Critical factors for digital wallet continued usage intention during pandemic in the Peruvian context

Peru is one of the less financially inclusive countries in the region, where almost 50% of the population is not part of financial institutions. Peruvians, however, can benefit from being part of the financial system because it may enable individuals to access loans to face situations such as the one faced during the pandemic, or situations where business owners need to grow their enterprises. In the case of governments, financial inclusion could also generate traceability over the economy, for example. Digital wallets might represent a feasible solution to achieve this goal (financial inclusion). However, the use rate of these platforms is low, with only 12 million Peruvians having a digital wallet on their phones. Hence, the objective of this study is to identify the critical factors that influence the continued use intention of those apps. A research model based on structural equation modelling was developed, and a total of 185 observations were collected online. Findings suggest that interoperability, social distancing, system availability, perceived security, and perceived usefulness are critical factors that influence continuance intention. Finally, theoretical and managerial implications associated with these results are discussed.