When online review is not enough? Adoption of cryptocurrencies through the lenses of NCA and fsQCA

The present study investigates the influence of electronic word-of-mouth (eWOM), particularly online reviews, on the adoption of a novel payment gateway – cryptocurrencies, an emerging financial technology gaining increasing traction among digital consumers. Instead of traditional correlational relations, the study looks at the relationship from alternative perspectives: necessity and configurational logic. The study tests its conceptual framework through Necessary Condition Analysis (NCA) and a fuzzy-set Qualitative Comparative Analysis (fsQCA). The dataset is based on a self-administered online questionnaire with 402 respondents recruited through a reputed online panel. The objective is to determine which eWOM components are necessary, and which combinations of them are sufficient, to influence consumers' behavioral intentions toward cryptocurrency use in e-commerce. The results indicate that when users face a small number of conflicting reviews, their intention to use crypto as a payment method diminishes. Hypothetically, plentiful and consistent reviews that either have a good argument quality or are two-sided (containing both positive and negative aspects), likely result in high intention to adopt cryptocurrencies. Findings contribute to a deeper understanding of eWOM's role in shaping technology adoption behavior, revealing that specific configurations (low review volume and inconsistency)—can undermine adoption intentions. This study represents an early exploration of how eWOM influences cryptocurrency adoption, offering insights that expand existing literature and highlight important theoretical and practical implications. It provides actionable recommendations for marketers, platforms, and policymakers aiming to encourage broader adoption of digital payment methods.