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Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
Available online 6 May 2024
2199-8531/© 2024 The Author(s). Published by Elsevier Ltd on behalf of Prof JinHyo Joseph Yun. This is an open access article under the CC BY license
(http://creativecommons.org/licenses/by/4.0/).
Digital wallet dynamics: Perspectives on potential Worldcoin adoption
factors in a developing country’s FinTech Sector
Tanpat Kraiwanit
1
, Pongsakorn Limna
*
,
2
, Peerapat Wattanasin
3
Rangsit University, Pathum Thani, Thailand
ARTICLE INFO
Keywords:
Adoption
Digital wallet
Potential determinants
Worldcoin
ABSTRACT
In the dynamic digital environment, the emergence of digital wallets like Worldcoin signies a transformative
trend. This study examines the factors that inuence the adoption of digital wallets in Thailand, focusing spe-
cically on the Worldcoin wallet. The primary aim is to identify and analyze the potential determinants that
affect user decisions to adopt this technology. Employing a quantitative research methodology, structured
questionnaires were administered to 1430 participants to gather data, subsequently subjected to binary logistic
regression analysis. This analysis aimed to discern the relationship between various independent variables,
encompassing social support, social presence, trust, perceived risk, service reliability, perceived usefulness,
perceived ease of use, time saving, convenience, consumption, discount, and promotion, and the dependent
variable of Worldcoin wallet adoption. The ndings underscore that factors such as social support, social pres-
ence, and trust positively inuence adoption, emphasizing the signicance of community building and trust
establishment. Conversely, perceived risk acts as a deterrent to adoption, underscoring the imperative of
addressing security concerns. While service reliability and perceived usefulness serve as catalysts for adoption,
perceived ease of use does not exhibit a similar effect, implying potential usability issues. Furthermore, economic
incentives such as discounts do not yield a signicant impact on adoption, suggesting their secondary role as
motivators. This study underscores the critical importance of trust, usability, and security in facilitating the
broader adoption of Worldcoin and analogous technologies within the Thai context and beyond.
1. Introduction
In the modern era, the relentless pace of technological advancements
across various sectors is reshaping societal norms and structures. The
expansion of internet connectivity and the ubiquitous presence of
smartphones have democratized access to state-of-the-art technologies,
paving the way for an inclusive technological landscape. This trans-
formation is further accentuated by the emergence of Industry 4.0,
which signies a paradigm shift in the global economic and social
framework. Characterized by substantial technological innovations, In-
dustry 4.0 is revolutionizing both the internal operations and external
interactions of organizations, leading to enhanced digital engagements
and redening traditional business models (Javaid et al., 2022; Mourtzis
et al., 2022; Yaqub and Alsabban, 2023). Simultaneously, economic
shifts are mirroring changes in consumer behaviors, which are
increasingly being shaped by the convergence of economic, technolog-
ical, and sociocultural factors in this new digital economy era. Against
this backdrop, digital wallets emerge as a pivotal technological inno-
vation, streamlining the way in which transactions are conducted in the
digital realm (Gasanov et al., 2022; Thaker et al., 2023; Uribe-Linares
et al., 2023). They offer a modern solution for the storage, manage-
ment, and execution of digital currency transactions, standing out due to
their convenience, enhanced security measures, and ease of accessi-
bility. These features make digital wallets an attractive alternative to
traditional nancial transaction methods, highlighting the evolving
nature of consumer preferences and nancial interactions. As the
adoption of digital wallets continues to rise, understanding the various
factors that inuence their acceptance and use becomes crucial. The
interplay between user-friendly design, perceived utility, and trust-
worthiness, alongside broader socio-economic trends and regulatory
* Corresponding author.
E-mail address: pongsakorn.l65@rsu.ac.th (P. Limna).
1
ORCID: 0000-0002-5130-6427.
2
ORCID: 0000-0002-7448-5261.
3
ORCID: 0000-0002-1655-541X.
Contents lists available at ScienceDirect
Journal of Open Innovation: Technology, Market,
and Complexity
journal homepage: www.sciencedirect.com/journal/journal-of-open-innovation-technology-
market-and-complexity
https://doi.org/10.1016/j.joitmc.2024.100287
Received 31 March 2024; Received in revised form 21 April 2024; Accepted 28 April 2024
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
2
landscapes, shapes the user’s decision-making process regarding the
adoption of these innovative platforms. This complex web of de-
terminants underscores the multifaceted nature of technological adop-
tion in the digital age, where innovations like digital wallets are not just
reshaping nancial transactions but also reecting broader shifts in
societal and economic dynamics (Agarwal et al., 2020; Ilieva et al.,
2023; Noer et al., 2023).
According to Ajanapanya (2023), Chantanusornsiri (2023), Farah
and El-Moudden (2023), Kraiwanit et al. (2023), and Oladotun (2023),
digital wallets in Thailand are rapidly transforming the nancial land-
scape, enhancing convenience and broadening nancial inclusion across
the nation. As Thailand progresses towards a digital economy, these
wallets offer critical services such as easy online transactions, seamless
money transfers, and inclusive banking solutions for the unbanked or
underbanked populations. This technological shift not only supports the
local economy by streamlining payments but also integrates Thailand
more deeply into the global nancial system, making it easier for tourists
and expatriates to manage their nances. The adoption of digital wallets
is crucial for maintaining Thailand’s competitive edge in the digital age,
fostering economic growth and enhancing the daily nancial in-
teractions of its citizens. With Thailand’s concerted effort to advance its
digital economy, the introduction of Worldcoin could signicantly
enhance nancial inclusion by providing digital asset access to its sub-
stantial unbanked and underbanked population. This would democra-
tize nancial services, creating fresh opportunities for savings,
payments, and investments. Moreover, the integration of such technol-
ogies could facilitate transactions within Thailand’s dynamic tourism
industry, offering tourists a secure and straightforward means to manage
their funds. Additionally, incorporating Worldcoin into Thailand’s
nancial ecosystem could streamline cross-border transactions, which is
essential given the signicant number of expatriates and migrant
workers in the country. Ultimately, adopting Worldcoin could position
Thailand as a pioneer in the burgeoning global digital currency market,
promoting broader economic growth and enhancing international
connectivity.
In the domain of digital nance, Worldcoin is an innovative decen-
tralized cryptocurrency that seeks to establish a unied global economy
by offering a universally accessible currency. It emerges as a prominent
disruptor within the nancial technology (FinTech) sector. With a
mission centered on redening the interaction between individuals and
digital currencies, Worldcoin introduces a transformative paradigm in
nancial transactions through its distinctive offerings. Beyond mere
convenience, digital wallets, exemplied by Worldcoin, assume a
pivotal role in advancing economic empowerment and facilitating
seamless nancial exchanges. Particularly salient in developing nations
where conventional banking infrastructures are either inadequate or
inaccessible to substantial portions of the populace, digital wallets serve
as critical instruments in mitigating the nancial divide (George et al.,
2023; Kraiwanit et al., 2023; Torpey, 2023). The adoption of digital
wallets like Worldcoin is a complex phenomenon inuenced by a range
of interconnected factors. Socio-economic conditions, regulatory envi-
ronments, and cultural attitudes towards technology signicantly
impact the uptake. Additionally, social dynamics, personal motivations,
technological accessibility, and economic incentives all play critical
roles. For instance, in regions with advanced technology and favorable
regulations, digital wallets are likely to see higher adoption rates.
Conversely, in areas with technological barriers or cultural skepticism
towards new nancial solutions, uptake may be slower. Ultimately, the
successful adoption of digital wallets depends on a harmonious align-
ment of these diverse elements, ensuring that they cater to the needs,
expectations, and circumstances of potential users (Bommer et al., 2022;
Mombeuil, 2020; Kumari et al., 2023; Uribe-Linares et al., 2023).
While there is substantial research on digital wallets and FinTech
innovations, the specic examination of Worldcoin, particularly within
the Thai context, remains signicantly underexplored in scholarly
literature. Prior studies, such as those by Thavorn et al. (2020) on the
adoption of PromptPay by Thai micro-retailers, and Vongchavalitkul
et al. (2022) regarding post-pandemic banking technology in Thailand,
have not addressed the unique dynamics of Worldcoin adoption. This
oversight is particularly noteworthy as different digital wallets may
follow distinct adoption paths inuenced by their specic technological
attributes, regulatory settings, and demographic factors—elements that
general FinTech studies may overlook. Additionally, while previous
research has shed light on broad trends in FinTech adoption, it
frequently fails to capture the nuances of rapidly evolving technologies
like Worldcoin, which may interact uniquely with local economic con-
ditions and cultural norms. This research aims to bridge this gap by
conducting an in-depth analysis of the factors inuencing Worldcoin’s
adoption in Thailand, aiming to deepen our understanding of the de-
terminants that promote or impede user acceptance of this digital wallet.
By centering on Worldcoin, this study contributes to the broader
discourse on digital nancial tools and enhances our comprehension of
how specic technologies are adopted across varying cultural and eco-
nomic landscapes. This exploration promises to provide timely and
relevant insights for both academics and practitioners in the eld of
FinTech, offering a detailed perspective on the complex interplay be-
tween technology and user behavior in a rapidly changing digital
environment. Through this investigation, the research will illuminate
the intricacies of Worldcoin adoption in Thailand, providing valuable
contributions to the ongoing development of the digital economy.
1.1. Research objective
The primary objective is to identify and analyze the potential key
factors that inuence user decisions to adopt Worldcoin digital wallets
in Thailand.
1.2. Research question
What are the potential key factors that inuence user decisions to
adopt Worldcoin digital wallets in Thailand, and how do these factors
impact their adoption choices?
Concluding the introduction, this study aims to address a signicant
gap in the existing literature by exploring the specic factors that in-
uence the adoption of Worldcoin digital wallets in Thailand. Despite
extensive research on digital wallets and FinTech innovations, the
unique dynamics of Worldcoin adoption have not been thoroughly
examined within the Thai context. This research will not only delineate
the key determinants that drive or deter Worldcoin usage but will also
investigate its broader economic impacts and potential to transform the
digital nancial landscape in Thailand. Through this focused analysis,
the study seeks to contribute valuable insights into the adoption
mechanisms of emerging digital nancial technologies, enhancing our
understanding of their integration into the digital economy.
The paper is organized into six primary sections. It begins with an
introduction, followed by a comprehensive literature review in the
second section. The third section details the research methodology
employed. Subsequently, the fourth section reports the study’s results.
The fth section interprets these results, discussing the ndings in depth.
The nal section concludes the paper, addressing its limitations and
offering recommendations for future research.
2. Literature review
In the evolving FinTech landscape, digital wallets have become
essential tools that signicantly alter transaction methodologies
worldwide. They are not only redening the nancial sector but also
fostering nancial inclusion, especially in developing nations. These
platforms enable users to store, handle, and transfer funds effortlessly
through mobile devices, proving particularly benecial for those
without traditional banking access, thus promoting inclusivity (Omar-
ini, 2018; Palmi´
e et al., 2020; Taherdoost, 2023). In Thailand, digital
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
3
wallets are rapidly gaining traction, driven by a national push towards
digitalization and a growing e-commerce sector. As part of the Thai
government’s National e-Payment initiative, which aims to transition
the country towards a cashless society, digital wallets are increasingly
viewed as a vital component of nancial technology that offers users
convenience, speed, and enhanced security for transactions. This move
is also supported by the widespread use of smartphones and improving
internet infrastructure, making digital wallets accessible to a broad
segment of the population. For consumers and businesses alike, the
adoption of digital wallets is not just a trend but a signicant shift to-
wards more efcient, transparent, and secure nancial transactions,
fostering greater nancial inclusion and supporting Thailand’s eco-
nomic growth. This digital shift is particularly crucial in accommodating
the diverse needs of local consumers and international tourists, further
solidifying Thailand’s position as a modern, connected economy in
Southeast Asia (Appsynth, n.d.; Ajanapanya, 2023; Chantanusornsiri,
2023; Tookitaki, 2023). Furthermore, the introduction of Worldcoin
offers a fascinating evolution in digital currency, setting itself apart with
its novel approach. Worldcoin aims to revolutionize nancial trans-
actions with unique features that could enhance usability, security, and
accessibility, potentially transforming how people interact with money,
especially in regions where nancial infrastructure is less developed
(Kraiwanit et al., 2023; Worldcoin, n.d.).
This study focuses on analyzing how social, motivational, techno-
logical, and economic elements inuence the adoption of Worldcoin in
the FinTech arena. It begins by assessing social factors such as social
support and social presence, analyzing how these elements shape atti-
tudes toward adopting new nancial technologies. Notably, in envi-
ronments where digital currencies are viewed positively, higher
adoption rates are observed, highlighting the signicance of societal
norms and peer inuence on the acceptance of innovations like World-
coin. The study further investigates motivational factors, exploring
personal incentives that drive the adoption of digital wallets. Key mo-
tivations include trust, perceived risk, reliability, time savings, and
convenience. Understanding these motivations is vital for developing
strategies that encourage users to transition from traditional nancial
systems to more modern, digital alternatives. Technologically, the
research evaluates the perceived usefulness and ease of use of World-
coin, recognizing these as crucial determinants of adoption. Insights
gained from this analysis assist in rening the technology to better align
with user expectations, enhancing user experience and functionality.
Economically, the study examines how factors like cost-effectiveness,
discounts, and promotional strategies impact user decisions to adopt
Worldcoin. This assessment helps to gauge the economic appeal of
Worldcoin, offering insights into how nancial considerations inuence
user adoption rates. Overall, the research provides a comprehensive
overview of the various dynamics that affect the integration of World-
coin into the FinTech landscape. By examining these multiple di-
mensions, the study aims to offer detailed insights into the factors that
promote the broader acceptance and use of Worldcoin in the sector.
2.1. Social factors
Social factors play a signicant role in shaping our behavior, atti-
tudes, and overall well-being. Social inuence is the process by which
the presence or actions of others impact an individual’s thoughts, feel-
ings, or behavior. It takes various forms, such as conformity, compli-
ance, and obedience. Conformity involves adapting one’s beliefs or
behavior to match a group or social norm, often driven by a desire to t
in. Compliance occurs when individuals agree to a request or demand,
sometimes without genuinely agreeing with it, inuenced by factors like
authority or social pressure. Obedience is a more explicit form of
compliance, often seen in situations where people follow orders from an
authority gure, as demonstrated in the Milgram experiment. Social
norms, the unwritten rules of a society, also shape social inuence
(Cialdini and Goldstein, 2004; Gibson and Smart, 2017; Spielman et al.,
2021). Social support, on the other hand, is the network of assistance,
emotional comfort, and resources that individuals receive from their
social circles, including family, friends, and communities. It plays a vital
role in mental and physical well-being. Emotional support involves
empathy and care, helping individuals cope with stress and adversity.
Instrumental support provides tangible aid, such as practical assistance
or nancial help. Informational support offers guidance and advice,
while appraisal support provides feedback and reassurance, often
related to self-esteem and self-worth. Social support networks are
essential for social and psychological well-being, serving as a buffer
against the negative effects of stress and challenging life events (Hajli,
2014; Choi and Noh, 2020). Furthermore, social presence has gained
prominence as a crucial factor in the digital age. Social presence pertains
to the extent to which individuals in virtual or mediated environments
feel connected to others. The level of social presence depends on the
medium used, with video chats offering higher social presence due to the
ability to see facial expressions and body language. Social identity and
emotional connection also play roles in social presence, inuencing the
strength of virtual relationships and communities (Jin et al., 2017; Kaye
et al., 2017; Mallmann and Maçada, 2021).
Hajli (2014) offered signicant contributions to understanding the
social determinants impacting relationship quality and intention for-
mation within the context of social commerce. Furthermore, Molinillo
et al. (2020) conducted empirical research elucidating the inuence of
social support and community-related variables on customer engage-
ment, thereby elucidating its implications for loyalty behaviors in the
domain of social commerce websites. The study substantiated the
pivotal role of social support in shaping customer engagement dy-
namics. Complementarily, Soodan and Rana (2020) contributed insights
regarding the inuential role of social factors in shaping adoption in-
tentions towards electronic wallet technologies within the regional
context of Punjab, India.
Hypothesis 1. Social support positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
Hypothesis 2. Social presence positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
2.2. Motivation factors
Motivation factors such as trust, perceived risk, reliability, time
saving, and convenience play a signicant role in inuencing people’s
decisions and behaviors. Trust, a fundamental motivational factor, is the
cornerstone of many human interactions and decision-making processes.
When trust is present, individuals are more inclined to engage in positive
behaviors and make certain choices. It consists of components such as
credibility, integrity, and benevolence, reecting the perceived
competence, honesty, and genuine care of the entity in question. Trust is
pivotal in personal relationships, business transactions, and various
other contexts, signicantly impacting motivation and decision-making
(Tams et al., 2018; Xie et al., 2023). Perceived risk refers to how in-
dividuals assess potential negative consequences or uncertainties asso-
ciated with a particular decision. Different types of perceived risk,
including nancial, psychological, and physical risk, can act as de-
terrents or motivators for specic actions. Reducing perceived risk or
providing assurances can be a powerful motivator, as people are more
likely to take action when they perceive lower risk linked to a decision
(Amirtha et al., 2020; Alrawad et al., 2023; Poon and Tung, 2023).
Convenience and time-saving factors are crucial in determining whether
consumers choose to deepen their engagement with a service provider or
discontinue the relationship. Advances in internet and technology have
signicantly enhanced convenience across various aspects of consumer
life. Particularly with the advent of mobile technology, consumers
increasingly prioritize experiences that save time and reduce effort,
valuing the convenience that these technological solutions offer (Ishak
et al., 2023). In addition, reliability plays a crucial role in various
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
4
contexts, such as consumer choices, business relationships, and tech-
nology adoption. It encompasses factors like consistency, dependability,
and quality. Reliability motivates individuals by minimizing uncertainty
and the potential for negative surprises, fostering trust and positive
experiences. When entities consistently perform as expected and deliver
on their promises, they can motivate customer satisfaction, loyalty, and
continued engagement (Al-Kuwaiti et al., 2009; Zhao et al., 2022).
Nguyen and Huynh (2018) conducted an empirical investigation into
the determinants of e-payment adoption, specically focusing on the
roles of perceived risk and trust. Their ndings underscored the crucial
signicance of perceived risk and trust within the structural framework
of e-payment adoption. Razif et al. (2020) conducted research aimed at
identifying factors inuencing the acceptance of e-wallet platforms.
Their study revealed several signicant factors, including behavioral
intention, perceived privacy risk, trust, perceived overall risk, and
perceived performance risk, all of which exhibited noteworthy re-
lationships with e-wallet platform acceptance. Hossain et al. (2022)
delved into the inuence of trust on the intention to utilize e-wallet
services. Their study corroborated a positive and statistically signicant
association between trust and the intention to use e-wallet services.
Hypothesis 3. Trust positively inuences an individual’s intent to use
the Worldcoin wallet in Thailand.
Hypothesis 4. Perceived risk positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
Hypothesis 5. Service reliability positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
Hypothesis 6. Time saving positively inuences an individual’s intent
to use the Worldcoin wallet in Thailand.
Hypothesis 7. Convenience positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
2.3. Technological factors
Technological factors, such as attitudes, perceived usefulness, and
perceived ease of use toward using technology, are pivotal in shaping
the adoption and utilization of new technologies. Attitudes toward using
technology capture the user’s overall feelings and beliefs regarding the
technology. Positive attitudes are closely linked to technology adoption
and engagement. When users nd the technology enjoyable, relevant to
their needs, or compatible with their existing habits, their attitudes
become more favorable. Perceived usefulness revolves around the user’s
belief in the technology’s ability to enhance performance and bring
value. When individuals see a technology as benecial, they are more
likely to embrace it, particularly if it improves efciency, effectiveness,
or solves specic problems, and aligns with their needs. Perceived ease
of use, on the other hand, focuses on the user’s perception of how user-
friendly and convenient the technology is to operate. A technology that
is perceived as easy to use is more likely to be adopted. Features like
intuitive design, accessible training, clear feedback mechanisms, and
consistent functionality contribute to this perception of ease (Al-Adwan
et al., 2023; Marikyan and Papagiannidis, 2023; Rosli et al., 2023).
In the study conducted by Limna et al. (2023), it was elucidated that
online consumers’ perceptions of the usefulness and ease of use of
Facebook Live streaming markedly inuence their purchase intentions.
Specically, the convenience associated with leaving comments and
receiving prompt responses from hosts emerged as a critical element in
facilitating a seamless and engaging shopping experience, thereby
exerting a substantial impact on consumer decision-making processes.
Additionally, the presence of informative content was identied as a
signicant driver of favorable customer attitudes and behaviors. More-
over, Hossain et al. (2022) corroborated the positive and statistically
signicant relationship between perceived ease of use, perceived use-
fulness, and the intention to utilize e-wallet services. Similarly, Senali
et al. (2023) revealed that the intention to adopt e-wallets is signi-
cantly shaped by perceptions of their usefulness and ease of use.
Hypothesis 8. Perceived usefulness positively inuences an in-
dividual’s intent to use the Worldcoin wallet in Thailand.
Hypothesis 9. Perceived ease of use positively inuences an in-
dividual’s intent to use the Worldcoin wallet in Thailand.
2.4. Economic factors
Economic factors are integral components of the economic land-
scape, signicantly shaping both consumer behavior and business stra-
tegies. Income, as a central economic factor, serves as a fundamental
determinant of an individual or household’s purchasing power, inu-
encing the types and quality of goods and services they can afford. It also
plays a role in market segmentation, helping businesses tailor their of-
ferings to specic income groups, and has broader implications for
savings, investment, and overall economic growth within a society
(Caswell et al., 2013; The Investopedia Team, 2023). Furthermore,
consumption represents the actions of individuals or households as they
utilize their income to meet their needs and desires. Consumer con-
dence, levels of debt, cultural inuences, and economic cycles all in-
uence consumption patterns. For businesses, understanding these
factors is essential for planning and adapting to seasonal and cyclical
variations in consumer behavior (Hampson et al., 2021; Maverick et al.,
2022). In addition, promotion plays a key role in inuencing consumer
choices and market dynamics. Discounts are a promotional strategy with
a direct connection to economic factors, and they play a pivotal role in
inuencing consumer behavior and economic dynamics. Economic
health and consumer sentiment affect the effectiveness of promotional
strategies. Businesses must adjust their promotional budgets and in-
centives in response to economic uctuations and consumer percep-
tions. During times of economic uncertainty, businesses often tailor their
promotions to emphasize value and savings (Das et al., 2021; Dwivedi
et al., 2021; Siripipatthanakul et al., 2022).
Didied et al. (2022) unveiled that the appeal of promotions has a
positive and signicant impact on the interest in using e-wallets. Putri
et al. (2022) indicated that cashback promotions have a positive and
signicant effect on the intention to use. These cashback promotions,
offered by various e-wallet platforms, are seen as capable of enhancing
user satisfaction, thereby motivating users to continue using the e-wallet
in the future. Additionally, these promotions serve as a means to inform
the market about a new product, introduce innovative usage methods,
communicate price adjustments, explain product functionalities, detail
the services provided by the company, and rectify misconceptions.
Rambe and Bangsawan (2023) conrmed the impact of perceived ben-
ets, convenience, discounts, safety, and risks on the intentions to use
the Indonesian digital wallet application.
Hypothesis 10. Consumption positively inuences an individual’s
intent to use the Worldcoin wallet in Thailand.
Hypothesis 11. Discount positively inuences an individual’s intent
to use the Worldcoin wallet in Thailand.
Hypothesis 12. Promotion positively inuences an individual’s intent
to use the Worldcoin wallet in Thailand.
3. Methodology
This research employed a quantitative methodology for data
collection, which involved the deployment of a rigorously crafted online
questionnaire. The development of this questionnaire was preceded by
comprehensive literature reviews, encompassing an array of academic
journals, scholarly articles, books, and authoritative digital platforms.
This review focused extensively on FinTech and digital wallet usage in
the digital economy. Drawing from the insights garnered from these
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
5
scholarly sources, a set of preliminary questions was formulated. To
ensure the validity and relevance of the questionnaire, a pilot test was
conducted involving an evaluation by ve domain experts. Their review
was structured around assessing the Item Objective Congruence (IOC)
index of the questionnaire, with the criteria that an acceptable index
value must be at least 0.50. Remarkably, this process resulted in IOC
values ranging between 0.80 and 1.00, afrming the high quality and
suitability of the questionnaire in terms of relevance, clarity, and lin-
guistic precision. The nal version of the questionnaire, in English with
Thai subtitles, was disseminated through several online platforms,
notably LINE, WhatsApp, and Facebook Messenger, to ensure wide
accessibility and participation. The questionnaire was disseminated over
a period of approximately eight weeks, from January to February 2024.
This timeframe was selected to allow adequate time for a large number
of participants to respond while keeping the data collection phase
concise enough to maintain momentum and relevance. Ethical consid-
erations were paramount; hence, participants were explicitly requested
to provide consent for the use of their responses in scholarly publication.
Those unwilling to provide consent were provided with the alternative
to opt out of the survey seamlessly. These measurement development
processes in this research were meticulously structured to ensure that
the quantitative data collected were both reliable and valid, directly
reecting the objectives of the study on the factors inuencing the
adoption of the Worldcoin wallet in Thailand.
The study’s sample consisted of Thai individuals aged 18 and above
who had experience using digital wallets. Specic inclusion and exclu-
sion criteria were established to ensure a representative sample and
align closely with the research objectives. Participants were required to
be Thai residents, aged 18 or older, with prior experience using digital
wallets, and procient in either Thai or English. These requirements
were set to guarantee that respondents were legally capable of providing
informed consent, had relevant experience with the subject matter, and
could understand the survey questions. Excluded from the study were
individuals under 18, non-residents of Thailand, those without any
digital wallet experience, and individuals not procient in Thai or En-
glish. This exclusion helped to focus the study on the intended popula-
tion and avoid data integrity issues from language misunderstandings or
irrelevant consumer experiences. These carefully dened criteria
ensured that the collected data were pertinent and could reliably inform
on the dynamics of digital wallet adoption within the Thai context.
To estimate the sample size for their study, the researchers utilized
Yamane’s formula, a method that calculates the required sample size
based on the given condence level, margin of error, and population
size. The parameters were set as follows: a signicance level (
α
) of 0.05,
indicating a 5 % chance of a Type I error where the null hypothesis
might be incorrectly rejected; a condence level of 95 %, standard in
social science research, which suggests that the sample accurately re-
ects the population 95 % of the time; and a margin of error of ±5 %,
which determines how much the answers from the sample can deviate
from those of the total population. Based on these parameters, Yamane’s
formula indicated a minimum sample size of 384 participants. However,
to enhance the study’s statistical robustness and address potential
anomalies in data distribution, the sample size was signicantly
increased to 1430 participants. This expansion greatly exceeds the
calculated minimum, aiming to ensure a more reliable and accurate
dataset by reducing sampling error and increasing the study’s power to
detect smaller effects. This careful adjustment in sample size strengthens
the overall validity of the research ndings, providing a robust basis for
analyzing the factors inuencing digital wallet adoption.
This research utilized a convenience sampling technique to select
participants. Such sampling is typical in exploratory studies for its
accessibility. Convenience sampling was used likely due to the practical
ease of accessing a specic subset of the population—individuals aged
18 and above who had experience using digital wallets. This sampling
method allows for easier and quicker data collection from a readily
accessible subset of the population that meets the study criteria,
although it may introduce bias as it does not randomize the selection of
participants. To counteract the potential biases inherent in non-random
sampling, several measures were implemented to maintain data integ-
rity. First, respondent anonymity was preserved to reduce social desir-
ability bias, thus fostering more honest feedback. Ethical transparency
was upheld by obtaining participant consent and providing an option to
opt out, which promoted genuine participation. The substantial increase
in sample size, well beyond the minimum requirement, enhanced the
study’s statistical reliability. Additionally, the questionnaire underwent
rigorous testing and validation by domain experts for its relevance and
clarity, ensuring the collection of dependable data. These strategies were
crucial for maintaining the scientic rigor of the study, enabling more
trustworthy conclusions despite the limitations associated with conve-
nience sampling.
The research explored factors that affect an individual’s propensity
to adopt the Worldcoin wallet within the Thai context. The selection of
independent variables, including social support, social presence, trust,
perceived risk, service reliability, perceived usefulness, ease of use,
time-saving advantages, convenience, consumer behavior patterns,
discounts, and promotional incentives, was conducted with meticulous
attention to their pertinent roles and potential impacts on digital wallet
adoption rates. The methodological approach to data analysis was
layered, beginning with the employment of descriptive statistical tech-
niques to lay the groundwork for an initial understanding of the
collected data. This was followed by a more detailed examination using
binary logistic regression to analyze the potential factors inuencing the
adoption of the Worldcoin wallet in Thailand. Binary logistic regression
is appropriate when the dependent variable is binary (adopting vs. not
adopting the Worldcoin wallet). Each independent variable, such as
social support, trust, perceived risk, etc., is analyzed to determine its
impact on the likelihood of wallet adoption. To convert variables into
binary code, Binary Encoding of Categorical Variables was used. Cate-
gorical variables, such as yes/no responses, were converted into binary
format, with 0 representing "no" and 1 representing "yes." In binary lo-
gistic regression, the estimation typically involves calculating the odds
ratios for each independent variable. These ratios measure the impact of
a one-unit increase or the presence (versus absence) of a variable on the
likelihood of adopting the Worldcoin wallet. The coefcients from the
regression represent the log-odds of the outcome, and exponentiating
these coefcients yields the odds ratios, which explain the magnitude
and direction of an effect. This analytical process was designed to elicit
signicant ndings, thereby enriching the academic discourse and
enhancing our comprehension of the variables that drive the adoption of
Worldcoin in the Thai landscape.
4. Results
A comprehensive dataset was collected from a cohort of 1430 Thai
participants. These participants contributed to the study by completing
online questionnaires in a conscientious manner. Following the collec-
tion phase, the data underwent a systematic coding process followed by
rigorous analytical procedures. These steps were meticulously con-
ducted to ensure the research objectives were met effectively and that
the analysis aligned with the established research framework.
As delineated in Table 1, the gender distribution among the study’s
participants is nearly balanced, with females constituting 50.4 % (n =
721) and males comprising 49.6 % (n =709). The predominant age
group is 26–30 years, representing 36.6 % of respondents, with subse-
quent age groups displaying a decremental percentage distribution.
Educational attainment predominantly consists of individuals holding a
Master’s degree or higher (52 %), succeeded by Bachelor’s degree
holders (34.1 %), and individuals with a Diploma (13.9 %). The re-
spondents’ occupational backgrounds are varied, with the largest pro-
portion being government employees (31.54 %), followed by private
sector employees (28.67 %), entrepreneurs (24.82 %), freelancers
(11.33 %), and students (3.64 %). In terms of income, the most
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
6
represented bracket earns above 75,001 THB (27.2 %), with remaining
participants spread across diverse income levels. Savings trends show
that the majority (46.2 %) report having 5,000 THB or less, with 29.2 %
saving more than 15,001 THB. Preference for digital wallets indicates
WeChat as the predominant choice (69.4 %), followed by AIS Pay (23.7
%), and Line Pay (3.7 %). Digital wallet usage frequency reveals that a
substantial portion of respondents consistently utilize their digital wal-
lets (74.1 %), while others report usual (11.1 %), occasional (6.4 %), or
infrequent (8.4 %) use. Social media usage patterns depict Facebook as
the most prevalent platform (59.4 %), trailed by Instagram (32.1 %),
Line (4.8 %), and TikTok (2.2 %). This data provides critical insights into
the demographic, educational, occupational, and digital engagement
characteristics of the study’s participants, offering a foundation for
analyzing digital wallet adoption trends within the Thai context.
As illustrated in Table 2, the chi-square value of 461.808 exceeds the
critical value at a signicance level of 0.05, with 12 degrees of freedom
taken into account. This nding indicates a statistically signicant
relationship between the dependent variable and all the independent
variables incorporated in the model. Thus, it suggests that the collective
impact of the independent variables holds substantive importance in
inuencing the outcome of the dependent variable.
As depicted in Table 3, the model, as indicated by an R-squared value
of 0.382, explains approximately 38.2 % of the variance in the outcome.
Additionally, the signicance value of 0.05 suggests that the relation-
ship between the independent variables and the dependent variable is
statistically signicant at the 5 % level.
As shown in Table 4, the classication results demonstrate that the
model, inclusive of all potential independent variables, exhibited the
ability to forecast Worldcoin wallet usage in Thailand with an accuracy
rate of 74.0 % for cases, utilizing a cut-off value of 0.500 or 50 %.
The predictive regression equation of Model 1 using the coefcients
from Table 5 can be described by the following equation:
P=1
1+e−z(Model 1)
where P is an individual’s intent to use the Worldcoin wallet in Thailand,
and Z =– 7.431 +1.877(social support) +0.942(social presence) +
0.607(trust) – 0.511(perceived risk) +1.366(service reliability) – 0.794
(time saving) +0.590(perceived usefulness) – 0.629(perceived ease of
use) – 1.326(consumption) – 0.690(discount) – 1.967(promotion).
The empirical analysis delineated in Table 5 systematically expli-
cates the statistical relevance of each independent variable with respect
to the propensity of individuals in Thailand to utilize the Worldcoin
wallet. The regression analysis for the Worldcoin wallet in Thailand
produced signicant ndings for several variables affecting adoption.
Social support (H1), with a signicance level of 0.000, substantially
increases the likelihood of adoption, demonstrating its critical role in
user decisions. Similarly, social presence (H2) also signicantly en-
hances adoption intentions, with the same low p-value, underscoring its
importance. Trust (H3) further supports adoption, with a p-value of
0.001, indicating a strong trust basis is essential for uptake. Conversely,
perceived risk (H4), despite its negative correlation, signicantly im-
pacts user decisions (Sig. =0.008), suggesting that risk perceptions are
crucial to address in adoption strategies. Service reliability (H5) emerges
as a robust predictor with a very low p-value, afrming its positive in-
uence on adoption. Interestingly, time saving (H6), though negatively
linked, is still a signicant factor, indicating that the perceived time
efciency may not always align with adoption motivations. On the other
hand, convenience (H7) did not signicantly inuence adoption (p-
value of 0.348), suggesting that other factors might be more critical in
the decision-making process. Perceived usefulness (H8) was found to be
a positive inuencer, with a p-value of 0.044, enhancing user intent to
adopt. Although perceived ease of use (H9) shows a negative coefcient,
it signicantly affects adoption decisions (Sig. =0.022), hinting at
possible complexities in user interaction with the wallet. Moreover,
consumption (H10) negatively inuences intent, yet signicantly so
(Sig. =0.000), pointing to an inverse relationship between consumption
behaviors and wallet adoption. Discounts (H11) and promotions (H12),
both with strong negative impacts (Sig. =0.001 and 0.000 respectively),
signicantly deter adoption intentions, suggesting that these marketing
strategies may need reconsideration or adjustment. These results pro-
vide a nuanced view of the factors that promote or hinder the adoption
of the Worldcoin wallet in Thailand, highlighting the complex interplay
of incentives and barriers within the digital wallet landscape.
The analysis discerns that variables such as social support, social
presence, trust, perceived risk, service reliability, perceived usefulness,
Table 1
General data characteristics of the respondents.
General Information Frequency Percentage
Gender Female
Male
721
709
50.4 %
49.6 %
Age 18–25 years old
26–30 years old
31–35 years old
36–40 years old
41 years old or over
189
523
288
245
185
13.2 %
36.6 %
20.1 %
17.2 %
12.9 %
Educational Level Diploma
Bachelor’s degree
Master’s degree or
higher
199
487
744
13.9 %
34.1 %
52.0 %
Occupation Government employee
Employee
Entrepreneur
Freelance
Students
451
410
355
162
52
31.54 %
28.67 %
24.82 %
11.33 %
3.64 %
Monthly Income 15,000 THB or less
15,001–30,000 THB
30,001–45,000 THB
45,001–60,000 THB
60,001–75,000 THB
75,001 THB or more
369
281
235
83
73
389
25.8 %
19.7 %
16.4 %
5.8 %
5.1 %
27.2 %
Monthly Saving 5000 THB or less
5,001–10,000 THB
10,001–15,000 THB
15,001 THB or more
661
276
76
417
46.2 %
19.3 %
5.3 %
29.2 %
Digital Wallet WeChat
AIS Pay
Line Pay
True Money
PromptPay
993
339
53
37
8
69.4 %
23.7 %
3.7 %
2.6 %
0.6 %
Frequency Seldom
Sometimes
Usually
Always
120
92
158
1060
8.4 %
6.4 %
11.1 %
74.1 %
Social Media
Platforms
Facebook
Instagram
Line
TikTok
X (Twitter)
849
460
68
32
21
59.4 %
32.1 %
4.8 %
2.2 %
1.5 %
Total 1430 100 %
Table 2
Omnibus test of the model’s performance.
Chi-square df Sig.
Step 1 Step 461.808 12 0.005
Block 461.808 12 0.005
Model 461.808 12 0.005
Table 3
The model summary.
Step -2 log likelihood Cox & Snell R square Nagelkerke R square
1 1372.612
a
0.276 0.382
a
. Estimation terminated at iteration number 6 because parameter estimates
changed by less than.001.
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
7
perceived ease of use, time savings, consumption, discounts, and pro-
motions signicantly impinge upon the dependent variable: the incli-
nation towards adopting Worldcoin technology. More precisely, an
increment by one unit in social support is correlated with an augmen-
tation in the likelihood of adopting Worldcoin by a factor of approxi-
mately 6.533. An analogous increase in social presence amplies the
odds of adopting the digital wallet by about 2.566 times. Furthermore,
an elevation in trust towards the digital wallet signicantly enhances the
probability of its adoption by an estimated 1.804 times. Conversely,
perceived risk is inversely associated with the adoption of Worldcoin,
where a unit increase in perceived risk correlates with a reduction in the
likelihood of Worldcoin adoption, decreasing the odds to 0.600. This
reduction signies a notable decline in adoption intent by 0.400 units.
The reliability of the service profoundly inuences the likelihood of
adoption in a positive manner. There is an approximate 3.920-fold in-
crease in the likelihood of adopting Worldcoin corresponding to each
unit increase in perceived service reliability. In terms of usability,
perceived usefulness bolsters the propensity for adoption, with each unit
increase enhancing the intention to adopt Worldcoin by a factor of
1.804. Contrastingly, perceived ease of use demonstrates a negative
correlation with Worldcoin adoption; an increase by one unit in this
variable diminishes the likelihood of utilizing the Worldcoin wallet from
1 to 0.533, reecting a decrement of 0.467. Furthermore, the factors of
time savings, consumption, discounts, and promotions exhibit diverse
negative impacts on the intention to adopt Worldcoin. Specically, for
each unit increment in time savings, there is a reduction in the adoption
likelihood from 1 to 0.452, highlighting a decrease of 0.548. Similarly,
an increment in consumption correlates with a decrease in adoption
likelihood from 1 to 0.266, indicating a signicant decline of 0.734. The
inuences of discounts and promotions follow suit, with unit increases
resulting in respective decreases in adoption likelihood to 0.502 and
0.140, signifying declines of 0.498 and 0.860, respectively.
5. Discussion
The analysis explored the inuence of various factors on the incli-
nation to adopt Worldcoin technology, shedding light on the
complexities of technology acceptance. The adoption of Worldcoin is
inuenced by several key predictors, each playing a distinct role in
shaping user decisions. Social support and social presence both posi-
tively impact adoption, emphasizing the importance of community and
peer inuence in embracing new technologies. Trust is another critical
factor, as higher trust in Worldcoin increases the likelihood of adoption
by alleviating security and privacy concerns. Conversely, perceived risk
negatively affects adoption, with higher risks such as security concerns
or potential nancial losses deterring users. Service reliability also
signicantly boosts adoption prospects; reliable and consistent service
encourages users to adopt and continue using Worldcoin. Perceived
usefulness positively correlates with adoption, indicating that users are
more likely to adopt Worldcoin if they perceive it as benecial and
effective. Surprisingly, Perceived ease of use shows a negative correla-
tion, suggesting that ease alone is insufcient to drive adoption without
favorable perceptions of other factors. Lastly, time savings, consump-
tion, discounts, and promotions have unexpectedly negative impacts on
adoption, suggesting that these typically positive factors do not neces-
sarily increase the likelihood of adopting new technology in this context.
Addressing these dynamics is crucial for strategies aimed at increasing
Worldcoin adoption, focusing on enhancing trust, reliability, and
perceived usefulness, while managing perceived risks and ease of use.
Social support and social presence both positively affect individuals’
likelihood to adopt Worldcoin, underscoring the importance of social
factors in the decision-making process regarding new technologies. The
study’s ndings align with those of Kulviwat et al. (2009), indicating
that social inuence and adoption attitude positively affect consumers’
intentions to adopt an innovation. Specically, the effect of social in-
uence on adoption intention is entirely mediated by consumer attitude.
Moreover, the relationship between social inuence and adoption
intention strengthens when an innovation is consumed publicly rather
than privately. Similarly, trust towards the digital wallet plays a crucial
role, with increased trust associated with a higher probability of adop-
tion, highlighting the need for trustworthy digital services. Consistent
with Khan and Abideen (2023), perceived trust moderates the rela-
tionship between perceived risk and usage behavior of digital wallets.
Concerns over potential adverse outcomes may make customers hesitant
to use the technology, highlighting the signicance of perceived trust in
the acceptance and usage of digital wallets. Consumers who trust in the
reliability of the service provider are more likely to use the service and
recommend it to others.
Conversely, perceived risk inversely impacts the willingness to adopt
Worldcoin, indicating that higher perceived risks discourage adoption.
This suggests that addressing and mitigating perceived risks could be
essential for increasing technology uptake. Khan and Abideen (2023)
found that perceived risk signicantly mediates the relationship be-
tween behavioral intention and usage behavior of digital wallets. If an
individual perceives a signicant level of risk associated with using a
Table 4
Classication table for back-testing.
Predicted
Observed Worldcoin Percentage correct
No Yes
Step 1 Worldcoin No 855 88 90.7 %
Yes 284 203 41.7 %
Overall percentage 74.0 %
Note: The cut-off value is .500.
Table 5
Variables in the model.
B S.E. Wald df Sig. Exp(B) Results
Step 1
a
H1: Social support 1.877 0.272 47.720 1 0.000 6.533 Accepted
H2: Social presence 0.942 0.158 35.661 1 0.000 2.566 Accepted
H3: Trust 0.607 0.179 11.486 1 0.001 1.835 Accepted
H4: Perceived risk -0.511 0.192 7.092 1 0.008 0.600 Accepted
H5: Service reliability 1.366 0.190 51.662 1 0.000 3.920 Accepted
H6: Time saving -0.794 0.229 11.981 1 0.001 0.452 Accepted
H7: Convenience 0.207 0.221 0.882 1 0.348 1.231 Rejected
H8: Perceived usefulness 0.590 0.292 4.071 1 0.044 1.804 Accepted
H9: Perceived ease of use -0.629 0.275 5.233 1 0.022 0.533 Accepted
H10: Consumption -1.326 0.227 34.209 1 0.000 0.266 Accepted
H11: Discount -0.690 0.203 11.507 1 0.001 0.502 Accepted
H12: Promotion -1.967 0.298 43.616 1 0.000 0.140 Accepted
Constance -7.431 1.003 54.843 1 0.000 0.001 Accepted
a. Variable(s) entered in step 1: Social support, social presence, trust, perceived risk, service reliability, time saving, convenience, perceived usefulness, perceived ease
of use, consumption, discount, promotion
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
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digital wallet, their behavioral intention to use the digital wallet de-
creases. An individual’s actual usage behavior of a digital wallet is
inuenced by their level of perceived risk, even if they initially intend to
use the digital wallet. Furthermore, service reliability also signicantly
inuences the adoption likelihood, with greater reliability enhancing
the willingness to adopt the wallet, emphasizing the critical role of
dependable service in user acceptance. Aligned with Rachmawati et al.
(2022), the reliability factors of trust, along with regulations and pol-
icies, greatly inuenced the intention to use electronic government
services. Wong and Mo (2019) also veried that when consumers
perceive a service as honest and reliable, it signicantly boosts their
intention to use the service, due to their strong belief in it.
In terms of usability, perceived usefulness positively correlates with
the intention to adopt Worldcoin, indicating that recognizing the ben-
ets and effectiveness of the digital wallet is pivotal. Consistent with the
ndings of Tian et al. (2023), perceived usefulness is positively associ-
ated with behavioral intention to use mobile payment services. How-
ever, in this study, perceived ease of use exhibits a surprising negative
correlation, suggesting that other factors might overshadow the
simplicity of using the wallet in the adoption decision process. In
accordance with Gunawan et al. (2019), perceived ease of use negatively
and insignicantly affects consumer attitudes, while perceived useful-
ness positively and signicantly inuences consumer attitudes. Addi-
tionally, the ease of using the wallet has an insignicant effect on
whether people decide to purchase with it, similar to the limited impact
of perceived usefulness. Importantly, if consumers have a positive atti-
tude towards the wallet, they are much more likely to actually use it.
Time savings, consumption, discounts, and promotions were found
to have diverse negative impacts on the intention to adopt Worldcoin.
These ndings suggest that while these factors are typically considered
benets, they may not necessarily increase the likelihood of new tech-
nology adoption in this context. Consistent with Rashaduzzaman
(2020), time savings were not identied as signicantly inuencing the
development of online apparel purchase intentions. Chen and Weber
(2010) found that while discounts affect bidding behavior and market
outcomes in a second-price, sealed-bid auction, they do not alter bid-
ders’ intentions to participate in such auctions. Nguyen and Nguyen
(2022) revealed that promotional incentives did not directly impact the
intention to use mobile wallets. Instead, this relationship was mediated
by social inuence and compatibility factors.
6. Conclusion
The empirical analysis provided in the research comprehensively
evaluates the impact of various factors on the inclination of Thai in-
dividuals to adopt the Worldcoin wallet. The study highlights that social
support, social presence, and trust markedly enhance the likelihood of
embracing this digital wallet technology. These ndings underscore the
importance of building a strong community and trust around the
Worldcoin wallet to foster adoption. Conversely, perceived risk nega-
tively impacts the willingness to adopt Worldcoin, indicating that
addressing and mitigating users’ security and risk concerns should be a
priority for the digital wallet’s developers and marketers. Interestingly,
while service reliability and perceived usefulness positively inuence
the adoption decision, perceived ease of use does not align in a similar
manner. This suggests that while users value the functionality and
reliability of the digital wallet, there might be concerns or mis-
understandings regarding its ease of use that could hinder adoption.
Moreover, the ndings reveal that economic incentives such as dis-
counts and promotions, alongside perceived time savings and con-
sumption levels, do not necessarily promote a higher adoption rate. This
could indicate that while nancial incentives are attractive, they are not
the primary drivers for adopting new nancial technologies like
Worldcoin. The study underscores the complexity of factors inuencing
digital wallet adoption in Thailand. For Worldcoin or similar technolo-
gies to gain wider acceptance, strategies should not only focus on
enhancing the service’s reliability and usefulness but also on building
trust, improving ease of use, and addressing potential users’ security
concerns.
This research contributes signicantly to both scholarly under-
standing and practical strategies in digital nance, particularly
regarding the adoption dynamics of digital wallets in emerging markets
like Thailand. Academically, it enriches the literature by introducing
empirical data on lesser-studied variables like social presence and ser-
vice reliability in digital wallet adoption, offering a fresh perspective
that enhances our global understanding of nancial technology trends.
This study also provides methodological insights, setting a precedent for
future research in technology adoption with its comprehensive analyt-
ical approach. The study enhances the existing theoretical framework on
digital wallet adoption by introducing how social factors like commu-
nity inuence and trust play a critical role in technology acceptance,
particularly in the context of emerging markets like Thailand. It extends
previous models by demonstrating the impact of perceived risks and the
relative unimportance of economic incentives such as discounts and
promotions in decision-making processes. This suggests a more complex
interplay of factors that inuence technology adoption than previously
theorized, emphasizing the need for a tailored approach in different
cultural and economic contexts. For practitioners, the ndings provide
several practical recommendations. In terms of social factors, it’s vital
for companies to build strong community connections and establish trust
around their products. Initiating engaging, credible social media cam-
paigns and leveraging inuencer partnerships can signicantly boost
social inuence and support. Regarding motivational factors, companies
should tackle the perceived risks linked to digital wallet usage, poten-
tially through enhanced security features and clear communication
about data privacy and protection. In the realm of technological factors,
emphasizing the digital wallet’s ease of use and overall usefulness is
crucial. Providers should ensure their platforms are user-friendly and
offer distinctive features that address local preferences and needs.
Concerning economic factors, while discounts and promotions may not
substantially drive adoption, they can still be strategically employed in
wider campaigns that bolster trust and utility. By focusing on these key
areas, digital wallet providers can better cater to the needs of potential
users and, consequently, increase adoption rates. For policymakers, this
study underlines the importance of creating a regulatory environment
that supports secure, reliable, and user-friendly digital nance solutions.
By fostering a digital ecosystem that prioritizes user education and
robust security standards, stakeholders can facilitate a smoother tran-
sition towards comprehensive digital nancial inclusion. Therefore, the
implications of this research extend beyond academia, offering valuable
insights for businesses, regulators, and developers aiming to accelerate
digital wallet adoption in similar socio-economic landscapes.
6.1. Limitations and recommendations for future studies
This research, focused on the adoption of Worldcoin digital wallets
among Thai adults, provides signicant insights despite its limitations.
The use of convenience sampling and the restriction to a specic age
group within Thailand may limit the study’s broader applicability.
These constraints highlight the need for future research to utilize more
diverse sampling methods and to broaden both the geographic and de-
mographic scope to enhance generalizability. Additionally, the reliance
on cross-sectional and self-reported data curtails the ability to establish
causality and may introduce bias. This underscores the value of longi-
tudinal studies and the integration of objective usage data for a more
accurate and comprehensive analysis. In this study, nonresponse bias
testing was not conducted, a limitation that is recognized within the
research methodology. Such testing is crucial for validating the repre-
sentativeness of the survey respondents relative to the target population.
Without this testing, there is a risk that the conclusions may not fully
represent the views of the entire population targeted by the study.
Future research should include nonresponse bias testing in its design,
T. Kraiwanit et al.
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100287
9
possibly employing techniques such as comparing early and late re-
spondents or conducting follow-ups with a sample of nonrespondents.
Furthermore, this study did not utilize respondents’ proles as control or
moderating variables, which limits understanding of how demographic
factors could inuence the outcomes. Omitting these variables may
restrict the generalizability of the ndings across different demographic
groups, as factors such as age, gender, and education level often impact
behavior and preferences signicantly. For future research, it is rec-
ommended to incorporate these demographic proles to deepen the
analysis and enhance the applicability of the results. Including such
variables could provide clearer insights into targeted strategies for
digital wallet adoption and ensure that ndings are more representative
of the broader population. Implementing these measures will help
ensure that the ndings are robust and representative of the entire
population of interest. Future studies are encouraged to address these
gaps, potentially offering a deeper, more nuanced understanding of
digital wallet adoption dynamics. This could aid stakeholders in the
FinTech sector in developing strategies that are more effective in driving
the uptake of digital wallet technologies, catering to a broader spectrum
of user needs and preferences for enhanced engagement and adoption.
Funding source
This research received nancial support for the research from the
Research Institute of Rangsit University, with grant number 38/2566.
Ethical statement
This research has undergone ethical review and approval by the
Ethics Review Board of Rangsit University. The approval number is
COA.No. RSUERB2023-109.
CRediT authorship contribution statement
Tanpat Kraiwanit: Writing – review & editing, Writing – original
draft, Visualization, Validation, Supervision, Software, Resources,
Project administration, Methodology, Investigation, Funding acquisi-
tion, Formal analysis, Data curation, Conceptualization. Pongsakorn
Limna: Writing – review & editing, Writing – original draft, Visualiza-
tion, Validation, Software, Resources, Project administration, Method-
ology, Investigation, Formal analysis, Data curation, Conceptualization.
Peerapat Wattanasin: Writing – review & editing, Writing – original
draft, Visualization, Software, Resources, Investigation, Formal analysis,
Conceptualization.
Declaration of generative AI and AI-assisted technologies in the
writing process
During the preparation of this work, the authors used ChatGPT to
check for spelling and grammar errors. After using this tool, the authors
reviewed and edited the content as needed and take(s) full responsibility
for the publication’s content.
Declaration of Competing Interest
The authors declare no conict of interest.
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