Financial equality through technology: Do perceived risks deter Indian women from sustained use of mobile payment services?

Abstract

Digital payments in India are rising with a high share of mobile payments; still, it faces a digital divide. Concerning digital financial services, India has the lowest number of women who owe debit and credit cards, and less than one-third of women receive and make digital payments among the G-20 nations. Hence, the present study investigates female users' risk perception and its effect on trust and satisfaction and, ultimately, continuance usage intention towards mobile payment services. Furthermore, the impact of self-efficacy is examined on continuance usage intentions. This study tested empirical data from 444 existing female mobile payment users. The result indicates that financial and performance risks negatively impact users' satisfaction and trust, but privacy risk has no role among female users. Surprisingly, psychological risk is positively associated with female users' trust and satisfaction, and self-efficacy strengthens continuance usage intention. Trust and satisfaction mitigate risk perception and foster continuance usage.