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The adoption of in-store mobile payment in Finland
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School of Business |
Bachelor's thesis
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en
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21 + 8
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Abstract
Payment industry is rapidly evolving but consumers are still hesitant towards current payment trends, like mobile payment. Finland is behind otherwise similar Nordic countries in the adoption of in-store mobile payment. The objective of this thesis is to find out, what are the key factors influencing the adoption of in-store mobile payment among young, specifically generation Z, consumers. It also aims to find out if the ongoing Covid-19 pandemic has had an impact on attitudes towards in-store mobile payment.
A qualitative research in the form of three interviews was conducted to reach the research objectives. Three different kinds of in-store mobile payment users between the ages of 18 and 25 were interviewed. One has never used in-store mobile payment, one uses it occasionally and one on a daily basis. The questions considered the following factors, drawn from previous research: perceived ease of use, perceived usefulness, social influence, personal innovativeness, intention to recommend, perceived risk and perceived hygiene.
Perceived risk was found to be the largest inhibitor of in-store mobile payment adoption. Security concerns like the device getting lost or stolen as well as hackers and misuse came up the most. Additionally, uncertainty about the performance of mobile payment was a barrier for one interviewee. Another significant barrier for mobile payment adoption is the attitude towards contactless card payment, which is seen as convenient enough, reducing the will to try mobile payment. Social influence, and specifically the recommendation of others was found significant as a motivator for use. Personal innovativeness was found to be somewhat significant but less so than social influence.
This is among the first mobile payment adoption research to consider perceived hygiene and the context of Covid-19. While perceived hygiene was found insignificant in mobile payment adoption in this research, it should be studied more with a larger sample. The most valuable measures mobile payment service providers can take, is to market the advantages of mobile payment over contactless card payment and raise consumer knowledge about the method. As security concerns make consumers hesitant towards in-store mobile payments, service providers should also increase awareness of the security measures taken. It was also found that additional services like bonus cards and consumption tracking would motivate consumers to use in-store mobile payment more.