Student Perceptions of Green FinTech Adoption

Abstract

Technology has become a key instrument for addressing climate change concerns in the modern era. Specifically, it gave rise to Green FinTech, which can significantly mitigate adverse environmental effects by incentivising people to engage in pro-environmental behaviour and green finance. Green FinTech is a novel, unexplored green technology phenomenon with a nascent adoption rate. To address this gap, this study investigates whether the proposed research model – which extends the Technology Acceptance Model (TAM) with the Theory of Planned Behaviour (TPB) and incorporates perceived risk and perceived trust – can offer a more comprehensive understanding of the adoption of Green FinTech for the students at the University of Waterloo. This study has investigated the influence of TAM constructs, namely perceived usefulness and perceived ease of use, on users' attitudes towards Green FinTech. Additionally, it has explored the effects of TPB constructs, including attitude, social norms, and perceived behavioural control, on the intention to adopt Green FinTech. The research used a quantitative approach: data collection by questionnaire. Based on the research model, eight hypotheses were developed and tested using structural equation modelling techniques (SEM- PLS). The research results indicate that attitude, social norms, and perceived behavioural control significantly affect the intention to use Green FinTech applications. Notably, the perceived usefulness emerges as the primary driver shaping attitudes toward Green FinTech usage. Although perceived ease of use and perceived trust also contribute positively to attitude formation, their impacts are comparatively smaller. Surprisingly, perceived risks do not significantly influence the attitude toward Green FinTech adoption. Moreover, the study reveals that perceived trust is a significant mediator between perceived risk and attitude towards using Green FinTech applications. To enhance adoption rates, Green FinTech service providers should prioritise the usefulness of their services in environmental protection, address consumer needs, and ensure data protection to foster trust. Remarkably, the research model elucidates 68% of the variance in attitude and 54% in the intention to use Green FinTech, offering a comprehensive understanding of individual adoption determinants, thus contributing significantly to the literature on Green FinTech adoption.