Success factors in early adoption of mobile payment platforms in Finland

Abstract

Mobile payment platforms around the world have been developed more and more, but the adoption rates have stayed low for most of the countries even though it has become more established. This thesis aims to understand why some mobile payment platforms are more successful in Finland by examining theories first and the results of other empirical research. The data collection of mobile payments in Finland was conducted through secondary data such as articles and publications.

The most relevant theories that were identified were multi-sided platforms, openness in platforms, technology acceptance model (TAM), unified theory of acceptance and use of technology (UTAUT) and diffusion of innovation (DOI). Previous empirical research show that consumer adoption of mobile payments is strongly affected by compatibility, relative advantage, and social influence. Hence, successful mobile payment platforms should include factors that improve these attributes.

In the Finnish mobile payment market, Mobilepay is currently the most successful in increasing the adoption rates. The critical success factors have been offering peer-to-peer money transfers as the first product to create network effect, the openness in user level, strategic partnership to increase compatibility and targeting early adopters with a loyalty program.