Fintech Payment Adoption in Ghana's Informal Retail Sector: A Trust‐Mediated and Regulation‐Moderated Model

ABSTRACT This study investigates factors associated with fintech payment adoption among Ghana's informal retailers by integrating the Technology Acceptance Model with the Technology–Organization–Environment framework. Using data from 296 respondents and analyzed with SmartPLS 4, the study examines how perceived economic advantage, technological readiness, and perceived security are associated with fintech payment adoption intention, business growth perception, and actual adoption behavior. Findings show that all three factors significantly predict adoption outcomes, with trust in the fintech system serving as a strong mediator. Additionally, regulatory assurance was found to significantly moderate the relationship between trust and the dependent variables, underscoring the importance of institutional oversight in enhancing adoption behavior. Theoretically, the study advances fintech adoption literature by integrating the Technology Acceptance Model and the Technology–Organization–Environment framework, demonstrating how individual cognitive evaluations interact with institutional safeguards in an informal economy context. The model also accounts for considerable variance in fintech adoption intention and trust, providing practical insights that foster inclusive digital finance within Ghana's informal economy.