Fintech and Mobile Payments in Transition: An Analysis of Adoption Challenges

India is a fast-growing financial technology market, with an estimated 1.3 billion people living there. A large proportion of the population is without a bank account or financially struggling, India has created an intriguing global market for financial innovations. Fintech is viewed as a paradigm-shifting innovation that has the power to dismantle established financial markets. The development of mobile technology has made it possible to replace the conventional features of a tangible wallet with an innovative payment mechanism called a mobile payment. However, due to proinnovation bias, researchers have mostly focused on how technology is adopted and have paid relatively little attention to how innovation is resisted especially when it pertains to mobile payments. This study examined how the following barriers—"usage, value, risk, image, and tradition" affected people's intentions to adopt mobile payment systems. Innovation resistance theory is used for building models and data was collected from 130 Indian consumers through online survey instruments. The partial least squares structural equation modelling approach is used to analyze the data. The findings demonstrated that while usage, risk, image, and tradition barriers had a negative impact, value barriers did not affect the desire to accept mobile payment services.