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

This study shows that various factors, including security, privacy, regulation, and transparency, greatly influence the adoption of blockchain technology in digital payment systems. These factors are crucial in bolstering user trust. It identifies security and privacy challenges in interoperable blockchains, including hash time lock contracts, private key attacks, and network analysis [31]. Security and privacy measures, such as the implementation of consensus algorithms, mixing, anonymous signatures, encryption, secure multiparty computation, non-interactive zero-knowledge proof, and secure verification of smart contracts [38], can be employed to offer users the confidence that their transactions are impervious to unauthorised modifications and that records remain unchangeable. This measure successfully reduces the likelihood of fraudulent acts and promotes an atmosphere characterised by heightened trust. The implementation of robust privacy protocols with adherence to data protection regulations like the General Data Protection Regulation (GDPR) of the European Union [37,39] engenders a sense of confidence among consumers that their personal information and financial transactions are shielded from unauthorised intrusion.

Furthermore, well-defined regulatory frameworks provide clients with a sense of legal certainty, incorporating measures to protect consumers and address the issue of money laundering [55]. The inherent transparency of blockchain technology is derived from its publicly available ledger and decentralised system [29,40]. This feature enables users to independently verify transactions and uphold the system’s integrity. As a result, this fosters an elevated level of assurance in the digital payment system.

The results of the systematic review support that the factors that influence consumer acceptance of the adoption of blockchain in digital payment systems are four factors of UTAUT: performance expectancy, effort expectancy, social influence, and facilitating conditions. The performance expectancy significantly influences the adoption of digital payment. To be accepted, digital systems must be designed to be constantly valuable to users. Key performance expectancy elements include time-saving features, lower transaction fees, the non-physical presence of traders, and flexibility in payment, which attract users to adopt this payment system [25]. Effort expectancy, including ease of use and user-friendly features like easy navigation, speed of connection, and a quicker response, can significantly influence user behaviour towards adoption [25]. This study also highlights that the effort expectancy of the technology is directly related to its efficacy, with more accessible technology leading to higher acceptance rates. This encompasses the anticipated benefits of quicker and more efficient transactions and cost savings. The impact of anticipated effort on user acceptance is significant since delivering a user-centric experience prioritising ease of use, intuitive interfaces, and minimal technological barriers is crucial. The facilitating condition for blockchain usage is primarily influenced by IT infrastructure and organisation factors such as computers, Internet speed, and communication integration [2]. Blockchain-based adoption is directly influenced by providing the proper infrastructure, including technical and managerial support, which can significantly drive its adoption [25]. Social influence can also positively influence the acceptance of blockchain technology [69]. Furthermore, the influence of social factors on individuals’ adoption of blockchain-based payment systems has considerable importance. The impact stems from several origins, including peer recommendations, endorsements from industry leaders, and the existence of engaged user communities. These factors are essential in cultivating acceptance and utilisation of blockchain-based payment systems [2,25]. These elements are of utmost importance in facilitating a smooth and user-friendly migration to payment systems based on blockchain technology, hence fostering increased levels of user adoption.

RQ3 aims to explore integrating the trust model with the acceptance model to enhance blockchain adoption in digital payment systems by observing the factors influencing the users’ trust in and acceptance of blockchain technology in digital payment systems. The findings of the systematic review indicate a strong and beneficial relationship between trust and acceptance factors within the domain of blockchain-based digital payment systems. This implies that users’ inclination to adopt and accept technology is influenced by their high degree of trust in several aspects of these systems, including transparency, security, privacy, and regulation. The conclusions are substantiated by several investigations, encompassing the works of [2,21,62].

The adoption of blockchain-based payment systems is significantly influenced by the level of trust exhibited by users. The propensity of consumers to adopt this technology is highly influenced by their trust in the security and transparency of transactions, as emphasised by previous studies conducted by [76,78]. Conversely, in the absence of trust within these pivotal domains, the study conducted by Wong et al. [21] highlights that it can impede the process of acceptance and implementation. Instances of apprehension regarding the security of blockchain-based systems or scepticism regarding the veracity of transactions have the potential to dissuade users from embracing those systems.

Trust forms the foundation upon which user acceptance is constructed, with users needing trust in various aspects, such as security and transparency. This trust-building process aligns with the UTAUT model, which states that performance expectancy, effort expectancy, social influence, and facilitating conditions contribute to user acceptance. Another study [3] conducted demonstrates that privacy exerts a notable impact on the perceived usefulness, thereby influencing the adoption. In addition, it is worth noting that the factors of security and privacy exert a significant and beneficial influence on the level of customer satisfaction. This, in turn, has the potential to foster increased acceptance and adoption rates. This assertion is backed by the empirical findings [9].

Blockchain technology provides a diverse array of services encompassing robust security measures, dependable performance, enhanced transparency, unalterable data integrity, and streamlined operational efficiency. According to [9], these characteristics have garnered substantial recognition and are crucial for fostering consumer loyalty.

The presence of regulatory support is a contributing factor in influencing the inclination to embrace payment systems based on blockchain technology. In one study [21], the authors discovered a significant correlation between favourable conditions and the intention to adopt. Notably, regulatory support emerged as a crucial determinant within this association. Regulatory support was also found to influence and impact the enhancement of infrastructure and lead towards technology readiness [2], and it also impacted the performance expectancy [25]. In brief, the acceptance and implementation of blockchain-based digital payment systems are influenced by the interplay of trust, privacy, security, regulatory support, and the advantages inherent in blockchain technology.

This study highlights the importance of trust in blockchain adoption. Trust is a multifaceted factor that includes aspects such as security, transparency, privacy, and regulatory compliance. The UTAUT model, a well-established framework for understanding technology adoption and usage, has the potential to be integrated with trust models, as proposed in Figure 5, by reviewing and synthesising the reviews that could provide depth and structure to the study of blockchain adoption in payment systems.