Understanding Mobile Financial Services Adoption through a Systematic Review of the Technology Acceptance Model

Abstract

Various review studies were performed earlier to apprehend the applicability of the technology acceptance model (TAM) in the mobile financial services (MFS) context by assessing several issues. Despite each of those studies offering a valuable synthesis of TAM, further issues are still uncovered and call for further research. Therefore, this paper contributes to the existing literature by comprehensively reviewing TAM-based MFS studies through the analysis of various concerns, entailing the drivers of novelty technology of MFS adoption, analysis methods, TAM progress over publication years, participated countries, and sample size. From a yield of 217 studies collected, 24 empirical studies published between 2011 and 2021 have met the eligibility criteria and were extensively analyzed. The main results revealed that compatibility and perceived security were TAM’s most common external factors influencing the adoption of mobile financial services, followed by subjective norm and trust. While it was developed in 1989, the results unveiled an increasing number of TAM-based MFS studies, yet, expanding the model’s credibility in elucidating the users’ intentions regarding technology adoption. Most analyzed studies have relied on questionnaires to collect empirical data. It was also found that the USA is leading the research on technology acceptance in MFS. This review will enhance practitioners’ understanding through several contributions and implications by presenting the full potential of technology acceptance in MFS that could yield future attempts.