Customers' Perceived Risk and Trust in Using Mobile Money Services—an Empirical Study of Ghana

Abstract

Although mobile money (MM) has been explored in the existing literature, the roles of trust and risk in MM use have received little attention from researchers. Furthermore, many of the existing studies have treated these constructs as unidimensional. The extant literature also shows that perceived risk has received little attention from researchers who have conducted studies on MM. Thus, the objective of this study is to examine the roles of trust and perceived risk in customers' intent to adopt MM services in Ghana. Both trust and perceived risk were broken down into various dimensions. The study involved 671 respondents who were selected via an intercept approach and an online survey. Structural equation modelling was used to test the study's hypotheses. The findings show that perceived risk is negatively associated with customers' intent to use MM services and economy-based trust. Trust in service providers and economy-based trust are positively associated with customers' intent to use MM services. The implications of the findings are provided in the latter part of this study.