Consumer Acceptance toward Internet Finance -A Comparative Study between China and the U.S.-

Abstract

This study conducts a comparative analysis of the internet finance sectors in China and the United States, with a specific focus on consumer acceptance of Internet Finance. As financial technology advances, traditional barriers within the financial industry are diminishing, facilitating greater consumer access to internet finance. China has emerged as a leader in this global trend, propelled by strong consumer demand. While various scholars have explored the reasons behind this phenomenon, our study seeks to investigate the underlying mechanisms influencing consumer willingness to adopt internet financial products and services in both countries. Through surveys and empirical analyses, we examine how consumers in China and the United States perceive and embrace internet finance. Our findings reveal that Chinese respondents generally exhibit a higher level of acceptance of the perceived usefulness of internet finance compared to their American counterparts, with no significant disparity in perceived ease of use. Conversely, American respondents display greater acceptance across the social, psychological, and perceived risk dimensions. Furthermore, Chinese respondents demonstrate a stronger acceptance in terms of behavioral intention. Overall, while both Chinese and American consumers express concerns about the security of internet finance, Chinese consumers exhibit a higher degree of acceptance. This suggests that although consumers in both countries acknowledge the benefits of internet finance, perceived risk serves as a limiting factor for adoption, particularly among American consumers who show a lower inclination to adopt internet financial products and services compared to their Chinese counterparts. Our study offers insights for policymakers and industry stakeholders by delving into the dynamics of consumer acceptance and its impact on the development of internet finance.