Abstract
This study explores the evolving landscape of digital payment adoption through bibliometric analysis and a Systematic Literature Review (SLR) to identify research patterns, themes, and gaps. Using the PRISMA framework, data from Scopus and Web of Science (2003–April 2024) were analyzed, incorporating 1,052 studies for bibliometric analysis and 57 for SLR. The study employs the antecedents, decision, and outcome (ADO) framework to structure insights, revealing a significant surge in digital payment research, particularly post-2018. Key thematic clusters encompass psychological factors, theoretical models, payment technologies, and e-commerce/user experience, with the thematic map providing a strategic perspective for future research. The findings highlight critical adoption drivers such as ease of use, usefulness, and trust, alongside barriers like perceived risk and security concerns. This research uniquely contributes by proposing an integrated conceptual framework for digital payment adoption using the ADO framework. By combining recent data analysis with both SLR and bibliometric analysis, it offers valuable insights for advancing digital finance and supporting economic digital transformation.
Keywords
Introduction
In an era where the digital landscape is constantly redefining the frontiers of trade, the rise of digital payments demonstrates technology’s revolutionary capacity in transforming global economies (Wang & Li, 2024). Digital payments encompass a broad spectrum of financial transactions conducted electronically or through Internet-based platforms, supplanting traditional cash transactions. This includes online purchases, mobile app transactions, peer-to-peer transfers, bill settlements, and other electronic financial interactions. The seamless transmission of funds is facilitated by technologies such as secure encryption, mobile banking applications, payment gateways, and digital wallets (Khaitan, 2024).
The ubiquity of smartphones and expanded Internet access has catalyzed a paradigm shift in financial transactions, fueling a notable surge in the adoption of digital payment solutions (Kaur et al., 2020). This evolution underscores the need for stakeholders across sectors—from financial institutions to regulators—to grasp the intricacies of digital payment adoption (Nandru et al., 2023). While digital payment systems promise unprecedented convenience and efficiency, their adoption rates vary widely across regions, demographics, and economic landscapes. Understanding the factors shaping this adoption is essential for policymakers, financial entities, and technology providers seeking to optimize the reach and effectiveness of these systems.
Despite the burgeoning research in this field, there remains a crucial need for a comprehensive examination integrating both quantitative and qualitative insights. This study addresses this gap through a dual-method approach combining bibliometric analysis and Systematic Literature Review (SLR), underpinned by the Antecedents, Decision, and Outcome (ADO) framework. By synthesizing existing literature work, the study seeks to identify areas warranting further exploration, providing actionable insights to drive strategies promoting broader adoption of digital payment systems. Ultimately, this research endeavors to support the digital transformation of economies and foster greater financial inclusion in an increasingly interconnected world.
Review of Literature
Table 1 provides an overview of studies that have conducted thorough reviews and analyses in the relevant research area.
Review of Literature.
Existing research on digital payments offers insights into technological trends and user preferences but lacks a comprehensive exploration of consumer adoption behavior, particularly psychological and sociological factors like trust and social standards. This research addresses these gaps by examining elements influencing consumer decisions to use digital payments, enhancing both academic understanding and practical applications. Notably, there is a significant gap in literature after 2021, marked by technological advancements and shifts in consumer behavior due to the global pandemic recovery. Covering data up to April 2024 from Scopus and Web of Science, this study aims to fill this void. Unlike previous research, it integrates both databases to generate cluster-based themes through SLR and bibliometric analysis, offering a deeper understanding of the intellectual, conceptual, and social dynamics in digital payment research. Additionally, this study employs the ADO framework, which has not been used in earlier studies. This framework provides a valuable, structured approach to understanding the complex interplay of factors driving user behavior. Lastly, contributions from various countries are highlighted, offering broader insights to support future academic and practical advancements in digital payments.
Research Objectives
The study puts forth the following research inquiries:
To map the annual publication and citation trends of digital payment adoption over the past two decades. To identify the main themes and research focal points and analyze their interconnections in the domain of digital payment adoption. To identify the thematic structure evident in articles pertaining to the adoption of digital payments. To evaluate the worldwide contributions to digital payment research and analyze collaborative efforts in the field. To propose an integrated conceptual framework for digital payment adoption based on literature synthesis using the ADO approach.
Research Methodology
This research adopts the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework to ensure a structured and transparent approach (Figure 1). In this investigation, we start with a comprehensive bibliometric analysis, followed by a SLR to delve into the adoption of digital payment systems. The stages in the PRISMA framework are as follows:
Flowchart for Selection of Documents Using PRISMA Framework.
Identification of Relevant Literature
To identify relevant literature, a comprehensive search was conducted in two major databases: Scopus and Web of Science. The search strategy employed a combination of keywords related to digital payment systems, including terms such as “Digital Payment*,” “Electronic payment*,” “E-payment*,” “Mobile-payment,” and “Contactless-payment*,” along with “Adoption,” “Adopt*,” and “Intention to Adopt.” This search yielded a total of 1,987 records, with 1,339 from Scopus and 648 from Web of Science. These records spanned a timeframe from 2003 to April 2024. The analysis begins in 2003 to ensure a substantial dataset, as the number of relevant articles was significantly lower before this period. By beginning in 2003, we ensure a comprehensive and substantial dataset, reflecting the growth and development of digital payment technologies and adoption trends over the last two decades.
Screening and Eligibility Assessment
The screening process applied several filters to refine the records. For the bibliometric analysis, inclusion criteria were English-language publications from 2003 to April 2024, including journal articles, review articles, and conference articles. Exclusion criteria were non-English publications, articles in press, and sources from trade journals, books, and undefined types. This resulted in 1,357 records (748 from Scopus and 609 from Web of Science). After screening, duplicates (305) were removed using R Studio.
For SLR, the authors reviewed the titles and abstracts of 1,016 studies (distributed among all authors), selecting 76 for in-depth full-text screening. A quality assessment, similar to the approach by Goyal and Kumar (2020), was applied, incorporating two quality (Q) parameters.
Q1. Studies must have at least one citation and its source impact (cite score) are more than 0.
Q2. The source must be ranked by the Asian Business Dean Council (ABDC).
Articles were scored on a scale of 0 (exclude) to 4 (include) based on these criteria. Twelve studies that did not meet the quality criteria were excluded, and articles scoring below 3 were also excluded.
Inclusion and Data Extraction
In the final phase, 1,052 studies were chosen for conducting bibliometric analysis. After applying refinement criteria for SLR, 76 studies were selected for in-depth screening (full-text reading). A quality assessment was then conducted using two parameters (Q1 and Q2). Ultimately, 57 studies were included in the final SLR analysis, with 39 studies scoring 4 and 18 studies scoring 3. These articles were analyzed using the ADO framework to examine the factors influencing adoption decisions and their outcomes. The methodological framework employed ensures a rigorous and transparent examination of the literature, facilitating a comprehensive understanding of the adoption of digital payment technologies and mapping the conceptual structure of the field.
Data Analysis and Reporting
Bibliometric Analysis
Annual Publication Trends
The graphic provides a comprehensive overview of the research trends in digital payment adoption from 2003 to April 2024 (Figure 2). The red trend line clearly shows a significant increase in the number of publications over time, indicating growing academic and commercial interest in the topic of digital payments. The annual publication of articles has grown significantly, with an average annual growth rate of 21.63% from 2003 to 2024. This robust growth became particularly apparent beginning in 2018, indicating a significant increase in market penetration and technological advancements which may have driven additional research. However, mean citations per year shown by the dotted line fluctuate rather than showing a clear rising trend. Although there has been a marked growth in the amount of research, the influence of individual articles, as indicated by citations, varies from one year to the next. Peaks in citations in 2018 and 2020 could be indicative of seminal works or significant advancements in digital payment technologies that captured the interest of the research community. Overall, the current trajectory of studies examining the adoption of digital payments is in line with the worldwide trends toward digitization and advancements in financial technology. This analysis is vital for stakeholders, showcasing increased research activity and its evolving impact over time.
Evolution of Annual Research Publications on Digital Payment Adoption.
Co-occurrence Network (Conceptual Structure)
The interplay between themes, subjects, and trends is illustrated by conceptual structure, which uses co-occurrence networks or co-word analysis. The unit for research comprises a frequent term or concept, or a recurring theme identified throughout the network’s structure (Li et al., 2018). The bibliometrix tool employs multiple correspondence analysis (MCA) to determine the subject area’s theoretical framework, allowing for numerical and graphical analysis of multivariate nominal data. Using default settings, the Louvain clustering algorithm with 50 nodes generated a “Keyword Plus” term co-occurrence network. Figure 3 shows four clusters, where proximity indicates correlation strength, vertices represent words, and node size corresponds to frequency. Each color-coded cluster represents a distinct research area concerning digital payment adoption.
Cluster 1 (Red): Adoption Factors
The red cluster is largely concerned with the psychological and behavioral elements of technological adoption. Keywords like “adoption,” “acceptance,” “trust,” “technology,” “services,” and “intention” indicate a focus on what motivates or hinders individuals and organizations from implementing digital payment solutions (Kaur et al., 2020; Kim et al., 2010). The prevalence of “trust” and “technology” in this cluster emphasizes the importance of security and dependability during the adoption process (Kaur et al., 2020; Shamsuddin et al., 2023). The findings demonstrate that researchers in this field are actively exploring how perceptions of technology influence user behavior and are investigating methods to build trust between users and digital payment providers (Mashatan et al., 2022; Sahi et al., 2022).
Cluster 2 (Blue): Theoretical Models
Centering on “information technology” and “user acceptance model,” this cluster focuses on the theoretical frameworks and models that predict or explain how technologies are accepted and utilized in various contexts. This cluster emphasizes the academic approach to understanding user engagement with digital payment technologies, which frequently involves the validation of models such as the Technology Acceptance Model (TAM) or the Unified Theory of Acceptance and Use of Technology that is UTAUT (Davis, 1989; Venkatesh et al., 2003). These models facilitate in identification of key factors like perceived usefulness and ease of use, which are critical in shaping the adoption of new technologies (Kala’lembang et al., 2024).
Cluster 3 (Green): Payment Technologies
This cluster focuses on advanced digital transaction technologies, emphasizing keywords such as “mobile payments,” “electronic money,” and “global system for mobile communications.” The research delves into various payment mechanisms, exploring how these technologies are developed and the infrastructure required to support them (Neves et al., 2023; Oliveira et al., 2016). It also examines the broader implications of these technologies on financial systems, including how they are adopted across different demographics and their impact on traditional banking practices (Chawla & Joshi, 2019; Jaiswal et al., 2023). The studies highlight both the technological advancements and the shifts in financial ecosystems driven by the integration of mobile communications and electronic payment methods (Irimia-Diéguez et al., 2024).
Cluster 4 (Purple): E-commerce and User Experience
Purple cluster delves into the integration of digital payments within broader e-commerce strategies, highlighting their impact on consumer experiences. Centered around key terms like “e-commerce,” “customer satisfaction,” and “continuance intention,” the analysis underscores a deep interest in understanding not just the initial reasons customers adopt digital payments but also what drives their satisfaction and long-term engagement (Mondego & Gide, 2024). Research in this area focuses on aspects such as user interface design, transaction speed, and service quality, all pivotal in crafting a seamless customer experience (Irimia-Diéguez et al., 2024).
Each of these clusters contributes to a comprehensive understanding of digital payment adoption by addressing different layers of the topic—from foundational theories and models to practical applications and user-centric perspectives. This approach is crucial for promoting widespread and sustained adoption of digital payment technologies.
Thematic Map
One of the best things about the thematic map is that it shows where research is concentrated in different categories by looking at their levels of centrality and density (Della Corte et al., 2019). The degree to which different themes are connected is called a theme’s centrality, and its progress is shown by its density. Creating a thematic map, along with the conceptual structure map, gives more unbiased information by identifying themes by grouping together keywords that appear quite often (Bajaj et al., 2022). Within a thematic/strategic map, the dotted lines split the map into four quadrants, as illustrated in Figure 4, categorizing themes into niche, emerging, motor, and basic themes.
Quadrant 1: Niche Themes—“Perceived Usefulness and Perceived Ease of Use”
In bibliometric analysis, niche themes are recurring research topics that, while having limited influence or centrality, provide valuable insights and potential for future growth (Kumar & Kumar, 2023). When examining digital payment adoption, parallels can be drawn between niche themes and the concepts of perceived usefulness and ease of use. Just as niche themes show potential for future growth and prominence, perceived usefulness and ease of use significantly influence individuals’ attitudes and intentions toward adopting digital payment methods (Neves et al., 2023; Senali et al., 2022). As perceptions align with the growing convenience and benefits of digital payments, these niche themes may reflect in the broader acceptance and use of digital payment technologies.
Quadrant 2: Emerging or Declining—“Fintech, COVID-19, and Digital Payment”
Emerging Aspect: The coronavirus disease 2019 (COVID-19) pandemic has accelerated the rise of digital payments, prompting researchers to explore how this event has influenced the evolution and adoption of financial technology (Ingale & Paluri, 2020). This emerging theme underscores the need for interdisciplinary collaboration across fields such as public health, finance, technology, and economics to fully grasp its implications (Sahi et al., 2022).
Declining Aspect: In contrast, traditional banking methods and cash transactions are waning in relevance as fintech and digital payment systems gain prominence (Srivastava et al., 2024). Thematic maps are likely to show a diminishing focus on these conventional financial transactions, reflecting a broader shift toward digital alternatives.
Quadrant 3: Motor Theme—“Mobile Payments, Continuance Intention, and Digital Payments”
Motor themes are pivotal concepts within research clusters, representing the central ideas prevalent across grouped articles (Kumar & Kumar, 2023). These themes play a crucial role in exploring the factors that influence users’ decisions to continue using mobile payment services over time. Key themes such as user satisfaction, system trust, perceived usefulness, ease of use, perceived risk, and habitual behavior provide insights into enhancing user experiences, increasing adoption rates, and promoting sustained use of mobile payment technologies (Oliveira et al., 2016; Thakur & Srivastava, 2014). By focusing on these motor themes, researchers aim to deepen their understanding of the mechanisms driving mobile payment adoption and persistence, thereby informing strategies to improve service quality and user satisfaction in the rapidly evolving landscape of digital finance.
Quadrant 4: Basic Theme—“Mobile payments, Trust, and Perceived Risk”
The “Basic theme” cluster represents foundational aspects within the dataset, offering insights into critical yet underexplored topics that hold significant potential for advancing understanding (Hasan et al., 2023). In the context of mobile payments, exploring trust and perceived risk in digital payment adoption emerges as a crucial area. Despite limited research, comprehending these factors is essential for shaping consumer behavior and market dynamics. Understanding how trust and perceived risk influence adoption intentions allows researchers to develop strategies that enhance trust, mitigate risks, and promote broader acceptance of mobile payment technologies (Liébana-Cabanillas, 2014; Patil et al., 2018). Exploring the “Basic theme” cluster could lead to innovative solutions and advancements in the field of digital payments.
In conclusion, the thematic map’s quadrants offer a strategic framework for analyzing and guiding efforts in a field of study. By categorizing themes into niche, emerging, motor, and basic categories, it directs research, innovation, and resources effectively for maximum impact and relevance.
Country-Level Research Productivity and Citation Impact
The study revealed widespread global interest in scholarly research on digital payments adoption across 67 countries, with developing nations like India and China leading in research output (Table 2). China alone contributed nearly 45% of all articles (457), followed by India (223) and the USA (215). However, publications from developed countries like the USA and UK garnered higher citations, indicating greater academic recognition despite lower quantity. The UK had the highest average citations per article (59.8), followed by the USA (55.4). While developing countries produced more research, developed nations’ scholarly work drew more attention within academia.
Top 10 Countries’ Productivity and Citations.
International Collaborations in Digital Payments Research
International collaboration is vital for the progression of scientific disciplines. Figure 5 highlights stronger ties between geographically close countries, offering comprehensive insights into the research. This network visualization illustrates the global landscape of digital payment research, emphasizing the collaborative roles of key countries like China, India, and the USA. These nations not only produce a significant volume of research but also engage in extensive collaboration, as shown by interconnected lines indicating joint efforts and shared publications. Involving 2,315 researchers across 49 countries, this collaborative spirit enriches research insights. The USA, particularly influential with strong partnerships with China and India, leads in research and innovation, evident in the network’s color-coded nodes. Peripheral countries such as Sweden, Romania, and Hungary contribute on a smaller scale, while Brazil, South Africa, and Saudi Arabia represent expanding research efforts in emerging markets. Overall, this visualization underscores a highly interconnected and collaborative research environment driving advancements in digital payment technologies across continents and cultures.
Systematic Literature Review (SLR) Using ADO Framework
A SLR is a rigorous and structured methodology employed to comprehensively review all relevant research on a specific topic. When applying the ADO framework to digital payments adoption, the SLR focuses on factors influencing each stage of the adoption process (see Figure 6). The ADO framework is a valuable tool for providing a structured approach to understanding the complex interplay of factors that driveuser behavior. While not attributed to a single developer, it integrates concepts from various established theories in psychology, sociology, and information systems to offer a comprehensive view of the adoption process. The ADO framework helps in systematically analyzing the factors and processes involved in the adoption of digital payments, providing insights that can inform strategies to enhance adoption rates and improve the design of digital payment systems. It breaks down the adoption process into three main stages: antecedents, decisions, and outcomes (Figure 6).
ADO Framework.
Antecedents of ADO Framework
Understanding the antecedents influencing user decisions is crucial for digital payment adoption. These antecedents include various sub-elements that shape individuals’ perceptions and interactions with digital payment systems.
Drivers
Drivers are factors that facilitate and encourage the adoption of digital payments. These drivers positively influence users’ perceptions, decisions, and outcomes.
Individual Factors
Individual factors involve personal attributes and perceptions that directly impact an individual’s interaction with technology. This includes Perceived Ease of Use, where the system’s user-friendliness can significantly lower the barrier to adoption (Kurniasari et al., 2020; Siagian et al., 2022). Similarly, Perceived Usefulness measures the tangible benefits a user gains, such as time savings or convenience, which are strong motivators for embracing digital payments (Siagian et al., 2022). Perceived Trust is another critical component, as trust in the security and reliability of the system is paramount, especially in transactions involving sensitive financial data (Islam et al., 2020; Sinha & Singh, 2022). Lastly, Self-efficacy reflects an individual’s confidence in their ability to use the technology effectively, which can accelerate adoption if users feel competent and comfortable (refer to Table 3) (Upadhyay et al., 2022).
Factors Evaluating the ADO Framework.
Technical and Performance Factors
These factors assess the system’s compatibility and performance from a technical standpoint (Long et al., 2023). The system’s ability to integrate well with existing technologies and fit into users’ lifestyles and habits emphasizes the significance of perceived compatibility (Jennifer et al., 2023). Perceived Compatibility and Technology Readiness ensure the new system integrates smoothly into existing user environments, enhancing its attractiveness (Jennifer et al., 2023; Türker et al., 2022). Performance Expectancy focuses on the system’s ability to meet or exceed user expectations in terms of reliability and efficiency, while Effort Expectancy concerns the ease of use, with simpler systems often seeing higher adoption rates (Upadhyay et al., 2022).
Service Quality Factors
These factors are crucial in maintaining user satisfaction and encouraging continued use. System Quality involves the overall functionality and usability of the system, where higher quality can lead to fewer user frustrations and a more positive experience (Nilapun & Jensuttiwetchakul, 2023). Service Quality addresses the support and service structure surrounding the system, including customer support and problem resolution, which help build trust and loyalty (Nilapun & Jensuttiwetchakul, 2023). Information Quality deals with the relevance, accuracy, and timeliness of the information provided by the system, aiding users in making informed decisions (Zhong & Chen, 2023).
Social and Cultural Factors
They involve societal influences on individual decisions. Social Influence, such as peer behavior and cultural norms, can significantly sway individuals toward adopting digital payments if they perceive it as a widely accepted and standard practice within their community (Long et al., 2023; Zaidi et al., 2023).
Barriers
The adoption of digital payments is influenced by several barriers that shape users’ perceptions and predispositions. Technological barriers, such as lack of access to smartphones and reliable Internet connectivity, along with poor user interface design and lack of interoperability between different payment systems, hinder usability and accessibility (Dimitrova et al., 2021; Musyaffi et al., 2022). Economic barriers, including high transaction fees and the cost of necessary devices, further dissuade potential users, especially those in lower-income brackets (Ediagbonya & Tioluwani, 2022). Psychological barriers, such as perceived risks, security concerns, low trust in digital payment systems, and fear of fraud or identity theft, amplify users’ reluctance to switch from traditional methods (Ghosh, 2024; Musyaffi et al., 2022). Additionally, resistance to change entrenched in users’ comfort with existing practices poses a significant challenge (Ghosh, 2024; Migliore et al., 2022). Regulatory barriers, like inadequate legal frameworks, restrictive regulations, and lack of government support or incentives, create uncertainty and stifle innovation (Dimitrova et al., 2021; Ediagbonya & Tioluwani, 2022). Together, these barriers impede the widespread adoption of digital payments by creating a complex environment of technological, economic, psychological, and regulatory challenges.
These antecedents form a comprehensive framework for analyzing digital payment adoption. Each factor addresses different aspects of user evaluation and decision-making, highlighting the complexity of interactions with digital payment systems.
Decisions
Decisions made by users regarding the adoption and use of e-payment systems are influenced by various antecedents. The initial decision to start using these systems is driven by perceived benefits and external recommendations (Zhang et al., 2023). The decision-making process includes several stages. The Willingness to Use stage is where users decide whether or not to engage with the digital payment system based on their initial perceptions and the influence of antecedent factors (Cham et al., 2021). Usage Behavior then reflects how users interact with the system after making the initial decision to adopt, including frequency and type of use (Kurniasari et al., 2020). Adoption refers to the act of starting to use digital payments, while Resistance represents hesitance or refusal to adopt, even when antecedents might be favorable, often due to lingering doubts about new technology or satisfaction with existing methods (Kaur et al., 2020; Talwar et al., 2021).
Outcomes
The outcomes of digital payment adoption and use can be broadly categorized into positive and negative.
Positive Outcomes
On the positive side, users experience increased satisfaction with systems that meet their needs, along with enhanced trust and loyalty toward the payment provider (Long et al., 2023; Nilapun & Jensuttiwetchakul, 2023; Patnaik et al., 2023). Retailers and service providers see improved firm value through the adoption of mobile payment systems (Pasirayi & Fennell, 2022). Furthermore, users demonstrate greater readiness and intention to adopt new technologies (Jennifer et al., 2023; Long et al., 2023).
Negative Outcomes
On the negative side, perceived risks and lack of trust can prevent initial adoption (Chen, 2023). Complex systems and poor quality may reduce the intention to continue using mobile payments (Balakrishnan & Lay Gan, 2023). Inadequate information or service quality can lead to decreased satisfaction and potential abandonment of the system (Cham et al., 2021; Patnaik et al., 2023; Talwar et al., 2021; Zhang et al., 2023).
Overall, the ADO framework encapsulates a comprehensive analysis of how digital payment systems are adopted and used, providing insights into the dynamics of technological adoption in the digital age. This model helps researchers and practitioners understand the multifaceted interactions between user characteristics, system features, and environmental influences in shaping the adoption landscape.
Conclusion and Discussion
The study has conducted a comprehensive examination of digital payment adoption through the synthesis of bibliometric analysis and SLR methodologies. Analyzing scholarly articles published between 2003 and April 2024 has revealed a marked increase in academic interest, particularly post-2018, coinciding with advancements in technology and expansion of the market. This article addresses its primary research objective (RO1) by delineating the trajectory of digital payments, which exhibit an annual growth rate of approximately 21.63%. Noteworthy spikes in citations per year occurred notably in 2014, 2019, and 2022, indicating pivotal publications or heightened scholarly attention during those periods. The trend analysis of publications demonstrates a consistent upward trend, underscoring sustained growth in research output over the years. The co-occurrence analysis identified four principal research clusters (RO2). First, psychological and behavioral factors such as trust, technology acceptance, and user intentions constitute the primary focus of Cluster 1. Cluster 2 examines theoretical models like TAM and UTAUT to elucidate the factors influencing technology adoption. Cluster 3 investigates the impact of payment technologies, particularly mobile payments, on traditional banking systems. Lastly, Cluster 4 explores e-commerce and user experience, emphasizing satisfaction, interface design, and service quality. These clusters collectively offer a comprehensive view of digital payment adoption from diverse theoretical, practical, and user-centric perspectives.
The thematic mapping of digital payment research highlights emerging trends and critical drivers (RO3). Key areas of growth include perceived usefulness and fintech developments post-COVID-19, with mobile payments emerging as a pivotal driver for enhancing user engagement. Furthermore, underexplored themes such as trust in mobile payments indicate fertile ground for future research and development efforts. Examining global contributions to digital payment research (RO4) underscores significant interest from developing nations like China and India, which lead in publication quantity. However, publications from developed nations such as the USA and UK receive higher citation rates, indicating their influence in shaping the discourse. International collaboration among countries like the USA, China, and India plays a crucial role, fostering extensive joint research efforts across 49 countries involving over 2,300 researchers. This collaborative endeavor reflects a global commitment to advancing digital payment technologies and addressing diverse challenges collectively.
Findings from the study reveal key insights into digital payment adoption using the ADO framework (RO5), which analyzes factors across three stages: antecedents, decisions, and outcomes. This structured approach provides a comprehensive understanding of the factors influencing digital payment adoption. Factors such as perceived ease of use, usefulness, and trust significantly influence user attitudes toward digital payments, while psychological barriers like perceived risk and security concerns greatly hinder adoption. Moreover, service quality dimensions including system, service, and information quality play critical roles in enhancing user satisfaction and fostering trust throughout the adoption journey. The study underscores the pivotal role of user decisions and outcomes in shaping the success of digital payment adoption initiatives. In conclusion, this study provides a comprehensive understanding of digital payment adoption, offering actionable insights for researchers and practitioners alike to facilitate successful adoption strategies. By addressing the complexities and dynamics of digital payment systems, this research contributes to advancing knowledge and shaping future directions in the field of digital finance.
Research Implications
This study provides actionable insights for stakeholders in digital finance. Policymakers can create supportive policies by understanding key adoption factors like ease of use and security. Financial institutions should enhance user experience by focusing on service quality and security. Technology providers can innovate by addressing identified adoption barriers. Small retailers can improve customer satisfaction with well-designed payment systems. Researchers gain a foundation for future studies, particularly on new technologies like cryptocurrency. Consumers benefit from greater awareness and confidence in digital payments, encouraging wider adoption. Overall, the study highlights the need for a multifaceted approach to promote digital payment adoption.
Future Research Directions
This section outlines the gaps identified in the study. The sources used are the WoS and Scopus databases, but future research could include other databases like dimensions and additional keywords to capture more relevant articles. Future researchers might also consider conducting a meta-analysis in this field. Emphasis could be placed on new developments such as cryptocurrency and Bitcoin, beyond digital mobile payments. It is expected that digital payment methods, including those initiated via social media, voice-activated systems, cryptocurrencies, and biometric verification, will gain widespread acceptance. These evolving methods reflect the need for safer, more convenient, and accessible financial transactions. Our findings show a focus on consumer perspectives, while studies on merchant perspectives are limited or missing. The increasing adoption of digital payments by small retailers presents significant opportunities for financial service providers and should be a research focus to gain insights beneficial to the economy. The digital payments ecosystem holds great potential that needs further exploration.
Footnotes
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.
Funding
The authors received no financial support for the research, authorship, and/or publication of this article.