Factors for mobile payment acceptance

Abstract

The number of different mobile payment applications and solutions available to consumers keeps growing every year. New solutions appear and old ones fail. Mobile payment solutions have shifted from call and SMS-based services to mobile applications. Modern solutions provide peer-to-peer monetary transfers, mobile wallets for storing credit card info and point-of-sale payments done via NFC or other wireless technologies.

The objective of this study was to analyse determinants for mobile payment adoption and to create a theoretical framework for studying mobile payment adoption. This was done through a literature review. First part of the review focused on Technology Acceptance Model (TAM). TAM and related literary, extended models and critique towards the model was analysed. Its two determinants, perceived ease of use and perceived usefulness, were chosen as the basis for the research model. Three other technology adoption models were also introduced. Then literature on mobile payment adoption was reviewed.

Several possible constructs for mobile payment adoption were discovered from previous literature. Dependent variable for the research model was set as intention to use. Perceived trust, network externalities and compatibility were found to have a positive influence on intention to use. Network externalities were also found to influence perceived usefulness.

A unique set of determinants was discovered. These findings could provide valuable academical and practical implications. Suggestions for future research is presented.