Trust in Cryptocurrency Payments: A Cross-Cultural Analysis of Factors Influencing Adoption

Although cryptocurrencies are not yet widely used as a method of payment in retail and commercial transactions, they are attracting a growing level of interest. However, if cryptocurrencies are to attract mass adoption for settlement, they will need to have merchant and consumer trust. This paper examines the factors which contribute to the development of trust, and whether the perception of trust varies between cultures (Arab and non-Arab). To explore this, the study analysed, using multigroup partial least squares analysis, 729 survey responses. The analysis examined the impact of four factors on perceived trust in cryptocurrency payments, and found that the perception of information confidentiality, identifiability and traceability all have a significant effect, while perceptions of fraud vulnerability had very little impact. There were also clear socio-cultural effects. This research offers significant insights into the trust dynamics essential for the acceptance of crypto-payment-services and highlights the importance of culture perspectives.