Perceived Security Risk, Perceived Privacy Risk, and Perceived Trust of Mobile Payment Adopters and Non-Adopters

Abstract

With the COVID-19 pandemic, people have shifted to mobile payments enormously. However, cyber threats have increased simultaneously. Therefore, this chapter aims to investigate the dichotomous perceptions regarding mobile payments privacy, security, and trust within the adopter and non-adopter groups. An online survey was carried out among university students in Sri Lanka to collect the data. The independent samples test and the robust bootstrap methods were used to test the differences between adopters and non-adopters perceptions of mobile payments' privacy, security, and trust. The adopters have significantly higher perceived trust in mobile payments than the non-adopters. Further, adapters are twofold according to the usage level, the advanced users, and the laggards. This chapter provides unique and comprehensive insights into mobile payments user and non-user segments in Sri Lanka and the dichotomous nature of contactless payments' trust and risk perceptions. The findings will help banks design their marketing campaigns that suit the available customer segments in the market.