Exploring the Adoption of Fintech P2P Financing Among MSMEs: MGA and IPMA Approaches

Abstract

This study investigates the antecedents of Fintech Peer-to-Peer (P2P) lending among Indonesian MSMEs by extending the Technology Acceptance Model (TAM), employing Multigroup analysis (MGA) and Importance-Performance Map Analysis (IPMA) using SmartPLS 4. Data were collected from 430 respondents through purposive sampling and analyse using PLS-SEM. The results indicate that perceived usefulness, perceived ease of use, trust, brand image, government support, and personal innovativeness significantly influence behavioral intention. Behavioral intention is also found to strongly predict the intention to continue. IPMA reveals that perceived usefulness holds the highest importance and performance in explaining behavioral intention. These findings underscore the combined role of internal perceptions and external supports in shaping MSMEs’ Fintech adoption. The study contributes to the United Nations Sustainable Development Goal 8 (Decent Work and Economic Growth) by providing insights into how Fintech can enhance financial inclusion and promote entrepreneurial growth among MSMEs.