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Does financial awareness
increase the acceptance rate
for financial inclusion?
An empirical examination in the
era of digital transformation
Manaf Al-Okaily
School of Business, Jadara University, Irbid, Jordan
Hamza Alqudah
Faculty of Administrative and Financial Sciences,
Irbid National University, Irbid, Jordan
Anas Ali Al-Qudah
Accounting and Finance Department, Faculty of Business, Liwa College of
Technology, Abu Dhabi, United Arab Emirates
Naim S. Al-Qadi
Faculty of Business, Amman College of Banking and Financial Sciences,
Al-Balqa’Applied University, Al-Salt, Jordan
Hamzah Elrehail
Department of Leadership and Organizational Development,
Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates and
Faculty of Business and Economics, American University of Cyprus,
Nicosia, Cyprus, and
Aws Al-Okaily
Graduate School of Business, Universiti Sains Malaysia, Penang, Malaysia
Abstract
Purpose –Despite extensive discussion of this topic in the life and financial transactions of people, there is a
lack of empirical evidence related to challenges and opportunities of digital financial inclusion sustainability in
the existing literature. Accordingly, this study aims at investigating the factors that influence the diffusion rate
of digital financial services.
Design/methodology/approach –In this study, the authors propose an integrated model by synthesising
the extended Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) with the perceived security
and perceived privacy as independent variables, as well as the financial awareness as the moderator variable.
The survey was distributed to the potential users of digital financial services rather than the actual users. A
total of 270 responses were analysed by a quantitative method of Partial Least Squares-Structural
Equation Modelling (PLS-SEM).
Findings –The results indicated the significant role of the postulated hypotheses that behavioural intention to
use digital financial services platforms is significantly and positively influenced by the subjective norm,
performance expectancy, price value, perceived security and perceived privacy, whilst the financial awareness
was found to moderate some specified relationships.
Financial
awareness and
financial
inclusion
The authors would like to thank the editor and the anonymous reviewers for the valuable feedback they
provided to improve this research paper.
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/0368-492X.htm
Received 16 August 2021
Revised 9 December 2021
22 February 2022
3 May 2022
Accepted 8 June 2022
Kybernetes
© Emerald Publishing Limited
0368-492X
DOI 10.1108/K-08-2021-0710
Originality/value –There are few studies on this topic for the Arabian context. The information presented in
this article can be useful for professionals and researchers, and further, implications of the study are discussed.
Keywords Digital transformation, Digital financial services, Digital payment, Financial inclusion, Financial
awareness, UTAUT2 model
Paper type Research paper
1. Introduction
Advances in Information and Communication Technology (ICT) are a vital factor in the socio-
economic development which contributes to enhancing the growth of the economy and financial
sustainability (Al-Okaily, 2021;Issa et al., 2021;Ouiddad et al., 2020;Alam et al., 2020). One good
example of these advances is the development of digital payment systems in controlling systemic
risks and consolidating pillars of financial stability on the one hand and facilitating access to the
digital financial services of the economy on the other (Central Bank of Jordan [CBJ], 2017).
Advances in payment systems infrastructures also contribute to supporting the Gross Domestic
Product (GDP) by enabling both suppliers and operators to receive quick payment from their
customers. As shown in recent international studies, the use of electronic cards, whether debit or
credit, has added some US$18 billion annually to the GDP of the Arab region (Ghazal, 2014). This
addition to GDP is consistent with what Saleh and Bahou (2015) statedinthecaseofthe
automation of electronic payment systems in Jordan, which will contribute to an increase in
national GDP. Hence, the transformation from the traditional payment systems to an electronic
payment system will eventually lead to an increase in transparency and integrity (Bigdeli et al.,
2019)aswellasthegrowthofGDP(Al Hanandeh and Bahou, 2016). In the meantime, finance, real
estate, and business services have continued to contribute to rapid economic growth as well as
supporting the GDP, in 2019 rising to 20.8% of Jordan’s total GDP (CBJ, 2019).
Recently, the Jordanian communications sector has achieved considerable growth in
transactions, particularly in the context of Internet penetration accessibility and the boom in
smartphones. The penetration of Internet subscription in Jordan has reached 88.8%, with the
statistics also showing that 98.4% of Jordan’s families have mobile phones (Telecommunications
Regulatory Commission [TRC], 2020). As part of the continuous evolution of technology in Jordan,
the Ministry of Digital Economy and Entrepreneurship (MODEE) has launched a project called
“Internet for All”which is aligned with Jordan’s Digital Transformation Strategy (JDTS) for
facilitating the development and improving the e-government services and the performance of the
public sector in Jordan (Al-Okaily et al.,2022a,b;Ghazal, 2017;Ministry of Digital Economy and
Entrepreneurship, 2017). Consequently, such extensive use of mobile phones has prompted the
move of digital financial services into a financial inclusion project (CBJ, 2015), which aims at
providing formal financial services for the excluded and deprived group instead of the unofficial
alternatives, especially for people living in rural areas without bank accounts, thus enabling them
to make digital payments by opening e-wallet accounts through their mobile phones (CBJ, 2016;
Al Hanandeh and Bahou, 2016).
Mobile phone applications have a very important role in most aspects of our lives.
Similarly, the mobile payment systems can be utilised to save our time, effort, and money
(Qatawneh et al., 2015). Further, the rapid growth of mobile technologies and the wide
distribution of smartphones have provided considerable opportunities for innovative
companies to offer value-added services and make new payment solutions available to their
customers (Pour et al., 2021). This phenomenon has been globally noted and individuals have
been given more convenience and flexibility in conducting their daily activities (De-Sena
Abrah~
ao et al., 2016;Pham and Ho, 2015). Consequently, over-the-phone payments could
serve all social sectors regardless of their income and geographical location (CBJ, 2017). This
contribution will be reflected in raising the national level of financial inclusion, lowering the
cost of transactions, leading to a fast and secure way of transferring money, and tracking the
financial behaviour of all citizens (Al-Okaily et al., 2021a). Thus, mobile payment systems
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have been emerging as a noticeable service that can enable consumers to turn their
smartphones into digital wallets (Ting et al., 2016).
Promoting digital financial inclusion is not exclusive to the spread of financial service
technologies to a larger group of people, but also includes offering high quality and diversified
financial services at reasonable costs (CBJ, 2017). At the macro level, the benefits of financial
inclusion and electronic payment are to enhance financial inclusion, help obtain a permanent
comprehensive development, enhance economic development, and increase the employment
rate. Second, financial inclusion develops stability in the financial system. Third, itreduces the
rate of poverty by considerably decreasing the costs of financial transactions and their abilityto
cope with financial shocks and income fluctuations. It also helps to increase transparency in
fighting money laundering and the financing of terrorism. Finally, financial inclusion increases
financial access for enterprises, especially SMEs (Al-Qudah et al.,2022a,b;CBJ, 2015).
As a result, all these factors contribute to supporting the growth of GDP (CBJ, 2017;CBJ,
2016). In addition, the digital payment systems encourage savings and investment, enhance
living standards, create job opportunities, reduce the cost of printing paper money, reduce the
risks and costs involved in transporting physical money, and reduce the risk of human error.
These features were all considered disadvantages of the traditional forms of payment (Al-
Hanandeh and Bahou, 2016;Saleh and Bahou, 2015). Theoretically, digital payment systems
tend to smooth operations and mitigate systemic credit risks, as well as facilitating the
circulation of money to increase economic efficiency (CBJ, 2014). Eventually, developing an
advanced electronic payment system is crucial to maintaining the strength and efficiency of
the national payment system, based on the advantages listed above, to attain sustainable
comprehensive development and contribute to supporting the growth of the Jordanian GDP.
Even though extensive efforts have been made by the Central Bank of Jordan to increase the
diffusion rate of digital financial inclusion, its acceptance rate amongst citizensis relatively low,
with only 24.6% of adults having bank accounts, according to recent statistics reported by
Groupe Special Mobile Association [GSMA] (2016). To offer more insight into this, this study
developed a research model based on UTAUT2, along with four additional critical factors to
identify the determinants and opportunities that might affect the acceptance of digital financial
services by Jordanian citizens. In attempting to understand the conflicting conclusions
regarding the impact of these determinants, this study proposes a main objective and two
related sub-objectives, reflected in the main research question and two sub-questions.
The study focuses on empirically examining the suggested model in an Arabian context,
which is needed to complement the existing Western studies (Venkatesh et al., 2003,2012).
The main objective is to determine the factors that lead to the acceptance of digital financial
services usage amongst the citizens in Jordan, using an extended UTAUT2 model. The
research objectives are as follows: first, to validate the direct relationships between
(performance expectancy, effort expectancy, subjective norm, facilitating conditions, price
value, perceived security, and perceived privacy) and the behavioural intention to use digital
financial services platforms in the Arabian context; second, to investigate the moderating
effect of financial awareness on the relationship between the same variables and behavioural
intention to use digital financial services platforms.
2. Research model and hypothesis development
The UTAUT model was introduced by Venkatesh et al. (2003) as a result of the integration of
eight major models and theories in the field of acceptance of information technology. Four
constructs of the UTAUT model, namely facilitating conditions, effort expectancy, performance
expectancy, and social influence, were obtained from diverse theories: the Theory of Planned
Behaviour (TPB), the Model of PC Utilisation (MPCU), the Social Cognitive Theory (SCT), the
Technology Acceptance Model (TAM), the Theory of Reasoned Action (TRA), combined TAM,
TPB (C-TAM-TPB), the Motivational Model (MM), and the Innovation Diffusion Theory (IDT).
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Venkatesh et al. (2012) later extended the UTAUT model based on the findings of their
study conducted in Hong Kong, presenting three new constructs: hedonic motivation, price
value, and habit. This new UTAUT2 model posits seven constructs as the determinants of
behavioural intention and use of technology, moderated by gender, age, and experience.
Venkatesh et al. (2012) also suggested further development and validation of the UTAUT2
model in different contexts, such as the case of the current study. We, therefore, extended
UTAUT2 by including the additional critical constructs, as depicted in Figure 1.
2.1 Performance expectancy
Venkatesh et al. (2003, p. 447) defined performance expectancy as “the degree to which an
individual believes that using the system will help him or her to attain gains in job
performance”. Performance expectancy is similar to perceived usefulness in the C-TAM-TPB
and TAM models (Venkatesh et al., 2003). A review of the literature in the area of information
systems acceptance shows that performance expectancy has a significant and positive
relationship with the intention to use (Al-Okaily and Al-Okaily, 2022;Balakrishnan and
Shuib, 2021;Donmez-Turan, 2020;Alsaad and Al-Okaily, 2022). In this cross-sectional study
and in accordance with UTAUT2 research, it is expected that if citizens think that the digital
payment systems are useful and will add value to their own experience, then they are more
likely to adopt the system. Thus, we propose the following hypothesis:
H1. The behavioural intention to use digital financial services platforms is positively
influenced by performance expectancy.
2.2 Effort expectancy
According to Venkatesh et al. (2003, p. 450), effort expectancy is defined as “the degree of ease
associated with the use of the system”. It is similar to perceived ease of use in TAM (Venkatesh
et al., 2003). In addition, effort expectancy has a significant influence on the behavioural
intention of a user to use information technology (Venkatesh et al.,2003). Many previous
studies in the area of digital financial services acceptance have found that effort expectancy is
Figure 1.
Research model
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a significant predictor of the intention to use (Balakrishnan and Shuib, 2021;Donmez-Turan,
2020;Mugambe, 2017;Bankole and Bankole, 2017). It is expected that if citizens’perceptions
about the digital payment systems are that they are free of effort, then this will play an
important role in the use of such systems. Hence, this leads to the following hypothesis:
H2. The behavioural intention to use digital financial services platforms is positively
influenced by effort expectancy.
2.3 Subjective norm
Subjective norm is defined as the degree to which an individual is influenced by other societal
members’opinions whilst taking a particular decision (Fishbein and Ajzen, 1975). More
specifically, it is similar to social influence and can be defined as “the degree to which an
individual perceives the importance of others to believe that he or she should use the new
system”(Venkatesh et al., 2003, p. 451). In a related context, the subjective norm was
conceptualised as a global variable derived from two dimensions, measured by eight items.
The first dimension is social influence and the second is peer influence (Issa et al., 2021;Lutfi
et al., 2021). Several previous studies have found subjective norm to be a major predictor of
the intention to use digital financial services systems (Balakrishnan and Shuib, 2021). Thus,
following hypothesis is proposed:
H3. The behavioural intention to use digital financial services platforms is positively
influenced by subjective norms.
2.4 Facilitating conditions
According to the UTAUT model, facilitating conditions are defined as “the degree to which an
individual believes that an organizational and technical infrastructure exists and will help
him/her to use the system”(Venkatesh et al., 2003, p. 453). Venkatesh et al. (2003) derived the
facilitating conditions from three constructs in previous information systems acceptance
models, namely (1) perceived behavioural control in TPB and C-TAM-TPB, (2) facilitating
conditions in MPCU, and (3) compatibility in IDT. Based on the findings of prior studies,
facilitating conditions are a significant predictor of the intention to use digital financial
services. In addition, the citizens will have a stronger tendency to use such payment
platforms (Mugambe, 2017). Therefore, the following hypothesis is proposed:
H4. The behavioural intention to use digital financial services platforms is positively
influenced by the facilitating conditions.
2.5 Price value
According to the UTAUT2 model, price value is defined as the individuals’cognitive trade-off
between the perceived benefits of the applications and the monetary cost of using them
(Venkatesh et al., 2012). It is similar to perceived financial cost in recent studies (e.g. Lutfi et al.,
2021). In this context, numerous studies have found price value to be a significant predictor of
the intention to use mobile payment systems. Consequently, individuals will have a stronger
tendency to adopt digital financial services (Lutfi et al., 2021;Merhi et al., 2021;Singh and
Srivastava, 2018;Mugambe, 2017). Therefore, the following hypothesis is assumed:
H5. The behavioural intention to use digital financial services platforms is positively
influenced by price value.
2.6 Perceived security
Regarding the sensitivity of financial payment transactions, “the digitization of financial
services has frequently met with security concerns”(Merhi et al., 2021, p. 6). This was
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particularly noticeable amongst actual and potential users of digital financial services and
was further extended to financial institutions and banks. Security concerns were thus held
responsible for the reluctance of both financial institutions and users to approach digital
payment services (Merhi et al., 2021;Zhou, 2019). When delving into the particularities of the
perceived security concerns, several studies have found that perceived security has a
significant and positive influence on the behavioural intention to use digital financial services
(Singh and Srivastava, 2018;Li
ebana-Cabanillas et al., 2018). As a result, this study suggests
the following hypothesis:
H6. The behavioural intention to use digital financial services platforms is positively
influenced by perceived security.
2.7 Perceived privacy
According to Merhi et al. (2021, p. 6), “Individuals retain the right to control any manipulation
of their personal information, be it digital or non-digital”. This concept is termed perceived
privacy and is often invoked with concerns regarding the collection, use and unapproved
declaration of personal information (Issa et al., 2021;Harfouche and Robbin, 2012), as well as
the issues around loss or even misuse of this information (Macht, 2014). Recently, perceived
privacy as a vital factor in the modern digital world has witnessed the rise of ethical privacy
concomitantly with the rise in dependence on digital information (Merhi et al., 2021). In this
regard, various studies have found a significant positive relationship between privacy
concerns and the intention to use digital payment services (Al-Hawary and Al-Smeran, 2017;
Faqih, 2016;Qatawneh et al., 2015), consequently, establishing the dominance of privacy
information in the area of information systems acceptance, and resulting in the following
hypothesis:
H7. The behavioural intention to use digital financial services platforms is positively
influenced by perceived privacy.
2.8 Financial awareness
Financial awareness is the extent to which digital financial services platforms are recognised
by institutions and individuals (Lee et al., 2007). Financial literacy and awareness are
important factors highlighted by the CBJ (2017) to increase the acceptance of digital financial
services. Theoretically, the financial awareness factor did not come from the UTAUT2 model,
although the information technology literature recommends it as an additional factor that
might influence users in accepting new technology. In the same context, Ameen et al. (2020)
and Mohammadi (2015) have shown that user awareness is an important determinant in
adopting digital financial services. Moreover, a large body of research in the IS area was not
exempt from the introduction of security and privacy concerns into relevant research models
as was reflected in multiple studies (e.g. Mullan et al., 2017). However, security and privacy
concerns are arguably not the sole barrier to digital payment services, with many other
factors cited, including perceived usefulness, non-user-friendly systems, and lack of
awareness of digital financial services (Merhi et al., 2021). Although several studies have
been conducted on the lack of awareness of digital financial services worldwide, their
findings are inconsistent, some finding a significant relationship and others none. The
current study is, therefore, motivates to propose the following hypotheses:
H8. Financial awareness moderates the relationship between subjective norms and the
behavioural intention to use digital financial services platforms.
H9. Financial awareness moderates the relationship between price value and the
behavioural intention to use digital financial services platforms.
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To summarise, the hypotheses for the direct relationships discussed in this section are as
follows: performance expectancy, effort expectancy, subjective norm, facilitating conditions,
price value, perceived security, and perceived privacy as determinants of behavioural
intention to use digital financial services platforms. This was followed by a discussion of the
indirect relationship between financial awareness as the moderating variable between
subjective norms and price value constructs as independent variables and behavioural
intention as the dependent variable. The nine hypotheses formulated to test the proposed
research model, and the relationships between the direct and indirect hypotheses, are
displayed in Figure 1.
3. Research methodology
A quantitative analytical survey was adopted to examine the proposed research model, with
non-probability targeted sampling. The self-administered method is common in Jordan and
generally achieves a high response rate (Al-Okaily et al., 2021a). The target population was
Jordanian public sector employees, with the sampling frame based on figures from the
Department of Statistics. According to this department’s database, there are 24 ministries in
the public sector distributed across the capital, Amman city, with some 222,672 employees.
From this sampling frame it is possible to draw a valid sample for the study, and the
researchers distributed a total of 404 questionnaires. The reason for surveying employees in
these ministries is that they make up a large proportion of the population (Alshira’het al.,
2021;Al-Adwan et al., 2022). They have a stable monthly income and, therefore, higher
purchasing power and most own smartphones.
To ensure convergent and discriminant validity in the suggested research model, the
constructs’items from prior studies were utilised, with responses measured 7-point Likert
scales. The main constructs of UTAUT, performance expectancy, effort expectancy,
facilitating conditions, price value, and behavioural intention were measured by items used
by Venkatesh et al. (2012) and Venkatesh et al. (2003). The subjective norm was
conceptualised as a global variable derived from two dimensions: social influence
measured using four items adapted from Ajzen (1991),Faqih (2016), and Venkatesh et al.
(2012), and peer influence, measured using four items adapted from Taylor and Todd (1995),
Hsieh et al. (2008), and Brown et al. (2010). Perceived security was measured using five items
adapted from Casal
oet al. (2007). Perceived privacy was measured using six items adapted
from Casal
oet al. (2007), and finally financial awareness of digital services by four items
adapted from Al-Somalli et al. (2009). A list of the items used to measure the fundamental
constructs in the proposed research model, and their sources, is presented in Appendix.
Ten practitioners and academics who were familiar with mobile payment and information
systems were chosen to implement a pre-test study. Some minor amendments to the
questionnaire were made to improve the clarity of questions. According to Saunders et al.
(2003), carrying out pilot studies on a small sample of subjects before conducting the primary
research can be useful for the actual data collection process; it also helps in identifying
inadequacies in the study instruments (Sekaran, 2003). Sekaran and Bougie (2010) also argue
that before the actual data collection, performing pilot studies for translated instruments
removes ambiguity and increases the clarity of some questionnaire items. The reliability
estimates ranged from 0.861 to 0.944, which is generally considered adequate for research
purposes, and hence, the scales can be regarded as relatively reliable.
404 questionnaires were distributed to employees working in public sector organisations
in Jordan; of those returned, 48 were excluded from the final useable data (22 questionnaires
from existing users of digital financial services platforms, 22 with misleading values, and 4
with outliers) leaving 318 in the final sample. Of the 270 respondents, 143 (53%) were male
and 127 (47%) females. A small majority (51.1%) were in the age group 30–40 years, whilst
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respondents aged between 41–50, less than 30, and more than 50 years represented 22.6, 20.0,
and 6.3%, respectively. Regarding the educational level of the respondents, 57.4% had a
bachelor’s degree, 23.0% diploma and higher school qualifications, 15.6% a master’s degree,
and 4.1% a PhD degree. Regarding experience, over half (54.4%) it was less than 10 years,
whereas respondents with experience of 10–20 years and 21–30 years represented 35.6 and
10.0%, respectively; no respondent had more than 30 years’experience. Concerning the
salary of the respondents, the majority (62.6%) had an income below 500 JD, with 33.7 and
3.7% earning 500–1,000 JD, and 1,001–1,500 JD respectively; no respondent had an income
above 1,500 JD.
4. Research results
4.1 PLS-SEM measurement model
The measurement model evaluation is the first and the pre-requisite step for generating
results in PLS. According to Hair et al. (2014), before a proposed model can be used in testing
the hypotheses, the reliability and validity of the measurement model must first be checked,
and this was done. The assessment of the measurement model in PLS-SEM varies depending
on the nature of the measurement model itself, and whether it includes formative or reflective
measures (Hair et al., 2014;Hair et al., 2013). In this study, the measurement model contains
higher-order constructs (subjective norm).
4.1.1 Convergent validity. Convergent validity is defined as “the extent to which a measure
correlates positively with alternative measures of the same construct”(Hair et al., 2014,
p. 102). The indicator reliability is evaluated using the indicator loadings; internal consistency
reliability is evaluated using Cronbach’s alpha and Composite Reliability (CR) (both should be
at least 0.70), and the convergent validity is evaluated using Average Variance Extracted
(AVE) (Hair et al., 2013;Sekaran and Bougie, 2010). On the other hand, as a rule of thumb, the
Variance Influence Factor (VIF) value of 5 or higher indicates a potential problem of
multicollinearity (Hair et al., 2014). As shown in Table 1, all the results were acceptable and
within the recommended range. Therefore, it can be concluded that all constructs are suitable
for further analysis.
4.1.2 Discriminant validity. Discriminant validity is defined as “the extent to which a
construct is truly distinct from other constructs by empirical standards”(Hair et al., 2014,
p. 104). Hair et al. (2011) argue that the discriminant validity requires that each latent
construct’s AVE should exceed the construct’s highest squared correlation with another
latent construct (Fornell and Larcker, 1981). Hence, discriminant validity signals to what
extent the construct is different from any other. Discriminant validity can be determined
through three methods: the Heterotrait-Monotrait ratio of correlations (HTMT) method
(Henseler et al., 2015), the Fornell-Larcker method, and the Cross-Loadings method (Hair et al.,
2011,2014;Fornell and Larcker, 1981). Of these, HTMT has greater sensitivity and specificity
in detecting any discriminant validity problems, although more empirical evidence is
required in applying this method (Ab Hamid et al., 2017).
HTMT correlation is used to assess discriminant validity in PLS-SEM through the
multitrait-multimethod matrix (Henseler et al., 2015). HTMT values close to 1 indicate a lack
of discriminant validity (Ab Hamid et al., 2017). However, some authors have suggested that a
threshold of 0.85 could be considered (Henseler et al., 2015). Table 2 shows the HTMT results,
which all fall within the recommended range (Henseler et al., 2015).
The second approach to evaluating discriminant validity is the Fornell-Larcker criterion.
Fornell and Larcker (1981) argue that discriminant validity is confirmed when the AVE of an
individual construct exceeds the squared multiple correlations of that construct with other
constructs (Hair et al., 2011,2014). Precisely, the square root of each construct’s AVE should
exceed the correlations with other latent constructs (Hair et al., 2014). Hence, discriminant
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validity occurs when the diagonal elements exceed other off-diagonal elements in both the
rows and columns. As can be seen in Table 3, the grey-shaded values represent the square
root of AVE of all constructs, indicating that the square root of AVE of each of the ten latent
constructs exceeds its correlation with any other construct in the path model.
Finally, the third method emphasises the indicators’cross-loadings, where an indicator
should load more on its postulated construct than other constructs (Hair et al., 2011,2014).
The results show that all indicators load higher on their respective construct than on any
other constructs in the path model. Thus, all these analyses indicate that most constructs and
indicators in the path model reflect discriminant validity.
Constructs name Item name Item loading Cronbach’s alpha CR AVE VIF
Performance expectancy PE1 0.954 0.942 0.962 0.895 1.943
PE3 0.945
PE4 0.940
Effort expectancy EE2 0.926 0.921 0.944 0.849 1.016
EE3 0.918
EE4 0.920
Facilitating conditions FC1 0.834 0.861 0.906 0.706 1.924
FC2 0.864
FC3 0.880
FC4 0.780
Price value PV1 0.936 0.941 0.958 0.850 1.623
PV2 0.948
PV3 0.919
PV4 0.883
Perceived security SE1 0.980 0.984 0.989 0.969 1.386
SE3 0.979
SE5 0.994
Perceived privacy PR1 0.878 0.944 0.955 0.781 3.398
PR2 0.906
PR3 0.916
PR4 0.892
PR5 0.884
PR6 0.823
Financial awareness AW1 0.917 0.915 0.946 0.853 2.463
AW2 0.931
AW3 0.923
Behavioural intention BI1 0.927 0.957 0.969 0.885 D.V
BI2 0.957
BI3 0.942
BI4 0.936
Construct name
Item name Item loading
Cronbach’s
alpha CR AVE VIFSecond-order First-order
Subjective
norm
Social
influence
SI1 0.903 0.886 0.923 0.751 1.955
SI2 0.937
SI3 0.882
SI4 0.729
Peer influence PI1 0.922 0.940 0.957 0.849
PI2 0.937
PI3 0.949
PI4 0.875
Table 1.
Convergent validity-
item loading,
Cronbach’s alpha,
composite reliability,
average variance
extracted and variance
influence factor
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4.2 PLS-SEM structural (inner) model
The next step in PLS analysis after confirming that the measurement model meets the
conventional standards of reliability and validity is evaluation of the structural model and
testing the proposed hypotheses. Even though path coefficients are extremely important in
PLS, Hair et al. (2011) established that when paths are not important or show signs that
contradict the hypothesised direction, the preceding hypothesis should be rejected. Instead,
important paths viewing the hypothesised track support the suggested causal relationship
empirically. Consequently, in line with the direct and indirect analyses of the relationships,
the main effect of the model in which the moderator was not included was investigated. Then,
the moderation effect was examined in another model known as an interaction model (Hair
et al., 2014). Therefore, to identify the main effect of the model and assess the significant level
of the path coefficients-β, the direct relationships were tested by PLS bootstrapping
procedures, where 5,000 re-sampling was employed (Hair et al., 2013;Valerie, 2012). Along
with this, critical values for a two-tailed test were 1.65 (significance level 510%), 1.96
(significance level 55%), and 2.57 (significance level 51%); it is usually considered that path
coefficients with a 5% or less probability of error are significant (Hair et al., 2014). Therefore,
the current study set 5,000 re-samplings with a replacement number from the bootstrap cases
equal to the original sample number (270) in order to produce standard errors and obtain
t-value and p-value. The results are presented in Table 4. In terms of the structural paths, the
hypothesised relationships were tested and their significance was assessed.
5. Discussion
Table 4 outlines the results of the PLS-SEM analysis, which reflects the significant influence
between performance expectancy, subjective norms, and the behavioural intention to use
AW EE FC BI PI PE PV PR SE SI
AW –
EE 0.088 –
FC 0.561 0.053 –
BI 0.633 0.060 0.520 –
PI 0.467 0.046 0.578 0.640 –
PE 0.621 0.046 0.617 0.626 0.514 –
PV 0.468 0.089 0.621 0.514 0.458 0.449 –
PR 0.779 0.063 0.562 0.692 0.581 0.583 0.491 –
SE 0.396 0.047 0.367 0.446 0.326 0.282 0.320 0.444 –
SI 0.516 0.025 0.509 0.690 0.833 0.625 0.481 0.597 0.337 –
AW EE FC BI PI PE PV PR SE SI
AW 0.924
EE 0.087 0.922
FC 0.506 0.043 0.840
BI 0.601 0.062 0.476 0.941
PI 0.440 0.011 0.525 0.608 0.921
PE 0.579 0.020 0.559 0.598 0.486 0.946
PV 0.441 0.088 0.560 0.490 0.432 0.426 0.922
PR 0.733 0.065 0.513 0.660 0.548 0.552 0.466 0.884
SE 0.382 0.053 0.337 0.434 0.313 0.273 0.307 0.430 0.984
SI 0.469 0.012 0.451 0.635 0.760 0.573 0.440 0.545 0.314 0.866
Table 2.
Discriminant
validity –HTMT
Table 3.
Discriminant validity –
Fornell and Larcker
criterion
K
digital financial services platforms. These outcomes confirm the findings of Venkatesh et al.
(2003,2012) in UTAUT and UTAUT2, which state that performance expectancy and
subjective norms serve as the direct determinants of a user’s tendency to use a new
technology. Consequently, hypotheses H1 and H3 were supported, with H3 as a stronger
predictor of the behavioural intention to use digital financial services platforms.
Surprisingly, no relationships could be established between effort expectancy and
behavioural intention, contradicting the work of Venkatesh et al. (2003,2012) in both UTAUT
and UTAUT2 (see Table 4). This implies that Jordanian public sector employees do not place
importance on digital financial services, although there is a high penetration rate and daily
use of the Internet and smartphones. This suggests that effort expectancy for this relatively
new mobile-based technology is less important (Lutfi et al., 2021). An additional justification
for this discrepancy in results may be attributed to the area of study. The Venkatesh study
was conducted in Hong Kong, which has distinct differences in terms of culture, population
size, language, and technology acceptance. As a result, hypotheses H2,H4 and H5 were
rejected.
Performance expectancy, effort expectancy, subjective norms, facilitating conditions, and
price value were considered as independent variables of the UTAUT2 constructs, extended
here with perceived security and perceived privacy. The findings of the present study reveal
significant relationships between security and privacy with behavioural intention to use
digital financial services. These findings are consistent with previous studies by Al-Okaily
et al. (2021b) and Merhi et al. (2021), which stated that increased security and privacy lead to
increased behavioural intention to use digital financial payment transactions, possibly
disrupting traditional payment habits in the long term. Consequently, hypotheses H6 and H7
were supported.
Regarding the moderating role of financial awareness on the relationships between the
factors that influence the diffusion rate of the digital financial services, as indicated in
Figure 1, a higher level of financial awareness was predicted to lead to influence the subjective
norms and price value as well as the behavioural intention to use digital financial services
platforms and thus these hypotheses proposed H8 and H9 were supported. With the
exception of the interaction between subjective norms and financial awareness, the t-value of
the interactions was significant (t-value 52.969, p< 0.01). This supports the moderating role
of financial awareness, which assumes that it positively improves the association between
subjective norms and behavioural intention. As explained in Figure 2, this result means that a
high level of financial awareness increases the positive association between subjective norms
(social and peer influence) and the behavioural intention to use digital financial services.
No Relationship
IV DV Standard error T-value p-value Sig Decision
H1 PE →BI 0.073 2.633 0.008 Sig þSupported
H2 EE →BI 0.040 0.414 0.679 NS Not supported
H3 SN →BI 0.058 5.441 0.000 Sig þSupported
H4 FC →BI 0.060 1.183 0.237 NS Not supported
H5 PV →BI 0.057 1.911 0.056 NS Not supported
H6 PR →BI 0.046 2.797 0.005 Sig þSupported
H7 SE →BI 0.072 2.960 0.003 Sig þSupported
No IV MOD DV
H8 SN AW BI 0.032 2.969 0.003 Sig þSupported
H9 PV AW BI 0.035 3.448 0.001 Sig þSupported
Note(s): (1) The direct and the indirect hypothesis is tested as two-tailed. (2) NS: not significant, Sig: significant
and (þ): positive relationship
Table 4.
Result of hypothesis
testing
Financial
awareness and
financial
inclusion
Finally, concerning the interaction effect between financial awareness and perceived security
on behavioural intention, the t-value was positive and significant (t-value 51.858, p< 0.10).
This supports the moderating effect of financial awareness on the association between
perceived security and the behavioural intention to use digital financial services. Figure 3
explains that perceived security is more predictive of behavioural intention to use digital
financial services when the level of financial awareness is high.
6. Theoretical and practical implications
This study examined the factors for the acceptance of digital financial platforms and
proposed and tested a model incorporating these factors. The empirical results have several
important theoretical and practical implications.
6.1 Theoretical implications
The theoretical implication of our study is based on the empirical results which revealed new
evidence in the field of the UTAUT2 model that had not been presented by previous studies in
the context of digital financial services in developing countries. Thus, this study has some
implications for future researchers in this area. First, the study demonstrates that variable
levels of financial awareness led to variable levels of the influence of subjective norms and
perceived security factors, on behavioural intention to use digital financial services
platforms. Further, compared to other works on behavioural intention in developing
countries, the findings of the current study are quite unexpected. Since financial awareness
was not found to have a moderating effect on behavioural intention in some previous studies.
5
4.5
4
3.5
3
2.5
1.5
2
1
Low Financial
Awareness
High Financial
Awareness
Low Subjective Norms High Subjective Norms
Behavioural Intention
Financial Awareness strengthens the positive relationship between Subjective
Norms and Behavioural Intention.
Moderator
Figure 2.
Interaction effect
between financial
awareness and
subjective norms
K
Second. a more interesting contribution by this study to the UTAUT model is showing that
perceived security and perceived privacy have a significant relationship as new determinants
of the behavioural intention to use digital financial services. Hence, it can be concluded that
this study adds a significant theoretical contribution to the literature.
6.2 Practical implications
From the practical perspective, most digital financial platforms including digital payment
services, support financial inclusion targets that aim to provide and promote financial
services easily at an affordable cost for all adults. In other words, the achievement of
comprehensive financial service coverage includes financial risk protection, access to high-
quality essential financial services and to making safe, effective, and affordable purchases,
payments and insurance services available for all. Thus, the digital payment services will
support and improve payment systems and increase the payment options for people in the
long term, which is one of the major objectives of the financial inclusion that the CBJ seeks to
achieve amongst the Jordanian society. Further, advances in payment systems
infrastructures also contribute to supporting the Gross Domestic Product (GDP) by
automation of electronic payment systems that enable both suppliers and operators to receive
quick payment from their customers.
More precisely, our findings suggest that subjective norm and perceived security factors
affecting the behavioural intention to use digital financial services platforms can strongly be
affected by the different financial awareness’levels of the citizens’intention, especially in the
Arabian context. Hence, the members of financial management or decision-makers in any
country should take into account the different levels of the citizens’financial awareness, and
seek to enhance such awareness. Besides, policy-makers must emphasise developing the
strategies to improve the security and privacy of digital financial platforms, besides
providing the means and tools to promote the performance expectancy and subjective norms.
In this respect, this study gives unique and valuable information that will assist decision-
makers to evaluate the risks and overcoming the barriers before adopting any decision
related to updating the digital financial platforms services.
7. Research limitations and suggestions
As in other studies, this one has limitations that should be considered in future research. First,
the proposed research model supports only six of the nine hypotheses proposed. Accordingly,
5
4.5
4
3.5
3
2.5
1.5
2
1
Low Financial
Awareness
High Financial
Awareness
Moderator
Financial Awareness strengthens the positive relationship between Perceived
Security and Behavioural Intention.
Behavioural
Intention
Low Perceived Security High Perceived Security Figure 3.
Interaction effect
between financial
awareness and
perceived security
Financial
awareness and
financial
inclusion
the model should be validated in a new context. For example, the results of this study were
based on the non-probability targeted sampling from the Jordanian public sector but to
generalise these results the model should be examined by using a probability sampling from
the Jordanian private sector and even the global context. Second, the research model was
validated employing a quantitative approach with data from some public sector employees in
Jordan. Therefore, a deeper understanding of the circumstances should be examined
employing qualitative research methods. Third, this study was conducted before the COVID-
19 pandemic outbreak. Therefore, future work could focus on the role of COVID-19 risks and
its effects on the acceptance of digital financial services during the outbreak.
Finally, spreading financial awareness and financial literacy, and building confidence,
are considered necessary to the acceptance of digital financial services. Currently, the level
of awareness of the electronic payment services in Jordan is very low, resulting in citizens
not accepting these services. Therefore, the CBJ should investigate this low level of
awareness amongst the citizens and determine the main factors that shaping the lack of
information. The CBJ might, therefore, initiate training and awareness programmes to
demonstrate the benefits of using digital financial services. In particular, the payment
service providers need to encourage potential users through several types of advertising
media (e.g. newspaper, SMS by mobiles and e-mail). This will result in the overall promotion
of these new services to a wider audience and educate them in the advantages of online
payment services.
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Further reading
Abu-Salih, B., Wongthongtham, P., Morrison, G., Coutinho, K., Al-Okaily, M. and Huneiti, A. (2022),
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on a developing country”,European Journal of Management and Business Economics, doi: 10.
1108/EJMBE-01-2021-0008 (In press).
K
Appendix
Constructs Code Measurements items Sources
Performance
expectancy
PE1 I think digital financial services platforms could
be useful in my daily life
Venkatesh et al. (2012)
PE2 Using digital financial services platforms could
increase my chances of achieving things that are
important to me. (dropped)
PE3 Using digital financial services platforms could
help me accomplish things more quickly
PE4 Using digital financial services platforms could
increase my productivity
Effort
expectancy
EE1 Learning how to use digital financial services
platforms would be easy for me. (dropped)
Venkatesh et al. (2012)
EE2 My interaction with digital financial services
platforms would be clear and understandable
EE3 I would find digital financial services platforms
easy to use
EE4 It would be easy for me to become skilful at using
digital financial services platforms
Social influence SI1 People who are important to me think that I
should use digital financial services platforms
Ajzen (1991),Venkatesh et al.
(2012),Faqih (2016)
SI2 People who influence my behaviour think that I
should use digital financial services platforms
SI3 People whose opinions I value the most will
prefer that I use digital financial services
platforms
SI4 People in the ministry who use digital financial
services platforms have a high profile
Peer influence PI1 My friends would think that I should use the
digital financial services platforms
Taylor and Todd (1995),
Hsieh et al. (2008),Brown et al.
(2010)PI2 My relatives would think that I should use digital
financial services platforms
PI3 My peers would think that I should use digital
financial services platforms
PI4 My co-workers would believe that I should use
digital financial services platforms
Facilitating
conditions
FC1 I have the resources necessary to use digital
financial services platforms
Venkatesh et al. (2012)
FC2 I have the knowledge necessary to use digital
financial services platforms
FC3 Digital financial services platforms are
compatible with other systems and technologies
that I use
FC4 I can get help from others when I have difficulties
using digital financial services platforms
Price value PV1 Digital financial services platforms are
reasonably priced
Venkatesh et al. (2012)
PV2 Digital financial services platforms are
reasonably priced compared with other financial
services
PV3 Digital financial services platforms services are a
good value for the fees
PV4 At the current price, I think digital financial
services platforms will provide a reasonable and
good value
(continued )
Table A1.
Measurement items
and sources
Financial
awareness and
financial
inclusion
Constructs Code Measurements items Sources
Perceived
security
SE1 I would not be worried about the security of
financial transaction on digital financial services
platforms
Casal
oet al. (2007)
SE2 I think digital financial services platforms have
the mechanisms to ensure the safe transmission
of users’information. (dropped)
SE3 I would know for sure of the identity of digital
financial services when I establish contact via the
platforms
SE4 I am sure that the information sent via digital
financial services platforms will not be
intercepted by unauthorised third parties or
modified. (dropped)
SE5 I think digital financial services platforms have
sufficient technical capability to ensure that the
transmitted data will not be intercepted by third
parties or hackers
Perceived
privacy
PR1 I would feel safe when I send personal
information via digital financial services
platforms
Casal
oet al. (2007)
PR2 I think digital financial services platforms are
strongly committed to ensuring the privacy of
users
PR3 I think digital financial services platforms
comply with the personal data protection laws
PR4 I think digital financial services platforms only
collect users’personal data that will be necessary
for its activity
PR5 I think digital financial services platforms respect
users’rights when obtaining personal
information
PR6 I think that digital financial services platforms
would not provide my personal information to
other companies without my consent
Financial
awareness
AW1 I received enough information about digital
financial services platforms services
Al-Somalli et al. (2009)
AW2 I received enough information about the benefits
of digital financial services platforms services
AW3 I have received information about digital
financial services platforms services from the
authorised departments of Jordan (e.g. Central
Bank of Jordan)
AW4 I have never received information about digital
financial services platforms services from the
Central Bank of Jordan. (dropped)
Behavioural
intention
BI1 I intend to use digital financial services platforms
in the future
Venkatesh et al. (2012),
Venkatesh et al. (2003)
BI2 I would likely use digital financial services
platforms in my daily life whenever it is possible
BI3 I am planning to use digital financial services
platforms frequently
BI4 I predict that I would be using the digital financial
services platforms in the near future
Table A1.
K
About the authors
Manaf Al-Okaily serves as Assistant Professor of Accounting Information Systems (AIS) at Jadara
University, Jordan. Al-Okaily earned his Doctor of Philosophy in AIS from University Malaysia
Terengganu, Malaysia. His current research interest is in the domain of digital transformation in
accounting and finance, intelligent accounting systems, as well as FinTech Services acceptance and
adoption. Al-Okaily has published more than 35 scholarly articles in reputable and leading academic
journals including Information Technology & People, Technology in Society, EuroMed Journal of
Business, Kybernetes Journal, VINE Journal and the TQM Journal. On top of that, he has reviewed
several referred articles in highly ranked journals (e.g. Scopus and Clarivate Analytics).
Hamza Alqudah currently works as the Head of the Accounting Department at the Irbid National
University, Jordan. Hamza does research in several areas including Accounting, Finance Management,
Auditing, and Information Technology. Hamza works as supervisor and examiner for several master’s
students.
Anas Ali Al-Qudah currently works as Acting Dean of the Faculty of Business at Liwa College of
Technology (formerly: Emirates College of Technology). He is a specialist in Accounting and Finance,
FinTech. Anas does research in accounting, finance, social entrepreneurship, sustainable development,
and economic growth. Also, he is leading some special issues in the Fintech field with some ranked
Journals as a guest editor, in addition to his role as a reviewer in many ranked Journals (e.g., Scopus and
Clarivate Analytics).
Naim S. Al-Qadi is Associate Professor at Amman University College for Financial & Administrative
Sciences, affiliated Al-Balqa’Applied University, Jordan. His Bachelor’s and Master’s Degrees are in
Finance & Credit from Donetsk National University, USSR. AL-Qadi is a PhD bearer from the Institute of
Oriental Studies, USSR. His research field interests are finance and financial social capital, economics,
electronic banking, Internet banking and mobile banking, entrepreneurship and business skills.
However, AL-Qadi is former Dean of Amman University College and now is Faculty Memberat Al-Balqa
Applied University.
Dr Hamzah Elrehail serves as Assistant Professor of Management at Abu Dhabi School of
Management, Abu Dhabi, United Arab Emirates. His research spans into leadership, HRM,
innovation management, knowledge management and strategy. He published several papers in ISI
and Scopus indexed journals such as Computers in Human Behaviour, Telematics and Informatics,
Journal of Workplace Learning, Journal of Information Technology, Journal of Innovation and
Knowledge and Journal of Intellectual Capital. Hamzah Elrehail is the corresponding author and can be
contacted at: cs-hamzah@hotmail.com,h.elrehail@adsm.ac.ae
Aws Al-Okaily is Research Assistant and PhD candidate in Accounting Information Systems at
Universiti Sains Malaysia Graduate School of Business. He graduated with an MPhil in Accounting
Information Systems from Universiti Malaysia Terengganu in 2020 and a Bachelor of Accounting from
Hashemite University in 2017. The emphasis of his research lies in intelligent technology of accounting,
business and finance. His research publications have appeared in reputed international journals such as
EuroMed Journal of Business, TQM Journal, VINE Journal, Kybernetes Journal, Information Discovery
and Delivery and amongst others. He also has served as a peer reviewer for numerous publications in
leading academic journals.
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Financial
awareness and
financial
inclusion
