Empowering the adoption of blockchain-based cryptocurrency as a payment method: A user-friendly educational approach

Abstract

Organizations are adopting technological innovations to transform payment systems due to challenges with traditional methods, such as slow speed and high fees. These challenges have prompted a shift towards blockchain-based cryptocurrencies. However, cryptocurrency adoption for payments remains limited, especially in Saudi Arabia. This study adapts the technology acceptance model to explore cryptocurrency adoption through the blockchain-based cryptocurrency as a payment method in Saudi Arabia (BCAP-SA) model. Factors within the model are assessed using an experimental vignette-task methodology and surveys. A key component is an educational package, offering comprehensive materials to explain blockchain technology. The findings confirm the reliability of surveys. Most model factors are statistically significant in influencing users’ intention to use cryptocurrency. The study finds that perceived ease of use, perceived usefulness, and perceived trust significantly impact participants’ intentions. Additionally, low transaction fees and age are the most influential factors on the technology acceptance model's core constructs. Statistical analysis indicates that decentralization and anonymity were insignificant and thus excluded from the revised BCAP-SA model. These findings highlight the potential to enhance cryptocurrency adoption in Saudi Arabia. The study's insights can guide strategies to promote wider cryptocurrency usage in the region.