Is Greenwashing Hindering Green FinTech Adoption? A UTAUT‐Based Perspective

This study aims to fill this gap by integrating greenwashing and environmental awareness as a moderator into the UTAUT model to investigate their impact on the adoption of Green FinTech solutions. An experience‐based purposive sampling approach was employed to collect data from 603 respondents, and partial least squares structural equation modeling (PLS‐SEM) was used to analyze the research model. The results reveal that performance expectancy (PE), effort expectancy (EE), and social influence (SI) significantly influence the adoption of Green FinTech solutions, while facilitating conditions (FC) display an insignificant influence on the adoption of green FinTech solutions. Further, greenwashing (GW) was found to negatively influence the adoption of green FinTech and also negatively moderate the relationship between these UTAUT constructs (PE and EE) and Green FinTech adoption which leads to reduced adoption of Green FinTech, while environmental awareness positively mitigates the adverse effects of greenwashing. These findings provide valuable insights for financial institutions and policymakers, emphasizing the need for authentic environmental branding practices and increased consumer awareness to promote sustainable financial solutions.