Payment Users Research Articles

Modelling cybersecurity impacts on digital payment adoption: A game theoretic approach

The pervasive adoption of digital payment systems globally is a crucial development, shaping the financial landscapes of diverse nations. However, this surge in adoption has precipitated a concerning rise in cybercrimes. This prompts users to reassess preferred payment modes and occasionally leads to a shift back to traditional cash transactions. Given the central role of digital payments in steering the digital economy’s growth and their profound impact on a country’s gross domestic product, the imperative to augment the number of digital payment users becomes increasingly compelling. In response to this imperative, this article introduces a game theoretical model to comprehend how digital payment service providers can ensure optimal security for their services and systems. The objective extends beyond merely addressing the escalating threat of cybercrime; it also seeks to cultivate a pervasive sense of safety among users. Simultaneously, it endeavours to dissuade cybercriminals from investing efforts in exploiting the robust security measures implemented by digital payment service providers. To validate the efficacy of our model, we employed a strategic approach. We have formulated four research questions using the problematization technique and leveraging a thorough examination of the existing literature. Subsequently, we systematically map the findings of our model, ensuring a nuanced alignment with the existing academic discourse. The article aims to have a widespread and significant impact by enhancing security and fundamentally influencing the trajectory of digital payment adoption, thereby contributing to the development of the digital economy.

Multi-Dimensional Herding Behavior of Mobile Payment Users

ABSTRACT The swift advancement of technology and the convenience of mobile payment use have significantly contributed to its growth, impacting financial inclusion in developing regions. However, continuity remains a challenge for users in these regions favoring cash. To address this, we investigate how users often exhibit herding behavior that influences mobile payment usage and not just techno-behavioral factors, as suggested by past literature. We propose that users frequently imitate others’ actions owing to the networked nature of mobile payment technology and design a research model comprising multiple dimensions of both rational and irrational herding behavior affecting its continued usage. With 507 user survey responses, we confirmed our model’s validity. Results reveal a balancing impact of both rational and irrational herding on continuance intention, providing insights for enhancing the technology’s popularity in financial inclusion efforts. This study enhances mobile payment literature by integrating theoretical aspects of herding behavior.

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.

Vehicle Parking Management System

The proposed project is a Vehicle parking management System that provides customers an easy way of reserving a parking space online. It overcomes the problem of finding a parking space in commercial areas that unnecessary consumes time. Hence this project offers a web based reservation system where users can view various parking areas and select the space to view whether space is available or not. If the booking space is available then he can book it for specific time slot. The booked space will be marked yellow and will not be available for anyone else for the specified time. This system provides an additional feature of cancelling the bookings. User can cancel their books space anytime. Users can even make payment online via credit card, debit card, paytm, on cash, etc .After making payment users are notified about the booking via email along with unique parking number

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.

Factors Affecting Millennials and Gen Z Preferences in Using Cashless Payment Systems in DKI Jakarta

This research aims to determine the effect of perceived usefulness, perceived ease of use, perceived security, income, education level and generation on Millennials and Gen Z preferences in using cashless payment systems and to find out which factors have the most influence. This research is a quantitative research with analytical technique using linear multiple regression. The research uses primary data obtained through the distribution of questionnaires to a sample of 100 respondents. The sampling technique used is purposive sampling with the sample criteria being cashless payment users aged 15–40 years. The research shows that perceived usefulness, perceived ease of use, income, and generation have a positive and significant effect on Millennials and Gen Z preferences in using a cashless payment system. Whereas, perceived security and education level have no effect on Millennials and Gen Z preferences in using a cashless payment system. Perceived usefulness is the factor that most influences Millennials and Gen Z preferences in using a cashless payment system. To increase perceived usefulness and perceived ease of use, providers can improve the service quality of the cashless payment system so that users can access it more easily. To increase the perception of security, Bank Indonesia and the Financial Services Authority (Otoritas Jasa Keuangan) made stricter regulations related to the protection of users’ personal data. To increase the use of the cashless payment system, the providers carry out promotions more often to attract the public’s attention and also carry out socialization to increase public understanding of the cashless payment system. Keywords: preference, payment systems, cashless, millennials, gen Z

Analisis Pengalaman Pengguna Pada Aplikasi Dompet Digital X Menggunakan User Experience Questionnaire

Digital wallet is an application that resides on a smartphone that can be used for transactions without using money cash. Referring to a survey conducted by Global Consumer insight (PwC, 2019), “Along with the growing number of active mobile internet users in Indonesia, the number of mobile payment users has also experienced growth.” One of the factors that influence user interest in continuing to use an application is the user's perception or experience. The purpose of this research is to determine the level of user experience aspects in the current X digital wallet, as well as determine aspects of the user experience that need to be improved using the User Experience Questionnaire (UEQ). “The population of this research is X digital wallet users using simple random sampling technique. Data analysis was performed using the UEQ Data Analysis Tool. The results of this study were found that the perspicuity aspect got a value of 1.25 or above average. The attractiveness, efficiency, dependability, and stimulation and novelty aspects respectively scored 0.90, 1.01 and 0.80, 0.89 and 0.52 or below average.” The recommendations in this study are expected to become one of the considerations for X digital wallet stakeholders to improve the X user experience. Keywords : Digital Wallet, User Experience, UEQ, UEQ Data Analysis Tool

Understanding the opposing forces of continuance intention: a hybrid SEM-ANN approach

PurposeThis study looks to understand the opposing forces that would influence continuance intention. This is significant as users will take into account the positive and negative use experiences in determining their continuance intention. Therefore, this study looks to highlight the opposing forces of users’ continuance intention by proposing the Expectation-Confirmation-Resistance Model (ECRM).Design/methodology/approachThrough an online survey, 411 responses were obtained from mobile payment users. Subsequently, a hybrid approach comprised of the Partial Least Squares-Structural Equation Modeling (PLS-SEM) and Artificial Neural Network (ANN) was utilized to analyze the data.FindingsThe results revealed that all hypotheses proposed in the ECRM are supported. More precisely, the facilitating and inhibiting variables were found to significantly affect continuance intention. In addition, the ECRM was revealed to possess superior explanatory power over the original model in predicting continuance intention.Originality/valueThis study successfully developed and validated the ECRM which captures both facilitators and inhibitors of continuance intention. Besides, the relevance and significance of users’ innovative resistance to continuance intention have been highlighted. Following this, effective business and research strategies can be developed by taking into account the opposing forces that affect users’ continuance intention.

Utility and hedonic perception- Customers’ intention towards using of QR codes in mobile payment of Generation Y and Generation Z

This research endeavors to decipher the complex interplay of Generation Y and Z's perceptions of effort, performance, social norms, usefulness, and hedonics, and how these factors influence their adoption of QR codes for mobile money transactions. This qualitative study focused on Generation Y and Z mobile payment users in Bangladesh, employing Google Forms as a tool for data collection and an objective sampling strategy to distribute questionnaires. The data collected from 300 valid responses was meticulously analyzed using structured equation modeling (SEM), grounded in the theoretical framework provided by the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Stimulus-Organism-Response (SOR) theories. The findings of the research underscore the significant influence of effort expectation, performance expectations, and subjective norms on users' utilitarian perspective and satisfaction with QR payment technology, thereby highlighting their critical role in fostering its wider acceptance. The insights gleaned from this research shed light on the determinants influencing users' propensity to adopt QR payment technology. These insights could be instrumental for service providers in customizing their offerings to cater more effectively to their customers' needs and preferences. This research, with its significant contributions to literature and a robust methodology, sets a benchmark for similar future studies in this domain.

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.

Financial characteristics of mobile banking and payment users in the United States

This study aims to examine the personal finance characteristics of mobile banking and mobile payment users in the United States. To achieve this goal, we used the 2018 National Financial Capability Study, which surveyed over 27,000 American adults regarding their personal financial standing and behaviors. By using ordinary least squares models, our results indicated that the use of mobile banking and mobile payment technology was associated with lower age, Non-White Ethnicity, higher income, higher debt load, debt types (auto, student, credit card, and predatory), and spending more than one’s income. These results reveal that the higher one’s income, financial liabilities, and spending are, the more they may value the convenience of mobile banking and payments.

Factors Influencing Intentions to Use Mobile Payments: An Entrepreneurial Perspective

Since the beginning of the 2000s, business activities have become more electronic, and cell phones have become an important way to do business. An enormous amount of research has been done on how people are using mobile payments. This study aims to examine how user’s perception of risk influences their decision to continue using mobile payment services. Despite the benefits associated with payments there are still challenges that hinder its widespread acceptance. This study discusses these challenges with entrepreneurial perspective that entrepreneurial thinking here means not only noticing how popular mobile payment services are, but also figuring out what the problems are and using them as a starting point to come up with new ideas that could change the industry. The study utilizes the Unified Theory of Acceptance and Use of Technology (UTAUT) model along, with the confirmation acceptance model to analyze the factors that impact users continued intention to use payments and validate the conceptual model. To collect data for this research a quantitative approach is employed through a survey distributed among mobile payment users. The survey adopts convenience sampling techniques to gather responses from participants, across regions of Pakistan. Data collection spanned over a two-month period involving a total of 460 respondents. The study employed Structural Equation Modeling (SEM) to examine the relationship between confirmation, performance expectancy, effort expectancy, social influence, and continuous intention to use mobile payment services. There was a positive relationship between the dependent and independent factors, which meant that all of the hypotheses were valid. Additionally, SPSS analysis showed that perceived risk weakens the connection between confirmation, performance expectancy, effort expectancy, social influence, and continuous intention. The findings of this research contribute to the business literature and put forth crucial guidelines for the management of entrepreneurial mindsets.

PAYMENT SYSTEM DEVELOPMENT IN INDONESIA

The objective of this paper is to provide insight into the payment system transformation in Indonesia. The discussion method uses quantitative descriptive analysis related to the payment system and development, as well as digital payment statistics in Indonesia. To predict the number of digital payment users after 2022, we use quantitative management tools for Windows based on the time series data in the past years. According to the data and analysis, the number of digital payment users in Indonesia continuously experienced a linearly increasing trend each year. Currently, there has been a shift in people’s behaviour from using a paper-based instrument previously to using digital payment as a payment method. This shift is in line with the growth of information technology and change in the business model, followed by the new regulations and policies issued by the Indonesia Central Bank.

The Use of Digital Payment Methods and its Implications on Financial Inclusion: A Survey Study

In the digital era, the advent of electronic payment systems has revolutionized financial transactions, with significant implications for financial inclusion. This research paper delves into the dynamics of digital payment methods and their impact on financial inclusion in India, focusing on user demographics, adoption rates, perceptions, and barriers to usage.
 The study was underpinned by several research objectives aimed at understanding the nuances of digital payment adoption across different demographic segments, assessing the perception of security and privacy, evaluating the role of digital payments in reducing cash dependency, identifying the adoption barriers, and recommending inclusive strategies for broader access. A set of research questions and hypotheses were formulated in line with these objectives.
 A quantitative research approach was employed, involving a survey disseminated across multiple Indian states. The survey, comprising structured questionnaires, targeted a diverse population segment, accumulating a total of 500 responses. The data collected was rigorously analyzed using descriptive statistics, inferential tests (t-tests and ANOVA), and thematic analysis for open-ended responses.
 Key findings of the study indicated a higher propensity for digital payment adoption among younger individuals, with notable hesitancy among older demographics. Security and privacy concerns were prevalent, significantly influencing user behavior, particularly among females. The research also highlighted a substantial reduction in cash dependency among digital payment users, indicating an increase in financial autonomy. However, significant barriers, including digital literacy, infrastructure inadequacies, and language barriers, especially in rural areas, impede widespread adoption.
 These findings have profound implications for financial inclusion, emphasizing the need for a multifaceted approach to address the digital divide. The study underscores the necessity for stakeholder collaboration in enhancing digital infrastructure, literacy, and trust, thereby fostering an inclusive financial environment. The insights derived are of paramount importance for policymakers, financial institutions, and fintech companies aiming to innovate and expand the reach of digital financial services.

Factors Affecting Intention to Adopt Digital Currency among Digital Payment Users in Kathmandu Valley

Purpose: The purpose of this paper is to investigate the factors affecting behavioral intention (INT) for adopting digital currency among digital payment users in Kathmandu Valley. Design/Methodology/Approach: This paper applied a cross-sectional survey design and collected 291 data from digital payment users in Kathmandu Valley analyzed by partial least squares structural equation model (PLS-SEM). Findings: This paper highlights that attitude (ATT) and perceived behavioral control (PBC) for adopting digital currency are the major factors that influence INT for adopting digital currency. Likewise, peer influence (PI) and superior influence (SI) have a significant positive influence on subjective norms (SN). Further, perceived ease of use (PEOU), perceived usefulness (PU), and perceived trust (PT) have a significant positive influence on ATT for adopting digital currency. Furthermore, self-efficacy (SE) and facilitating conditions (FC) have a significant positive influence on PBC. Originality/Value: The policymakers can utilize this information to develop infrastructure and regulations that encourage the use of digital currencies. Keywords: attitude for adopting digital currency, decompose theory of planned behavior, intention for adopting digital currency, perceived behavioral control, subjective norms

Factors Affecting Intention to Adopt Digital Currency among Digital Payment Users in Kathmandu Valley

Factors Affecting Intention to Adopt Digital Currency among Digital Payment Users in Kathmandu Valley

Post-adoption model of mobile payment in Indonesia: Integration of UTAUT2 and the dedication-constraint perspective

Heading towards a cashless society, consumers have undergone a significant shift toward mobile payment services after COVID-19. The proliferation of various mobile payment applications has resulted in low consumer loyalty to mobile payment providers. Thus, continuance intention of mobile payments becomes crucial for mobile payment providers. The integration of UTAUT2 and the dedication-constraint-based mechanism are adopted to elaborate approach in retaining customers. The dedication mechanism is built by examining antecedents of satisfaction. Meanwhile, the constraint mechanism is driven by switching costs, preceded by habit and economic incentives. A total of 297 mobile payment users participated by filling out questionnaires in a field survey. The results show that the dedication mechanism dominates in creating satisfaction by increasing perceived usefulness, while the constraint mechanism is more influenced by habit than economic incentives. This research provides insights for mobile payment providers to enhance satisfaction by understanding consumers' needs in using mobile payments and to increase switching costs by fostering habit, thereby encouraging continuance intention of mobile payments in the future.

전자결제 서비스의 특성이 중국 사용자 행동에 미치는 영향에 관한 연구

In recent years, mobile payment has become widespread and has become a major payment method for many consumers in China. Products purchased mainly through mobile terminals are settled and settled through mobile payment platforms. The number of mobile payment users in China continues to expand. The volume of mobile payment transactions in China continue to increase in recent years. The scale of mobile payments in China is 432.2 trillion yuan in 2020. Technological innovation has revolutionized business models, and mobile commerce is increasingly accepted and recognized by the public. Mobile payment is an important process and key link in mobile commerce. Mobile payments have great potential and a wide market. As the number of users and frequency of use increases, the volume of mobile payment transactions will continue to grow in the future. In this context, the purpose of this study is to examine the effect of China's electronic payment service characteristics on user behavior. The purpose of this study is to explore the relationship between the electronic payment service and user behavior through an empirical analysis of the electronic payment service characteristics based on the theoretical background of the electronic payment service characteristics. This is to ensure that the electronic payment service continuously adapts to the needs of society along with economic development and finds defects in the electronic payment service in a timely manner. In this paper, the factors of electronic payment service characteristics were selected by analyzing the existing research results. In this study, SPSS 23.0 was used for basic statistics. SmartPLS 4.0 statistical package was used. for hypothesis testing. A survey was conducted with 270 people using an online survey in China. There are convenience, security, reliability, and responsiveness, which are characteristics of electronic payment service. They had a significant effect on user attitude. User attitude and user behavior had a significant effect.

Switching behaviors in peer-to-peer mobile payment applications: the role of sociability

PurposeUsing features of social media, peer-to-peer (P2P) mobile payment enables users to foster social interaction every time transactions are made. Given the increasing popularity of social features in P2P mobile payment applications, it is worth understanding how these components contribute to users’ switching behavior between conventional mobile payment and P2P mobile payment services. By treating sociability of P2P mobile payment as a pull factor, this study aims to extend the push–pull–mooring framework in the context of P2P mobile payment.Design/methodology/approachA questionnaire survey was conducted to obtain data. Respondents from the USA were exclusively selected due to the emerging number of P2P mobile payment users and the volume of transactions in this country. Based on a sample of 232 Amazon Mechanical Turk mobile payment users, the authors tested the hypotheses using the partial least squares structural equation model technique with SmartPLS software version 3.FindingsThe finding reveals that sociability is triggered by social presence, social benefit and social support within the P2P mobile payment platform. Moreover, dissatisfaction with perceived enjoyment of conventional mobile payment (push factor), customer innovativeness (mooring factor) and sociability of P2P mobile payment (pull factor) jointly influence users’ intention to switch to P2P mobile payment services, and subsequently drive their migration behavior.Originality/valueUnlike past research that mainly focuses on utilitarian-related factors, to the best of the authors’ knowledge, this study is among the first to thoroughly examine the sociability features of P2P mobile payment service as a form of a social-centric system.

Understanding the process of building institutional trust among digital payment users through national cybersecurity commitment trustworthiness cues: a critical realist perspective

PurposeThe current body of empirical research regarding the impact of trust in the cybersecurity commitment of institutions on digital payment usage has focused solely on a macro-level analysis, overlooking the intricate dynamics between institutions' cybersecurity commitments and the trust levels of digital payment users. In light of this limitation, this study aims to offer a more comprehensive understanding of this complex relationship.Design/methodology/approachA case study was conducted on digital payment users in India through the critical realist lens. To gather data, interviews and focus group discussions were conducted with digital payment users from various regions of the country.FindingsThe citizen-centric outcomes of the national cybersecurity commitment (performance and responsiveness) are the most prominent and impactful trust indicators. These outcomes play a crucial role in shaping digital payment users' perception and trust in the cybersecurity commitment of public institutions. Individuals' value positions also influence trust judgments, as it is essential to recognize the value tensions that may arise due to security implementation and their congruence with citizens' values.Research limitations/implicationsThe findings of this study have significant implications for policymakers. They are potentially an artifact of the security and perception of digital payment users and the cultural uniqueness of digital payment users in India.Originality/valueThe study proposes a holistic understanding of the relationship between institutions' cybersecurity commitments and the trust levels of digital payment users. It offers a qualitative evaluation of how digital payment users perceive and construe efficient information security management implemented by public institutions.