BUSINESS MANAGEMENT JOURNAL

Financial Technology (FinTech) has significantly transformed the financial behavior of Indonesian society. However, its adoption rate remains uneven due to the influence of psychological and social factors such as attitude, convenience, social influence, and trust. This study aims to examine the role of behavioral intention to use as a mediating variable in the relationship between these factors and FinTech use behavior among Generation Z. The research employs a quantitative approach using primary data collected through convenience sampling of FinTech service users. Data were gathered through online questionnaires distributed via Google Forms and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings indicate that attitude and convenience have a positive and significant effect on behavioral intention to use, while social influence and trust do not show significant effects. Furthermore, attitude, convenience, and trust significantly influence use behavior. However, behavioral intention to use only mediates the relationship between attitude and use behavior and does not mediate the effects of the other variables. These findings contribute to a deeper understanding of the determinants of FinTech usage among Generation Z and provide practical implications for service providers and policymakers in promoting FinTech adoption and strengthening the digital economic ecosystem in Indonesia.

Aggarwal, M., Nayak, K. M., & Bhatt, V. (2023). Examining the factors influencing fintech adoption behaviour of Gen Y in India. Cogent Economics & Finance, 11(1), 1-25. https://doi.org/10.1080/23322039.2023.2197699

Albuainain, A., & Ashby, S. (2025). Enablers and barriers in finTech adoption: a systematic literature review of customer adoption and its impact on bank performance. In FinTech (Vol. 4, Number 3). Multidisciplinary Digital Publishing Institute (MDPI). https://doi.org/10.3390/fintech4030049

Almashhadani, I. S., Abuhashesh, M., Bany Mohammad, A., Masa’deh, R., & Al-Khasawneh, M. (2023). Exploring the determinants of finTech adoption and intention to use in Jordan: The impact of COVID-19. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2256536

Appiah, T., & Agblewornu, V. V. (2025). The interplay of perceived benefit, perceived risk, and trust in fintech adoption: Insights from Sub-Saharan Africa. Heliyon, 11(2). https://doi.org/10.1016/j.heliyon.2025.e41992

Ashoer, M., Jebarajakirthy, C., Lim, X. J., Mas’ud, M., & Sahabuddin, Z. A. (2024). Mobile fintech, digital financial inclusion, and gender gap at the bottom of the pyramid: An extension of mobile technology acceptance model. Procedia Computer Science, 234, 1253–1260. https://doi.org/10.1016/j.procs.2024.03.122

Asosiasi Penyelenggara Jasa Internet Indonesia. (2024, February 7). APJII Jumlah Pengguna Internet Indonesia Tembus 221 Juta Orang. Asosiasi Penyelenggara Jasa Internet Indonesia.

Baba, M. A., Haq, Z. ul, Dawood, M., & Aashish, K. (2023). FinTech adoption of financial services industry: exploring the impact of creative and innovative leadership. Journal of Risk and Financial Management, 16(10). https://doi.org/10.3390/jrfm16100453

Bajunaied, K., Hussin, N., & Kamarudin, S. (2023). Behavioral intention to adopt finTech services: An extension of unified theory of acceptance and use of technology. Journal of Open Innovation: Technology, Market, and Complexity, 9(1). https://doi.org/10.1016/j.joitmc.2023.100010

Bank Indonesia. (2025, September 17). BI-Rate Turun 25 bps Menjadi 4,75%: Mendorong Pertumbuhan Ekonomi, Mempertahankan Stabilitas. Bank Indonesia.

Budiyanto, A., Lubis, I., Pamungkas, I. B., & Maulana, A. E. (2025). Technology acceptance model, trust, and financial behavioral in shaping consumer well-being: Insights from fintech adoption in urban Indonesia. Innovative Marketing, 21(2), 197–210. https://doi.org/10.21511/im.21(2).2025.16

Cuandra, F., Stefhani Susanto, Hesniati, H., & Candy, C. (2024). Deciphering investment decision in fintech: The role of behavioral bias and risk perception. Jurnal Organisasi Dan Manajemen, 20(2), 271–286. https://doi.org/10.33830/jom.v20i2.8248.2024

Durak, İ., Çi̇se, S. N., & Yazıcı, S. (2024). Developing a financial technology (FinTech) adoption scale: A validity and reliability study. Research in International Business and Finance, 70. https://doi.org/10.1016/j.ribaf.2024.102344

Galeone, G., Ranaldo, S., & Fusco, A. (2024). ESG and finTech: Are they connected? Research in International Business and Finance, 69. https://doi.org/10.1016/j.ribaf.2024.102225

Ghose, P., Bhuiyan, M. R. I., Hasan, M. N., Rakib, S. H., & Mani, L. (2025). Mediated and moderating variables between behavioral intentions and actual usages of fintech in the USA and Bangladesh through the extended UTAUT model. International Journal of Innovative Research and Scientific Studies, 8(2), 113-125. https://doi.org/10.53894/ijirss.v8i2.5130

Hassan, M. S., Islam, M. A., Abdullah, A. B. M., & Nasir, H. (2024). End-user perspectives on fintech services adoption in the Bangladesh insurance industry: The moderating role of trust. Journal of Financial Services Marketing, 29(4), 1377–1395. https://doi.org/10.1057/s41264-024-00268-6

Hassan, M. S., Islam, M. A., Yusof, M. F., & Nasir, H. (2023). Users’ fintech services acceptance: A cross-sectional study on Malaysian insurance & takaful industry. Heliyon, 9(11). https://doi.org/10.1016/j.heliyon.2023.e21130

Hassan, M. S., Mai, N. H., Wahab, N. S. A., Amin, M. B., Hassan, M. M., & Olah, J. (2025). Decentralized fintech platforms adoption intention in cyber risk environment among GenZ: A dual-method approach using PLS-SEM and necessary condition analysis, Computers in Human Behavior Reports, 18, 1-15. https://doi.org/10.1016/j.chbr.2025.100687

Hesniati, H., & Limgestu, R. (2023). Determinants of intention to use islamic fintech during COVID-19 pandemic. Ekuitas (Jurnal Ekonomi Dan Keuangan), 7(4), 587–604. https://doi.org/10.24034/j25485024.y2023.v7.i4.5860

Hindardjo, A., Faisal, A., Marlapa, E., Marti Pramudena, S., & Nizam Mahmud, K. (2025). Unraveling the complexity of fintech adoption: A multidimensional analysis of sustained digital wallet usage by generation Z in greater Jakarta. 18(1), 61–78. https://doi.org/10.25105/jmpj.v18i1.21032

Hoque, M. Z., Chowdhury, N. J., Hossain, A. A., & Tabassum, T. (2024). Social and facilitating influences in fintech user intention and the fintech gender gap. Heliyon, 10(1). https://doi.org/10.1016/j.heliyon.2023.e23457

Igamo, A. M., Rachmat, R. Al, Siregar, M. I., Gariba, M. I., Cherono, V., Wahyuni, A. S., & Setiawan, B. (2024). Factors influencing fintech adoption for women in the post-Covid-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 10(1). https://doi.org/10.1016/j.joitmc.2024.100236

Jena, R. K. (2025). Factors influencing the adoption of finTech for the enhancement of financial inclusion in rural India using a mixed methods approach. Journal of Risk and Financial Management, 18(3). https://doi.org/10.3390/jrfm18030150

Kamara, A. K., & Yu, B. (2024). The impact of fintech adoption on traditional financial inclusion in sub-saharan Africa. Risks, 12(7). https://doi.org/10.3390/risks12070115

Kasemharuethaisuk, H., & Samanchuen, T. (2023). Factors influencing behavior intention in digital investment services of mutual fund distributors adoption in Thailand. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032279

Mamun, M. A. Al, Tanchangya, T., Rahman, M. A., Hasan, M. M., Islam, N., & Yeamin, B. (2025). Measuring the influence of finTech innovation towards consumers’ attitude: Moderating role of perceived usefulness. Sustainable Futures, 10. https://doi.org/10.1016/j.sftr.2025.100885

Marhadi, M., Fathoni, A. F., Setiawan, B., Pratiwi, D., Hayati, R., Boros, A., & Sudibyo, N. A. (2024). Continuance intention of fintech peer-to-peer (P2P) financing shariah: Moderation role of brand schematicity and digital financial literacy. Journal of Open Innovation: Technology, Market, and Complexity, 10(2). https://doi.org/10.1016/j.joitmc.2024.100301

Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4). https://doi.org/10.3390/joitmc8040208

Patnaik, A., Kudal, P., Dawar, S., Inamdar, V., & Dawar, P. (2023). Exploring user acceptance of digital payments in India: An empirical study using an extended technology acceptance model in the fintech landscape. International Journal of Sustainable Development and Planning, 18(8), 2587–2597. https://doi.org/10.18280/ijsdp.180831

Saputri, N. D. M., Fida Muthia, F. M., & Melisa Ariani Putri. (2025). Digitalization of payments in urban society Indonesia. JBTI : Jurnal Bisnis : Teori Dan Implementasi, 16(2), press. https://doi.org/10.18196/jbti.v16i2.27558

Setiawan, B., Phan, T. D., Medina, J., Wieriks, M., Nathan, R. J., & Fekete-Farkas, M. (2024). Quest for financial inclusion via digital financial services (fintech) during COVID-19 pandemic: case study of women in Indonesia. Journal of Financial Services Marketing, 29(2), 459–473. https://doi.org/10.1057/s41264-023-00217-9

Setiawan, B., Triana, D., Al Azizah, U. S., Wahyuni, A. S., Victor, V., Nathan, R. J., & Fekete-Farkas, M. (2025). Financial technology (Fintech) innovation and financial inclusion: comparative study of urban and rural consumers post-Covid-19 pandemic. Journal of Innovation and Entrepreneurship, 14(1). https://doi.org/10.1186/s13731-024-00452-x

Shahzad, A., Zahrullail, N., Akbar, A., Mohelska, H., & Hussain, A. (2022). COVID-19’s Impact on fintech adoption: Behavioral intention to use the financial portal. Journal of Risk and Financial Management, 15(10). https://doi.org/10.3390/jrfm15100428

Sharma, A., Mohan, A., Johri, A., & Asif, M. (2024). Determinants of fintech adoption in agrarian economy: Study of UTAUT extension model in reference to developing economies. Journal of Open Innovation: Technology, Market, and Complexity, 10(2). https://doi.org/10.1016/j.joitmc.2024.100273

Tariq, M., Maryam, S. Z., & Shaheen, W. A. (2024). Cognitive factors and actual usage of fintech innovation: Exploring the UTAUT framework for digital banking. Heliyon, 10(15). https://doi.org/10.1016/j.heliyon.2024.e35582

Tian, Y., & Chan, T. J. (2024). Predictors of mobile payment use applications from the Extended technology acceptance model: Does self-efficacy and trust matter? SAGE Open, 14(4). https://doi.org/10.1177/21582440241292525

Usman, B., Rianto, H., & Aujirapongpan, S. (2025). Digital payment adoption: A revisit on the theory of planned behavior among the young generation. International Journal of Information Management Data Insights, 5(1). https://doi.org/10.1016/j.jjimei.2025.100319

Zhao, H., Khaliq, N., Li, C., Rehman, F. U., & Popp, J. (2024). Exploring trust determinants influencing the intention to use fintech via SEM approach: Evidence from Pakistan. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29716