Mobile Payment Services Research Articles

Enhancing customer perception of co-production knowledge sharing: navigating scepticism and leveraging prosociality to unlock active feedback behaviour in co-creation

Purpose Drawing on the reciprocity principle of social exchange theory situated within Service-dominant Logic, this study aims to examine how customers’ perception of knowledge sharing in co-production, their inherent scepticism and prosocial orientation relate to their willingness to co-create and provide feedback on services. The authors also explored the interplay between these factors to identify conditions in configurations comprising scepticism, which may help navigate its adverse effects. Design/methodology/approach The authors surveyed 556 online and offline mobile payment service users. They used a combination of partial least squares structural equation modelling (PLS-SEM) to assess the relationships among variables, and fuzzy-set qualitative comparative analysis (fsQCA) to identify configurations associated with feedback behaviour. Findings The study determined that customer perception of co-production knowledge sharing is positively associated with willingness to co-create and feedback behaviour. Additionally, prosocial orientation positively affects this relationship, while scepticism has an adverse effect. Willingness to co-create mediates the relationship between customer perception of co-production knowledge sharing and feedback behaviour. The fsQCA findings revealed configurations for potentially navigating doubts regarding feedback. To encourage valuable customer feedback, businesses may consider promoting a collaborative and supportive atmosphere, emphasising shared advantages or building trust even among hesitant and doubtful individuals. Originality/value This study uniquely examines how both prosocial tendencies and scepticism relate to customer feedback behaviour in co-creation by using a hybrid PLS-SEM/fsQCA approach to identify co-existing conditions in configurations comprising scepticism that may help navigate its adverse effects and leverage customer feedback for business improvement.

Identifying barriers of financial app usage and their impact on negative emotions, customer ratings and recommendation intention: a text-mining based approach

PurposeLimited studies in the mobile payment segment have attempted at understanding the factors that resist customers from using financial apps or mobile payment services (MPSs). This study aims at identifying the barriers from online customer reviews and examine how these barriers affect customers’ negative emotions (anger, fear, sadness), customer ratings and recommendation intentions.Design/methodology/approachThis study, divided into three phases, has adopted a text-mining based mixed-method approach on 14,043 reviews present in Google PlayStore or App Store pages about financial apps used in India.FindingsPhase 1 identified barriers like, “bad user experience”, “UPI failure”, “trust issues”, “transaction delays” from the reviews. Phase 2 found that “bad user experience” and “UPI failure” trigger both “anger” and “sadness”. “Transaction delays” and “money lost in transaction” stimulate “fear”. From the IRT stance, in Phase 3 this study has found that barriers like, “transaction error”, “UPI failure” (usage), “bad user experience” (image) and “trust issues” (tradition) have a significant negative impact on both customer ratings and recommendation intention.Originality/valueThe current study contributes to the existing literature on MPSs by identifying barriers from user generated content. Additionally, this study has also examined the impact of the barriers on customers’ negative emotions and recommendation intention.

Evaluating Enablers and Outcomes of Clients' Behavioral Intention to Use Electronic Mobile Payment Services during Covid-19 Pandemic: An Empirical Study on Jordanian Insurance Companies

By applying the Unified Theory of Acceptance Use of Technology 2 (UTAUT2), this study aimed to evaluate the enablers and outcomes of National Wallet (NW) company clients' behavioral intention to use electronic mobile payment services in the Jordanian insurance industry during the pandemic of Covid-19. The current study employed quantitative and qualitative research approaches. The proposed hypotheses were tested quantitatively by developing and examining the UTAUT2 model along with the Perceived Risk (PR) variable which was added to the original model and tested based on the moderators of income, education, age, gender and experience that would influence clients' behavioral intention to use mobile payment services and in turn influence clients' use behavior. Based on a sample comprised of 426 NW clients who used mobile payment services in the Jordanian insurance companies during Covid-19 pandemic, the Hayes Process Macro by Andrew F. Hayes plugin was used as a statistical analysis in Statistical Package for Social Sciences (SPSS) software to evaluate path coefficients. Data was collected via an online survey questionnaire and then analyzed and hypotheses were examined by employing both Structural-equation Modeling (SEM) and Machine-learning (ML) techniques. Results showed that performance expectancy, hedonic motivation, price value, perceived risk and habit impacted behavioral intention, whereas effort expectancy, social influence and facilitating conditions did not. Moreover, behavioral intention had statistically significant path coefficients on use behavior and habit on use behavior. In addition, several qualitative interviews were conducted with NW clients to verify the research results. Quirkos 2.3.1 application was used for qualitative analysis of three interviews.

Adoption of e-wallets: trust and perceived risk in Generation Z in Colombia

Purpose This study aims to explore the development of trust in relation to security and privacy concerns, as well as the influence of perceived risk on the intention to use e-wallets. The research focused on the Colombian context because of its characterization as an underdeveloped financial system that has experienced considerable security and privacy violations in recent years. Additionally, this geographical area is relatively under-researched, and the target demographic for this investigation was Generation Z, given their pivotal role in driving the adoption of e-wallets. Design/methodology/approach Based on measurement scales that had already been tested in the academic literature on mobile payment systems, a questionnaire was developed and distributed electronically. A total of 424 responses were obtained from young Colombians. Structural equation modeling (SEM), specifically the PLS-SEM method, was used to process the data to study the explanatory and predictive power of the proposed model. Findings The findings revealed that security and privacy have a positive and significant effect on perceived trust, and that this at the same time has a positive and significant effect on attitude, perceived usefulness, perceived ease and intention to use, as well as a significant but negative effect on perceived risk. On the other hand, perceived risk showed an inverse, but not significant, relationship with intention to use. Originality/value This research explored the adoption of e-wallets by young people in Colombia, which has been widely claimed in the academic literature. In a turbulent context with a high distrust of financial institutions, as well as a change in digital money consumption patterns, it is critical to understand the factors that contribute to the adoption of mobile payment services. The findings, in addition to contributing to the academic debate, have important implications for e-wallet providers, as they offer information that allows designing strategies to attract and keep current and potential users. At the same time, the recommendations by the authors allow the design of tools, especially related to security and privacy, to improve their trust and build loyalty, thus contributing to the consolidation and development of the mobile payment system.

Mobile Payment Fintech Service Adoption and Security Concerns

In India, the adoption of financial technology (Fintech) or financial technology innovation (FTI) has expanded due to the development of mobile devices and their use. The need for mobile Fintech payment systems that facilitate online and offline transactions has increased, especially during and after COVID times. However, mobile payment services are still used in limited areas due to concerns over the security of mobile applications for customers and Fintech companies alike. Drawing on the Technology Acceptance Model (TAM), the findings of this paper support the notion that usefulness, ease, user design, information security, and trust impact of mobile payment concerns and adoption factors in the Fintech environment are important variables.

Barriers toward the adoption of mobile payment for Vietnamese consumers in rural areas

The study aimed to assess the impact of barriers on the intention to use mobile payment services among rural residents in various provinces of Vietnam. Barriers were categorized into two groups: "Functional barriers" and "Psychological barriers," which play crucial roles in shaping decisions regarding behavioral innovation. The research was conducted through an online survey of 484 rural residents in three provinces: Son La, Da Nang, and An Giang, representing the Northern, Central, and Southern regions of Vietnam. These provinces also represent the mountainous, coastal, and delta regions of the country. Data were processed using Smart PLS 4.1 software, applying the Partial Least Squares Structural Equation Modeling (PLS-SEM) method to test the proposed hypotheses in the study. The research findings indicate that factors, including barriers such as usage, value, risk, and tradition, exert counteractive effects on the intention to use mobile payment services. Specifically, functional barriers like perceived usage complexity and value concerns were found to significantly reduce the likelihood of adopting mobile payments. Psychological barriers related to traditional practices also hindered adoption, highlighting the deep-rooted cultural influences in rural areas. However, there is no evidence to support the impact of image barriers on the intention to use mobile payment services among rural residents. This suggests that concerns about social perception and status may be less relevant in rural contexts compared to functional and psychological considerations. Based on the research results, the authors propose managerial implications aimed at fostering the intention to use mobile payment services. These recommendations include enhancing user education and training to reduce functional barriers, as well as culturally sensitive marketing strategies to address psychological barriers. By addressing these barriers effectively, it is possible to increase the adoption of mobile payment services, thereby contributing to the attraction and development of new technology-driven service applications in commercial transactions.

THE ROLE OF ECONOMIC DATA ANALYSIS IN MANAGING MEDIUM AND SMALL COMPANIES TO MAKE STRATEGIC DECISIONS AND IMPROVE PERFORMANCE: AN ANALYTICAL STUDY

Economic analysis plays a pivotal role in managerial decision-making processes. This analysis is predicated on deeply understanding economic forces and market factors influencing corporate strategies and decisions. This paper delves into the role of economic data analysis in managing small and medium-sized enterprises (SMEs) to make strategic decisions and enhance performance. The study underscores the significance of this approach and its impact on corporate outcomes. The research analyzes annual reports from three companies: Al-Mahfaza for Mobile and Internet Financial Payment and Settlement Services Company Limited, Al-Arab for Electronic Payment Company, and Iraq Electronic Gateway for Financial Services Company. The paper concludes by drawing key findings from this analysis.

The mediating effect of customer experience on word of mouth and repurchase behaviours in mobile payment services in Tanzania

The mediating effect of customer experience on word of mouth and repurchase behaviours in mobile payment services in Tanzania

РОЗВИТОК МОБІЛЬНИХ ПЛАТЕЖНИХ СЕРВІСІВ: МАРКЕТИНГ FINTECH ПРОДУКТІВ

In today's world, financial technology (FinTech) has become an integral part of everyday life, significantly changing the way people interact with financial services. One of the most dynamically developing industries is mobile payment services. They provide a fast, convenient and secure way to carry out financial transactions through mobile devices. However, despite the rapid spread of mobile payment services, there are a number of problems and challenges associated with their development and promotion on the market. The purpose of the study is to analyze the development of mobile payment services in the context of FinTech, as well as to develop effective marketing strategies for promoting these products on the market. The object of the study is mobile payment services as an innovative segment of FinTech and their marketing in the modern market, namely aspects related to the development, implementation, promotion and use of mobile payment services. Scientific publications and monographic editions, magazine articles and materials of scientific and practical conferences became the methodological basis of the research. Content analysis of scientific periodicals was used during the research; comparative critical analysis of existing approaches and methods of analysis of financial stability and tax burden; statistical methods of analysis. The main hypothesis of the research is that effective marketing strategies focused on technological innovation, personalization of user experience and taking into account the cultural characteristics of markets significantly increase the adoption and use of mobile payment services among consumers. Summary of the main material. Innovative technologies and platforms based on the concept of embedded finance and their potential to change and transform the financial sphere are highlighted. The technological, economic and regulatory aspects of the use of embedded finance are analyzed, and the key challenges and opportunities associated with their application are identified. As a result of the study, it is established that integrated finance can become a significant factor in accelerating the innovative development of the financial sector, improving the quality of financial services, and ensuring greater accessibility and efficiency in the provision of financial products and services. Originality and practical significance. The originality of the scientific article lies in the comprehensive approach to the study of mobile payment services through the prism of marketing strategies in the FinTech sector. Despite the considerable interest in the technological aspects of mobile payments, the issues of effective marketing of these products remain less studied. The practical significance of the article is that the research results can be used by both FinTech companies and marketing specialists to improve their strategies and increase the efficiency of mobile payment services. Conclusions and prospects for further research. The analysis showed that the introduction of the latest technologies, such as blockchain, artificial intelligence and biometric authentication methods, significantly increases the security and convenience of mobile payment services, which contributes to their popularization among consumers. The combination of technological innovation, personalization and cultural adaptation in marketing strategies is the key to successful promotion of mobile payment services. Further research is needed to assess the long-term consequences of introducing new technologies into mobile payment services. Particular attention should be paid to data security and confidentiality.

A Model for Developing a Mobile Payment Service Framework

The rise of wireless communication has spurred the global adoption of mobile payment services, a trend that is significantly reducing the use of cash. This shift, driven by new technologies and lifestyle changes, not only presents opportunities for businesses but also enhances consumers’ daily activities. Consumers’ and businesses’ willingness to adopt mobile payment services has increased due to factors such as easier access to new technologies, convenience, changing lifestyle choices, and economic conditions. Despite challenges such as limited access to technology, security concerns, and high transaction fees, the potential benefits of mobile payment services are promising. Therefore, this research aims to construct a suitable model for developing a mobile payment service framework that both consumers and businesses are willing to adopt. The proposed model integrates the Delphi method, interpretive structural modeling (ISM), quality function deployment (QFD), an analytic network process (ANP), and fuzzy set theory. To demonstrate the practical application of the model, a case study of developing a mobile payment service framework is presented, showcasing how the model can be used to address real-world challenges and enhance the adoption of mobile payment services. The case study results show that ease of use, system and service quality, and reliability are the most important customer requirements, and encryption, edge computing, authentication, and interoperability are the most important engineering characteristics.

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

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.

The reform of consumer protection in mobile payment services in China: Legislation, regulation, and dispute resolution

In China, mobile payment services, based on a rapid development of financial technology, have been playing an essential role in Chinese residents’ daily life, creating a cashless society. Unlike many advanced countries having a clear legal definition of financial consumers and incorporating consumers of mobile payment services into financial consumers, China, as one of the largest markets for mobile payment services, has not had a clear legal definition of financial consumers with no clarity regarding whether consumers of mobile payment services belong to financial consumers. This article not only provides a legal analysis of consumers of mobile payment services in China, but also outrightly explores the prospective reform of financial consumer protection with reference to other countries’ successful experience and standards. By the analysis, this article attempts to find out solution for the Chinese financial consumer protection scheme and argues that the Chinese financial consumer protection scheme has to be well designed to maintain a balance between consumers and mobile payment giants.

Mobile payment-banking efficiency nexus—A concise review of the evolution and empirical exploration of the Taiwan banking industry

This paper utilizes an advanced Network Data Envelopment Analysis (DEA) model to examine the impact of mobile payment on the efficiency of Taiwan banking industry. Inheriting the literature, we separate the banking operation process into two stages, namely profitability and marketability. Mobile payment is then considered as the core factor in the second stage. Our paper discovers network DEA model can effectively enhance the analysis of banking industry’s efficiency, and mobile payment has a notable impact on Taiwan banking industry. Regarding the profitability stage, there is only one efficient bank in 2019 and 2022, respectively. These banks also perform better in terms of “mobile payment production”. In the marketability stage, there is also only one bank in 2021 and one bank in 2022, that can reach to unique efficiency score. This indicates many banks attempt to increase earnings per share through investing in mobile payment services. However, the achievement still needs more wait. This leads to the fact that no bank can reach the ultimate overall efficiency. Within our sample, we also find that regarding promoting mobile payment services, Private Banks outperform Government Banks.

WeChat gamification: mobile payment impact on word of mouth and customer loyalty

Purpose This study aims to investigate how gamification, namely, WeChat’s cultural gifting function, improves emotional involvement among three generations (Y, X and silver) in mobile payments. It draws attention to the beneficial effects of cultural components and digital intimacy on gamified mobile payment systems. Design/methodology/approach The data were collected from Y, X and silver generation in Dalian, China. The users were well equipped with the WeChat pay features and had experience. The PLS-SEM software was used to assess the data. Findings The findings show that consumer word of mouth and loyalty are positively impacted by perceived utility, fun, and enjoyment. Besides, gamification components like fun and playfulness have a favourable effect on how useful mobile payments are judged to be. It demonstrates how delighted and ecstatic users are with WeChat Hongbao. In addition, the positive moderation effect of intimacy on the hypothesised connections shows that all three generations are likely to accept gamified money features. These results provide a substantial contribution to our comprehension of gamification in the context of mobile payment services for all three generations. Originality/value The study is distinctive because it focuses on how China’s three generations use WeChat Pay for routine transactions. The framework confirms that the gamification elements improve user performance and encourage continued usage of mobile payment systems.

Investigating the Components of Perceived Risk Factors Affecting Mobile Payment Adoption

As smartphone ownership rapidly expands, mobile payment options are gaining popularity due to the portability and convenience they offer. This study examines attitudes towards adopting mobile payment, focusing on the component risk, which consists of multiple dimensions including performance, financial, time, psychological, and social risks. The study uses a quantitative approach, collecting data through a survey distributed to mobile payment users, with 361 respondents in the United States. The survey instrument includes measures of performance and psychological risk, as well as attitudes towards mobile payment acceptance. Data analysis using SPSS 25.0 and AMOS 24.0 reveals that both performance and psychological risk significantly negatively impact attitudes towards mobile payment acceptance, underscoring the importance of mobile payment service providers implementing effective risk management policies to improve users’ positive attitudes towards their platforms.

Mobile Payment Service Adoption: Understanding OVO E-Wallet Customers among GEN Y and GEN Z in Bandung, West Java

This study aimed to determine the factors that influence the Y and Z generation consumers in using OVO E-wallet in the city of Bandung. The analysis employed the Unified Theory of Acceptance and Use of Technology (UTAUT) model, namely performance expectancy (PE), social influence (SI), and behavioral intention (BI). The data analysis was carried out using the structural equation model (SEM-PLS) on the final data collected as many as 400 respondents. The obtained results indicated that the performance expectancy (PE) and social influence (SI) have a positive and significant effect on the behavioral intention (BI) regarding the use of OVO mobile payment. In addition, the social influence (SI) moderates the performance expectancy (PE) towards the behavioral intention (BI). Generations Y and Z have high awareness and strong enthusiasm for adopting OVO mobile payment as long as it provides benefits. One strategy to encourage the adoption of OVO mobile payments among the Y and Z generations is to facilitate financial transactions in an expeditious manner. The social influence (SI) is also a factor regarding the adoption of OVO mobile payments. This suggests that generations Y and Z rely more on advice and recommendations from important people (such as family, friends and relatives) in the adoption of OVO mobile wallet.

Exploring critical determinants influencing businesses’ continuous usage of mobile payment in post-pandemic era: Based on the UTAUT2 perspective

Consumers across demographics have diverse digital lifestyles and rely heavily on e-commerce to purchase necessities including food and beverages. The COVID-19 pandemic has habituated consumers to making mobile payments at an accelerated pace. Despite rising consumer demand for mobile payments, comparable trends in the supply side for businesses remains crucial for the future sustainability of mobile payments. However, businesses must remain willing to accept mobile payments and engage in continued marketing to promote mobile payment. Few studies thus far have applied multi-criteria decision-making analyses to evaluate the critical determinants of intention and motivation to use mobile payment; quantitative analysis methods, such as factor, regression, and variance analyses, are more commonly applied. This study examined the critical evaluation constructs and criteria that affect retailers and service providers in outlying islands using the Extended Unified Theory of Acceptance and Use of Technology (UTAUT2) as our theoretical basis. It then established a multi-criteria decision-making framework for understanding the factors influencing businesses' mobile payment use. This study uses the multi-criteria evaluation of the Decision-Making Trial and Evaluation Laboratory (DEMATEL) and DEMATEL-based Analytic Network Process (DANP) to create network relation maps of the constructs and criteria for the willingness of outlying island retailers and service providers to continue accepting mobile payments. Penghu County is located on the outlying islands of Taiwan and has witnessed a substantial shift in transaction practices among its small and medium-sized enterprises following the outbreak of the pandemic. It experienced a marked decrease in tourist influx during the COVID-19 pandemic, significantly impacting local businesses. This study aimed to better understand the opinions and motivations of businesses in Penghu County regarding mobile payment services. Insights from this perspective should help improve local businesses’ adaptability and usage habits. The findings offer significant strategies for the government to provide specific training programs and subsidies or incentives for businesses adopting mobile payment technologies, ultimately expanding mobile payment services across small businesses that target tourists.

Following the herd? An empirical investigation into the adoption of mobile payment systems

PurposeThe adoption of mobile payment remains low in certain regions, highlighting the need to identify the factors that enable and inhibit its adoption. This study aims to address this gap by investigating the role of information security, loss aversion and the moderating influence of the herd effect on Inertia and behavioral intentions in the adoption of mobile payment systems.Design/methodology/approachA structural equation model was developed and tested with 332 valid questionnaires to examine the proposed hypotheses.FindingsThe empirical results reveal that information security plays a significant role as an enabler, while loss aversion acts as an inhibitor of mobile payment adoption. Furthermore, the study uncovers the moderating influence of the herd effect on the relationship between Inertia and behavioral intentions.Research limitations/implicationsThis study was conducted in a specific region and may not be generalizable to other regions. Future studies could expand the sample size and scope to enhance the external validity of the findings.Practical implicationsThis study offers practical implications for mobile payment service providers. Understanding the key enabling and inhibiting factors identified in this study can guide providers in designing and improving their services. Strengthening information security measures can help build trust among potential adopters, while offering incentives can mitigate the impact of loss aversion and encourage early adoption.Social implicationsThe findings of this study have social implications as they contribute to promoting the adoption of mobile payment systems. Increased adoption can enhance financial inclusion and stimulate economic development.Originality/valueThis study provides novel insights into the enabling and inhibiting factors of mobile payment adoption and highlights the moderating role of the herd effect. By shedding light on the influence of social norms on individual behavior in the context of mobile payment adoption, this study contributes to the existing literature and advances our understanding of this phenomenon.

What Drives Mobile Payment Fin Tech Adoption in India?

This study aimed to determine the drivers of mobile payment FinTech adoption. The study was conducted with 306 generation Y (Gen Y) and generation Z (Gen Z) FinTech users, and data were analyzed using structural equation modelling (SEM) through partial least squares and analysis of variance (ANOVA). The present study investigates some interesting and novel associations among variables that contribute to the literature, such as the mediating effect of effort expectancy, facilitating condition, performance expectancy and social influence between the association of financial literacy and behavioural intention, and investigates the unified theory of acceptance and use of technology (UTAUT) constructs (effort expectancy, facilitating condition, performance expectancy and social influence), technology acceptance model 3 (TAM 3) constructs (perceived enjoyment and self-efficacy), financial literacy and demographic features as drivers of FinTech adoption. The results indicate that effort expectancy, performance expectancy, facilitating conditions, financial literacy and self-efficacy are strong drivers of FinTech adoption. Perceived enjoyment and social influence do not influence users’ behavioural intention to adopt mobile payment services. JEL Codes: G41, O30, O31, 033

SWITCHING TO CASHLESS? EXPLORING COSTS OF SWITCHING INTENTION IN MOBILE PAYMENT SERVICES

ABSTRACT The concept of a cashless society has received increasing attention due to the prevalence of cashless transactions and the circulation of digital currency. The benefit of a cashless society is that mobile payment allows efficient, convenient, transparent, and traceable transactions. This study examined the influence of switching costs on customer satisfaction, stickiness, and intention to switch to mobile payment services. We also studied the effect of financial literacy on mobile payment services. Self-efficacy is irrelevant for experienced mobile payment users in terms of customer satisfaction and stickiness. Financial switching costs and self-efficacy (procedural switching costs) have no influence on user satisfaction and stickiness toward mobile payment services, whereas risk tolerance (procedural switching costs) and social influence (relational switching costs) positively influence these two factors. User stickiness partially mediates the relationship between user satisfaction and users’ switching intention toward mobile payment services. Our findings can help mobile payment enterprises focus on operational strategies and enhance the reputation of social networks to increase user satisfaction.