Purpose - This study seeks to develop and empirically validate an integrated framework to explain digital payment adoption by extending the Unified Theory of Acceptance and Use of Technology (UTAUT3) with a multidimensional conceptualisation of perceived risk. While technology acceptance models have been widely applied to predict behavioural intention, they often underrepresent the complex risk considerations inherent in digital financial environments.

Design / Purpose / Methodology - A quantitative research design was adopted to empirically test the proposed integrated framework. Primary data were collected through a structured questionnaire administered to 561 digital payment users in India’s National Capital Region. The measurement instrument incorporated validated scales for UTAUT3 constructs and multidimensional perceived risk dimensions. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to evaluate the measurement model’s reliability and validity, and to examine the hypothesised structural relationships among the constructs.

Findings - The results confirm that behavioural intention serves as a strong predictor of digital payment usage behaviour. Performance expectancy, habit, and facilitating conditions significantly enhance adoption intention, while perceived risk, particularly financial, security, and privacy concerns acts as a substantial barrier. The integration of risk dimensions meaningfully improves the model’s predictive capability, underscoring the importance of considering both motivational and deterrent factors in technology adoption research within digital financial contexts.

Research Limitations / Implications - This study is subject to certain limitations. The cross-sectional research design restricts causal inference and does not capture changes in user perceptions over time. Future research may adopt longitudinal or multi-group designs to examine dynamic adoption behaviour and explore contextual variations across different digital financial ecosystems.

Originality / Value - This study contributes to the technology adoption literature by extending UTAUT3 by integrating multidimensional perceived risk within a unified structural framework. Unlike prior research that treats risk as a singular construct, this study conceptualises risk as a set of distinct yet interrelated dimensions influencing behavioural intention...