This study explores the key factors driving the adoption of Fintech Peer-to-Peer (P2P) lending among Indonesian micro, small, and medium enterprises (MSMEs). By extending the Technology Acceptance Model (TAM) and applying Multigroup Analysis (MGA) as well as Importance-Performance Map Analysis (IPMA) using SmartPLS 4, the research provides a comprehensive understanding of Fintech adoption behavior.
Data were collected from 430 MSME owners and managers through purposive sampling and analyzed using PLS-SEM. The findings show that perceived usefulness, perceived ease of use, trust, brand image, government support, and personal innovativeness all significantly shape behavioral intention. In turn, behavioral intention strongly predicts the intention to continue using P2P lending.
The IPMA results highlight that perceived usefulness stands out as the most important and best-performing factor in influencing adoption. This emphasizes how both internal perceptions (such as ease and usefulness) and external supports (such as government facilitation) play a vital role in MSMEs’ willingness to embrace Fintech solutions.
Importantly, the study contributes to the advancement of United Nations Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth, by demonstrating how Fintech can expand financial inclusion and foster entrepreneurial growth among MSMEs in Indonesia.
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