Analysis of the Key Factors Hindering Merchant Adoption of Cryptocurrency Payments

Abstract Book of the 12th International Conference on Business, Management and Economics

Year: 2026

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Analysis of the Key Factors Hindering Merchant Adoption of Cryptocurrency Payments

Chien Ying-Ju, Hui-Yu Tseng, Jung-Fa Tsai

ABSTRACT:

The rapid development of information technology is driving digital transformation, particularly in the financial sector. As cryptocurrencies gain importance, Taiwan has actively promoted regulatory frameworks to support their adoption; however, institutional uncertainty, technological challenges, user attitudes, organizational incentives, and market risks continue to influence merchant adoption.This study integrates the TOE framework and the UTAUT model, employing a modified Delphi method and the D-ANP approach to identify key influencing factors and their weights. The results indicate that all TOE dimensions significantly affect adoption, with the institutional environment, regulatory framework, and market acceptance being the most critical, while performance expectancy has the strongest impact within UTAUT. Transaction security is also a key concern in the technological dimension.Furthermore, reliance on existing payment habits forms a path-dependent barrier, interacting with a lack of adoption motivation and support to reinforce existing behaviors. DEMATEL analysis shows that lack of adoption motivation is a key driving factor, whereas transaction security concerns, regulatory deficiencies, and transaction record uncertainty are outcome factors. Overall, adoption barriers are not purely technical but stem from insufficient motivation, which propagates through institutional and security risks, ultimately leading to increased transaction uncertainty and higher auditing costs as a systemic issue.

Keywords: Cryptocurrency, Unified Theory of Acceptance and Use of Technology (UTAUT), Technology-Organization-Environment (TOE), DEMATEL-based Analytic Network Process (D-ANP)