BME_2017_15_2 maketas_spaudai.indd Copyright © 2017 The Authors. Published by VGTU Press. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 (CC BY-NC 4.0) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. The material cannot be used for commercial purposes. FACTORS AFFECTING UNIVERSITY STUDENTS INTENTIONS TO USE DEBIT CARD SERVICES: AN EMPIRICAL STUDY BASED ON UTAUT Philip Siaw KISSI1, Mustapha Kudirat OLUWATOBILOBA2, Amankwah Yaw BERKO3 1, 2Management Information Systems, School of Applied Sciences, Cyprus International University, Nicosia, Northern Cyprus, Mersin 10, Turkey 3School of Business, University of Cape Coast, Ghana E-mails: 1philip.asakomah@yahoo.com (corresponding author); 2kudiratmustapha236@yahoo.com; 3yamankwah@ymail.com Received 16 October 2017; accepted 22 November 2017 Abstract. Despite the promising use of debit cards for e‐payment and online transactions, to the best of our knowledge, there has not been any study regarding students’ intentions to use debit card services in Nigeria. This research aims to ex- amine factors that influence university students’ decision to use debit card services in Nigeria. A Unified Theory of Acceptance and Use of Technology (UTAUT) in- tegrated with the trust of bank and online transaction factors are used in the study. Data were purposively selected from 400 students in the Faculty of Business Administration in Nigeria University using a survey questionnaire. The multiple linear regression results reveal that social influence, the trust of online transaction and performance expectancy exert significant influences on students’ behavioural intention to use a debit card. However, the insignificant results obtained for effort expectation and facilitating condition warrant for further investigation. We have confidence that the findings of this study will guide debit card services providers and professionals in the field in improving and promoting debit card services by revealing the students’ priorities regarding debit card services in Africa, particu- larly in Nigeria. Keywords: behavioural intention, debit card services, university students, UTAUT. JEL Classification: C83, L86, I23. B U S I N E S S, MA N AG E M E N T A N D E D U C AT I O N ISSN 2029-7491 / eISSN 2029-6169 2017, 15(2): 196–210 doi:10.3846/bme.2017.378 1. Introduction The university students’ payment transaction is one of the areas which has been im- proved significantly by the use of technology. The use of technology to enhance the efficiency of university students’ payment services constitutes the concept of e-payment. Debit card services provide easy access to e-payment through the use of online payment services such as PayPal, square cash and the like. The advantage provided by the use of the debit card for e-payment is more than the traditional method of payment service. For 197 Business, Management and Education, 2017, 15(2): 196–210 instance, the debit card offers benefits such as avoidance of keeping cash-on-hand, ena- bling tracking of expenses, increase quality and speed of online purchasing (Atkinson, Castro 2008). In addition, the development of card payment system prevents the costs of money circulation which leads to significant economic gains (Goczek, Witkowski 2016). The promotion of debit card transactions grew quickly in most advanced countries while usage has declined or disappeared in some countries (Amromin, Chakravorti 2007). In 2015, 74 percent of college students use a debit card to make daily online purchas- es such as entertainment tickets, gas purchase rebates, cash back among other transac- tion (Holmes 2016). Despite the great advantages provided by debit card services, there is lack of studies that examine the extent of its usage among the students, particularly in Africa. Moreover, in literature, there are several adaptations models which predict the acceptance of e-payment services through the use of credit or debit card (Koenig- Lewis et al. 2015; Estrella-Ramon et al. 2016; Goczek, Witkowski 2016; Razak 2016). However, to the best of our knowledge, there has not been a comprehensive examination of debit card adoption among African students, especially in Nigeria. Therefore, this study aims to investigate factors affecting students’ intentions to use debit card services. In the present study, Unified Theory of Acceptance and Use of Technology (UTAUT) model was integrated with Trust of online transaction and Trust of bank factors to ex- amine university students behavioural intention to debit card in Nigeria. 2. The Unified Theory of Acceptance and Use of Technology The Unified Theory of Acceptance and Use of Technology (UTAUT) was introduced by Venkatesh et al. (2003). This theory explained people intentions to use technol- ogy and actual user behaviour. The UTAUT theory suggested four major constructs, performance expectancy, effort expectancy, social influence, and facilitating condi- tions that predict user behavioural intention to use a certain technology as presented in Figure 1. These four major factors are defined as follows: Performance expectancy as “degree to which an individual believes that using the system will help him or her to attain gains in job performance” (Venkatesh et al. 2003: 447), effort expectancy as “degree of ease associated with use of the system” (Venkatesh et al. 2003: 450), social influence as “degree to which an individual perceives that important others believe he or she should use the new system” (Venkatesh et al. 2003: 451) and facili- tating conditions as “degree to which an individual believes that an organizational and technical infrastructure exists to support use of the system” (Venkatesh et al. 2003: 450). They included four moderating variables consist of gender, age, experience, and voluntariness of use. Despite its constraints, it has combined eight major theories and widely used as a theoretical model to explain the acceptance, adoption, deployment, and effective use of technology. Therefore, UTAUT model was used as the theoretical background of this study. 198 P. S. Kissi et al. Factors affecting university students intentions to use debit card services: an empirical study based on UTAUT The UTAUT theory did not integrate trust factors. Debit card services are being used in many countries and it is important to acquire a better understanding of the impact of trust on debit card services adoption. For the betterment of the context of the study, we did include some variables such as gender, age, experience, voluntariness, and usage behaviour in the model. 2.1. Research hypothesis Trust of online transaction and banks As stated earlier, the study introduces trust of online transaction and bank as factors that could affect the students’ behavioral intention to use a debit card. Trust is considered as an important variable influencing online businesses particularly, those relating to electronic transactions (Moody et al. 2017). Trust promotes the success of transaction by reducing social uncertainties that would be otherwise impossible to deal with on a normal basis (Luhmann 1979). For this reason, the trust of online transaction and banks could be found to be key predictors of students’ behavioral intention to use debit cards. Therefore, we proposed that: H1: Trust of online transaction has a positive influence on student’s behavioral inten- tion to use debit card services. H2: Trust of bank has a positive influence on behavioral intention to use debit card services. Performance expectancy In this study, we defined performance expectancy as the extent to which students be- lieves that debit card services will improve their work performance. Baptista and Ol- Fig. 1. UTAUT model (Venkatesh et al. 2003) 199 Business, Management and Education, 2017, 15(2): 196–210 iveira (2015) examined the factors affecting the acceptation and influences individual behaviour in mobile banking. They concluded that performance expectancy is the most significant antecedents of behavioral intention. Mohammadyari and Singh (2015) inves- tigated users’ intentions to continue using Web 2.0 tools. The findings suggested that performance expectations significantly influenceusers’ intentions. From this premise, we hypothesized that: H3: Performance expectancy has a positive influence on student’s behavioral inten- tion to use debit card services. Effort expectancy In the context of this study, effort expectancy is defined as the degree to which students perceived debit card services as easy to use. Martins et al. (2014) investigated people in- tention to use Internet banking. The findings revealed that effort expectancy is a stronger predictor of intention. In another study conducted by Thakur (2013) discovered effort expectancy has a significant effect on consumer’s mobile payment services. Hence, we proposed that H4: Effort expectancy has a positive influence on student’s behavioral intention to use a debit card services. Social influence In the context of this study, we defined social influence as the extent to which students perceive that others believe they should use a debit card. Wills et al. (2008) examined registered nurses’ acceptance to use electronic medical records. They concluded that so- cial influence is a significant determinant of behavioral intention. Furthermore, Escobar- Rodríguez and Carvajal-Trujillo (2014) investigated factors that positively affect pur- chasing of online flight ticket from low-cost carrier websites. The findings indicated that social influence has a positive impact on customer’s intention. Therefore, we suggested H5: Social influence has a positive impact on student’s behavioral intention to use debit card services. Facilitating condition For the purpose of the study, facilitating condition is defined as the extent in which students believe that administrative and technical structures exist to support the use of debit card services. Using debit card services requires some skills such as Internet con- nectivity, mobile phone or computer usage, and knowledge of debit card online service and security. Students with these skills have a greater intention to use the debit card. From this logic, we posited that: H6: Facilitating condition has a positive impact on student’s behavioral intention to use a debit card. 200 P. S. Kissi et al. Factors affecting university students intentions to use debit card services: an empirical study based on UTAUT 3. Methodology This study employed a survey design with quantitative data to assess factors affecting the use of the debit card in Nigeria. According to Fraenkel and Wallen (2000), survey design research was used by administering questionnaires to find out detailed charac- teristics of the participants and classified as an efficient way to gather data to enable address a research question. Population and sampling. The population selected for this study was students from the University of Lagos in Nigeria. Students from the Faculty of Business Adminis- tration were used as the target population. The faculty has a total population of four thousand, three hundred and ninety-five (4395). Sample size calculation formula was adapted from Yamane (1967). Sample size (n) = 21 ( )+ N N e where n = sample size, N = populations and e = margin error. In substituting N = 4395 and e = 0.05 in above formula, the least sample size should be three hundred sixty-seven (367). Therefore, 400 students in the university were employed for the study. Purposive sampling technique was used to select the students for the study. The purposive sampling procedure which referred as judgment sampling is the deliberate selection participates who can provide the rich information base on experience or knowledge (Patton 2002; Etikan et al. 2016). Questionnaire development. The study employed questionnaire instrument to obtained information from the participants of the study. the questionnaire items consisted of two parts. The first part drew participants’ demographic data which involved gender, and their usage of credit card. The second part consists of twenty-two (22) observed items which were used to measure 7 latent variables, namely trust of online transactions, the trust of banks, performance expectancy, effort expectancy, social influence, facilitating conditions and behavioral intention. The questionnaire items were adopted from previous studies (Venkatesh et al. 2003; Khasawneh et al. 2013; Kurfalı et al. 2017; Nurrohmah et al. 2017). Data collection and analysis. The target participants of the study were given the survey questionnaire in their various lecture hall and place of residence to answer. This strategy was employed to ensure independent responses and clarify any misunderstand- ing associated with the questionnaire items. The research utilized SPSS version 24 to perform multiple linear regression to determine factors that affect behavioral intention to use a credit card. Evaluation of reliability and convergent validity. The reliability of the construct was examined using Cronbach’s alpha. The construct reliability should exceed 0.7 to meet the acceptance level (Fraenkel, Wallen 2000). The reliability of the construct of this study ranged from 0.961 to 0.961 which indicated excellent reliable construct as shown in Table 1. 201 Business, Management and Education, 2017, 15(2): 196–210 Table 1. Construct reliability and convergent validity Construct Items Factorloading (ρ) AVE CR Cronbach’s α Trust of online transactions 0.698 0872 0.964 TOT1 I trust debit card and its services through the online transactions. 0.825 TOT2 I think that debit card services’ technical and legal infrastructure. protects enough personal information and data. 0.834 TOT3 In general, online transactions are trusted tool that can be used by debit card services. 0.844 Trust of bank 0.739 0.894 0.961 TB1 I trust banks’ institutions and departments. 0.849 TB2 I trust bank institutions and departments’ ability to provide debit card services effectively and securely. 0.866 TB3 I trust that citizens and their benefits have the highest priorities at banks institutions and departments. 0.863 Performance expectancy 0.710 0.880 0.964 PE1 I find the debit card services useful in my daily transactions 0.840 PE2 Using the debit card enables me to accomplish tasks more quickly 0.839 PE3 Using the debit card services increase my productivity 0.848 Effort expectancy 0.752 0.858 0.961 EE1 My interaction with the debit card services would be clear and understandable. 0.862 202 P. S. Kissi et al. Factors affecting university students intentions to use debit card services: an empirical study based on UTAUT Construct Items Factorloading (ρ) AVE CR Cronbach’s α EE2 I would find the debit card services easy to use. 0.872 Social influence 0.762 0.891 0.959 SI1 Other users beliefs about debit card service encourage me to use it. 0.870 SI2 Other users’ beliefs about debit card service influence my degree of usage of it. 0.871 SI3 Other user’ beliefs about debit card services condition me to use it. 0.878 Facilitating condition 0.761 0.864 0.961 FC1 I have the resources necessary to use the debit card. 0.867 FC2 I have the knowledge necessary to use the debit card. 0.878 Behavioral Intention BI1 I intend to continue to use debit card service in the future. 0.860 0.761 0.864 0.961 BI2 My intentions are to continue using debit card service in the future, at least as active as today. 0.835 BI3 I would continue using debit card service increasingly in the future. 0.850 AVE: Average Variance Extracted = 2 /∑ρ n CR: Composite Reliability = ( ) ( )2 2 2( / ( ( ), 1∑ ρ ∑ ρ + ∑ = − ρa a Factor Loadings < .500 were omitted Varimax with Kaiser Normalization Convergent validity was tested based on the acceptance guideline. The test was done using three measurement scale: factor loadings greater than 0.7; the average variance ex- tracted (AVE) exceeding 0.50; composite reliabilities (CR) more than 0.7 (Fornell, Larcker 1981; Kissi et al. 2017). The factor loading, the AVE, CR and Cronbach’ s alpha values of all the constructs exceeded the recommended threshold values as demonstrated in Table 1. In general, all the constructs were considered reliable and significant for the study. End of Table 1 203 Business, Management and Education, 2017, 15(2): 196–210 Discriminant validity. Discriminant validity was evaluated based on the relation- ship between the square root of AVE and correlations of the construct. For discriminant validity testing, the square root of the AVR average should exceed its correction value of the construct (Fornell, Larcker 1981). As shown in Table 2, the square root of AVE value in bold of the construct is consistently greater than it respective correlations val- ues, suggesting acceptance discriminant validity among constructs. Table 2. Discriminant analysis of the factors TOT TB PE EE SI FC BI TOT 0.834 TB 0.780 0.860 PE 0.791 0.796 0.843 EE 0.784 0.825 0.810 0.867 SI 0.813 0.867 0.803 0.869 0.873 FC 0.789 0.844 0.780 0.824 0.870 0.872 BI 0.844 0.780 0.791 0.784 0.813 0.789 0.849 4. Results Demographics. Out of 400 university students who took part in the study, 53.3% (n = 218) were male and 46.8% (n = 187) were female. The number of males and females were properly distributed for the study. All the participants were selected from undergraduate levels in the faculty of business administration. The majority (38.3%, n = 153) of the students were first-year students. The student in second-year were 32.0% (n = 128) and the third year were 19.3% (n = 77). Only 10.5% (n = 42) of the participants were found in the fourth year. However, 95.0% (n = 380) indicated they are frequent users of a credit card, only 5.0% (n = 20) do not use it often. Table 3 presents the summary of the results. Table 3. Sample profile of the survey Item Demography Frequency Percentage Gender Male 213 53.3 Female 187 46.8 Level Yes 380 95.0 No 20 5.00 Undergraduate level First year 153 38.3 Second year 128 32.0 Third year 77 19.3 Four year 42 10.5 204 P. S. Kissi et al. Factors affecting university students intentions to use debit card services: an empirical study based on UTAUT Descriptive statistics of factors: The responded survey questionnaire were measured from the seven-point Likert scale items on the variables ranged from 1 = strongly dis- agree to 7 = strongly agree: (1) Trust of online transaction, (2) trust of bank, (3) perfor- mance expectation, (4) effort expectation, (5) social influence, (6) facilitating condition, and (7) behavioral intention were measured to find the overall average score (mean) and standard deviation. Trust of online transaction and trust of the bank had a mean 5.16 (SD = 1.55) and 5.10 (SD = 1.56) respectively. This indicates that participant trust of us- ing a debit card for online transaction and banks are high. Also, the participants believe that debit card is useful in their daily transactions (performance expectation (m = 5.16, SD = 1.55)), find the debit card services easy to use (effort expectation (m = 5.16, SD = 1.55), have the resources necessary to use the debit card (facilitating condition (m = 5.16, SD = 1.55)) and encourage others to use the debit card (social influence (m = 5.16, SD = 1.55)). Furthermore, the participants showed high behavioral intention (m = 5.16, SD = 1.55) to the use debit card. The summary of the results is shown in Table 4. Table 4. Descriptive statistics of variables (factors) Item N Mean St. Deviation TOT 400 5.16 1.55 TB 400 5.10 1.56 PE 400 5.19 1.50 EE 400 5.25 1.56 SI 400 5.16 1.52 FC 400 5.30 1.65 BI 400 5.13 1.46 Table 5 displayed the standard regression model summary of Analysis of Variance (ANOVA). As shown in Table 5, F = 238.988, p = .000 and p < 0.05, which shows that the test is statistically significant. This suggests that the independent factors significantly related to students’ behavioral intention to use a debit card. The summary of the standard regression model in Table 6 represents multiple correlation values (R = 0.886). This show how well all the independent combine factors (TOT, TB, PE, EE, SI and FC) related to participants’ behavioral intention (dependent factor) to use a debit card. Moreover, the Adjusted R2 = 0.782 suggests that all the independent factors combine contributed 78.2% of the variances in participants’ behavioral intention to use a debit card services. Table 5. ANOVA of regression significance Sum Squares D Mean square F Sig Regression 663.809 6 110.635 238.988 0.000b Residual 181.931 393 0.463 Total 845.740 399 a. Predictors: (constant), TB, TOT, PE, EE, FC, SI b. Dependent variable: BI 205 Business, Management and Education, 2017, 15(2): 196–210 Table 6. Standard regression model summary R R Square Adjusted R Square Std. Error of the Estimate Change Statistics R Square Change F Change df1 df2 Sig. F Change .886a 0.785 0.782 0.68039 0.785 238.988 6 393 .000 a. Predictors: (constant), TB, TOT, PE, EE, FC, SI b. Dependent variable: BI Significance of Individual Factors. From Table 7, Trust of bank (t = 0.644, p = 0.520, p > .05), effort expectation (t = 1.098, p = 0.273, p > 0.05), and facilitating condition (t = 1.495, p = 0.136, p > 0.05) were not statistically significant. This suggests that par- ticipants’ behavioral intention to use debit card is not influence by trust of bank, effort expectancy and facilitating condition. However, trust of online transaction (t = 9.962, p = 0.000, p > 0.05), performance expectancy (t = 4.320, p = 0.000, p > 0.05), and social influence (t = 2.642, p = 0.009, p > 0.05) was statistically significant. This indicates that trust of online transaction, performance expectancy, and social influence have positive influence on participants use of debit cards. Table 7. Regression coefficient of the standard regression model Unstandardized Coefficients Standardized Coefficients Model 1 B Std. Error Beta T Sig. Constant 0.438 0.130 3.373 0.001* TOT 0.404 0.041 0.430 9.962 0.000 TB 0.032 0.049 0.034 0.644 0.520 PE 0.189 0.044 0.195 4.320 0.000 EE 0.054 0.049 0.058 1.098 0.273 SI 0.157 0.059 0.163 2.642 0.009 FC 0.070 0.047 0.079 1.495 0.136 4.1. Comparative importance of the factors As shown in Table 7 and figure 2, Trust of online transaction (TOT) was found to be the most significant (β = 0.430, p = .000 (< 0.05)) and influential factor that contribute to the behavioral intention to use a debit card in the study. The second most significant factor (β = 0.195, p = .000 (< 0.05)) was performance expectancy followed by social influence (Beta = 0.163, p = .000(< 0.05)). However, trust of bank, effort expectancy, and facilitating condition did not make any statistically significant contribution to the behavioral intention (BI) of participants (β = 0.034, p > 0.05; β = 0.273, p > 0.05; β = 0.136, p = .967 > 0.05). 206 P. S. Kissi et al. Factors affecting university students intentions to use debit card services: an empirical study based on UTAUT Fig. 2. Comparative importance of the factors The above findings supported the Unified Theory of Acceptance and Use of Tech- nology (UTAUT) by Venkatesh et al. (2003). That is, user intentions to use a particular technology is based on performance expectancy and social influence among others. 5. Discussion The analysis of the participants’ responses using regression model revealed that trust of online transaction is the most significant (β = 0.430) factor that predicts the use of debit card particularly in Nigeria. This suggests that people trust and accept the use of the debit card for online payment. This is in agreement with a study conducted by Yang et al. (2015) when they stress that online payment has been accepted and adopted by customers particularly those who have more trust in online payment. In support, Ponte, Carvajal-Trujillo and Escobar-Rodríguez (2015) point out that online purchase intention is influenced by the perceived trust. Trust and risk are important factors of on- line transactions, particular when it comes to consumers’ electronic purchasing (Bachas et al. 2016; Chin et al. 2009; Kim et al. 2008). Trust of debit card usage could increase customer retention and improve revenue. Trust-based companies have lower marketing cost and increase sales than companies without trust (Hess, Story 2005; Berry 2002). It is important that debit card companies should improve the security features of the card and provide consumers with impartial information and recommendation concerning the online transaction. When customers are provided with truthful and honest information, their loyalty towards the company products grows. As a result, high profit is earned. Also, performance expectation has a positive influence (β = 0.195) on students’ us- age of the debit card. This means that (1) students (customers) find the debit card useful in their daily transactions, (2) Using the debit card enable the students to accomplish tasks more quickly and (3) Using the debit card increase students’ productivity in terms of the transaction that involves payment of money. These results are consistent with studies conducted by Foscht et al. (2010) and Anderson, Fornell, Lehmann (1994), when they indicated that quality and expectation influence customers’ satisfaction which leads to a higher degree of retention. On other hands, lack of ability to meet customer expecta- tions could damage company reputation, which may lead to failure to retain and attract new customers (Rackspace Hosting, Inc. 2009). Therefore, debit card companies must 207 Business, Management and Education, 2017, 15(2): 196–210 meet or fulfil their customers’ expectations. This would increase customers’ retention, excitement and improve competitor advantage. Furthermore, social influence positively contributes (β = 0.162) to students’ usage of the debit card. That is, the encouragement from other users has an impact on students behavioural intention to use the debit card services. In support Raska (2011) and Khan (2012) clarify in his study that environmental factor can change the intention or action of human being. For instance, actions such as buying can be changed by individual environment. Addition, Kulviwat, Bruner and Al-Shuridah (2009) stressed that social influence has a positive impact on consumer intention to use a particular product. Since social influence has a positive effect on students (customers) use of debit card, compa- nies responsible for debit card usage and awareness should advertise more on the card in a wide range of different platform or media. The advertisement could help to send more information to local, regional, national and international users which may change people’s attitudes and perceptions of its usage. This could have a strong impact on users in the society and in turns increase more usage. 6. Conclusions and recommendations The key objective of the study was to examine the factors that influence university students’ behavioural intention to use debit cards in Nigeria. It was revealed that uni- versity students from University of Nigeria have high behaviour intention to use a debit card because of its usefulness in their daily transaction, the trust of online transactions, and encouragement from other users, Therefore, debit card providers should educate African university students particularly in Nigeria about the essence of using a debit card services and improve the security of the online transaction. This would encour- age more student to adapt and accept the usage of debit card in their daily activities. Furthermore, understanding the main factors that affect consumer (students) behaviour intention to use a debit card is necessary for effective planning, better and successful future development. Since the study investigated university students’ usage of debit card in Nigeria. Therefore, the results of the study would be strictly applicable to university students from the University of Nigeria and similar university students in Africa. 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His research interests include business and mathematics education, educational technology, curriculum de- velopment and implementation, Integration of technology in a business organization and information security. Mustapha Kudirat OLUWATOBILOBA. MSc., She holds MSc. in Management of Information System and BSc. in Computer science and information technology from CIU and Bowen University in Nigeria respectively. Her research interests include information security and application of technology in business. Amankwah Yaw BERKO, holds a degree in Bachelor of Commerce from the university of Cape Coast – Ghana. He currently works with the Sunyani West District Assembly and also holds a cer- tificate in Ghana Accounting Technician (GAT) from the Institute of Chartered Accountants – Ghana. His research interests include business and economics education, auditing, taxation and management accounting.