Payment Model

Journal of
Risk and Financial

Management
Article
Electronic Payment Behaviors of Consumers under Digital
Transformation in Finance—A Case Study of
Third-Party Payments
Lan-Hui Lin 1 , Feng-Chen Lin 2, * , Chih-Kang Lien 3 , Tung-Chin Yang 4 , Yao-Kai Chuang 5 and Yi-Wen Hsu 1
1 Department of Accounting, National Changhua University of Education, Changhua 500, Taiwan;

[email protected] (L.-H.L.); [email protected] (Y.-W.H.)
2 Department of Finance, Chang Jung Christian University, Tainan 711, Taiwan
3 Department of Accounting, National Taiwan University, Taipei 106, Taiwan; [email protected]
4 Department of Finance, National Changhua University of Education, Changhua 500, Taiwan;
[email protected]
5 Department of Business Administration, Kun Shan University, Tainan 710, Taiwan; [email protected]
* Correspondence: [email protected]; Tel.: +886-6-2785123 (ext. 2355)
Abstract: In the digital era, new financial technologies and big data are accelerating the development
of financial transactions. With the rise of e-commerce transactions, the financial industry has come
to recognize that banking as a service can be seamlessly integrated into any scenario, thanks to
disruptive innovation driven by electronic and third-party payments. This study aims to examine the
consumer acceptance of third-party payment systems offered by electronic payment platforms for
e-commerce, as well as their continued usage in the context of digital transformation in finance. This
study employed the questionnaire survey method, and it distributed questionnaires to consumers
who have used third-party payment systems. A total of 332 valid questionnaires were collected.
The results indicate that user acceptance of innovative technologies and various external variables
(e.g., the user’s external environment, internal characteristics, and information system quality) were
Citation: Lin, Lan-Hui, Feng-Chen significantly positively correlated with perceived usefulness, perceived ease of use, and behavioral
Lin, Chih-Kang Lien, Tung-Chin intention regarding the electronic payment behaviors of consumers. Based on the empirical results,
Yang, Yao-Kai Chuang, and Yi-Wen this study proposes important managerial implications for the financial industry and e-commerce
Hsu. 2023. Electronic Payment platforms in promoting electronic payment innovation.
Behaviors of Consumers under
Digital Transformation in Finance—A Keywords: digital transformation in finance; third-party payment; modified technology acceptance
Case Study of Third-Party Payments. model; diffusion of innovation theory
Journal of Risk and Financial
Management 16: 346. https://
doi.org/10.3390/jrfm16080346
Academic Editor: Thanasis Stengos 1. Introduction

Received: 5 June 2023
The world experienced the COVID-19 pandemic in 2020, which altered lifestyles and
Revised: 19 July 2023 shopping habits. As physical stores became inaccessible, most consumption behaviors
Accepted: 20 July 2023 shifted online, increasing the prevalence of online payments. A novel transaction model
Published: 25 July 2023 for online buyers and sellers facilitated by non-bank intermediaries, known as third-party
payment, has emerged. Third-party payments involve electronic payment institutions
serving as intermediaries to assist online buyers and sellers in fund transfer transactions.
Due to their operational model, third-party payment systems offer a safe, convenient
Copyright: © 2023 by the authors. platform for online transactions. Moreover, the cost of many transaction fees can be saved,
Licensee MDPI, Basel, Switzerland. as funds bypass banking intermediaries.
This article is an open access article Due to its densely populated, narrow geographical structure, ATM services are
distributed under the terms and widespread in Taiwan. As such, people habitually use cash or credit cards. Unlike the
conditions of the Creative Commons
United States, which established PayPal in 1998, and China, which launched Alipay and
Attribution (CC BY) license (https://
other third-party payment systems in 2004, third-party payments in Taiwan are not as
creativecommons.org/licenses/by/
4.0/).
J. Risk Financial Manag. 2023, 16, 346. https://doi.org/10.3390/jrfm16080346 https://www.mdpi.com/journal/jrfm

J. Risk Financial Manag. 2023, 16, 346 2 of 22
developed. Hence, most people use credit cards or pay on delivery, even when shopping on-
line. This necessitates examining why Taiwanese consumers are reluctant to use third-party
payments, making it a critical research question amidst financial digital transformation.
Studies on consumers’ intentions to use innovative financial services like third-party
payments often explore their behavioral intention and technology acceptance levels. The
Technology Acceptance Model (TAM) proposed by Davis (1986) is the most widely used,
essential model in the field (Lee et al. 2003). Based on the Theory of Reasoned Action (TRA)
and the Theory of Planned Behavior (TPB) by Fishbein and Ajzen (1975), Davis et al. (1989)
developed an effective behavioral intention model to explain and predict the determinants
of users’ acceptance of emerging technologies and information systems. By exploring the
influence of external factors on users’ beliefs, attitudes toward using (ATU), and intentions,
we can understand how external factors affect users’ internal factors and explain or predict
the factors influencing information technology use (Fisher and Howell 2004). Hence, most
subsequent scholars have adopted the modified TAM by Davis et al. (1989) as the primary
research theory. For instance, Lim and Zhang (2022) used the TAM to discuss user behavior of
AI-driven personalization in digital news platforms. Song et al. (2021) examined the decision-
making process of consumers adopting food-delivery apps. Lunney et al. (2016) explored
consumers’ acceptance of wearable fitness technology. Huang and Liao (2015) discussed the
moderating role of augmented-reality interactive technology on cognitive innovativeness.
The TAM, although insightful in understanding consumer acceptance of technology,
primarily discusses the impact of perceived usefulness (PU) and perceived ease of use
(PEOU) on behavioral intention (BI). However, the launch time of innovative products
and services also affects consumer acceptance. Rogers’ (1983) Innovation Diffusion Theory
(IDT) examines the process where more consumers accept and understand new products
or technologies post-launch over time. Wu et al. (2022) employed the Innovation Diffusion
Theory in studying the intent of e-retailers to adopt cryptocurrency.
Thus, the present study combines the TAM and IDT to explore consumer payment
behavior toward third-party payments. Past research suggests that perceived usefulness and
ease of use directly impact behavioral intent (Adams et al. 1992; Szajna 1996; Venkatesh 2000).
However, the factors affecting consumer acceptance of electronic payments have multiple
dimensions and cannot be explored from one dimension. As such, the present study proposes
an extended integrated framework. The framework employs the two dimensions of the
TAM—“perceived usefulness” and “perceived ease of use”—to measure consumers’ behavioral
intention toward third-party electronic payments. Previous research suggests that the TAM
should be expanded by adding extra variables to increase its explanatory power (Hu et al. 1999;
Mathieson et al. 2001). Since the transaction risk of third-party electronic payments is higher
than that of traditional counter transactions, it is crucial to consider user intrinsic characteristics,
the external environment, and the quality and safety of information systems. Previous literature
discussing the factors influencing third-party electronic payments is plentiful. However, there
is little elaboration in studies examining internal and external factors simultaneously, and there
is a lack of empirical support. Therefore, in the extended TAM, this study added several new
variables such as “user external environment, user intrinsic characteristics, information system
quality” to develop a more specific research framework. This study applied the TAM and IDT
to explore consumers’ acceptance of the third-party payment systems offered by e-commerce
platforms under financial digital transformation and the likelihood of continued use. It aims to
identify the critical factors influencing consumers’ willingness to use third-party payments and
provide insight into how to promote electronic payment innovation for the financial industry
and e-commerce platforms. This study’s findings serve as a reference for financial providers
and e-commerce platforms. Helping to drive electronic payment innovation is this study’s
contribution to the field of knowledge systems.
2. Literature Review and Hypotheses Development

2.1. Electronic Payment Behavior in the Context of Digital Transformation in Finance
The COVID-19 outbreak has accelerated the global digital transformation. As tra-
ditional financial service providers innovate and seek transformation opportunities, the
financial industry has developed from Bank 3.0 to 4.0. Digital transformation refers to the
introduction of digital technologies and artificial intelligence to systems to explore new
business areas or the application of digital technologies to refine existing business mod-
els. Heavin and Power (2018) suggested that digital transformation can be classified into
three categories: operation optimization, customer experience customization, and business
remodeling. Consumer behaviors refer to behaviors directly related to the acquisition,
purchase, use, and treatment of products and services, including the decision-making pro-
cess that influences and determines such behaviors. The definition of electronic payment
platforms in Taiwan did not become a proper noun until the Act Governing Electronic
Payment Institutions was implemented. However, electronic payments differ from mobile
payments, and the difference is misunderstood by most people. Service providers must
obtain an electronic payment license to promote diversified services. E-commerce divides
the receipt and payment process into two steps, which were integrated in the past. In
contrast, payments might not be made on time after commodities have been delivered, or
commodities might not be received after payment. The rise of e-commerce has driven the
emergence of third-party payments. However, banks have taken no measures to protect
the transaction process. Third-party payments are a mechanism designed to address these
issues. Consumer electronic payment behavior refers to the commercial behavior of a
consumer in browsing a commodity catalog and placing an order in an electronic store
established by a seller in a browser. After obtaining a license, a third-party payment service
provider can provide collection and payment services. Furthermore, it can offer fund
transfers and the receipt and acceptance of stored values into customers’ accounts, where
transactions occur between electronic payment accounts.
2.2. Innovation Diffusion Theory

Rogers (1983) developed the IDT to explore the process where consumers increasingly
accept and understand a new product or technology. The diffusion of innovation refers to
the process by which an innovation is communicated over time among participants in a
social system. All people need, share, and participate in innovations to reach a consensus,
and the sharing process involves bidirectional communication. According to the IDT,
adopting an innovation does not happen simultaneously in a social system but is a series
of results over time. As such, the present study classified the mass market of innovative
technology users into (1) the mass market early stage, (2) the mainstream mass market, and
(3) the underdeveloped mass market. We used these categories to distinguish three types
of consumers with differing levels of innovative technology acceptance.
According to the IDT, innovation perception characteristics significantly impact the
innovation diffusion process. Several related studies on e-commerce have recently emerged.
Citrin et al. (2000) indicated that consumers with higher innovation characteristics directly
increase their online shopping acceptance. At the same time, users with higher innovation
characteristics attach greater importance to the practicability of online shopping, which fur-
ther enhances the positive correlation between behavioral intention and online transaction
acceptance. Given the above, this study proposed the following hypotheses:
Hypothesis 1 (H1). The user’s role in using innovative technologies positively impacts perceived
usefulness.
Hypothesis 2 (H2). The user’s role in using innovative technologies positively impacts perceived
ease of use.
J. Risk Financial Manag. 2023, 16, x FOR PEER REVIEW 4 of 22
2.3. Modified Technology Acceptance Model

TheModified
2.3. TAM was designed
Technology given theModel
Acceptance financial consumer behavior of accepting new in-
formation systems and was developed
The TAM was designed given the by Davis (1986).consumer
financial The TAM was basedof
behavior onaccepting
the Theorynew
of Reasoned
information Action (TRA)and
systems andwasis widely applied
developed byin various
Davis fields.
(1986). However,
The TAM was pastbased
research
on the
indicates that the TAM is overly simple. Since it only discusses
Theory of Reasoned Action (TRA) and is widely applied in various fields. However, perceived usefulness and
perceived ease ofindicates
past research use, the model
that the appears
TAM istooverly
be insufficient
simple. Since to examine
it onlyconsumer
discusses behav-
perceived
iors.usefulness
Perceived and usefulness
perceived ease of use, the model appears to be insufficientvariables
and perceived ease of use are influenced by external to examine
(including
consumer the behaviors.
user’s external environment),
Perceived usefulnesssuch as organizational
and perceived easesupport,
of use are computer in- by
influenced
terfaces,
externalconvenience, and the user’s
variables (including internal
the user’s characteristics
external environment),(such such
as self-efficacy and
as organizational
learning style). Therefore, an extended TAM modified by such factors
support, computer interfaces, convenience, and the user’s internal characteristics (such can be applied in as
research on the acceptance of various financial information technologies.
self-efficacy and learning style). Therefore, an extended TAM modified by such factors can Lin and Lu
(2000) added the
be applied information
in research on thesystem qualityofproposed
acceptance by DeLone
various financial and McLean
information (1992) as Lin
technologies.
an external
and Lu (2000) added the information system quality proposed by DeLone and web-
variable based on the TAM to examine users’ behavioral intention to use McLean
sites. Lin and
(1992) as anLu (2000) variable
external also dividedbasedfactors
on theinto
TAM five dimensions:
to examine service
users’ quality,
behavioral infor- to
intention
mation quality, mobile
use websites. Lin and device quality,
Lu (2000) alsouser satisfaction,
divided factors andinto use
fiveeffectiveness. Lin andquality,
dimensions: service Lu
(2000) also analyzed
information themobile
quality, correlation
devicebetween
quality, it andsatisfaction,
user the TAM’sand perceived usefulness Lin
use effectiveness. andand
perceived
Lu (2000) ease of consumer
also analyzed the satisfaction,
correlationand the correlation
between it and thebetween user satisfaction
TAM’s perceived andand
usefulness
useperceived
effectiveness. Additionally, to simplify the extended TAM, Venkatesh
ease of consumer satisfaction, and the correlation between user satisfaction and and Davis
(1996)
useremoved user Additionally,
effectiveness. attitude to develop a modified
to simplify TAM framework,
the extended TAM, Venkateshincluding external
and Davis (1996)
variables,
removed perceived usefulness,
user attitude to developperceived easeTAM
a modified of use, behavioral
framework, intention,
including and actual
external variables,
useperceived
behavior. usefulness, perceived ease of use, behavioral intention, and actual use behavior.
GivenGiventhe the above,
above, the present
the present studystudy adopted
adopted the modified
the modified TAM TAM as research
as the the research frame-
frame-
work. The influence path of this dimension was the external
work. The influence path of this dimension was the external variables (user external envi- variables (user external
environment,
ronment, user internal
user internal characteristics,
characteristics, and information
and information systemsystem quality),
quality), perceived
perceived useful-use-
fulness,
ness, perceived
perceived ease ofeaseuse,of behavioral
use, behavioral intention,
intention, and andactualactual
use use behaviors.
behaviors. ThisThis study
study
usedused
the the proposed
proposed framework
framework to examine
to examine consumer
consumer behavioral
behavioral intention
intention andand acceptance
acceptance
of third-party
of third-party payments.
payments. Figure
Figure 1 shows
1 shows thisthis study’s
study’s research
research model.
model.
External variables Perceived

usefulness
User’s external environ-

ment
Actual use behavior
Behavioral
User’s internal charac-
intention
teristics
Perceived
Information system ease of use
quality
Figure 1. Relational graph of the modified TAM (DeLone and McLean 1992).
Figure 1. Relational graph of the modified TAM (DeLone and McLean 1992).
2.4.2.4.
Relational Inference
Relational andand
Inference Hypothesis Derivation
Hypothesis of the
Derivation Modified
of the ModifiedTechnology
Technology Acceptance Model
Acceptance Model
Figure 1 shows how we inferred the influence path of all dimensions to examine
consumer behavioral
Figure 1 shows how weintention
inferred and
theacceptance of third-party
influence path payments.
of all dimensions Therefore,
to examine con-this
study
sumer proposed
behavioral the relational
intention inferencesof
and acceptance and hypotheses
third-party detailedTherefore,
payments. below. this study
proposed Research has suggested
the relational thatand
inferences consumers
hypothesesoften meet setbacks
detailed below. when facing user external
information
Research has technology
suggestedproducts and operating
that consumers often meet such products.
setbacks whenItfacing
is insufficient to ex-
user exter-
plain current usage situations while only examining innovation perception
nal information technology products and operating such products. It is insufficient to ex- characteristics.
Tsikriktsis
plain (2004)situations
current usage conductedwhile
a classified study on consumers
only examining innovationbased on technology
perception readiness
characteristics.
(TR) and
Tsikriktsis found
(2004) significant
conducted differences
a classified in consumers’
study on consumers current
basedand
on future use intentions
technology readi-
regarding information technology services. Research has indicated that new technological
products and services can effectively increase human welfare; bring breakthroughs to old
technology; and provide unparalleled practical usefulness, ease of use, and a competitive
advantage. Therefore, new technological products and services should be preferentially
adopted. Consumers will be willing to adopt new technology if they perceive it as useful
and easy to use. Given the above, this study proposed the following hypotheses:
Hypothesis 3 (H3). The user’s external environment positively impacts perceived usefulness.
Hypothesis 4 (H4). The user’s external environment positively impacts perceived ease of use.
A low consumer behavioral intention to use online transactions is often due to an

internal characteristic of consumers and cognitive belief. Consumers consider potential
risks (Jarvenpaa et al. 2000) and uncertainties when using an insecure network environment
as the transaction medium (Featherman and Pavlou 2003). Vijayasarathy (2004) indicates
that a user’s perception is highly correlated with their personal assessment of online
shopping, which directly influences consumer behavioral intention to buy a commodity.
However, studies on the acceptance of electronic services have found that higher mental
intangibility leads to a lower perceived system security of consumers and a lower consumer
behavioral intention to accept information services (Featherman and Wells 2004). Pavlou
(2003) suggested that consumers with strong self-learning abilities expect to take action
to reduce environmental uncertainties. Once new knowledge is completely accepted,
the perceived system security will directly impact users’ behavioral intention to make a
transaction. Reducing uncertainty is a critical factor in consumer acceptance of e-commerce
services. Given the above, this study proposed the following hypotheses:
Hypothesis 5 (H5). The user’s internal characteristics positively impact perceived usefulness.
Hypothesis 6 (H6). The user’s internal characteristics positively impact perceived ease of use.
Bellman et al. (1999) examined online consumption behaviors and found that con-
sumers are most concerned with security and privacy when using networks. Therefore,
when network system services make users feel at ease while learning and using a system,
users will no longer worry about security and privacy problems and feel free to make
network transactions. Featherman and Pavlou (2003) indicated that users’ perceived ease
of use reduces their perceived risk when using electronic payment services. Therefore,
when users feel that an information service is easy to use, they consider the system secure
and reliable. Liao and Cheung (2002) also found that the perceived convenience of users
regarding network services significantly influences their perception of network system
security. Given the above, this study proposed the following hypotheses:
Hypothesis 7 (H7). The information system’s quality positively impacts perceived usefulness.
Hypothesis 8 (H8). The information system’s quality positively impacts perceived ease of use.
Oh et al. (2003) applied the TAM to analyze broadband network adoption behavior in
South Korea. Their study found that perceived ease of use positively impacts perceived
usefulness and attitude. Wu and Chen (2005) combined the Theory of Planned Behavior
(TPB), the TAM, and trust to examine the intention to use online taxation. Their study
showed that, when users feel that it is easy to learn a system’s operation and that it is easy
to use, they consider online taxation to be a helpful service. By applying the preceding
argument to third-party electronic payments, the present study posits that consumers’
perceived ease of use regarding third-party electronic payments will positively impact the
perceived usefulness of electronic payments. Given the above, this study proposed the
following hypothesis:
Hypothesis 9 (H9). Perceived ease of use positively impacts the perceived usefulness of third-party
electronic payments.
When using electronic payments, consumers make commercial transactions through a

website interface. The perceived usefulness of consumers regarding such websites is the
most critical factor influencing such online transactions. Chen and Tan (2004) found that
the perceived usefulness of consumers is a crucial factor affecting the acceptance of online
virtual stores. Studies on network shopping indicate that perceived usefulness influences
shopping attitudes and that it indirectly and directly influences behavioral intention (Shih
2004; Vijayasarathy 2004). Network banking is beneficial to customers because it can
save time and costs, allow for prompt responses to customer complaints, allow financial
transactions to be conducted anytime and anywhere, and provide customers with more
services (Turban et al. 2000). Therefore, consumers expect these benefits when deciding to
use electronic payments. When the perceived usefulness of consumers regarding electronic
payments increases, the behavioral intention to use such payment systems also increases.
Given the above, this study proposed the following hypotheses:
Hypothesis 10 (H10). Perceived usefulness positively impacts consumer behavioral intention to

use electronic payments.
Hypothesis 11 (H11). Perceived ease of use positively impacts consumer behavioral intention to
use electronic payments.
3. Research Method
3.1. Research Framework
This study adopted consumer acceptance of innovative technologies as the classifica-
tion basis according to the IDT. It employed the modified TAM to measure user behavioral
intention to use electronic payments and how the intention affects consumer acceptance
of third-party payments. This study discussed consumer electronic payment behavior in
the context of digital transformation in finance by presenting a case study of third-party
J. Risk Financial Manag. 2023, 16,payments. To verify the propositions in discussions and inferences from7 ofprior
x FOR PEER REVIEW 22 studies, the
present study established a research framework, as shown in Figure 2.
H1
User role of innovative technologies Perceived usefulness
H2
H10
H5
H3
External variables H9 Behavioral
intention
H7
User external environment H4
H11
Perceived ease of use
User internal characteristics
H6
Information system quality

H8
Figure 2. Research framework.

Figure 2. Research framework.
3.2. Questionnaire Design
3.2.1. Research Subjects and Data Sources
This study adopted a survey questionnaire for data collection. Before implementing
the survey, questions were devised according to the practices and literature discussion
results of third-party payment systems provided by electronic payment platforms in e-
commerce. This study also employed descriptive statistics and a path analysis (a multiple
3.2. Questionnaire Design

3.2.1. Research Subjects and Data Sources
This study adopted a survey questionnaire for data collection. Before implementing
the survey, questions were devised according to the practices and literature discussion
results of third-party payment systems provided by electronic payment platforms in e-
commerce. This study also employed descriptive statistics and a path analysis (a multiple
regression analysis) to verify the hypotheses. This study adopted purposive sampling and
distributed questionnaires to consumers who had smartphones or tablets and had used
third-party payments in an electronic payment system. As the questionnaire respondents
had used electronic payments, i.e., third-party payments, they could better understand and
meet the study purposes. We used statistical software to verify the validity and reliability
of the data distribution of 332 valid samples.
3.2.2. Definition and Measurement of Variables

Part 1 of the questionnaire comprised multiple-choice questions regarding the respon-
dents’ basic data. The other seven parts of the questionnaire focused on user acceptance
of innovative technologies, external variables (user external environment, user internal
characteristics, and information system quality), perceived usefulness, perceived ease of
use, and behavioral intention. A seven-point Likert scale was used to measure the variables
(with answers ranging from strongly disagree to strongly agree).
1. User’s role in using innovative technologies
This study simplified the analysis according to the IDT. We divided users of innovative
technologies into the early stage of the mass market, the mainstream mass market, and the
underdeveloped mass market. We used the scale developed by Moore and Benbasat (1991)
regarding innovation characteristics that include three factors: acceptability, challenge, and
simplicity; these three factors were employed to determine the mass market classification of
respondents. In theory, consumers with a great acceptance for or who perceive challenges
toward new technological products are within the mass market early stage. In contrast,
consumers who attach greater importance to the simplicity of new technological products
are part of the underdeveloped mass market. The opinions of the mainstream mass market
regarding new technological products are between the two. To measure user acceptance
of innovative technologies, the present study revised the scales of McKnight et al. (2002),
Parasuraman (2000), and Moore and Benbasat (1991) and selected a total of eight questions
to distinguish the respondents’ level of acceptance of innovative technologies.
2. External variables
According to Venkatesh (2000), we examined the external factors that could influ-
ence users, including the user’s external environment, their internal characteristics, and
information system quality.
(1) User external environment
A user’s external environment is the complete and adequate provision of operating in-
terfaces, organizational support, convenience, and support for decision-makers to improve
usability. This study defined a user’s external environment as the level of support one feels
regarding the support and convenience of computer interfaces and system organization
when operating electronic third-party payments. Furthermore, to measure this external
variable, we revised the scales of Wang et al. (2003), Venkatesh (2000), Szajna (1996), and
Adams et al. (1992). We devised three questions to understand the factors that could
influence a user’s external environment.
(2) User internal characteristics
Self-competence, learning style, and learning attitude influence a user’s perceptions,
i.e., the user’s internal characteristics. This study defined a user’s internal characteristics
as the belief that their internal characteristics affect their willingness to use information
technologies. Survey questions 4 and 5 were two reverse questions; their scores were
calculated reversely to seek effective statistics. Furthermore, when measuring user internal
characteristics, this study revised the scales of Wang et al. (2003), Venkatesh (2000), Szajna
(1996), and Adams et al. (1992) and developed five questions to understand the potential
influencing factors regarding user internal characteristics.
(3) Information system quality
A reliable computer system should provide users with a high level of convenience,
security, and privacy. It should promptly respond to user demands and protect data from
being stolen or destroyed (data integrity). Considering the features of third-party payments,
this study defined the operability of an information system as the level of trust that users
feel toward data integrity and privacy after conducting third-party electronic payments.
Furthermore, to measure information system quality, this study revised the scales of Gefen
(2003), McKnight et al. (2002), and Parasuraman (2000) and developed eight questions to
understand the potential influencing factors regarding information system quality.
3. Perceived usefulness
Venkatesh (2000) suggested that users often believe that a particular application of
information technology can improve their work efficiency. The present study defined
perceived usefulness as a user’s perceived level of helpfulness or convenience in life and
work that using electronic payments brings. Furthermore, to measure perceived usefulness,
this study revised the scales of Chau and Lai (2003), Legris et al. (2003), Gefen (2003), and
McKnight et al. (2002) and developed five questions to distinguish the respondents’ degree
of perceived usefulness.
4. Perceived ease of use
According to Venkatesh (2000), perceived ease of use refers to the degree of effortless
learning when using an information system as perceived by potential users. When users
believe that it is easy to use a device, they will accept it more easily. This will directly influ-
ence use intention and indirectly influence use attitude through its perceived usefulness.
This study defined perceived ease of use as the degree of the ease of use of third-party
electronic payments and the degree of helpfulness or convenience that they bring to life
and work. Furthermore, to measure perceived ease of use, this study revised the scales
of Chau and Lai (2003), Legris et al. (2003), Gefen (2003), and McKnight et al. (2002) and
devised five questions to distinguish the respondents’ degree of perceived ease of use.
5. Behavioral intention
This study defined behavioral intention as the degree of intentionality of an individual
to perform an action under the influence of various factors. This study operationally
defined behavioral intention as the degree of intentionality of users to use third-party
electronic payments in current or future transactions regarding the selection and judgment
of payment methods. Furthermore, to measure behavioral intention, this study revised the
scales of Gefen (2003), Moon and Kim (2001), and Taylor and Todd (1995) and devised six
questions to distinguish the respondents’ degree of behavioral intention.
3.3. Data Analysis Method

First, this study used the statistical frequency distribution and percentage to describe
the data structure of the valid samples. Then, we explained the degree of perception of the
respondents regarding the questionnaire response, with the mean and standard deviations
calculated based on the user’s role in using innovative technologies, external variables
(user external environment, user internal characteristics, and information system quality),
perceived usefulness, perceived ease of use, and behavioral intention. A greater mean
inferred that a question was more trusted by the respondents, and a smaller standard
deviation indicated that the respondents more unanimously agreed with the question.
Furthermore, this study applied suitable verification methods for analysis, such as a
reliability analysis, validity analysis, correlation analysis, and path analysis.
4. Research Results Analysis

4.1. Sample Description
Table 1 lists the analysis results of the respondents’ basic information among the valid
samples. Regarding the overall sample analysis, the number of female respondents was
greater than the number of male respondents. However, the ratio of male respondents to
female respondents was about 1:1.22, representing an even distribution according to gender.
Most respondents, 273 persons, were between 21 and 60 years old, accounting for 82.3% of
the total sample; hence, most respondents were between young and mature age groups.
Most respondents (88.6%) had a bachelor’s degree or a master’s degree or above, indicating
that the group had a high educational level. Most respondents (64, 19.3%) were employed
in the business, finance, or insurance industries, followed by the manufacturing, service,
student, or other industries. Most (187 respondents, 56.4%) had an average monthly income
of more than NTD 65,001 or NTD 45,001–55,000. Regarding the digital transformation of
finance, a third-party payment system business model provided by electronic payment
platforms is innovative and complex. Therefore, this study distributed questionnaires to
consumers who had previously used third-party electronic payments to measure consumer
behavior intentions to use electronic payments, which would further influence consumer
acceptance of third-party payments. The findings indicate that this criterion has made this
research more objective. Given the above, this research topic is essential. It can provide
users with a better understanding of the efforts made by financial service providers and
e-commerce platforms to promote innovation in electronic payments.
Table 1. Formal analysis of the basic information of the valid samples (n = 332).
Background Number of Percentage

Category
Variable Respondents (%)
Male 149 44.9
Gender
Female 183 55.1
20 years old and below 5 1.5
21 to 30 years old 48 14.5
31 to 40 years old 28 8.4
Age
41 to 50 years old 69 20.8
51 to 60 years old 156 47.0
61 years old and above 26 7.8
Junior high school diploma and below 1 0.3
Senior (vocational) high school diploma 37 11.1
Educational level Bachelor’s degree 148 44.6
Master’s degree 128 38.6
Doctoral degree 18 5.4
Student 35 10.5
Steward 8 2.4
Military, police, civil servant, and teacher 28 8.4
Catering 4 1.2
Service 49 14.8
Manufacturing 60 18.1
Industry
Transportation and storage 4 1.2
Construction 14 4.2
Business/finance/insurance 64 19.3
Information/communication 9 2.7
Wholesale and retail 19 5.7
Other 38 11.4
NTD 25,000 and below 40 12.0
NTD 25,001–35,000 39 11.7
Average monthly NTD 35,001–45,000 39 11.7
income NTD 45,001–55,000 43 13.0
NTD 55,001–65,000 27 8.1
NTD 65,001 and above 144 43.4
4.2. Reliability and Validity Analysis of the Research Variables

4.2.1. Reliability Analysis
Reliability primarily tests the stability and consistency of a measurement tool. The
present study tested the reliability of each dimension using Cronbach’s α, as proposed by
Nunnally (1978).
The reliability is acceptable if Cronbach’s α is greater than 0.5. If Cronbach’s α is
greater than 0.7, the data have adequate internal reliability. DeVellis (1991) proposed that
0.7 > Cronbach’s α > 0.6 represents moderate reliability, 0.8 > Cronbach’s α > 0.7 represents
high reliability, and Cronbach’s α > 0.8 represents the best reliability.
4.2.2. Validity Analysis

Good validity indicates that the measurement tool can measure the degree that the
researchers intend to measure.
The present study employed a factor analysis to test the questionnaire’s construct
validity. First, we conducted a KMO test (Kaiser–Meyer–Olkin measure of sampling ade-
quacy) and Bartlett’s spherical test to understand the classified dimensions of consumers’
behavior intention to use electronic payments and consumers’ acceptance of third-party
payments under the digital transformation in finance to determine whether it was appro-
priate to employ a factor analysis. Hair et al. (1998) proposed that a KMO value greater
than 0.8 represents good, greater than 0.7 represents better, and a significant Bartlett’s
spherical test (p < 0.001) represents good data convergent validity. Therefore, this study
employed a principal component analysis (PCA), selected factor loading and communality
factors for analysis, and used the Varimax Method for rotation. The absolute value of the
factor loading must be greater than 0.5. If the factor loading is smaller than 0.5, but the
communality is larger than 0.5, it represents a significant interaction between the question
and other questions, and the question should be reserved (Larose 2006).
4.2.3. Question Groups Reliability Analysis/Validity Analysis

Cronbach’s α value of the questionnaire in this study was 0.952, greater than 0.8,
representing good reliability, high stability, and good reliability quality for a subsequent
data analysis. The KMO value of the questionnaire was 0.948, and Bartlett’s spherical test
was significant (p < 0.001), indicating the data’s good convergent validity and that they are
appropriate for a factor analysis.
Three deletions were performed in this study based on the factor analysis results. The
first deletion was question 7, “I am cautious about using a new technical product/service
before it is proven trustworthy,” because the factor loading (0.292) and commonality (0.153)
were both less than 0.5. The second deletion was question 21, “When sending messages in the
network, I am not sure whether messages are sent correctly,” because the factor loading (0.470)
and commonality (0.419) were both less than 0.5. The third deletion was question 13, “I often
question old ideas and traditional norms,” because the factor loading (0.469) and commonality
(0.338) were both less than 0.5. The remaining 37 questions could be classified into nine domains.
Table 2 summarizes the questions, question content, and factor loadings for each domain.
Moreover, this study first constructed a validity analysis by re-running the ques-
tionnaire’s reliability after deleting the items. Cronbach’s α values were 0.539 for “user
acceptance of innovative technology–simplicity” and 0.614 for “external variables–user’s
intrinsic characteristics,” which are still in accordance with Nunnally’s (1978) recommen-
dation that Cronbach’s α value should be greater than 0.5 as an acceptable range. The
other seven dimensions were between 0.801 and 0.953, as shown in Table 2. The overall
Cronbach’s α value was 0.956, which is in accordance with the recommendations of both
Nunnally (1978) and DeVellis (1991), indicating that the data in this study have a level of
reliability above medium and high. This indicates that the reliability of the questionnaire is
stable and acceptable. Therefore, the remaining 37 questions were retained for the subse-
quent analysis, except for questions 7, 21, and 13; thus, each question was conducted at its
original number.
Table 2. Reliability and validity analysis.
Question
Dimensions Question Content Factor Loading Communality Cronbach’s α
Item No.
(1) Acceptance
Generally, I can clearly know how to use

1 new technical products/services without 0.794 0.701
others’ help.
Generally, I am the first one among my

2 friends to search for new technical 0.778 0.800 0.842
products/services.
I already know how to use a new

3 technical product/service even when 0.806 0.803
others do not know about it.
User acceptance (2) Challenge
of innovative
technologies I will still try to use a new technical
4 0.781 0.746
product/service even if I do not know it.
0.833
I enjoy the challenge brought by using a
5 0.767 0.806
new technical product/service.
(3) Simplicity
I do not think that a new technical

6 product/service is designed for the 0.707 0.610
general public.
0.539
I would rather buy a basic type of new
8 technical product/service than buy a 0.875 0.841
multi-functional and intelligent one.
(1) User external environment
I think that personal data will not be

9 leaked when I use a third-party electronic 0.826 0.725
payment system.
I think that a third-party payment

10 electronic system is stable and 0.842 0.821 0.915
trustworthy.
I think that I can feel free to use a

11 0.793 0.775
third-party electronic payment system.
(2) User internal characteristic

External 12 I am willing to try new things. 0.627 0.591
variables
I like to think about whether there are
14 0.537 0.498
new ways of doing things.
It is convenient to use a third-party

15 electronic payment system. However, I 0.814 0.757 0.614
am still not fond of it.
I am used to shopping in physical stores

16 and I am unwilling to try a third-party 0.730 0.712
electronic payment system.
Table 2. Cont.
Question
Item No.
(3) Information system quality
I believe that a third-party electronic

payment system has a robust protection
17 0.761 0.752
mechanism so that users can feel free to
make transactions.
I believe that laws and the rules of

network security systems will protect the
18 0.841 0.809
transactions in a third-party electronic
payment system.
I believe that encryption and other

technologies will allow users to make
19 0.706 0.710
transactions safely using a third-party
0.924
I think that the accounts in a third-party
21 0.775 0.747
electronic payment system are not secure.
I can query useful transaction records in

22 0.515 0.416
a third-party electronic payment system.
I believe that a third-party electronic

23 payment system can resist external 0.795 0.690
attacks (such as hacker attacks).
Overall, I think that a third-party

24 electronic payment system is a robust 0.767 0.753
and secure transaction environment.
I think that it is quite useful for me to use

25 0.711 0.719
electronic payments.
I think using electronic payments can

26 improve the efficiency of financial 0.775 0.672
transactions or related transactions.
I think that by using electronic payments,

Perceived 27 I can better control my time and get rid of 0.824 0.713
0.926
usefulness the restriction of fixed business hours.
I think electronic payments allow me to

28 make financial transactions more 0.847 0.763
conveniently.
I think that electronic payments can

29 improve the service quality of online 0.726 0.632
shopping.
Table 2. Cont.
Question
Item No.
I think it is easy to use third-party

30 electronic payment to make a payment 0.772 0.727
for a transaction.
I think that it is effortless to use

31 0.793 0.737
third-party electronic payment.
I think that others can also clearly and

Perceived ease 32 easily use third-party electronic payment 0.686 0.586 0.801
of use after I tell them how to use it.
Third-party electronic payment cannot be

used as easily as cash transactions. I will
33 0.944 0.928
spend a lot of time to learn to use
it correctly.
Overall, I think that it is easy to use

34 0.703 0.676
I think that it is worthy to use third-party

35 0.756 0.759
electronic payment.
I am willing to spend more time to learn

36 to effectively use third-party 0.755 0.743
electronic payment.
I will consider using third-party

37 electronic payment when making 0.755 0.792
financial transactions.
Behavior
When third-party electronic payment 0.953
intention
service providers provide favorable
38 incentives (redeeming bonus points), 0.679 0.613
I am willing to make some transactions
with them.
I will recommend others to use

39 0.713 0.736
third-party electronic payment services.
In the future, I will be willing to continue

40 to use third-party electronic 0.737 0.766
payment services.
Source: compiled by this study.
4.3. Correlation Matrix of Variables

This study conducted a Pearson Product-Moment Correlation analysis to understand
the correlation between user acceptance of innovative technologies and external variables
(user external environment, user internal characteristics, and information system quality)
toward the perceived usefulness, perceived ease of use, and behavioral intention of con-
sumer electronic payment behavior. Cohen (1992) proposed a reference index for the degree
of association represented by the correlation coefficient value. If there is a positive relation-
ship between two variables, a correlation coefficient between 0.1 and 0.3 is considered low,
that between 0.3 and 0.5 is moderate, and that between 0.5 and 1.0 is high. The results of
the present study showed a significant positive relationship among the seven dimensions,
indicating that they co-vary positively. Furthermore, the correlation coefficients in this
study were primarily between 0.3 and 0.7. Hence, the two variables have a moderate
correlation, as shown in Table 3.
Table 3. Pearson correlation coefficient matrix.
a. User b. External c. External d. External e. f. g.

Acceptance Variable (User Variable (User Variable Perceived Perceived Behavior
of Innovative External Internal (Information Usefulness Ease of Intention
Technologies Environment) Characteristic) System Quality) Use
a. User acceptance of
1
innovative technologies
b. External variable
(user external 0.391 ** 1
environment)
c. External variable (user 0.207 ** 0.206 ** 1

internal characteristic)
d. External variable
(information 0.451 ** 0.793 ** 0.300 ** 1
system quality)
e. Perceived usefulness 0.370 ** 0.452 ** 0.424 ** 0.584 ** 1
f. Perceived ease of use 0.407 ** 0.463 ** 0.393 ** 0.600 ** 0.738 ** 1
g. Behavior intention 0.380 ** 0.564 ** 0.462 ** 0.649 ** 0.796 ** 0.726 ** 1

** The correlation is significant when the significance level is 0.01 (two-tailed).
4.4. Path Analysis and Results

After the empirical analysis and test, this study conducted a path analysis and a
regression analysis on the dimensions, including user acceptance of innovative technologies,
external variables (user external environment, user internal characteristics, and information
system quality), perceived ease of use, perceived usefulness, and behavior intention based
on empirical analyses and the verification results. Table 4 lists the estimated analysis results.
Table 4. Path analysis results.
Estimated Path Adjusted

Independent Variable Dependent Variable F Value T Value p Value
Coefficient β R2
H1: perceived usefulness 0.370 *** 52.333 7.234 0.134 <0.001

User acceptance of
innovative technologies
H2: perceived ease of use 0.407 *** 65.661 8.103 0.163 <0.001

External variable (user
external environment)

External variable (user
internal characteristic)

External variable
(information system quality)
Perceived ease of use H9: perceived usefulness 0.738 *** 393.738 19.843 0.543 <0.001
Perceived usefulness H10: behavior intention 0.796 *** 570.818 23.892 0.633 <0.001
Perceived ease of use H11: behavior intention 0.726 *** 468.493 19.196 0.526 <0.001
*** Indicates that the level of significance is <0.001.
Table 4 shows that, in the first path, the path value of the user’s role in using inno-
vative technologies to perceived usefulness in using third-party electronic payment was
β = 0.370, p < 0.001. The regression coefficient was positive, and the t value was 7.234,
reaching a level of significance. This finding indicates that a user’s innovative technology
use significantly impacted perceived usefulness. Furthermore, the respondents had a high
degree of acceptance of perceived usefulness in using third-party electronic payments.
In the regression model, the overall F value reached a level of significance (F = 52.333,
p < 0.001). This finding indicates that the regression model had an explanatory power (ad-
justed R2 = 0.134). This result suggests that the user’s role in using innovative technologies
significantly impacts perceived usefulness. The respondents would have a higher degree of
perceived usefulness if they had a higher degree of the perceived user’s role in using inno-
vative technologies. Therefore, H1 is supported. In the second path, the user’s role in using
innovative technologies significantly impacted perceived usefulness. Additionally, the path
value of the user’s role in using innovative technologies to the perceived ease of use in
using third-party electronic payments was β = 0.407, p < 0.001. The regression coefficient
was positive, and the t value was 8.103, reaching a level of significance. This finding indi-
cates that the user’s role in using innovative technologies significantly positively impacted
perceived ease of use. This suggests that the respondents had a high degree of acceptance
of perceived ease of use in using third-party electronic payments. In the regression model,
the overall F value reached a level of significance (F = 65.661, p < 0.001), indicating that
the regression model had an explanatory power (adjusted R2 = 0.163). This finding shows
that the user’s role in using innovative technologies significantly impacted perceived ease
of use. The respondents would have a higher degree of perceived ease of use if they had
a higher degree of perceived user’s role in using innovative technologies. Therefore, H2
is supported, and the user’s role in using innovative technologies significantly impacted
perceived ease of use.
In the third path, the user’s external environment’s path value to perceived usefulness
in using third-party electronic payments was β = 0.452, p < 0.001. The regression coefficient
was positive, and the t value was 9.199, reaching the significant level. This finding indicates
that the user’s external environment had a significant positive impact on perceived useful-
ness. This suggests that the user’s external environment had a high degree of acceptance
with perceived usefulness in using third-party electronic payments. In the regression model,
the overall F value reached a level of significance (F = 84.625, p < 0.001), indicating that the
regression model had an explanatory power (adjusted R2 = 0.202). This finding shows that
the user’s external environment significantly impacted perceived usefulness. The respon-
dents would have a higher degree of perceived usefulness if they had a higher degree of
perceived user external environment. Therefore, H3 is supported, and the user’s external
environment significantly impacted perceived usefulness. In the fourth path, the path value
of the user external environment to perceived ease of use in using third-party electronic
payments was β = 0.463, p < 0.001. The regression coefficient was positive, and the t value
was 9.496, reaching a level of significance. This finding indicates that the user’s external
environment had a significant positive impact on perceived ease of use. This suggests that
the user’s external environment had a high degree of acceptance of perceived ease of use in
using third-party electronic payments. In the regression model, the overall F value reached
a level of significance (F = 90.166, p < 0.001), indicating that the regression model had an
explanatory power (adjusted R2 = 0.212). This result demonstrates that a user’s external
environment significantly impacted perceived usefulness. The respondents would have a
higher degree of perceived usefulness if they had a higher degree of perceived user external
environment. Therefore, H4 is supported, and the user’s external environment significantly
impacted perceived usefulness.
In the fifth path, the path value of user internal characteristics to perceived usefulness
in using third-party electronic payments was β = 0.424, p < 0.001. The regression coefficient
was positive, and the t value was 8.515, reaching a level of significance. This finding
indicated that user internal characteristics significantly positively impacted perceived use-
fulness. This suggests that user internal characteristics had a high degree of acceptance of
perceived usefulness in using third-party electronic payments. In the regression model, the
overall F value reached a level of significance (F = 72.508, p < 0.001), indicating that the
regression model had an explanatory power (adjusted R2 = 0.178). This result indicates
that user internal characteristics significantly impacted perceived usefulness. The respon-
dents would have a higher degree of perceived usefulness if they had a higher degree of
user internal characteristics. Therefore, H5 is supported, and user internal characteristics
significantly impacted perceived usefulness. In the sixth path, the path value of user
internal characteristics to perceived ease of use in using third-party electronic payments
was β = 0.393, p < 0.001. The regression coefficient was positive, and the t value was 7.767,
reaching a level of significance. This finding indicates that user internal characteristics
significantly positively impacted perceived ease of use. This result demonstrates that user
internal characteristics had a high degree of acceptance of perceived ease of use in using
third-party electronic payments. In the regression model, the overall F value reached a
level of significance (F = 60.330, p < 0.001), indicating that the regression model had an
explanatory power (adjusted R2 = 0.152). This result shows that user internal characteristics
significantly impacted perceived ease of use. The respondents would have a higher degree
of perceived ease of use if they had a higher degree of user internal characteristics. There-
fore, H6 is supported, and user internal characteristics significantly impacted perceived
ease of use.
In the seventh path, the path value of information system quality to perceived use-
fulness in using third-party electronic payments was β = 0.584, p < 0.001. The regression
coefficient was positive, and the t value was 13.080, reaching a level of significance. This
finding indicates that information system quality had a significant positive impact on
perceived usefulness. This suggests that information system quality had a high degree
of acceptance of perceived usefulness in using third-party electronic payments. In the
regression model, the overall F value reached a level of significance (F = 171.097, p < 0.001),
indicating that the regression model had an explanatory power (adjusted R2 = 0.339). This
finding indicates that information system quality significantly impacted perceived useful-
ness. The respondents would have a higher degree of perceived usefulness if they had a
higher degree of perceived information system quality. Therefore, H7 is supported, and
information system quality significantly impacted perceived usefulness. In the eighth path,
the path value of information system quality to perceived ease of use in using third-party
electronic payments was β = 0.600, p < 0.001. The regression coefficient was positive,
and the t value was 13.614, reaching a level of significance. This finding indicates that
information system quality significantly positively impacted perceived ease of use. This
suggests that information system quality had a high degree of acceptance of perceived ease
of use in using third-party electronic payments. In the regression model, the overall F value
reached a level of significance (F = 185.337, p < 0.001), indicating that the regression model
had an explanatory power (adjusted R2 = 0.358). This result demonstrates that information
system quality significantly impacted perceived ease of use. The respondents would have a
higher degree of perceived ease of use if they had a higher degree of perceived information
system quality. Therefore, H8 is supported, and information system quality significantly
impacted perceived ease of use.
In the ninth path, the path value of perceived ease of use to perceived usefulness in
using third-party electronic payments was β = 0.738, p < 0.001. The regression coefficient
was positive, and the t value was 19.843, reaching a level of significance. This finding indi-
cates that perceived ease of use had a significant positive impact on perceived usefulness.
This result demonstrates that perceived ease of use had a high degree of acceptance on
perceived usefulness in using third-party electronic payments. In the regression model, the
regression model had an explanatory power (adjusted R2 = 0.543). This result demonstrates
that perceived ease of use significantly impacted perceived usefulness. The respondents
would have a higher degree of perceived usefulness if they had a higher degree of per-
ceived ease of use. Therefore, H9 is supported, and perceived ease of use significantly
impacted perceived usefulness. In the tenth path, the path value of perceived usefulness
to consumer behavior intention to use third-party electronic payments was β = 0.796,
p < 0.001. The regression coefficient was positive, and the t value was 23.892, reaching
a level of significance. This finding indicates that perceived usefulness had a significant
positive impact on behavior intention. This suggests that perceived usefulness had a high
degree of acceptance of consumer behavior intention to use third-party electronic payments.
In the regression model, the overall F value reached a level of significance (F = 570.818,
p < 0.001), indicating that the regression model had an explanatory power (adjusted
R2 = 0.633). This result shows that perceived usefulness had a significant impact on behav-
ior intention. The respondents would have a higher degree of behavior intention if they
had a higher degree of perceived usefulness. Therefore, H10 is supported, and perceived
usefulness significantly impacted behavior intention.
In the last path, the path value of perceived ease of use to consumer behavior intention
to use third-party electronic payments was β = 0.726, p < 0.001. The regression coefficient
was positive, and the t value was 19.196, reaching the level of significance. This finding
indicates that perceived ease of use had a significant positive impact on behavior intention.
This suggests that perceived ease of use had a high degree of acceptance of consumer
behavior intention to use third-party electronic payments. In the regression model, the
regression model had an explanatory power (adjusted R2 = 0.526). This result demonstrates
that perceived ease of use significantly impacted behavior intention. The respondents
would have a higher degree of behavior intention if they had a higher degree of perceived
ease of use. Therefore, H11 is supported, and perceived ease of use significantly impacted
behavior intention. According to the path analysis results, all 11 hypotheses showed
statistically significant positive correlations and were supported: H1 (the user’s role in
using innovative technologies significantly impacts perceived usefulness); H2 (the user’s
role in using innovative technologies significantly impacts perceived ease of use); H3
(the user’s external environment significantly impacts perceived usefulness); H4 (the
user’s external environment significantly impacts perceived ease of use); H5 (the user’s
internal characteristics significantly impact perceived usefulness); H6 (the user’s internal
characteristics significantly impact perceived ease of use); H7 (the information system’s
quality significantly impacts perceived usefulness); H8 (the information system’s quality
significantly impacts perceived ease of use); H9 (perceived ease of use significantly impacts
perceived usefulness); H10 (perceived usefulness significantly impacts behavior intention);
and H11 (perceived ease of use significantly impacts behavior intention).
5. Conclusions and Suggestions

5.1. Conclusions
This study simplified the analysis according to the IDT and divided users of innovative
technologies into the early stage of mass market, the mainstream mass market, and the
underdeveloped mass market. The classification of the mass market was based on the scale
developed by Moore and Benbasat (1991) for innovation characteristics. The three factors
of acceptability, challenge, and simplicity were included in the scale. In theory, consumers
with a great acceptance for or who perceive challenges toward new technological products
are the early stage of mass market, and consumers who attach greater importance to the
simplicity of new technology products are the underdeveloped mass market. The opinions
of the mainstream mass market toward new technology products fall between the early
stage of mass market and the underdeveloped mass market. According to the research
results, the users’ role in using innovative technologies is significantly positively correlated
with both perceived usefulness and perceived ease of use. In other words, the mainstream
mass market that perceives challenges has the highest level of user acceptance of innovative
technologies. Therefore, consumers who perceive challenges tend to believe that it is useful
and easy to use third-party electronic payments, and they have a higher level of acceptance.
This study used the modified TAM as the framework. The influence path of this
dimension was in the following order: external variables (user external environment, user
internal characteristic, and information system quality), perceived usefulness, perceived
ease of use, behavioral intention, and actual use behaviors. This study used the proposed
framework to discuss consumer behavioral intention and acceptance concerning third-party
payments. The research results are as follows:
1. Users’ external environment was significantly and positively related to both perceived
usefulness and perceived ease of use. When a third-party electronic payment system
provides better organizational support and more convenient operating interfaces,
consumers perceive usefulness and ease of use when using electronic payment and
have a higher level of acceptance.
2. Users’ internal characteristics were significantly and positively correlated with per-
ceived usefulness. In other words, when users have higher self-efficacy, they become
more confident in using third-party electronic payment. Furthermore, users are influ-
enced by their learning styles, learning preferences, and tendencies. Consumers who
often think about replacing an approach with a new method and are willing to try
new approaches have a higher level of perceived usefulness and acceptance in using
3. User internal characteristics were significantly and positively correlated with per-
ceived ease of use; i.e., when users are more concerned about the learning process,
including how to absorb, think, and ultimately assess the result, they will have a
weaker sense of distrust with third-party electronic payment and will make more
transactions. Therefore, these consumers have a higher level of perceived ease of use
and acceptance in using third-party electronic payment.
4. Information system quality was significantly and positively correlated with perceived
usefulness. In other words, when conducting financial transactions, users would have
a higher level of perceived usefulness and acceptance in using third-party electronic
payment if the information security is guaranteed, the quality of the financial services
is good, and the transaction time is not limited by the fixed business hours of the bank.
5. Information system quality was significantly and positively correlated with perceived
ease of use. When conducting financial transactions, users would have a higher
level of perceived ease of use, convenience, and risk-free operation in using third-
party electronic payment if the information security can be controlled easily and the
financial service transactions can be made quickly. In this way, users would feel more
confident about transactions and further have a higher level of trust in and acceptance
of the system security.
6. Perceived ease of use was significantly and positively correlated with perceived
usefulness of third-party electronic payment. When consumers perceive that a third-
party electronic payment system is easy to learn and use, they perceive that they
can complete financial transactions more quickly and conveniently in the third-party
7. Perceived usefulness was significantly and positively correlated with consumer be-
havioral intention to use electronic payments. Consumers believe that, if the industry
can actively make attempts to establish more and well-functioned financial transac-
tion mechanisms and make users perceive the usefulness of an electronic payment
system, they would have a higher level of behavioral intention to accept third-party
electronic payment.
8. Perceived ease of use was significantly and positively correlated with consumer
behavioral intention to use electronic payments. Consumers believe that, if the
industry can make a continuous effort to put forth new ideas in innovation and
R&D and make users perceive that an electronic payment system is easy to learn
and use, they would have a higher level of behavioral intention to accept third-party
electronic payment.
The empirical results of this study can provide references for academia, e-commerce
companies, the financial industry, owners of third-party payment platforms, and the
government in Taiwan for future research and business development. Furthermore, through
the empirical results of this study, related stakeholders can gain an insight into the matters
concerning consumers about third-party electronic payment systems. The findings of this
study can provide a basis for the establishment and improvement of third-party electronic
payment systems in the context of digital transformation in finance.
5.2. Management Implications

This study discussed the factors influencing consumer behavioral intention to use third-
party electronic payment. The results reveal the factors influencing consumer acceptance
of third-party payments. The findings can provide references to banks and e-commerce
platforms in promoting online banking and electronic payments, assist them with designing
action plans and systems and formulating marketing strategies, and further improve the
level of consumer behavioral intention to use third-party electronic payment. Among these
factors, the more important ones include the external environment, internal characteristics,
and information system quality. For customers, perceived ease of use is only a basic
requirement for accepting third-party electronic payment. Perceived usefulness must
be increased to improve consumer behavioral intention to accept third-party electronic
payment. On this basis, financial service providers need to understand that system ease of
use should be a priority in the design of payment functions so that consumers can perceive
the benefit of third-party electronic payment in providing fast financial transaction services,
which could assist financial transaction flows. In addition, third-party electronic payment
can ensure secure data transfers, protect transactions, and enable fast transactions. These
factors are worthy of financial service providers’ attention in designing their blueprint and
planning policies.
Various financial service providers adopt their own operating interfaces. As a result,
consumers must learn to use different interfaces when using different electronic payment
services. Users may also need to readapt to the electronic payment and transaction process
and network operation procedure after a system is upgraded. System interfaces must be
highly consistent so that users can learn to use a system effortlessly and smoothly conduct
financial transactions in the network or when using smartphones. This will certainly help
in promoting financial services.
In view of the above, it is critical to design general and easy-to-use mobile apps or
computer software. When interfaces are easier to use, consumers tend be more interested
in using the payment tool and have a higher level of behavioral intention to use electronic
payments. To this end, at the level of improving electronic payment systems, designers
should create user-friendly and simple systems. Furthermore, open third-party payment
systems are prone to computer viruses and hacker attacks. In such a context, financial
service providers should focus on how to eliminate user concerns about transaction data
security and properly take information security protection measures. When financial
service providers design and plan mobile banking systems in view of their perceived
usefulness and perceived ease of use, consumers can access real-time, convenient, and
effective financial services through third-party electronic payments and use such payment
methods more frequently. In this way, financial service providers can expand their business
scope to improve their competitiveness.
5.3. Limitations and Recommendations for Future Research

First, the present study overlooks the fact that consumers do not have a choice when
it comes to using the TAM. The TAM has been criticized for disregarding the essential
social factors that users face, coercing users to adopt technology through cost and structural
obligations. The framework of perceived usefulness and ease of use overlooks the problem
of costs and structural obligations that force users to adopt technology (Bagozzi 2007).
In this study, users had no other choice but to accept third-party payments if the company
required it. This potential flaw in the researchers’ initial intent could be a study limitation.
Second, this study adopted a survey questionnaire distributed over the Internet for
a limited period. As such, the sampling scope was limited. Moreover, the questionnaire
responses could have been influenced by existing consumption behaviors or strong subjec-
tivity and consumer preference. Therefore, we recommend that subsequent studies adopt
qualitative analyses to identify other factors influencing consumer behaviors regarding
third-party payments.
Research regarding third-party electronic payment behaviors is still in the early stages.
Therefore, the present study used a scale for measuring behavioral intention to measure
consumer behavior regarding the use of third-party electronic payments. This may have
influenced the measurement validity. However, there is currently no scale for measuring
third-party electronic payment behavior in academia. Therefore, we suggest that schol-
ars establish a scale for measuring third-party electronic payment behavior to support
subsequent related studies.
Moreover, the current model is unsuitable for using only a multiple regression analysis
to determine the model’s structural discriminant and mediating effects.
Therefore, we suggest that future studies establish the application of a structural
equation modeling approach. Figure 1 on page 4 of this study indicates that perceived
usefulness is a moderating variable. However, this study has not tested the direct and
indirect relationships between the dependent variable (DV) and independent variable (IV)
from this perspective. Therefore, this study suggests that future researchers explore using
perceived usefulness as a moderating variable to investigate whether it strengthens the
relationship between perceived ease of use and behavioral intention.
Finally, we suggest that future scholars perform consumer market segmentation
and a differentiation analysis according to the financial industry, e-commerce platforms,
and fields where consumption occurs. Research should summarize strategies to attract
customers to different groups. Such studies can further assist financial service providers
in understanding the similarities and differences between various types of consumers in
target markets. Studies on market segmentation types, such as population, geography,
behavior, and psychological segmentation, can be conducted to identify consumer groups
in target markets and further provide financial service providers with appropriate strategies.
Researchers can examine the factors of consumer behavior in the non-acceptance of third-
party electronic payment options and the keys to the success of the digital transformation
of financial service providers. Research should investigate the decisive factors related to
executing policies, technological strategies, inter-sector operation, and collaboration. We
consider it a financial digital transformation ecosystem for seamlessly integrating different
technologies and solutions to achieve a perfect transformation.
Author Contributions: Conceptualization, L.-H.L., F.-C.L. and Y.-W.H.; methodology, L.-H.L., C.-K.L.
and Y.-K.C.; software, L.-H.L., C.-K.L. and T.-C.Y.; validation, L.-H.L. and F.-C.L.; formal analysis,
T.-C.Y. and Y.-K.C.; investigation, T.-C.Y., Y.-K.C. and Y.-W.H.; resources, L.-H.L., F.-C.L. and Y.-W.H.;
data curation, L.-H.L., F.-C.L. and C.-K.L.; writing—original draft preparation, L.-H.L., Y.-K.C. and T.-
C.Y.; writing—review and editing, F.-C.L. and C.-K.L.; visualization, F.-C.L. and L.-H.L.; supervision,
L.-H.L. and F.-C.L.; project administration, L.-H.L., F.-C.L. and C.-K.L. All authors have read and
agreed to the published version of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Data Availability Statement: The data that support the findings of this study are available from the
first author upon reasonable request.
Conflicts of Interest: The authors declare no conflict of interest.
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Journal of

Risk and Financial

1 Department of Accounting, National Changhua University of Education, Changhua 500, Taiwan;

Academic Editor: Thanasis Stengos 1. Introduction

J. Risk Financial Manag. 2023, 16, 346. https://doi.org/10.3390/jrfm16080346 https://www.mdpi.com/journal/jrfm

2. Literature Review and Hypotheses Development

2.2. Innovation Diffusion Theory

J. Risk Financial Manag. 2023, 16, 346 4 of 22

2.3. Modified Technology Acceptance Model

External variables Perceived

User’s external environ-

A low consumer behavioral intention to use online transactions is often due to an

When using electronic payments, consumers make commercial transactions through a

Hypothesis 10 (H10). Perceived usefulness positively impacts consumer behavioral intention to

Information system quality

Figure 2. Research framework.

3.2. Questionnaire Design

3.2.2. Definition and Measurement of Variables

3.3. Data Analysis Method

4. Research Results Analysis

Background Number of Percentage

4.2. Reliability and Validity Analysis of the Research Variables

4.2.2. Validity Analysis

4.2.3. Question Groups Reliability Analysis/Validity Analysis

Table 2. Reliability and validity analysis.

Generally, I can clearly know how to use

Generally, I am the first one among my

I already know how to use a new

I do not think that a new technical

(1) User external environment

I think that personal data will not be

I think that a third-party payment

I think that I can feel free to use a

(2) User internal characteristic

It is convenient to use a third-party

I am used to shopping in physical stores

(3) Information system quality

I believe that a third-party electronic

I believe that laws and the rules of

I believe that encryption and other

I can query useful transaction records in

I believe that a third-party electronic

Overall, I think that a third-party

I think that it is quite useful for me to use

I think using electronic payments can

I think that by using electronic payments,

I think electronic payments allow me to

I think that electronic payments can

I think it is easy to use third-party

I think that it is effortless to use

I think that others can also clearly and

Third-party electronic payment cannot be

Overall, I think that it is easy to use

I think that it is worthy to use third-party

I am willing to spend more time to learn

I will consider using third-party

I will recommend others to use

In the future, I will be willing to continue

4.3. Correlation Matrix of Variables

Table 3. Pearson correlation coefficient matrix.

c. External variable (user 0.207 0.206 1

e. Perceived usefulness 0.370 0.452 0.424 0.584 1

f. Perceived ease of use 0.407 0.463 0.393 0.600 0.738 ** 1

g. Behavior intention 0.380 0.564 0.462 0.649 0.796 0.726 1