.339) and da a secu i y (0.304), (0.281), and (0.368) is also con i med, suppo ing
H5 and H6. T us is a c ucial de e minan o he in en ion o adop FinTech se ices, wi h
s ong coe icien s o (0.486), (0.398), and (0.512), suppo ing H7. The indi ec e ec s o
ela i e ad an age, compa ibili y, and complexi y on he in en ion o adop Fin ech h ough
us a e also signi ican , wi h pa h coe icien s suppo ing H8 (0.459, 0.442, and 0.522),
H9 (0.357, 0.332, and 0.462), and H10 (0.398, 0.356, and 0.411). Da a secu i y also
signi ican ly in luences he in en ion o adop Fin ech, wi h coe icien s o 0.522, 0.469,
and 0.575, suppo ing H11. Addi ionally, he indi ec e ec s o ela i e ad an age,
compa ibili y, and complexi y on he in en ion o adop Fin ech h ough da a secu i y a e
con i med wi h pa h coe icien s suppo ing H12 (0.393, 0.362, and 0.414), H13 (0.293,
0.258, and 0.306), and H14 (0.411, 0.337, and 0.449). All p oposed hypo heses (H1 o
H14) a e suppo ed ac oss he ull sample, as well as among digi al immig an s and digi al
Beha io al In en ion o Adop FinTech Se ices
294
na i es. The abo e men ioned inding highligh s he impo ance o add essing da a secu i y
issues o encou age FinTech adop ion, pa icula ly among digi al na i es.
Table 5: Pa h Coe icien s (Full Sample)
No e: *p < 0.05; **p < 0.01; ***p < 0.001
Pa hs
β
(Full
Sample)
β
(Digi al
Immig an s
Sample)
β
(Digi al
Na i es
Sample)
Resul s
Rela i e Ad an age → T us
0.492***
0.427**
0.574***
H1 is
suppo ed
Rela i e Ad an age → Da a Secu i y
0.283**
0.255***
0.316***
H2 is
suppo ed
Complexi y → T us
0.351***
0.332***
0.392**
H3 is
suppo ed
Complexi y → Da a Secu i y
0.556***
0.521*
0.565***
H4 is
suppo ed
Compa ibili y → T us
0.312***
0.237***
0.339*
H5 is
suppo ed
Compa ibili y → Da a Secu i y
0.304*
0.281**
0.368***
H6 is
suppo ed
T us → In en ion o adop Fin ech
0.486***
0.398***
0.512***
H7 is
suppo ed
Rela i e Ad an age → T us → In en ion o
Adop Fin ech
0.459**
0.442**
0.522**
H8 is
suppo ed
Compa ibili y → T us → In en ion o adop
Fin ech
0.357***
0.332***
0.462***
H9 is
suppo ed
Complexi y → T us → In en ion o adop
Fin ech
0.398*
0.356***
0.411***
H10 is
suppo ed
Da a Secu i y → In en ion o adop Fin ech
0.522***
0.469**
0.575**
H11 is
suppo ed
Rela i e Ad an age → Da a Secu i y,
In en ion o adop Fin ech
0.393**
0.362***
0.414***
H12 is
suppo ed
Compa ibili y → Da a Secu i y → In en ion
o adop Fin ech
0.293***
0.258*
0.306**
H13 is
suppo ed
Complexi y → Da a Secu i y → In en ion o
adop Fin ech
0.411***
0.337***
0.449***
H14 is
suppo ed
Saleem e al
295
Figu e 2. S uc u al Model (Full Sample)
5.4 Mul ig oup Analysis
The mul ig oup analysis compa ing digi al immig an s and digi al na i es e eals
in iguing insigh s in o hei pe cep ions ega ding he ela ionships among key cons uc s
and he in en ion o adop FinTech se ices, as shown in Table 6 and Figu es 3 and 4. While
H1, H4, H5, and H6 sugges ha no signi ican di e ences exis be ween digi al
immig an s and digi al na i es in hei pe cep ions o he ela ionships be ween ela i e
ad an age, compa ibili y, complexi y, us , and da a secu i y, espec i ely, a e upheld.
This implies a consis en pe cep ion ega ding hese ela ionships ac oss bo h g oups.
Howe e , signi ican di e ences a e obse ed when discussing H2, H3, and H7. While H2
indica es a signi ican di e ence be ween digi al immig an s and digi al na i es in hei
pe cep ions o he ela ionship be ween ela i e ad an age and da a secu i y, H3 sugges s
Beha io al In en ion o Adop FinTech Se ices
296
a ying pe cep ions ega ding he compa ibili y- us dynamic. H7 highligh s ha digi al
na i es may be mo e s ongly in luenced by us in hei decisions o adop FinTech
compa ed o digi al immig an s.
Mo eo e , a signi ican di e ence was ou lined in he ela ionship be ween da a secu i y
and he in en ion o adop FinTech se ices (H11), indica ing ha digi al na i es may
pe cei e da a secu i y conce ns as mo e in luen ial in hei FinTech adop ion decisions
compa ed o digi al immig an s. O e all, while bo h digi al na i es and digi al immig an s
sha e commonali ies in hei pe cep ions o ce ain ela ionships, such as hose be ween
ela i e ad an age, compa ibili y, complexi y, us , and da a secu i y, e ealed di e ences
eme ge, pa icula ly conce ning he in luence o us and da a secu i y on he in en ion o
adop FinTech se ices. These indings sugges conside ing demog aphic di e ences when
designing s a egies o encou age FinTech adop ion among di e se use g oups.
Table 6: Mul ig oup Analysis
No e: *p < 0.05; **p < 0.01; ***p < 0.001.
Pa hs
Di e ence
(Digi al
Na i es -
Digi al
Immig an s)
1- ailed
(Digi al
Na i es s
Digi al
Immig an s)
p- alue
2- ailed
(Digi al
Na i es s
Digi al
Immig an s)
p- alue
Resul s
Rela i e Ad an age → T us
0.147
0.033
0.066
H1 no
di e ence
Rela i e Ad an age → Da a
Secu i y
0.061
0.623
0.003
H2
di e ence
Compa ibili y → T us
0.060
0.211
0.001
H3
di e ence
Compa ibili y → Da a Secu i y
0.044
0.814
0.372
H4 no
di e ence
Complexi y → T us
0.102
0.630
0.740
H5 no
di e ence
Complexi y → Da a Secu i y
0.087
0.293
0.585
H6 no
di e ence
T us → In en ion o adop Fin ech
0.114
0.755
0.003
H7
di e ence
Da a Secu i y → In en ion o adop
Fin ech
0.080
0.144
0.000
H11
di e ence
Saleem e al
297
Figu e 3. S uc u al Model (Digi al Immig an s Sample)
The s uc u al model (Figu e 3) indica es ha da a secu i y and us a e c i ical cons uc s
in luencing he in en ion o adop FinTech se ices among digi al immig an s in Pakis an.
Fo ins ance, in en ion o adop Fin ech is signi ican ly and posi i ely in luenced by us
(0.398) and da a secu i y (0.469). The p esen s udy also alida ed ha us is signi ican ly
and posi i ely in luenced by ela i e ad an age (0.427), complexi y (0.332), and
compa ibili y (0.237), aligning wi h cons uc s om he DOI heo y. Hence, indings om
he p esen s udy sugges ha digi al immig an s end o i s belie e in he c edibili y o
FinTech pla o ms be o e ac ing on pe cei ed bene i s. This inding aligns wi h o he
empi ical s udies om de eloped na ions, such as he UK, whe e pe cei ed use ulness is
Beha io al In en ion o Adop FinTech Se ices
298
di ec ly linked o use in en ion (Slade e al., 2015). On he o he hand, da a secu i y is
signi ican ly and posi i ely in luenced by he ela i e ad an ages (0.255), complexi y
(0.521), and compu abili y (0.281). This pa adox unde sco es he impo ance o use -
iendly ye secu e designs o digi al immig an s, who may equa e complexi y wi h sa e y
bu s uggle wi h usabili y. Thus, compa ibili y also enhances da a secu i y, emphasizing
he impo ance o cul u al i , inancial li e acy, and pe cei ed ele ance, consis en wi h
indings om in-coun y s udies (Beckke e al., 2020). Compa a i e insigh s e eal ha
while digi al na i es espond mo e eadily o echnological ea u es, digi al immig an s
place a g ea e emphasis on us and ease o use. This highligh s he need o di e en ia ed
adop ion s a egies. Unlike coun ies wi h homogeneous digi al ma u i y, Pakis an’s
demog aphic and gene a ional di e si y necessi a es ailo ed communica ion, aining, and
in e ace design o b idge his adop ion gap.
Figu e 4. S uc u al Model (Digi al Na i es Sample)
Saleem e al
299
The p esen ed s uc u al model (Figu e 4) p o ides a obus explana ion o FinTech
adop ion beha io among digi al na i es, wi h an R² o 0.561 o In en ion o Adop
FinTech, indica ing ha o e 56% o he a iance in his beha io is explained by us and
da a secu i y. The model is g ounded in co e heo ies o echnology adop ion, including
DOI heo y. This analysis compa es he esul s wi h hose o ecen s udies om di e en
egions and heo e ical con ex s. T us and da a secu i y ha e a signi ican and posi i e
in luence on he in en ion o adop FinTech (0.512 and 0.575), which is consis en wi h he
DOI heo y. P e iously, he indings om he p io empi ical s udy aligned wi h hose o
he p esen s udy. Fo ins ance, Roh e al. (2024) indica e ha us has a signi ican and
posi i e impac on he beha io al in en ion o adop Fin ech in China. On he o he hand,
ela i e ad an ages ha e a signi ican and posi i e impac us (0.574) and da a secu i y
(0.316) indings om he p esen s udy suppo ed by he p e ious schola ly wo k in
Wes e n Eu ope (e.g., Laukkanen, 2021) ound ha ela i e ad an age plays a lesse ole
due o sa u a ion and amilia i y wi h digi al inancial se ices. Fu he mo e, complexi y
has a signi ican and posi i e impac on us (0.392) and da a secu i y (0.565). Hence,
complexi y signi ican ly con ibu es o he pe cep ion o da a secu i y among digi al na i es
ega ding FinTech se ices. Use s may associa e sophis ica ed o mul i-s ep p ocesses wi h
highe p o ec ion, a no ion echoed in Aji e al. (2021), who s udied Islamic FinTech in
Indonesia. Howe e , his pe cep ion can de e digi al immig an s, unde lining he need o
s eamlined ye secu e use in e aces. Compa ibili y has a signi ican and posi i e impac
on us (0.339) and da a secu i y (0.368), aligning wi h he indings o S ewa and Jü jens
(2018), who no ed ha pe cei ed di icul y in using FinTech sys ems discou ages adop ion.
This suppo s he DOI heo e ical p inciple ha inno a ions mus align wi h use s' exis ing
alues and expe iences.
6. Discussion and Conclusion
This pape con ibu es o he body o knowledge by ex ending he DOI heo y o
inco po a e use s’ us and da a secu i y cons uc s. P io s udies belie e ha he addi ional
cons uc s (i.e., us and da a secu i y) suppo iden i ying he an eceden s o digi al
immig an s' and digi al na i es' in en ion o adop FinTech se ices. Thus, de eloping us
and da a secu i y while using FinTech se ices is s ill challenging o inancial companies
(Zhang e al., 2023), as he use o FinTech se ices is s ill ques ionable in Pakis an. Due o
he lack o po en ial in o ma ion and awa eness on FinTech secu i y measu es, people in
Pakis an belie e ha he con en ional online and o line banking sys em is mo e
us wo hy and secu e (Ali e al., 2021), which aises he u gency and impo ance o he
p esen pape .
Howe e , based on he indings o he p esen s udy, ela i e ad an age, compa ibili y, and
complexi y play signi ican oles in shaping pe cep ions o us and da a secu i y, which,
in u n, in luence he in en ion o digi al immig an s and digi al na i es o adop FinTech
se ices. The indings a e suppo ed by exci ing s udies ha indica e he impo ance o
ela i e ad an ages, compa ibili y wi h exis ing sys ems, and he complexi y o using new
Beha io al In en ion o Adop FinTech Se ices
300
se ices (Widyan o e al., 2022; Shoaib and Saleem, 2023). Mo eo e , he p esen s udy's
indings sugges ed ha digi al na i es and digi al immig an s sha e simila pe cep ions
ega ding he ela ionships be ween ela i e ad an age, compa ibili y, complexi y, us ,
and da a secu i y. Digi al na i es end o exhibi highe associa ions be ween us and he
in en ion o adop Fin ech han digi al immig an s in Pakis an. This sugges s ha us may
play a mo e c ucial ole in Fin ech adop ion decisions among digi al na i es, possibly due
o hei highe amilia i y and com o wi h digi al echnologies. This aligns wi h he
indings o Saadah and Se iawan (2024) and Se iawan e al. (2024).
Fu he mo e, he p esen s udy e eals signi ican di e ences be ween digi al immig an s
and digi al na i es in hei in en ion o ce ain ela ionships. Fo example, digi al na i es
demons a e a highe le el o in luence o ela i e ad an age on da a secu i y pe cep ions,
implying a disc imina ing acknowledgemen o he impo ance o da a secu i y ea u es in
FinTech se ices. Addi ionally, digi al na i es pe cei e da a secu i y conce ns as mo e
in luen ial in hei decisions o adop FinTech han digi al immig an s.
6.1 Theo e ical and P ac ical Implica ions
Building on he ex an li e a u e o in es iga e he p edic o s o in en ion o adop FinTech
se ices among digi al na i es and digi al immig an s, we expanded he cu en model o
DOI heo y by inco po a ing us and da a secu i y, which ecen empi ical s udies ha e
explo ed less. Ali e al. (2019) ex ended he o iginal DOI heo y by inco po a ing consume
awa eness and eligiosi y o unde s and be e consume s’ in en ion o adop Taka ul
banking se ices. S ill, he au ho s ailed o add ess he c i ical issues o us and da a
secu i y when adop ing FinTech se ices. P io s udies ha e a emp ed o pa ially add ess
he us and secu i y conce ns o p edic use s’ in en ion o adop FinTech se ices
(Hussain e al., 2021; Aldboush and Fe dous, 2023). Howe e , a lack o empi ical s udies
has shed ligh on he ela ionship be ween he cons uc s men ioned abo e when compa ing
he in en ion o adop FinTech se ices o digi al na i es and digi al immig an s.
The e o e, we highligh ed a no able gap in body knowledge in he p esen s udy,
pa icula ly in he con ex o FinTech se ices in Pakis an, as us and da a secu i y issues
ha e been aised (Zhang e al., 2023). The e o e, Saleem (2021) men ioned ha FinTech
se ices a e s ill in he ea ly s ages o de elopmen in Pakis an. Thus, due o i s ea ly-s age
implica ions, building use s’ us and ensu ing da a secu i y in FinTech se ices is c ucial
o mos inancial companies o cap u e he maximum ma ke sha e. By ex ending he DOI
heo y wi h wo addi ional cons uc s (i.e., us and da a secu i y), he cu en s udy
acili a es a po en ial unde s anding o he dis inc e ec s o digi al na i es' and digi al
immig an s' in en ions o adop FinTech se ices.
No iceably, he p esen s udy also add essed speci ic p ac ical implica ions. Fi s , FinTech
se ice-p o iding companies should conside all la en cons uc s, as hey can unde s and
he di ec and indi ec impac on he in en ion o adop FinTech se ices among bo h digi al
immig an s and digi al na i es. Howe e , we ound ha all cons uc s o ex ended DOI
heo y signi ican ly impac ed he in en ion o adop FinTech se ices. P ac ically, he
Saleem e al
301
indings om his s udy o e ac ionable insigh s o FinTech s a up companies seeking o
enhance use engagemen and e ine hei ma ke pene a ion s a egies. By adap ing
ma ke ing and communica ion e o s o ca e o he dis inc inancial p e e ences o digi al
immig an s and digi al na i es, FinTech companies can e ec i ely p omo e hei o e ings
and a ac a b oade use base. FinTech se ice p o ide s mus be able o in oduce
mul iple channels o connec and educa e hei b oade use base by u ilizing key opinion
leade s, such as social media celeb i ies, in luence s, and epu able websi es, o add ess he
us and da a secu i y ele an ac o s.
Conce ned s akeholde s o he FinTech se ice companies’ ecosys em in Pakis an should
also ensu e ha he “suppo ing in as uc u e” is b oadly a ailable, including easonable
sma de ices (such as able s and mobile phones), s able in e ne co e age and bandwid h,
and online and/o o line me chan s ha accep he paymen me hods. The e o e, he S a e
Bank o Pakis an and FinTech se ice companies in Pakis an should also design use -
iendly inancial echnology (FinTech) applica ions. This s udy ound ha he complexi y
o se ices has a posi i e e ec on use s’ in en ion o adop FinTech se ices. Speci ically,
us and da a secu i y we e iden i ied as signi ican media o s o he ela ionship be ween
complexi y and use s’ in en ion o adop FinTech se ices. This con i ms he impo ance
o us -based se ices and da a secu i y while using FinTech se ices. As emphasized
ea lie , se e al digi al immig an s and digi al na i es ha e aised se ious conce ns abou
he issue o us and da a secu i y when adop ing FinTech se ices. Fu he mo e, he
p esen s udy's indings demons a e ha he compa ibili y and secu i y ea u es o FinTech
se ices can os e us and alle ia e conce ns among po en ial use s. Las ly, o inc ease
he adop ion a e o digi al immig an s and digi al na i es using FinTech se ices, all
conce ned s akeholde s, policymake s, and communi y o ganiza ions, including he SBP,
should ini ia e s a egies o ensu e he secu i y o all inancial and pe sonal da a. By
add essing hese esea ch implica ions, indus y and academia can con ibu e o ad ancing
knowledge in he adop ion o FinTech se ices and de eloping mo e inclusi e and
accessible inancial solu ions o socie y.
6.2 Limi a ions and Fu u e Resea ch
Like e e y o he empi ical esea ch, he cu en s udy has se e al no able limi a ions. Fi s ,
al hough he da a o he p esen s udy we e ga he ed om Pakis an o gain a
comp ehensi e unde s anding o he subjec ma e , some egions o p o inces may be
unde ep esen ed, as mos esponden s s ill came om Islamabad and Ka achi, he
coun y's mos populous ci ies. Thus, o he boa de unde s anding o he FinTech concep ,
he u u e esea che s a e sugges ed o conduc simila s udy in di e en egions o he
coun y (i.e., Que a and Khybe Pakh unkhwa). Second, he esul s may ha e been skewed
because mos esponden s in his s udy (digi al immig an s, 45%) and (digi al na i es 55%)
a e hough o be mo e accus omed o using FinTech se ices in gene al. As a esul , he
esul s a e p ima ily ele an o hese wo gene a ional coho s. Thus, he u u e esea che s
Beha io al In en ion o Adop FinTech Se ices
302
a e ecommended o examine he wo newes coho s which may ha e dis inc beha io al
in en ions owa d FinTech se ices compa ed o hose o p e ious gene a ions.
Thi dly, he da a we e collec ed o e a ela i ely sho pe iod om Janua y 2024 o Ap il
2024, and he esea che s did no conduc long- e m su eillance. Fu u e s udies on his
opic migh conside he ollowing ecommenda ions. To u he unde s and he adop ion
o FinTech phenomena, u u e esea ch should collec longi udinal da a by e alua ing he
beha io al changes o digi al immig an s and digi al na i es ac oss speci ic pe iods. In
con as , he cu en s udy only collec ed da a a a single poin in ime. Second, as digi al
immig an s and digi al na i es comp ise he majo i y o s udy pa icipan s, u u e esea ch
can imp o e i by inco po a ing di e en a iables such as he e o expec ancy cons uc
and cul u al aspec s using o echnology accep ance model o social cogni i e heo y.
Resea ch Funding
Au ho s a e hank ul o he Resea ch Managemen Cen e (RMC), Uni e si i Teknologi
Malaysia (UTM) o allowing o conduc his esea ch. This esea ch was unded by
Uni e si i Teknologi Malaysia PDRU G an (Q.K130000.21A2.07E18).
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