Modelling the Consumer Adoption Intention towards Unified Payment Interface (UPI): An Extended UTAUT2 Model with Relative Advantage, Add-on Services and Promotional Benefits

Abstract

The COVID-19 and associated lockdown in the country emerged as an opportunity for the digital payment providers and Unified Payment Interface (UPI) is the frontrunner among them. UPI is way ahead of other digital payment modes and recorded more than 22 billion transactions which account for over trillion during the 2020–21 financial year. Even though UPI is the most used digital payment mode in India, currently there is no well-established research model for measuring the user adoption towards UPI. So, this paper portrays the in-depth review of current works of literature on digital and mobile payment adoption intention of consumers and developed a new model exclusively for identifying the factors of adoption of ‘Unified Payment Interface (UPI)’. The study introduced the model by extending the existing UTAUT2 model by incorporating ‘Relative Advantage’, ‘Add-on Services’ and ‘Promotional Benefits’ as additional constructs apart from the existing UTAUT2 constructs. The proposed model can be empirically tested further to derive meaningful findings and conclusions that can guide the payment service providers in taking appropriate decisions for the development of their user base.