Cryptocurrency’s emergence in North Cyprus: a mixed-methods exploration of attitudes and usage trends of an emerging payment method

Abstract

Purpose The purpose of this study is to investigate offline retailers’ cryptocurrency adoption through the unified theory of acceptance and use of technology (UTAUT/2), technology acceptance model (TAM) and other related variables. Design/methodology/approach A mixed-method (QUANT-Qual) was employed. The study employed a quantitative approach (partial least squares-structural equation modeling) for Study 1 and a qualitative focus group discussion for Study 2. The qualitative segment enhances the comprehension and interpretation of outcomes derived from the quantitative analysis. Findings Study 1 identified six crucial factors in cryptocurrency adoption: trust, personal innovation, hedonic motivation, social influence, safety and a positive attitude. Perceived ease of use, price value and satisfaction were non-significant. Study 2 elaborates on the findings, and highlights the reasons for the insignificant factors. Research limitations/implications This research contributes to theoretical knowledge by empirically testing established technology acceptance theories like UTAUT/2 and TAM in the context of retail cryptocurrency adoption. It introduces previously unexplored factors, such as personal innovativeness, hedonic motivation and safety/reliability, enriching the theoretical landscape. Practical implications This study provides practical insights for cryptocurrency stakeholders, including government, regulators, consumers, businesses and the financial sector, regarding retailers' intentions to adopt cryptocurrencies in North Cyprus. Social implications This study can enhance understanding of factors facilitating cryptocurrency integration into mainstream retail, potentially reshaping traditional finance. Economically, adoption can boost financial inclusion, offering efficient transaction methods. This transition may disrupt existing economic models, drive payment technology innovation and change consumer behavior toward digital assets. Originality/value This study stands out by using a mixed-method approach to comprehensively examine cryptocurrency adoption by offline retailers, considering various factors and providing a holistic perspective, unlike previous research that often focused on specific user groups.