Customer Adoption of Online Peer-to-Peer Remittance Solutions in Finland
Jarkas, Abdullah (2021)
2021
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Julkaisun pysyvä osoite on
http://urn.fi/URN:NBN:fi:amk-202105097879
http://urn.fi/URN:NBN:fi:amk-202105097879
Tiivistelmä
This thesis is a qualitative study to investigate the possible drivers and barriers to adopting the emerging FinTech online Peer-to-Peer remittance solutions among customers in Finland. The main research question in this paper was: What are the possible drivers and barriers to customer adoption of online Peer-to-Peer remittance solutions in Finland? The literature reviewed in this paper explores the importance, size, and trend of the global remittance market and the legislations that are backing those new solutions to emerge, such as Payment Services Directives PSD and PSD2, General Data Protection Regulation GDPR, among others. Followed by information about some of the existing online peer-to-peer remittance service providers and prior research related to the topic.
The theoretical framework is based on the Diffusion of Innovations theory by Rogers, E 2003, the Consumer Resistance to Innovations by Ram and Seth 1989, and the Unified Theory of Acceptance and Use of Technology (UTAUT, and UTAUT2) by Venkatesh et al., 2003.
A structured questionnaire was conducted via email and online interviews with ten participants who are immigrants living in Finland and send remittances abroad, divided into three categories: Expert, Adopters, and Non-adopters. Thematic analysis was done on the transcript of the participants’ answers using Microsoft Excel.
The research suggests four major potential drivers and advantages: Fast and time-saving, convenience and ease of use, low fees and better exchange rates, diversity of options; on the other hand, the research suggests four major potential barriers and risks: Security and privacy, reliability and trust, international availability, awareness and knowledge.
Suggestions for online peer-to-peer remittance providers, and for future studies are also discussed along with limitations of the study.
The theoretical framework is based on the Diffusion of Innovations theory by Rogers, E 2003, the Consumer Resistance to Innovations by Ram and Seth 1989, and the Unified Theory of Acceptance and Use of Technology (UTAUT, and UTAUT2) by Venkatesh et al., 2003.
A structured questionnaire was conducted via email and online interviews with ten participants who are immigrants living in Finland and send remittances abroad, divided into three categories: Expert, Adopters, and Non-adopters. Thematic analysis was done on the transcript of the participants’ answers using Microsoft Excel.
The research suggests four major potential drivers and advantages: Fast and time-saving, convenience and ease of use, low fees and better exchange rates, diversity of options; on the other hand, the research suggests four major potential barriers and risks: Security and privacy, reliability and trust, international availability, awareness and knowledge.
Suggestions for online peer-to-peer remittance providers, and for future studies are also discussed along with limitations of the study.