Unveiling the determinants of alternative payment adoption: exploring the factors shaping generation Z’s intentions in Thailand

Digital payment is an alternative payment system in the global trend as well as in Thailand. The objectives of the study were (i) to investigate the relationship of generation Z toward digital payment in Thailand; (ii) to study the effect of factors affecting the intention of generation Z to use digital payment services and their use behavior; (iii) to provide the depth and meaningful analysis of factors affecting digital payment intention and behavior; and (iv) to suggest the stakeholders of digital payment service go in the right path with current circumstances. The research was integrating the constructs from the technology acceptance model (TAM) and the factors from the unified theory of acceptance and use of technology (UTAUT) with perceived trust, and perceived risk to further understand and explain the factors that potentially affect customer intention and behavior. Generation Z in Thailand was the interested sample group in which the multistage sampling method was used, according to the Thai geographical regions. The study investigated the relationship among proposed variables including perceived usefulness, perceived ease of use, social influence expectancy, facilitating conditions, attitude, perceived trust, perceived risk, behavioral intention, and use behavior, which resulted in fifteen hypotheses being supported while another four hypotheses were rejected. The research paper contributed to saturated TAM and UTAUT models, digital payment service providers, click-and-mortar businesses, and SMEs.