Why do millennials still hesitate to go cashless? Determinants of continued mobile payment use in Sri Lanka

This study investigates the factors influencing Sri Lankan millennials’ intention to continue using mobile payment systems by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) with privacy and security considerations while examining the moderating role of gender. This research makes use of an explanatory sequential mixed-method design where both quantitative and qualitative methods are combined to provide a holistic understanding of the continuous usage of mobile payment technology in the context of a growing digital economy. Quantitative data was gathered from 401 young adults in Sri Lanka using a structured questionnaire and analyzed using PLS-SEM. Qualitative data was obtained from 16 semi-structured interviews and was subjected to thematic analysis. Convenience sampling was used for the quantitative stage while purposive sampling was used for the qualitative stage. The results showed significant positive relationships between performance expectancy, effort expectancy, social influence, facilitating conditions, privacy and security, and continued-use intention. Gender significantly moderates only the relationship between privacy and security and continued-use intention. The qualitative findings identified additional barriers beyond those captured by UTAUT, including digital literacy limitations, infrastructure constraints, merchant resistance, language barriers, and continued reliance on cash. The research extends the UTAUT model by including privacy and security, which is the most important factor that affects the adoption of mobile payment systems in the future.