Determinants of FinTech Payment Services Adoption—An Empirical Study of Lithuanian Businesses

• Published in: FinTech
• Main Authors: Greta Marcevičiūtė, Kamilė Taujanskaitė, Jens Kai Perret
• Format: Article
• Language: English
• Published: MDPI AG 2025-08-01
• Subjects: FinTech; determinants; payment services adoption; UTAUT2; Lithuania; mixed-method
• Online Access: https://www.mdpi.com/2674-1032/4/3/44

The new era of FinTech services enabled the financial sector to benefit from innovative and cost-effective products via process automation, fostering a foundation for more sustainable business growth. Despite considerable research, the determinants of FinTech services adoption by businesses remain mostly unknown. For the first time, a mixed-method study is realized combining the perspectives of FinTech services providers (experts) and FinTech service users (businesses that use FinTech). To elicit the providers’ views, interviews have been conducted with experts from FinTech service providers. From the user side, data generated via online surveys was evaluated in an adjusted Unified Theory of Acceptance and Use of Technology (UTAUT2) model tailored to FinTech specifics using the R implementation of PLS-SEM. The results of this analysis enabled comparisons between the perspectives of providers and users to identify similarities and differences in adoption factors. Correspondingly, conclusions on FinTech adoption encourage FinTech service providers to adjust their solutions to better fit the business requirements. For business owners, they provide valuable insights on how to streamline their financials and foster sustainable growth through efficiency gains.