Adoption Barriers and Usage Frequency: Insights into Digital Wallets and Cryptocurrencies

Abstract

In the era of the digital revolution, digital wallets (Google Pay, Phone Pay, and Apple Pay, etc.) and cryptocurrency are two transforming innovations that enable users to perform secure and more convenient transactions by using fiat currency. This system used internet connectivity and encryption to perform secure transactions. This technology eliminates the need for physical currency and plastic cards. This study explores what makes people use these technologies. We'll look at things like age, where people live, and how they use these payment methods. A survey of 150 respondents was conducted, and analyzed by ANOVA and chi-squared test. The results reveal that key barriers to adoption include limited awareness, complexity, regulatory uncertainties, and trust and security concerns. Furthermore, age, education, and income influenced preferences for features like transaction speed, accessibility, and reward incentives. Notably, strong correlations were observed between usage frequency and duration for both digital wallets and cryptocurrencies, highlighting the importance of maintaining user engagement.