Title Impact of generational differences on digital payment solutions adoption in sri lanka
Translation of Title Kartų skirtumų poveikis skaitmeninių mokėjimo sprendimų diegimui Šri Lankoje.
Authors Lose Patabendige, Sachintha Nadeera
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Pages 85
Keywords [eng] Digital payment solutions adoption, UTAUT2, Generational cohort theory, Multi-group analysis, PLS-SEM, Sri Lanka
Abstract [eng] The rapid growth of digital technologies has transformed global payment systems, with digital payment solutions increasingly replacing cash transactions. Although previous research has identified key factors influencing digital payment adoption, few studies have explored how these factors vary across generational cohorts, especially in emerging economies. This study investigates generational differences in digital payment adoption in Sri Lanka by integrating the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) with Generational Cohort Theory. This study used a quantitative, cross-sectional design and collected primary data through an online survey of 157 Sri Lankan consumers from Generation X, Millennials, and Generation Z. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) in SmartPLS, following a two-stage process: measurement model assessment and structural model evaluation. Multi-group analysis assessed whether the effects of UTAUT2 constructs on digital payment adoption differ significantly across generations. The results show that performance expectancy and habit are the strongest predictors of digital payment adoption, emphasizing the roles of perceived efficiency and routine use in established digital payment environments. In contrast, effort expectancy and facilitating conditions have weaker or insignificant effects, indicating that infrastructural and usability barriers are less relevant in Sri Lanka. Multi-group analysis reveals significant generational differences: Generation X is more sensitive to trust and facilitating factors, while Millennials and Generation Z display more behavior-driven adoption patterns. This study extends the digital finance literature by applying UTAUT2 through a generational perspective and offering empirical evidence from Sri Lanka. The findings provide actionable insights for policymakers and financial institutions to develop generation-specific strategies that support inclusive and sustainable digital payment adoption.
Dissertation Institution Vilniaus universitetas.
Type Master thesis
Language English
Publication date 2026