Assessing factors influencing intentions to use cryptocurrency payments in the hospitality sector

Abstract

Purpose The emergence of cryptocurrency has developed a new payment system that is changing how financial transactions happen in hospitality. Consumers/travelers have started experimenting with cryptocurrency payments in hotels and restaurants. However, extant research is lacking in understanding the consumer adoption intention of cryptocurrency payments. This study investigates the intention to use cryptocurrency payments in the hospitality industry.Design/methodology/approach The conceptual model in this study is based on the Behavioral Reasoning Theory, and it explores the motivating and deterring factors influencing the adoption of cryptocurrency payments in the hospitality industry. A quantitative survey was conducted among 1,080 consumers to examine and confirm the model, with data being analyzed through the Partial Least Squares Structural Equation Modeling (PLS-SEM) method.FindingsThe outcome of this work showed that the “reasons for” positively influence and “reasons against” negatively influence consumers’ attitudes and use intentions. Consumers’ values of openness to change positively influence the “reasons for” and do not influence the “reasons against” and attitude toward the use of cryptocurrency payments.Practical implicationsThis work contributes to practice by providing insights to customers (users/payee), hospitality managers (investors) and organizations/firms (receiving crypto payments) as well as to financial firms and the government.Originality/value This research contributes to cryptocurrency payment adoption and behavioral finance literature. The research uniquely provides the adoption and inhibiting factors for cryptocurrency payment in an integrated framework in the hospitality sector.