Factors Affecting Trust and Acceptance for Blockchain Adoption in Digital Payment Systems: A Systematic Review

Abstract

Blockchain technology has become significant for financial sectors, especially digital payment systems, offering enhanced security, transparency, and efficiency. However, there is limited research on the factors influencing user trust in and acceptance of blockchain adoption in digital payment systems. This systematic review provides insight into the key factors impacting consumers’ perceptions and behaviours towards embracing blockchain technology. A total of 1859 studies were collected, with 48 meeting the criteria for comprehensive analysis. The results showed that security, privacy, transparency, and regulation are the most significant factors influencing trust for blockchain adoption. The most influential factors identified in the Unified Theory of Acceptance and Use of Technology (UTAUT) model include performance expectancy, effort expectancy, social influence, and facilitating conditions. Incorporating a trust and acceptance model could be a viable approach to tackling obstacles and ensuring the successful integration of blockchain technology into digital payment systems. Understanding these factors is crucial for creating a favourable atmosphere for adopting blockchain technology in digital payments. User-perspective research on blockchain adoption in digital payment systems is still insufficient, and this aspect still requires further investigation. Blockchain adoption in digital payment systems has not been sufficiently conducted from the user’s perspective, and there is a scope for it to be carried out. This review aims to shed light on the factors of trust in and acceptance of blockchain adoption in digital payment systems so that the full potential of blockchain technology can be realised. Understanding these factors and their intricate connections is imperative in fostering a conducive environment for the widespread acceptance of blockchain technology in digital payments.