Fintech adoption in India: An extended Technology Acceptance Model incorporating customer satisfaction, continuation intention, and perceived risk

Abstract

Financial technologies are expanding rapidly across India, driven by government digitization initiatives and growing smartphone penetration. Yet the mechanisms linking consumer perceptions to sustained adoption behaviour remain incompletely understood within the Indian context. This study applies an extended Technology Acceptance Model (TAM) to examine how enablers, namely perceived ease of use, perceived usefulness, customer satisfaction, and continuation intention, alongside the challenge of perceived risk, shape attitude toward fintech adoption and ultimately behavioral intention. It additionally tests whether age, gender, and occupation moderate these relationships. A structured questionnaire on a 5-point Likert scale was distributed electronically to 7,000 respondents across all regions of India, yielding 212 usable responses. Partial least squares structural equation modelling (PLS SEM) via SmartPLS 4.1 was employed for reliability assessment, validity testing, and hypothesis evaluation through bootstrapping. Results show that perceived usefulness, customer satisfaction, and continuation intention positively and significantly influence attitude toward adoption, while perceived ease of use is not a significant direct enabler. Perceived risk does not significantly affect either attitude or continuation intention, a notable departure from findings in comparable markets. Perceived ease of use significantly predicts perceived usefulness, which in turn drives customer satisfaction and adoption attitude, establishing a sequential value chain from usability to satisfaction to behavioural intent. Attitude positively and significantly predicts behavioral intention. None of the three demographic moderators produce statistically significant effects across any pathway. The study fills an identified gap by establishing the perceived risk and continuation intention linkage within the Indian fintech context and offers actionable guidance for fintech firms and digital payment policymakers.