What is driving consumer resistance to crypto‐payment? A multianalytical investigation

Despite the extensive interest in cryptocurrencies over the past years, their application as a means of payment in e-commerce and retail purchases continues to be much slower than anticipated. This paper investigates the underlying mechanisms and elements that drive consumer resistance in this space. Drawing upon the stimulus-organism-response paradigm and the innovation resistance theory, the paper explores how the characteristics of the current cryptocurrency landscape contribute to different factors associated with crypto-payment rejection. Our findings from empirical and experimental studies reveal how ecosystem volatility and the lack of structural assurances for cryptocurrencies foster negative consumer perceptions, leading to resistance against crypto-payment use. The paper develops new insights into the main predictors of consumer resistance to crypto-payment, which is a precursor to the mainstream use of cryptocurrencies. Moreover, it sheds light on the interactions among context-specific, psychological, and functional determinants of behavioral consumer response.

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This research was supported by the Social Sciences and Humanities Research Council (SSHRC) (external link, opens in new window)  and the Natural Sciences and Engineering Research Council (NSERC) (external link, opens in new window)  of Canada, aswell as by Ripple Inc. (external link, opens in new window)  through University Blockchain Research Initiative (UBRI) (external link, opens in new window) .