Factors influencing the behavioral intention to use contactless financial services in the banking industry: An application and extension of UTAUT model

INTRODUCTION: Contactless financial services are an innovative exploration of the banking industry to integrate digital technology. This study further modified the UTAUT model based on the theories of trust, perceived risk, and perceived advantage and constructed a conceptual model to examine the influencing factors of the behavior of using contactless financial services. The purpose of this paper is to figure out factors influencing users’ behavior intention of contactless financial services, in order to promote use behavior, and boost the further development of contactless financial services. METHODS: The model was validated using the data collected through questionnaires. The structural equation modelling (SEM) method was used to validate the research model. We analyzed the generated hypotheses by using AMOS version 23.0. In this study first analyzed the measurement model to test the reliability and validity of the instrument, and then analyzed the structural model to test our research hypotheses. RESULTS: The results reveal that trust and perceived risk are important factors that affect the behavioral intention of contactless financial services; users perceive that contactless financial services have advantages over traditional offline channel, their intention to use contactless financial services will be increased; social influence also has a positive impact on behavioral intention. DISCUSSION: This paper not only provides a theoretical understanding of contactless financial services use behavior but also offers practical insights to government legislative branches and app developers. By providing personalized services and refining the policies and regulations in the digital environment to promote the development of contactless financial services.