Human-centric barriers and enablers to FinTech use in SMEs: cognitive and organizational insights from smart payment systems

The rapid evolution of financial technology (fintech) has transformed the world’s payment system. However, the adoption of smart payment systems (SPS) among small and medium-sized enterprises (SMEs) remains inconsistent, particularly in developing economies. This study investigates the key factors that influence SMEs’ decisions to adopt SPS. It analyzes the direct, moderating, and mediating effects of the various determinants. Partial least squares structural equation modeling is used to analyze survey data collected from 610 small and medium-sized enterprises (SMEs) in Ghana. The quantitative findings reveal that attitude significantly predicts smart payment adoption (SPA). It was also found that financial benefits and self-congruity have a positive influence on SPA. Technological anxiety was found to deter SPA. Although social influence was found to positively impact attitude, its direct effect on SPA was found to be limited. Privacy and fraud concerns and customer preference played crucial moderating roles in shaping the relationship between attitude and SPA. The qualitative analysis revealed critical concerns, notably the lack of trust in digital infrastructure and challenges related to cognitive overload among SME managers, security vulnerabilities and the need for simplified interfaces. These results highlight the need for fintech developers and policymakers to enhance security, improve user trust, and align payment solutions with SMEs’ needs to drive wider adoption.