Factors Affecting Adoption of Fintech During Covid-19

Abstract

Financial services has been growing technologically advanced for decades now. This advancement has led to contactless fintech services which provided a staunch support during the pandemic times. Not only it helped people to stay safe but provided a medium to earn to millions of people. Thou how remote the term might seem everyone is aware of Fintech in their real lives as performing the financial transaction online is no ne thing now. Accessing these financial services to provide an elaborate explanation on why the consumption of such services saw a boost during pandemic times apart from the fact that people were bound to look for alternatives. The need for this research was to detect the factors that supported the fintech usage centered upon the primary data collected from 220 university students from twin cities during the pandemic outbreak. The sample initially consisted of 280 respondents, which related these factors to their intention on using financial technology, the responses were tested using Smart- PLS. The research results indicated that perceived usefulness, perceived trust, perceived ease of use and social influence impacts the intention for using fintech. The results indicate that perceived usefulness has the strongest positive impact on why the adoption of fintech had increased during the pandemic era. Protection of consumers by providing hack free environment developed their trust towards safe online financial activities.