Towards Cash-Less Economy

Abstract

Recently, there has been speedy development of mobile technologies and an increase in diffusion of smartphones among young people. This has provided opportunities for innovative companies to create new payment solutions to their young customers. Although there has been a lot of coverage on consumer acceptance of mobile payments, only limited studies in Tanzania provide guidelines for NFC technology acceptance. This study aimed at examining factors influencing the acceptance of NFC technology in Tanzania using young customers (students). Current research modifies UTAUT framework based on existing literature to achieve the stated purpose. The snowball sampling technique was used to select 405 students from the IFM. SEM was employed in the analysis of collected data. The findings reveal that both security and trust are significant and positively affect adoption of NFC technology in Tanzania. Surprisingly, the results also indicated that the combination of social influence and security explains 84% of the trust. The implication, limitations, and future studies were also discussed.