Reconnoitering the Effects of Risk and Knowledge on Use Intention for E-money Services Among Saudi Arabian Residents

Technology impacts human life in multiple ways, and the internet offers the facility to perform traditional money transactions instantly. However, technology adoption is risky, and numerous risks hinder the intention formation from using e-money services. The current work investigates four types of associated risks (financial, service, time, and psychological risk) impacting the use intention for e-money services among Saudi Arabian and estimating the effect of e-money services knowledge on the use intention. For the existing cross-sectional study, quantitative data were collected in Saudi Arabia on social media. Analysis was executed with 328 valid sample data with the partial least square structural equation modeling software SmartPLS 3.3. Results revealed that e-money services’ financial, time, and service risks insignificantly influence the e-money usage intention. However, psychological risk and knowledge about e-money services significantly influence the use intention for e-money services. E-money services firms reduce financial, time, and service risk perceptions. Improving knowledge of e-money services and reducing the psychological risk build a favorable usage intention. The results help develop appropriate management and policy guidelines to facilitate Saudi Arabia to become a cashless society by 2030. The study’s limitations and future research options are stated at the end.