An Empirical Study of Digital Lending in India and the Variables Associated with its Adoption
Main Article Content
Abstract
Objective: the digital lending platform is a significant and innovative business concept in the field of financial technology. It creates a direct connection between lenders and borrowers. Scientists studied the technique by which digital lending companies use leverage. This study proposes an updated technology acceptance model (TAM) to investigate the factors influencing consumer adoption of digital lending platforms. More specifically, it examines how service quality and perceived threat influence trust development. Methods: this study employs structural equation modeling (SEM) to investigate the potential links between the underlying variables. Results: the study found that customers’ attitudes toward adoption of digital lending platforms are highly influenced by trust, perceived value, and perceived ease of use. The quality of service has a considerable impact on consumers’ perceptions of risk while using digital lending services. The generated model corresponds to the findings of previous studies. Conclusions: the findings of the continuing research are important for optimizing platform marketing strategies and translating strategic goals into concrete activities. To improve future research, we recommend integrating more variables to have a more comprehensive understanding of the adoption intentions of digital lending platforms.
Downloads
Download data is not yet available.
Article Details
How to Cite
Asamani, A., & Majumdar, J. (2024). An Empirical Study of Digital Lending in India and the Variables Associated with its Adoption. Brazilian Administration Review, 21(3), e230132. https://doi.org/10.1590/1807-7692bar2024230132
Section
Research Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Adamek, J., & Solarz, M. (2023). Adoption factors in digital lending services offered by FinTech lenders. Oeconomia Copernicana, 14(1), 169-212. https://doi.org/10.24136/oc.2023.005
Agarwal, S., & Chua, Y. H. (2020). FinTech and household finance: A review of the empirical literature. China Finance Review International, 10(4), 361-376. https://doi.org/10.1108/CFRI-03-2020-0024
Ajzen, I., & Fishbein, M. (1977). Attitude-behavior relations: A theoretical analysis and review of empirical research. Psychological Bulletin, 84(5), 888-918. https://doi.org/10.1037/0033-2909.84.5.888
Armitage, C. J., & Conner, M. (2010). Efficacy of the theory of planned behaviour: A meta-analytic review. British Journal of Social Psychology, 40(4), 471-499. https://doi.org/10.1348/014466601164939
Arun, T., Markose, S. M., Murinde, V., Kostov, P., Khan, A., Ari, N., Goel, V., & Sethi, R. (2023). Digital Lending in Fintech India - UK Comparison. SSRN. https://doi.org/10.2139/ssrn.4558960
Bagozzi, R. P., Baumgartner, J., & Yi, Y. (1989). An investigation into the role of intentions as mediators of the attitude-behavior relationship. Journal of Economic Psychology, 10(1), 35-62. https://doi.org/10.1016/0167-4870(89)90056-1
Balcázar, J. J. M., & Rivas, Á. E. L. (2021). Determining factors of the intention to adopt FinTech services by micro and small business owners from Chiclayo, Peru. Journal of Business, 13(2), 19. https://doi.org/10.21678/jb.2021.1650
Bank for International Settlements. (2018). BIS Annual Report. https://www.bis.org/about/areport/areport2019.htm
Banking Technology Vision. (2023). Accenture. https://www.accenture.com/ in-en/insights/technology/technology-trends-2023
Berg, T., Fuster, A., & Puri, M. (2022). FinTech lending. Annual Review of Financial Economics, 14, 187-207. https://doi.org/10.1146/annurev-financial-101521-112042
Berger, J. O., & Sellke, T. (1987). Testing a point null hypothesis: The irreconcilability of p values and evidence. Journal of the American Statistical Association, 82(397), 112-122. https://doi.org/10.2307/2289131
Berry, L., Seiders, K., & Grewal, D. (2002). Understanding service convenience. Journal of Marketing, 66(3), 1-17. https://doi.org/10.1509/jmkg.66.3.1.18505
Bhattacharyya, D., Dietz, M., Edlich, A., Mehta, A., Weintraub, B., Höll, R., & Windhagen, E. (2023). Global Banking Annual Review 2023: The Great Banking Transition. https://www.mckinsey.com/industries/financial-services/our-insights/global-banking-annual-review
Brandon-Jones, A., & Kauppi, K. (2018). Examining the antecedents of the technology acceptance model within e-procurement. International Journal of Operations & Production Management, 38(1), 22-42. https://doi.org/10.1108/IJOPM-06-2015-0346
Chopdar, P. K., Korfiatis, N., Sivakumar, V. J., & Lytras, M. D. (2018). Mobile shopping apps adoption and perceived risks: A cross-country perspective utilizing the unified theory of acceptance and use of technology. Computers in Human Behavior, 86, 109-128. https://doi.org/10.1016/j.chb.2018.04.017
Chulawate, N., & Kiattisin, S. (2023). Success factors influencing peer-topeer lending to support financial innovation. Sustainabilty, 15(5), 4028. https://doi.org/10.3390/su15054028
Cornelli, G., Frost, J., Gambacorta, L., Rau, P. R., Wardrop, R., & Ziegler, T. (2023). Fintech and big tech credit: Drivers of the growth of digital lending. Journal of Banking & Finance, 148, 106742. https://doi.org/10.1016/j.jbankfin.2022.106742
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008
Dias, S., Nigalye, A., & Mahajan, J. (2022). Adoption factors of P2P lending in India. Atlantis Press. https://doi.org/10.2991/978-94-6463-080-0_11
Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). Definition of fintech and description of the fintech industry. In G. Dorfleitner, L. Hornuf, M. Schmitt, & M. Weber, FinTech in Germany (pp. 5-10). Springer. https://doi.org/10.1007/978-3-319-54666-7_2
DQINDIAOnline. (2021). Digital disruption: Is India ready for digital lending? https://www.dqindia.com/digital-disruption-india-ready-digital-lending/
Financial Stability Board. (2019). BigTech in finance: Market developments and potential financial stability implications. https://www.fsb.org/2019/12/bigtech-in-finance-market-developments-and-potential-financial-stability-implications/
GSMA. (2023). State of the industry report on mobile money 2023. https://www. gsma.com/solutions-and-impact/connectivity-for-good/mobile-for-development/ gsma_resources/state-of-the-industry-report-on-mobile-money-2023-2/
Hai, P. T., Toan, L. D., Tam, V. V., & Thuong, M. T. (2017). Factors affecting customer satisfaction with the quality of services: empirical evidence at Da Nang International Airport, Vietnam. Asian Journal of Empirical Research, 7(3), 61-74. https://doi.org/10.18488/journal.1007/2017.7.3/1007.3.61.74
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3), 340. https://doi.org/10.3390/sym11030340
Hubert, H., Blut, M., Brock, C., Zhang, R. W., Koch, V., & Riedl, R. (2018). The influence of acceptance and adoption drivers on smart home usage. European Journal of Marketing, 53(6), 1073-1098. https://doi.org/10.1108/EJM-12-2016-0794
Jin, L. Y., Osman, A. B., & Halim, M. S. B. AB. (2014). Perceived usefulness and trust towards consumer behaviors: A perspective of consumer online shopping. Journal of Asian Scientific Research, 4(10), 541-546. https://archive.aessweb.com/index.php/5003/article/view/3679
Johnson, V. L., Kiser, A., Washington, R., & Torres, R. (2018). Limitations to the rapid adoption of M-payment services: Understanding the impact of privacy risk on M-Payment services. Computers in Human Behavior, 79, 111-122. https://doi.org/10.1016/j.chb.2017.10.035
Kaji, S. (2021). An overview of fintech. In The Economics of Fintech (pp. 1-16). Springer. https://doi.org/10.1007/978-981-33-4913-1_1
Kalia, P., Kaushal, R., Singla, M., & Parkash, J. (2021). Determining the role of service quality, trust and commitment to customer loyalty for telecom service users: A PLS-SEM approach. The TQM Journal, 33(7), 377- 396. https://doi.org/10.1108/TQM-04-2021-0108
Ko, H., Jung, J., Kim, J., & Shim, S. W. (2004). Cross-cultural differences in perceived risk of online shopping. Journal of Interactive Advertising, 4(2), 20-29. https://doi.org/10.1080/15252019.2004.10722084
Kumar, J. A., Bervell, B., Annamalai, N., & Osman, S. (2020). Behavioral intention to use mobile learning: Evaluating the role of self-efficacy, subjective norm, and whatsapp use habit. IEEE, 8, 208058-208074. https://doi.org/10.1109/ACCESS.2020.3037925
Kurniawan, R. (2019, August). Examination of the factors contributing to financial technology adoption in Indonesia using technology acceptance model: case study of peer to peer lending service platform. International Conference on Information Management and Technology (ICIMTech). https://doi.org/10.1109/ICIMTech.2019.8843803
Lema, A. (2017). Factors influencing the adoption of mobile financial services in the unbanked population. Inkanyiso: Journal of Humanities and Social Sciences, 9(1). https://www.ajol.info/index.php/ijhss/article/view/165506
Lien, C-H., Wen, M-J., Huang, L-C., & Wu, K-L. (2015). Online hotel booking: The effects of brand image, price, trust and value on purchase intentions. Asia Pacific Management Review, 20(4), 210-218. https://doi.org/10.1016/j.apmrv.2015.03.005
Nguyen, H. V., Ha, G. H., Nguyen, D. N., Doan, A. H., & Phan, H. T. (2022). Understanding financial literacy and associated factors among adult population in a low-middle income country. Heliyon, 8(6), e09638. https://doi.org/10.1016/j.heliyon.2022.e09638
Nguyen, Q. K., & Dang, V. C. (2022). The effect of FinTech development on financial stability in an emerging market: The role of market discipline. Research in Globalization, 5, 100105. https://doi.org/10.1016/j.resglo.2022.100105
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. Journal of Retailing, 64(1), 12-40. https://psycnet.apa.org/record/1989-10632-001
Peterson R. A., & Kim, Y. (2013). On the relationship between coefficient alpha and composite reliability. Journal of Applied Psychology, 98(1), 194-198. https://doi.org/10.1037/a0030767
Praxis Global Alliance. (2023). Emerging opportunities for digital lending in India. https://www.praxisga.com/PraxisgaImages/ReportImg/emerging-opportunities-for-digital-lending-in-india-Report-3.pdf
PricewaterhouseCoopers. (2021). Digital Banking Consumer Survey. https:// www.pwc.com/us/en/industries/financial-services/library/digital-banking-consumer-survey.html#:~:text=This%20year%2C%20PwC’s%202021%20Digital,financial% 20institutions%20of%20all%20sizes
Putranto, B. D., & Sobari, N. (2021). Predicting Intention of Using Fintech Lending to Bank Users in Indonesia. Proceedings of the 18th International Symposium on Management (INSYMA 2021). https://doi.org/10.2991/aebmr.k.210628.034
Putri, G. A., Widagdo, A. K., & Setiawan, D. (2023). Analysis of financial technology acceptance of peer to peer lending (P2P lending) using extended technology acceptance model (TAM). Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100027. https://doi.org/10.1016/j.joitmc.2023.100027
Rahman, M., Lesch, M. F., Horrey, W. J., & Strawderman, L. (2017). Assessing the utility of TAM, TPB, and UTAUT for advanced driver assistance systems. Accident Analysis & Prevention, 108, 361-373. https://doi.org/10.1016/j.aap.2017.09.011
Raza, S. A., Umer, A., & Shah, N. (2017). New determinants of ease of use and perceived usefulness for mobile banking adoption. International Journal of Electronic Customer Relationship Management, 11(1), 44-65. https://doi.org/10.1504/IJECRM.2017.086751
Rosavina, M., Rahadi, R. A., Kitri, M. L., Nuraeni, S., & Mayangsari, L. (2019). P2P lending adoption by SMEs in Indonesia. Qualitative Research in Financial Markets ¸11(2), 260-279. https://doi.org/10.1108/QRFM-09-2018-0103
Rudra, T. (2022, July 01). Collaboration between fintech players & banks to transform SMB lending: Indifi’s Alok Mittal. Inc42. https://inc42.com/buzz/collaboration- between-fintech-players-banks-to-transform-smb-lending-indifis-alok- mittal/
Ryu, H-S. (2018). What makes users willing or hesitant to use Fintech?: The moderating effect of user type. Industrial Management & Data Systems, 118(3), 541- 569. https://doi.org/10.1108/IMDS-07-2017-0325
Ryu, H-S., & Ko, K. S. (2020). Sustainable development of fintech: Focused on uncertainty and perceived quality issues. Sustainabilty, 12(18), 7669. https://doi.org/10.3390/su12187669
Schierz, P. G., Schilke, O., & Wirts, B. W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications, 9(3), 209-216.
Singh, N., & Sinha, N. (2020). How perceived trust mediates merchant’s intention to use a mobile wallet technology. Journal of Retailing and Consumer Services, 52, 101894. https://doi.org/10.1016/j.jretconser.2019.101894
Sunardi, R., Hamidah, H., Buchdadi, A. D., & Purwana, D. (2022). Factors determining adoption of fintech peer-to-peer lending platform: An empirical study in Indonesia. Journal of Asian Finance, Economics and Business, 9(1), 43-51. https://doi.org/10.13106/jafeb.2022.vol9.no1.0043
Sunardi, R., Purwana, D., Suhud, U., & Hamidah, H. (2021). Examining the factors contributing to fintech peer-to-peer lending adoption. Journal of Information Systems Engineering and Business Intelligence, 7(2), 91- 101. https://doi.org/10.20473/jisebi.7.2.91-101
Sweeney, J. C., Soutar, G. N., & Johnson, L. W. (1999). The role of perceived risk in the quality-value relationship: A study in a retail environment. Journal of Retailing, 75(1), 77-105. https://doi.org/10.1016/S0022-4359(99)80005-0
Teo, T., Ursavaş, Ö. F., Bahçekapili, E. (2011). Efficiency of the technology acceptance model to explain pre‐service teachers’ intention to use technology: A Turkish study. Campus-Wide Information Systems, 28(2), 93-101. https://doi.org/10.1108/10650741111117798
The Business Research Company. (2023). Peer-to-Peer (P2P) lending global market report 2024. https://www.researchandmarkets.com/report/peer-to-peer-lending?srsltid=AfmBOopBrBFn0_VTokDcuwR_0d-3GQFfl-SYZdgJjvsKi-BE6iUCSVZ9b
The Digital Fifth. (2023). India’s digital lending landscape – July’23. https://thedigitalfifth.com/key-ecosystems-within-indian-fintech-sector/
Trafimow, D., Sheeran, P., Lombardo, B., Finlay, K. A., Brown, J., & Armitage, C. J. (2004). Affective and cognitive control of persons and behaviours. British Journal of Social Psychology, 43(2), 207-224. https://doi.org/10.1348/0144666041501642
Venkatesh, V. (2000). Determinants of perceived ease of use: Integrating control, intrinsic motivation, and emotion into the technology acceptance model. Information Systems Research, 11(4), 342-365. https://doi.org/10.1287/isre.11.4.342.11872
Xie, J., Latif, Z., Jianqiu, Z., & Waraa, K. (2019, December). Analysis of influencing factors of internet lending adoption in China: Internet lending adoption in China. IEEE. https://doi.org/10.1109/MACS48846.2019.9024778
Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding FinTech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893-1911. https://doi.org/10.3390/jtaer16050106
Yang, Q., & Lee, Y.-C. (2016, August). Critical factors of the lending intention of online P2P: Moderating role of perceived benefit. Proceedings of the 18th Annual International Conference on Electronic Commerce: e-Commerce in Smart connected World. https://doi.org/10.1145/2971603.2971618
Zhao, H., Ge, Y., Liu, Q., Wang, G., Chen, E., & Zhang, H. (2017). P2P lending survey: Platforms, recent advances and prospects. ACM Transactions on Intelligent Systems and Technology, 8(6), 1-28. https://dl.acm.org/doi/10.1145/3078848
Agarwal, S., & Chua, Y. H. (2020). FinTech and household finance: A review of the empirical literature. China Finance Review International, 10(4), 361-376. https://doi.org/10.1108/CFRI-03-2020-0024
Ajzen, I., & Fishbein, M. (1977). Attitude-behavior relations: A theoretical analysis and review of empirical research. Psychological Bulletin, 84(5), 888-918. https://doi.org/10.1037/0033-2909.84.5.888
Armitage, C. J., & Conner, M. (2010). Efficacy of the theory of planned behaviour: A meta-analytic review. British Journal of Social Psychology, 40(4), 471-499. https://doi.org/10.1348/014466601164939
Arun, T., Markose, S. M., Murinde, V., Kostov, P., Khan, A., Ari, N., Goel, V., & Sethi, R. (2023). Digital Lending in Fintech India - UK Comparison. SSRN. https://doi.org/10.2139/ssrn.4558960
Bagozzi, R. P., Baumgartner, J., & Yi, Y. (1989). An investigation into the role of intentions as mediators of the attitude-behavior relationship. Journal of Economic Psychology, 10(1), 35-62. https://doi.org/10.1016/0167-4870(89)90056-1
Balcázar, J. J. M., & Rivas, Á. E. L. (2021). Determining factors of the intention to adopt FinTech services by micro and small business owners from Chiclayo, Peru. Journal of Business, 13(2), 19. https://doi.org/10.21678/jb.2021.1650
Bank for International Settlements. (2018). BIS Annual Report. https://www.bis.org/about/areport/areport2019.htm
Banking Technology Vision. (2023). Accenture. https://www.accenture.com/ in-en/insights/technology/technology-trends-2023
Berg, T., Fuster, A., & Puri, M. (2022). FinTech lending. Annual Review of Financial Economics, 14, 187-207. https://doi.org/10.1146/annurev-financial-101521-112042
Berger, J. O., & Sellke, T. (1987). Testing a point null hypothesis: The irreconcilability of p values and evidence. Journal of the American Statistical Association, 82(397), 112-122. https://doi.org/10.2307/2289131
Berry, L., Seiders, K., & Grewal, D. (2002). Understanding service convenience. Journal of Marketing, 66(3), 1-17. https://doi.org/10.1509/jmkg.66.3.1.18505
Bhattacharyya, D., Dietz, M., Edlich, A., Mehta, A., Weintraub, B., Höll, R., & Windhagen, E. (2023). Global Banking Annual Review 2023: The Great Banking Transition. https://www.mckinsey.com/industries/financial-services/our-insights/global-banking-annual-review
Brandon-Jones, A., & Kauppi, K. (2018). Examining the antecedents of the technology acceptance model within e-procurement. International Journal of Operations & Production Management, 38(1), 22-42. https://doi.org/10.1108/IJOPM-06-2015-0346
Chopdar, P. K., Korfiatis, N., Sivakumar, V. J., & Lytras, M. D. (2018). Mobile shopping apps adoption and perceived risks: A cross-country perspective utilizing the unified theory of acceptance and use of technology. Computers in Human Behavior, 86, 109-128. https://doi.org/10.1016/j.chb.2018.04.017
Chulawate, N., & Kiattisin, S. (2023). Success factors influencing peer-topeer lending to support financial innovation. Sustainabilty, 15(5), 4028. https://doi.org/10.3390/su15054028
Cornelli, G., Frost, J., Gambacorta, L., Rau, P. R., Wardrop, R., & Ziegler, T. (2023). Fintech and big tech credit: Drivers of the growth of digital lending. Journal of Banking & Finance, 148, 106742. https://doi.org/10.1016/j.jbankfin.2022.106742
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008
Dias, S., Nigalye, A., & Mahajan, J. (2022). Adoption factors of P2P lending in India. Atlantis Press. https://doi.org/10.2991/978-94-6463-080-0_11
Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). Definition of fintech and description of the fintech industry. In G. Dorfleitner, L. Hornuf, M. Schmitt, & M. Weber, FinTech in Germany (pp. 5-10). Springer. https://doi.org/10.1007/978-3-319-54666-7_2
DQINDIAOnline. (2021). Digital disruption: Is India ready for digital lending? https://www.dqindia.com/digital-disruption-india-ready-digital-lending/
Financial Stability Board. (2019). BigTech in finance: Market developments and potential financial stability implications. https://www.fsb.org/2019/12/bigtech-in-finance-market-developments-and-potential-financial-stability-implications/
GSMA. (2023). State of the industry report on mobile money 2023. https://www. gsma.com/solutions-and-impact/connectivity-for-good/mobile-for-development/ gsma_resources/state-of-the-industry-report-on-mobile-money-2023-2/
Hai, P. T., Toan, L. D., Tam, V. V., & Thuong, M. T. (2017). Factors affecting customer satisfaction with the quality of services: empirical evidence at Da Nang International Airport, Vietnam. Asian Journal of Empirical Research, 7(3), 61-74. https://doi.org/10.18488/journal.1007/2017.7.3/1007.3.61.74
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3), 340. https://doi.org/10.3390/sym11030340
Hubert, H., Blut, M., Brock, C., Zhang, R. W., Koch, V., & Riedl, R. (2018). The influence of acceptance and adoption drivers on smart home usage. European Journal of Marketing, 53(6), 1073-1098. https://doi.org/10.1108/EJM-12-2016-0794
Jin, L. Y., Osman, A. B., & Halim, M. S. B. AB. (2014). Perceived usefulness and trust towards consumer behaviors: A perspective of consumer online shopping. Journal of Asian Scientific Research, 4(10), 541-546. https://archive.aessweb.com/index.php/5003/article/view/3679
Johnson, V. L., Kiser, A., Washington, R., & Torres, R. (2018). Limitations to the rapid adoption of M-payment services: Understanding the impact of privacy risk on M-Payment services. Computers in Human Behavior, 79, 111-122. https://doi.org/10.1016/j.chb.2017.10.035
Kaji, S. (2021). An overview of fintech. In The Economics of Fintech (pp. 1-16). Springer. https://doi.org/10.1007/978-981-33-4913-1_1
Kalia, P., Kaushal, R., Singla, M., & Parkash, J. (2021). Determining the role of service quality, trust and commitment to customer loyalty for telecom service users: A PLS-SEM approach. The TQM Journal, 33(7), 377- 396. https://doi.org/10.1108/TQM-04-2021-0108
Ko, H., Jung, J., Kim, J., & Shim, S. W. (2004). Cross-cultural differences in perceived risk of online shopping. Journal of Interactive Advertising, 4(2), 20-29. https://doi.org/10.1080/15252019.2004.10722084
Kumar, J. A., Bervell, B., Annamalai, N., & Osman, S. (2020). Behavioral intention to use mobile learning: Evaluating the role of self-efficacy, subjective norm, and whatsapp use habit. IEEE, 8, 208058-208074. https://doi.org/10.1109/ACCESS.2020.3037925
Kurniawan, R. (2019, August). Examination of the factors contributing to financial technology adoption in Indonesia using technology acceptance model: case study of peer to peer lending service platform. International Conference on Information Management and Technology (ICIMTech). https://doi.org/10.1109/ICIMTech.2019.8843803
Lema, A. (2017). Factors influencing the adoption of mobile financial services in the unbanked population. Inkanyiso: Journal of Humanities and Social Sciences, 9(1). https://www.ajol.info/index.php/ijhss/article/view/165506
Lien, C-H., Wen, M-J., Huang, L-C., & Wu, K-L. (2015). Online hotel booking: The effects of brand image, price, trust and value on purchase intentions. Asia Pacific Management Review, 20(4), 210-218. https://doi.org/10.1016/j.apmrv.2015.03.005
Nguyen, H. V., Ha, G. H., Nguyen, D. N., Doan, A. H., & Phan, H. T. (2022). Understanding financial literacy and associated factors among adult population in a low-middle income country. Heliyon, 8(6), e09638. https://doi.org/10.1016/j.heliyon.2022.e09638
Nguyen, Q. K., & Dang, V. C. (2022). The effect of FinTech development on financial stability in an emerging market: The role of market discipline. Research in Globalization, 5, 100105. https://doi.org/10.1016/j.resglo.2022.100105
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. Journal of Retailing, 64(1), 12-40. https://psycnet.apa.org/record/1989-10632-001
Peterson R. A., & Kim, Y. (2013). On the relationship between coefficient alpha and composite reliability. Journal of Applied Psychology, 98(1), 194-198. https://doi.org/10.1037/a0030767
Praxis Global Alliance. (2023). Emerging opportunities for digital lending in India. https://www.praxisga.com/PraxisgaImages/ReportImg/emerging-opportunities-for-digital-lending-in-india-Report-3.pdf
PricewaterhouseCoopers. (2021). Digital Banking Consumer Survey. https:// www.pwc.com/us/en/industries/financial-services/library/digital-banking-consumer-survey.html#:~:text=This%20year%2C%20PwC’s%202021%20Digital,financial% 20institutions%20of%20all%20sizes
Putranto, B. D., & Sobari, N. (2021). Predicting Intention of Using Fintech Lending to Bank Users in Indonesia. Proceedings of the 18th International Symposium on Management (INSYMA 2021). https://doi.org/10.2991/aebmr.k.210628.034
Putri, G. A., Widagdo, A. K., & Setiawan, D. (2023). Analysis of financial technology acceptance of peer to peer lending (P2P lending) using extended technology acceptance model (TAM). Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100027. https://doi.org/10.1016/j.joitmc.2023.100027
Rahman, M., Lesch, M. F., Horrey, W. J., & Strawderman, L. (2017). Assessing the utility of TAM, TPB, and UTAUT for advanced driver assistance systems. Accident Analysis & Prevention, 108, 361-373. https://doi.org/10.1016/j.aap.2017.09.011
Raza, S. A., Umer, A., & Shah, N. (2017). New determinants of ease of use and perceived usefulness for mobile banking adoption. International Journal of Electronic Customer Relationship Management, 11(1), 44-65. https://doi.org/10.1504/IJECRM.2017.086751
Rosavina, M., Rahadi, R. A., Kitri, M. L., Nuraeni, S., & Mayangsari, L. (2019). P2P lending adoption by SMEs in Indonesia. Qualitative Research in Financial Markets ¸11(2), 260-279. https://doi.org/10.1108/QRFM-09-2018-0103
Rudra, T. (2022, July 01). Collaboration between fintech players & banks to transform SMB lending: Indifi’s Alok Mittal. Inc42. https://inc42.com/buzz/collaboration- between-fintech-players-banks-to-transform-smb-lending-indifis-alok- mittal/
Ryu, H-S. (2018). What makes users willing or hesitant to use Fintech?: The moderating effect of user type. Industrial Management & Data Systems, 118(3), 541- 569. https://doi.org/10.1108/IMDS-07-2017-0325
Ryu, H-S., & Ko, K. S. (2020). Sustainable development of fintech: Focused on uncertainty and perceived quality issues. Sustainabilty, 12(18), 7669. https://doi.org/10.3390/su12187669
Schierz, P. G., Schilke, O., & Wirts, B. W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications, 9(3), 209-216.
Singh, N., & Sinha, N. (2020). How perceived trust mediates merchant’s intention to use a mobile wallet technology. Journal of Retailing and Consumer Services, 52, 101894. https://doi.org/10.1016/j.jretconser.2019.101894
Sunardi, R., Hamidah, H., Buchdadi, A. D., & Purwana, D. (2022). Factors determining adoption of fintech peer-to-peer lending platform: An empirical study in Indonesia. Journal of Asian Finance, Economics and Business, 9(1), 43-51. https://doi.org/10.13106/jafeb.2022.vol9.no1.0043
Sunardi, R., Purwana, D., Suhud, U., & Hamidah, H. (2021). Examining the factors contributing to fintech peer-to-peer lending adoption. Journal of Information Systems Engineering and Business Intelligence, 7(2), 91- 101. https://doi.org/10.20473/jisebi.7.2.91-101
Sweeney, J. C., Soutar, G. N., & Johnson, L. W. (1999). The role of perceived risk in the quality-value relationship: A study in a retail environment. Journal of Retailing, 75(1), 77-105. https://doi.org/10.1016/S0022-4359(99)80005-0
Teo, T., Ursavaş, Ö. F., Bahçekapili, E. (2011). Efficiency of the technology acceptance model to explain pre‐service teachers’ intention to use technology: A Turkish study. Campus-Wide Information Systems, 28(2), 93-101. https://doi.org/10.1108/10650741111117798
The Business Research Company. (2023). Peer-to-Peer (P2P) lending global market report 2024. https://www.researchandmarkets.com/report/peer-to-peer-lending?srsltid=AfmBOopBrBFn0_VTokDcuwR_0d-3GQFfl-SYZdgJjvsKi-BE6iUCSVZ9b
The Digital Fifth. (2023). India’s digital lending landscape – July’23. https://thedigitalfifth.com/key-ecosystems-within-indian-fintech-sector/
Trafimow, D., Sheeran, P., Lombardo, B., Finlay, K. A., Brown, J., & Armitage, C. J. (2004). Affective and cognitive control of persons and behaviours. British Journal of Social Psychology, 43(2), 207-224. https://doi.org/10.1348/0144666041501642
Venkatesh, V. (2000). Determinants of perceived ease of use: Integrating control, intrinsic motivation, and emotion into the technology acceptance model. Information Systems Research, 11(4), 342-365. https://doi.org/10.1287/isre.11.4.342.11872
Xie, J., Latif, Z., Jianqiu, Z., & Waraa, K. (2019, December). Analysis of influencing factors of internet lending adoption in China: Internet lending adoption in China. IEEE. https://doi.org/10.1109/MACS48846.2019.9024778
Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding FinTech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893-1911. https://doi.org/10.3390/jtaer16050106
Yang, Q., & Lee, Y.-C. (2016, August). Critical factors of the lending intention of online P2P: Moderating role of perceived benefit. Proceedings of the 18th Annual International Conference on Electronic Commerce: e-Commerce in Smart connected World. https://doi.org/10.1145/2971603.2971618
Zhao, H., Ge, Y., Liu, Q., Wang, G., Chen, E., & Zhang, H. (2017). P2P lending survey: Platforms, recent advances and prospects. ACM Transactions on Intelligent Systems and Technology, 8(6), 1-28. https://dl.acm.org/doi/10.1145/3078848