Factors Affecting Fintech Adoption: A Systematic Literature Review

The rise of financial technology (fintech) has been one of the substantial changes in the financial landscape driven by technological advancements and the global financial crisis. This paper employs the systematic literature review (SLR) technique to review recent literature on fintech adoption or acceptance employing the Scopus database (2019–2022). The final reviewed documents are sixteen journal articles published by various journals from different country contexts and theoretical backgrounds. Several inclusion criteria were used to filter those selected documents. One crucial criterion is the journal continuity in the Scopus index, which assures the quality of the published scholarly works. This criterion selection is expected to represent this paper’s novelty. The study reveals various determinants derived from the theories used by the fintech researchers. However, the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) are the most used theoretical foundations. Additionally, trust, financial literacy, and safety are other factors developed by previous researchers and are significant determinants of fintech adoption. Besides, these results suggest that future studies on fintech adoption develop a genuine construct since fintech keeps progressing, and so does the customers’ behavior.