Revista Venezolana de Gerencia (RVG)
Año 31 No. 115, 2026, e311158
JULIO-SEPTIEMBRE
ISSN 1315-9984 / e-ISSN 2477-9423
Como citar: Mora, N. V., Revelo, R. E., García, M. P., y Pizarro, J. R. (2026). Factors influencing the use of electronic payment systems. Revista Venezolana De Gerencia, 31(115), e311158. https://doi.org/10.52080/rvgluz.31.115.8
Factors influencing the use of electronic payment systems
Mora Sánchez, Norman Vinicio*
Revelo Oña, Renato Esteban**
García Rubio, Maite Priscila***
Pizarro Velasteguí, Jaime Roberto****
Abstract
Ecuador, characterized by a low level of banking penetration and a largely underserved financial culture, faced significant challenges in implementing new financial systems due to the COVID-19 pandemic. Consequently, user behavior was forced to change in the wake of the crisis. This study aimed to identify the most significant factors influencing users of electronic payment systems, focusing specifically on the population of the El Oro province, particularly those individuals with limited experience in utilizing these digital financial tools. For the structural equation modeling analysis, the partial least squares method was selected for parameter estimation, allowing for the simultaneous evaluation of different variables within the proposed model. The results highlight that perceived usefulness was the most critical factor in determining the intention to use electronic payment systems. Furthermore, this article presents the data, structure, and evaluation standards of electronic payment systems. Finally, the study examined the research model proposed by Daragmeh, adapted from the Technology Acceptance Model, which considers the determinants of perceived usefulness and ease of use as constructs to measure the level of technological acceptance, both of which directly and indirectly affect user behavior in the El Oro province.
.Keywords: electronic payment system; behavioral intention to use; TAM model; partial least squares.
Recibido: 16.03.26 Aceptado 07.04.26
* Doctor en Administración de Empresas, Universidad Nacional Mayor de San Marcos: Lima, Perú, Maestría en Educación, Docente de la Universidad Técnica de Machala, Ecuador, Email: nmora@utmach.edu.ec, ORCID: https://orcid.org/0000-0002-2814-2751
** Doctor en Humanidades y Artes, mención en Ciencias de la Educación, Universidad Nacional del Rosario, Argentina, Maestría en Finanzas, Docente de la Universidad Central del Ecuador, Autor de correspondencia: , Email: rrevelo@uce.edu.ec, ORCID: https://orcid.org/0000-0002-1463-0957
*** Doctor en Derecho y Administración, Universidad de Lleida, España, Maestría en Administración de Empresas, Docente de la Universidad de las Américas Ecuador, Email: inkteika1@gmail.com, ORCID: https://orcid.org/0000-0002-4506-3991
**** Master en TEFL, Universidad Politécnica del Litoral, Ecuador, Docente de la Universidad de Guayaquil, Email: jaime.pizarrov@ug.edu.ec, ORCID: https://orcid.org/0000-0003-0558-8184
Factores que influyen en el uso de los sistemas de pago electrónico
Resumen
Ecuador, caracterizado por un bajo nivel de bancarización y una cultura financiera desatendida, enfrentó severos desafíos en la implementación de nuevos sistemas financieros a raíz de la pandemia de COVID-19, evento que forzó un cambio drástico en el comportamiento del consumidor. En este contexto, el objetivo de esta investigación es identificar los factores más significativos que influyen en los usuarios de instituciones financieras con poca experiencia en el uso de sistemas de pago electrónico, enfocándose específicamente en la población de la provincia de El Oro. Para el análisis de ecuaciones estructurales, se seleccionó el método de mínimos cuadrados parciales como medio de estimación de parámetros, lo que permitió evaluar simultáneamente las diferentes variables del modelo propuesto. Los resultados destacan que la utilidad percibida fue el factor más crítico para determinar la intención de uso de los sistemas de pago electrónico. Asimismo, el artículo expone los datos, la estructura y los estándares de evaluación de dichos sistemas. Finalmente, se examinó el modelo de investigación propuesto por Daragmeh, adaptado del Modelo de Aceptación Tecnológica, el cual considera que los determinantes de la utilidad percibida y la facilidad de uso operan como constructos para medir el nivel de adopción, afectando de manera directa e indirecta la conducta del usuario en la región de estudio.
Palabras clave: sistema de pago electrónico; intención conductual de uso; modelo TAM; mínimos cuadrados parciales.
1. Introduction
The proliferation of smartphones, widespread internet access, and the integration of Information and Communication Technologies (ICT) have significantly driven the commercial exchange of goods and services. Consequently, these advancements have catalyzed market competitiveness, innovation, economic growth, and financial communication (Pertúz, 2018).
The cross-platform payment system has experienced positive growth since 2002, channeling USD 110.6 billion between interbank networks and payment buttons in European Union countries in 2020 (Dahlberg, Guo and Ondrus, 2015). This represents an increase of more than 8% in digital financial operations on the continent. Mobile payments can be made in multiple ways without cash: via smartphones, tablets, or smartwatches. Popular examples include Apple Pay, Google Pay, Samsung Pay, and PayPal. Underlying technologies include Near Field Communication (NFC) payments, Magnetic Secure Transmission (MST), QR codes, and SMS-based payments.
The use of electronic payments has grown globally, although it remains infrequent in Latin America. The adoption rate in Mexico is 38% (Avendaño, 2018), lower than regions such as Asia-Pacific, where India reaches 56% and Thailand 51% (Ladkoom & Thanasopon, 2018). In Ecuador, e-commerce has significantly impacted commercial transactions in recent years, preserving the trend toward digital payment systems (Phonthanukitithaworn et al., 2016).
The objective of this study is to examine progress in the implementation of electronic payment systems through a state-of-the-art review. Specifically, it highlights the primary research models used to measure the factors influencing their adoption and identifies opportunities for future research. To ground this study, comprehensive theoretical considerations are first presented to define and describe the core concepts involved in this research.
2. E-Commerce and Digital Consumption: Theoretical considerations
These considerations outline the global paradigm of e-commerce culture alongside a localized analysis of the e-commerce market landscape in Ecuador and digital consumer behavioral dynamics. Furthermore, the study addresses the integration and broader impact of electronic payment systems, concluding with a comparative assessment of digital versus traditional transaction methods.
Internationally, e-commerce is understood as the application of strategies on digital platforms for the buying and selling of products and services online, directly impacting the economic growth of all countries (Davis, 2000). Its benefits include market expansion for SMEs with minimal capital investment, connection with large global distributors, and access to detailed data on consumer preferences and needs (Cecere & Acatitla, 2016).
However, e-commerce also generates uncertainties among buyers when making credit card transactions, which makes trust a determining factor for companies that follow this business model, hindering its growth in regions such as Latin America (Imbachí, 2017).
In the case of Ecuador, E-commerce has emerged as a need for organizations to conduct efficient computerized searches and manage new technologies, optimizing the relationship between suppliers and customers (Esparza-Cruz, 2017). The concept emerged in the 1970s as a way to improve the technological capabilities of financial organizations through electronic transfers (Carrión, 2020).
Ríos (2015) defines e-commerce as the exchange of data-based commercial information through communication channels—whether B2B (business-to-business) or B2C (business-to-consumer)—enabling commercial transactions to be carried out efficiently, effectively, and continuously. To fully understand this framework, it is critical to recognize that e-commerce is not merely a digital storefront, but a complete restructuring of the traditional supply chain. By eliminating geographical barriers and reducing operational friction, digital channels fundamentally alter how value is exchanged, shifting the market dynamic from a passive consumer model to an active, interconnected ecosystem.
In Ecuador, digital platforms have allowed consumers to pioneer entirely new forms of consumption (Guaña et al., 2015). Payment methods have steadily migrated from physical cash to digital banking and credit/debit cards, providing greater trust, convenience, and ease in acquiring products. This transition effectively eliminates the constraints of traditional business hours, enabling frictionless, 24/7 purchasing power (Lalaleo-Analuisa et al., 2021). However, this digital migration faces unique domestic hurdles. While urban centers quickly adapted to card-based systems, a significant portion of the Ecuadorian population remains unbanked, meaning cash-on-delivery (COD) and mixed payment methods still serve as vital transitional tools bridging the physical and digital marketplaces.
Consequently, the modern Ecuadorian consumer has evolved to become highly selective, digitally literate, and increasingly conscious of production processes and corporate transparency. More digital platforms are being utilized compared to previous years, a trend driven by the dual need for social communication and commercial promotion. This shift indicates that Ecuadorian e-commerce has moved past the ‘novelty’ phase and into structural maturity. Consumers no longer just look for convenience; they use digital channels to research, compare, and demand accountability from brands, forcing local businesses to adopt robust omnichannel strategies just to remain competitive.
Regarding Electronic Payment System (EPS), defined as the means by which transfers are made between buyers and sellers (Abu-Saymeh et al., 2013), this modality has evolved, facilitating, accelerating, and making numerous transactions more efficient. It is essential that an EPS provide security to the user through agile and efficient processes, ensuring the economic fluidity of the individual or company that uses it (Cerón et al., 2015).
In general, electronic payments can be categorized into electronic wallets, electronic money, mobile payments, card payments, and payment gateways (Hassan et al., 2020). Ecuador has several EPS that guarantee fast and secure transactions. According to Rubio et al. (2020), the four most relevant are included in chart 1, below.
Chart 1
Classification of Electronic Payment Systems in Ecuador
|
Electronic Payment System |
Definition |
|
Interbank Payment System |
A mechanism that enables the electronic transfer of money through savings or checking accounts of users from various financial institutions in the country. |
|
Interbank Collections System |
A method that channels collection orders from legal entities with checking accounts at the Central Bank of Ecuador, allowing the paying customer to debit the collection issued by the collection agent. |
|
Credit Card |
A bank identification instrument that allows purchases without personal funds; the issuing bank grants a credit limit that is repaid in monthly installments. |
|
Debit Card |
A bank identification instrument that operates with the personal funds of a checking or savings account, allowing withdrawals from ATMs and payments at physical and digital establishments. |
Source: Rubio et al. (2020), own elaboration.
Additionally, there are other methods frequently used in the country, such as payment gateways Payclub and PayPal, online banking, mobile banking, and electronic wallets. Notable examples include: BDP Wallet from Banco del Pacífico, BIMO Mobile Wallet from BanRed, and Machala Wallet from Banco de Machala (Bermeo-Giraldo et al., 2019).
With respect to the impact of electronic payment systems on E-Commerce, mobile payments hold substantial transformative potential in modern commerce. As financial institutions increasingly consolidate digital frameworks, the reliance on traditional brick-and-mortar banking infrastructure for physical transactions continues to decline—a shift representing just one of the profound structural impacts payment systems have introduced to the broader economy (Galán & Venegas, 2016).
In the global digital landscape, e-commerce giants like Amazon, eBay, and Mercado Libre serve as prime examples of how integrated mobile and electronic payment systems decouple retail from physical boundaries. These systems allow consumers to execute borderless transactions seamlessly from anywhere in the world, coupled with direct-to-doorstep delivery logistics (Escobar de la Cuadra et al., 2018).
Despite the growth of mobile commerce, a behavioral divide persists; many consumers still default to conventional methods, relying on cash for in-person transactions or manual bank transfers for online purchases. This conservative approach highlights that digital payment culture remains underdeveloped, particularly across Latin American markets. According to the Technology Acceptance Model (TAM) framework, widespread adoption is heavily mediated by two critical factors: the user’s perceived usefulness of the application and its perceived ease of use. A high probability of user acceptance is only achieved when both variables intersect positively (Guersent, 2016).
Consequently, establishing systematic trust is essential for driving the adoption of mobile payments, especially among populations historically underbanked or unfamiliar with digital financial services (Naveed, 2025). This massive market potential has ignited intense competition among tech conglomerates (such as Apple, Google, and Microsoft), mobile network operators, and established credit card corporations, each vying to capture the market with proprietary payment solutions. While traditional cash-and-carry methods retain dominance in the short term, macroeconomic trends strongly indicate a definitive trajectory toward the complete digitization of global payments (Pérez, 2016).
3. Methodology perspective
The type of research was exploratory, supported by an exhaustive bibliographic review that required a specific method to achieve comprehensive research. For these reasons, the method used was based on a Systematic Literature Review (SLR), following the definition provided by Fink (2005) on how to conduct a systematic, explicit, and comprehensive bibliographic review. This model is commonly used to summarize existing literature and identify gaps that allow for exploration of unexamined elements (Brereton et al., 2007).
The search was conducted in online databases such as Scopus, Science Direct, Web of Science, Scielo, and Latindex, along with the Google Scholar search engine. Article selection was based on quality and relevance, determined by the journal’s H-index, as well as the number of citations received, seeking a high impact factor for each scientific journal.
A total of 109 research articles on factors influencing the adoption of mobile and electronic payment systems were identified. Ten publications were eliminated because the journal’s ISSN or e-ISSN could not be verified, or because the articles were still in the process of publication. Two additional manuscripts were discarded because they did not test hypotheses through a research model. As a result, 97 research articles were obtained that used a theoretically grounded study model to identify factors influencing the adoption of electronic and mobile payment systems.
Ten distinct models were identified; however, only those used in at least five scientific articles were considered. The TAM and UTAUT/UTAUT2 models were found to be the most dominant in this line of research, with 48% corresponding to TAM and 27% to UTAUT/UTAUT2 (table 1).
Table 2
Scientific articles related to the adoption of electronic/mobile payment systems with theoretical model since 2003. Source: Own elaboration.
|
Study Model |
Year |
Main Authors |
Applications |
Percentage |
|
Diffusion of Innovation Theory (DOI) |
1962 |
Everett Rogers |
10 |
10% |
|
Technology Acceptance Model (TAM) |
1989 |
Fred Davis and Richard Bagozzi |
47 |
48% |
|
Theory of Reasoned Action (TRA) |
1975 |
Martin Fishbein and Icek Ajzen |
9 |
9% |
|
Theory of Planned Behavior (TPB) |
1985 |
Icek Ajzen |
5 |
5% |
|
UTAUT / UTAUT2 |
2003 |
Viswanath Venkatesh |
26 |
27% |
|
TOTAL |
97 |
100% |
4. Trends in electronic payments and platform adoption: results
To understand the mechanisms driving the adoption of electronic payment systems, academic literature has heavily relied on structured behavioral frameworks. These models isolate the psychological, social, and technical determinants that influence an individual’s decision to accept or reject emerging platforms. While early research focused strictly on workplace technology implementation, the rapid evolution of consumer-facing fintech has necessitated more dynamic frameworks. Consequently, this chapter reviews the foundational Technology Acceptance Model (TAM), explores its critical limitations, outlines the contextual adaptations required for the modern digital economy, and evaluates more comprehensive extensions such as the Unified Theory of Acceptance and Use of Technology (UTAUT and UTAUT2).
4.1. The Technology Acceptance Model (TAM) and Its Theoretical Limitations
Originally proposed by Davis et al. (1989), the TAM has become the most widely utilized research framework for predicting technology adoption. The model posits that two central constructs—perceived usefulness (PU) and perceived ease of use (PEOU)—directly shape a user’s attitude and subsequent behavioral intention. Despite its extensive empirical validation across various industries, contemporary research highlights several limitations within the original TAM that present vital research opportunities.
First, the model’s qualitative validity is frequently constrained, as it has been validated primarily through quantitative, survey-based approaches. Transitioning toward qualitative or mixed-method research would allow for a deeper understanding of how TAM variables interact dynamically, while simultaneously identifying external environmental variables overlooked by standard models (Patil et al., 2020).
Second, the TAM inherently treats adoption as an isolated, individual choice. This individualistic assumption fails to account for organizational adoption dynamics, where technology rollouts involve multiple interconnected users simultaneously—a mass-adoption condition that the original framework does not adequately address (Davis et al., 1989).
Furthermore, the predictive power of the TAM faces scrutiny regarding how it measures actual usage. A significant portion of TAM literature relies heavily on self-reported usage data, a methodology prone to subjective bias. Empirical evidence indicates that the predictive accuracy of the model decreases when objective, system-generated usage metrics are applied instead of self-reports, underscoring the urgent need for studies that pair objective data with qualitative insights (Park et al., 2019).
Finally, the landscape of adoption theory is highly fragmented, featuring at least ten competing theoretical models. While Venkatesh and Davis (2000) attempted to synthesize these disparate frameworks into a unified theory, unresolved questions persist regarding structural integration, which continues to drive the development of novel methodology blends (Slade et al., 2015).
4.2. Core Constructs and Contextual Adaptations of the TAM
When adapted to evaluate electronic payment systems, the foundational elements of the TAM must be operationalized through specific behavioral indicators. Perceived Usefulness (PU) in this context reflects the consumer’s belief that utilizing digital payment methods will make transactions more convenient, seamless, and transparent, thereby generating a distinct sense of utility (Davis, 1989). This utility is primarily realized through tangible reductions in transaction time, physical effort, and financial costs, which collectively increase the user’s behavioral intention to adopt the system (Oliveira et al., 2016). Parallel to this, Perceived Ease of Use (PEOU) serves as a critical determinant influencing a user’s comfort level with the technology interface (Davis, 1989). Phonthanukitithaworn et al. (2015) successfully applied PEOU as a core driver of mobile payment adoption, concluding that a lower cognitive barrier directly correlates with a consumer’s willingness to abandon traditional payment methods.
However, modeling modern fintech adoption requires expanding the traditional TAM to include external catalyst variables, such as the Perceived Risk from COVID-19 (PC19R). While classic financial literature emphasizes standard parameters of privacy and security during commercial exchanges (Al Nawayseh, 2020), the global pandemic introduced an unprecedented biological risk factor. As demonstrated by Kahn (2021), concerns regarding the negative health impacts of handling physical cash acted as a powerful behavioral catalyst, rapidly accelerating the societal transition toward contactless electronic payments out of biosecurity necessity.
4.3. The Unified Theory of Acceptance and Use of Technology (UTAUT / UTAUT2)
In an effort to resolve the theoretical fragmentation of the TAM and its competitors, Venkatesh et al. (2003) introduced the Unified Theory of Acceptance and Use of Technology (UTAUT). This model consolidated core elements from eight prominent adoption theories into a single, comprehensive framework. Representing 27% of peer-reviewed literature on the subject, UTAUT stands as the second most prevalent model utilized in payment system research.
To bridge the gap between workplace technology and everyday retail commerce, the framework was later upgraded to UTAUT2. This consumer-centric iteration incorporated crucial hedonic and economic variables, including hedonic motivation (the enjoyment derived from using technology), price value, and habit. Additionally, UTAUT2 integrated vital demographic moderators such as age, gender, and experience—variables notably absent in the original TAM. Consequently, while UTAUT2 offers a significantly more comprehensive and nuanced analysis of modern consumer behavior, it also introduces a higher degree of analytical complexity during statistical application.
In the field of quantitative research, the Binary Logistic Regression (BLR) model has been implemented in the last 10 years to measure the probabilities of use of technological systems under specific conditions, enabling the simultaneous evaluation of two variables. The BLR is a useful tool for the application of practical cases, as it can work with dependent and dichotomous variables.
This type of methodology is more useful than linear regression, as a binary variable is calculated based on its condition through various events (Soetewey, 2021). When attempting to explain the behavior of a variable based on the values of other variables through a regression model, multiple linear regression is typically used. However, this presents problems when the dependent variable is binary and categorical, leading to the use of non-linear regression models such as the logistic model (Logit).
In the BLR model, the dependent variable must take exactly two values (Yes-No, 0-1, True-False, etc.). Independent variables can be at interval level or categorical; if categorical, they must be coded as indicators. As in other regression models, multicollinearity among predictors can bias interpretations. Before applying the model, the association of the response variable with the explanatory variables must be analyzed (Alemán, 2024).
Logistic regression consists of obtaining a linear function of the independent variables that allows classifying individuals into one of two subgroups based on the two values of the dependent variable. The linear logistic model is the logarithm of the following equation:
Y = β₀ + β₁X₁ + β₂X₂ + ... + βₖXₖ
(equation 1)
Where β is a constant and Xₖ are the independent variables, resulting in the multiple logistic model. The coefficients β₀ and βₖ are based on the data, and Xₖ correspond to the independent variables.
Once an initial theoretical model is available, it is reduced to obtain the minimum model that explains the data. The selection methods are: (1) Enter Method: allows the researcher to decide which variables are introduced or removed from the model. (2) Forward Method: introduces variables into the model starting with those that have the largest and statistically significant regression coefficients, eliminating non-significant ones at each step. (3) Backward Method: starts with a model containing all selected covariates and progressively eliminates those lacking statistical significance.
From a theoretical perspective, Ma and Liu (2004) emphasized that technology acceptance can be analyzed through diverse lenses, including predictive utility forecasting designed to mitigate latent operational risks. In the context of the recent global transmission through conventional physical currency. Furthermore, Bermeo-Giraldo et al. (2019) underscored that evaluating the determinants of an individual’s attitude toward technology remains a foundational component for robustly modeling the behavioral intention (BI) construct.
The empirical results of this study indicate that perceived usefulness (PU) emerged as the primary determinant governing individuals’ intention to adopt electronic payment systems (EPS) within the studied region. Driven by pandemic-related lockdowns and heightened biosecurity risks, consumers rapidly adopted digital payment mechanisms as essential alternatives to cash, explicitly recognizing their utility in reducing transaction times, operational costs, and physical effort. These dynamics align closely with the findings of Al Nawayseh (2020) and Daragmeh et al. (2021), who demonstrated that PU operates as the most influential driver within financial technology (FinTech) applications. Similarly, Zhao et al. (2022) verified that PU gained significant predictive weight during the pandemic, as consumers increasingly relied on digital payment channels as safe, functional substitutes for executing daily essential purchases.
Regarding the specific impact of the pandemic, the Perceived Risk from COVID-19 (PC19R) exerted a direct, statistically significant influence on behavioral intention. This indicates that widespread societal anxieties surrounding the transmission of the SARS-CoV-2 virus served as a powerful catalyst for behavioral modification. The health risks associated with handling paper currency heavily weighted consumer intent toward alternative, frictionless transaction methods. This structural pivot corroborates contemporary literature highlighting an urgent public health mandate to replace physical cash with contactless architecture (Allam, 2020; Trütsch, 2020).
Conversely, the data revealed no significant direct relationship between Perceived Ease of Use (PEOU) and behavioral intention, contrasting with established fintech adoption literature (Oliveira et al., 2016). This lack of direct significance implies that the target population did not encounter substantial cognitive barriers or technical friction, suggesting that basic digital literacy was sufficient to prevent user interfaces from acting as inhibitors to adoption (Pavlou, 2003). As Davis (1989) originally theorized, PEOU often operates as an indirect determinant whose influence is mediated entirely through PU. In this study, PEOU maintained a strong, significant association with PU, confirming that when individuals are structurally integrated into the financial ecosystem and possess baseline digital experience, they perceive electronic payment channels as highly intuitive. This perceived simplicity subsequently enhances their evaluation of the system’s overall utility, ultimately driving their long-term behavioral intention to utilize it.
Ultimately, social distancing mandates have transitioned from a temporary emergency response into a structural baseline for post-pandemic commerce (Świecka et al., 2021). Empirical observations note an approximate 0.8-fold increase in consumers shifting to debit and credit instruments specifically to circumvent physical contact vectors (Jocevski et al., 2020). Moving forward, long-term payment preferences will continue to be mediated by macro-environmental variables, including the opportunity cost of holding physical currency, the infrastructural maturity of domestic financial networks, and the systemic availability of digital transaction endpoints (Ng et al., 2021).
5. Conclusions
The evolution of technology acceptance theory demonstrates that while foundational frameworks like the Technology Acceptance Model (TAM) remain highly effective at diagnosing user motivations and predicting systemic viability, contemporary market shifts reveal critical blind spots in classic literature. By applying these theories to an unprecedented global crisis, this study confirms that external environmental shocks radically reorder consumer priorities—elevating structural utility and health preservation above traditional user-experience variables. However, despite the mature volume of quantitative literature in the broader field of information systems, a damaging scholarly imbalance persists. Fintech research remains heavily concentrated within highly developed economies and consumer-retail contexts, leaving the strategic dynamics of financial institutions within emerging markets profoundly under-researched. Marie-Helene et., al. (2020) concluded that explaining the causes of payment patterns through methodical observation was insufficient, although existing literature addresses many of these factors, which require further analysis and understanding.
Consequently, this study provides a crucial conceptual bridge by shifting the analytical lens toward developing economies like Ecuador, where digital transformation intersects directly with lower baseline financial inclusion and evolving regulatory frameworks. Furthermore, while the dominant academic paradigms over the past five years—namely TAM, UTAUT, and UTAUT2—have excelled at measuring performance-driven adoption within formal organizational boundaries, they frequently neglect the nuances of voluntary, autonomous personal use in daily life. Future research must therefore move beyond simple replications of these classic models. Instead, scholars should focus on developing hybrid, mixed-method methodologies that combine quantitative rigor with qualitative abstraction to capture the macroeconomic realities of cash dependency, infrastructural limitations, and consumer psychology in transitional economies.
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