Purpose: This study explains why digital payment adoption remains uneven among Jakarta's millennials despite high online shopping activity, by integrating Cue Utilization Theory with the Stimulus–Organism–Response framework and positioning Technology Adoption as a higher-order construct linking extrinsic and intrinsic cues to actual digital payment behaviour.
Research Methodology: Data were collected via a self-administered online questionnaire targeting Jakarta-based millennials. After screening for eligibility and data quality, 162 valid responses were analysed using PLS-SEM with SmartPLS and Jamovi.
Results: Perceived convenience (β=.509, p<.001) and perceived security (β=.309, p<.001) as intrinsic cues positively and significantly affected Technology Adoption, whereas social influence and promotion and discount as extrinsic cues had no significant effects. Technology Adoption significantly predicted Use of Digital Payment (β=.643, p<.001) and mediated the effects of perceived convenience (β=.327, p < .001) and perceived security (β=.199, p<.001), but not those of the extrinsic cues.
Conclusions: Among digitally mature urban millennials, functional and security-related attributes outweigh social pressure or monetary incentives in driving sustained digital payment use, underscoring Technology Adoption's role as the mechanism that translates cue evaluation into actual behaviour.
Limitations: The study is limited to one generational cohort in Jakarta and a cross-sectional design, restricting generalisability and the ability to capture how usage evolves over time.
Contributions: This study integrates CUT with the SOR framework and guides fintech providers and policymakers to prioritise usability and trust over promotional and social-influence strategies.