A problem is the uncertainty around consumer adoption of this emerging technology. Nfc mobile payments are being deployed by many hardware vendors, technology companies and financial institutions. Mobile payment mpayment entails making payments using mobile devices including wireless handsets, personal digital assistants, and other radio frequency rf and near field communication nfc based devices. To use a mobile wallet, a consumer can download a mobile wallet app on their phone. Area that represents mobile payments is information systems. Connect with us euromonitor international 2014 leveraging consumer loyalty to drive mobile payments adoption how a reimagined shopping experience enhances customer. Value added services and adoption of mobile payments.
Reports are that the payment app has been very successful in improving the. Introduction mobile payments have been suggested as a solution to facilitate micro payments in electronic and mobile commerce, and to provide an alternative for the diminishing use of cash at pos begonha et al. A mobile wallet is an app that stores your debit and credit card details so that you can pay for things digitally using a mobile device. Increasing adoption of mobile devices and e commerce led to the emergence of mcommerce. May only be used on apple devices excluding the iphone 5 and earlier. Our survey found that seven of every ten consumers believe strongly that mobile payments at the point of sale pos will be widely available in three to five years. We must be able to bind the identity of the user to the authorization of the. Their aim is to facilitate the use of mobile phones as a contactless payment device.
Chinasaging population reached 230 million by the end of 2016. While mpayment is still in its infancy, its acceptance is expected to increase exponentially in the coming years. While growth rates in mature markets are stabilizing, the higher adoption of digital initiatives in developing countries is resulting in higher volume growth. This study aims to identify the main determinants of mobile.
Walmart, for example, introduced mobile payments into its mobile app in 2015. Evaluating the role of trust in consumer adoption of mobile. Mobile payments lower financial costs and narrow the gap between urban and rural areas. The keys to driving broad consumer adoption of digital. May only be used on and nfc enabled android devices.
Why are consumers still reluctant to adopt mobile payments. A dynamic industry continues to break new ground 3 crossborder activity. Why mobile payments have barely caught on in the u. It offers new opportunities for banks to provide added convenience to their existing customers in developed countries, and reach a large population of unbanked customers in emerging markets. A total of 254 participants provided 240 useable responses. Currently many studies and research works in this areas focus on e payments rather than mobile payments. The research on mobile payments and mobile wallets have benefited. The usage of wallet adoption is measured as a percentage of total smartphone users so we can account for the wallets that can or can not be used on a particular device. The widespread adoption of mobile payments raises critical issues, including the extent to which financial institutions may lose paymentssystem. Jun 12, 2017 the purpose of this paper is to incorporate mobile payment mp selfefficacy, new technology anxiety, and mp privacy concerns into the basic tam to explore mp adoption, particularly tapandgo payment, among us consumers.
This study examined the use of mobile payments by american consumers. International experience suggests that financial authorities can develop. The ongoing litany of highprofile retailers whose customer data has been stolen strikes. The findings suggest that the relative advantage of mobile payments is different from that specified in adoption theories and include independence of time and place, availability, possibilities for remote payments, and queue avoidance.
Pdf adoption of mobile payment systems in ghana ebenezer. Mobile payments are regulated transactions that take place digitally through your mobile device. The purpose of this paper is to incorporate mobile payment mp selfefficacy, new technology anxiety, and mp privacy concerns into the basic tam to explore mp adoption, particularly tapandgo payment, among us consumers. By fumiko hayashi m obile paymentsthose initiated on a mobile device such as a cell phone or tablet computerhave received a significant. Our results unveil that both internal factors such as higher transaction demand and external factors such as local penetration are associated with mobile payment adoption. Gojeks gopay, for instance, only launched in 2016, but now leads in terms of gross transaction volume gtv when compared to the older services such as telkomsel t cash and mandiri ecash. The low adoption in the senior demographic towards mobile payments is rooted in their own longseated spending habits and perceptions on consumption. Pdf adoption of mobile payment technology by consumers. This statistic presents the mobile payments and mobile wallet adoption rate among smartphone users in the united states as of january 2017. Mobile payments have failed to become ubiquitous for a number of reasons, including consumer security and privacy concerns, as well as a lack of the necessary infrastructure to execute the payment. We then evaluate the postadoption effects, and observe a 2. The growth of the payments component also points to the imperative for financial institutions to develop and continually refresh sound payments strategies in order to remain competitive a market being reshaped by technology, new competition, and. For example, flipkart gives a 1020% discount on orders paid through mobile wallets. Pdf an empirical study on customer adoption of mobile.
The intention is to synthesize the early information from the market to help mobile and digital wallet ecosystem participants make appropriate strategic choices and to drive adoption of new payment technologies that ultimately improve customer experience. Motivated by this fact, we propose and test a trusttheoretic model for consumer adoption of m payment systems. Leading the cashless charge evolution of the digital wallet. Our model can be of practical value in deciding where to invest resources in the marketing and deployment of such technologies. Mobile enabled persontoperson payments, or mobile money transfer services mmt, are experiencing rapid adoption in many markets, in response to steady growth in remittances, the worldwide ubiquity of cell phones, and the need for an electronic p2p payment alternative to paperbased mechanisms like cash and checks. Oversight issues in mobile payments prepared by tanai khiaonarong1 authorized for distribution by ghiath shabsigh july 2014 abstract this paper examines oversight issues that underlie the potential growth and risks in mobile payments. Chinas mobile payment adoption beats all others by katharina buchholz, may 7, 2019 mobile payments worldwide more than half a billion people in china will be paying with their phones. A number of online merchants have also been providing incentives to consumers for using mobile wallets as their payment mode. Factors influencing the intention to adopt nfc mobile. Mobile payments, in the long run, can only be as secure if there is a strong authentication mechanism in place. Pdf value added services and adoption of mobile payments. Our findings support previous studies in the mobile payments domain. Using a sample of 15,060 respondents from all 50 states and the district of columbia, a profile of mobile payment users was developed.
Noncash transactions in europe increased at healthy rate of 7. Mobile payments become a familiar tool in internet banking that the transaction are made by online banking through virtual transaction. In a given month, most americans use a range of traditional methods to make payments. Oct 03, 2019 mobile payments rely on traditional financial infrastructure for transaction processing and consumer protection. The model, grounded in literature on technology adoption and trust, not only theorizes the. May 07, 2019 chinas mobile payment adoption beats all others by katharina buchholz, may 7, 2019 mobile payments worldwide more than half a billion people in china will be paying with their phones. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Mobile payment systems, mobile payment adoption, mobile commerce 1. Mobile payments are also in a stage where failures have a strong connection with reaching a critical mass of users as. Increasing adoption of mobile devices and ecommerce led to. Our results demonstrate that mobile payment acts as a substitute to the physicalcard payment, and as a complement to the pc based payment. Keywords mobile payments, nfc, consumer adoption, south africa, and structural equation modeling. Mobile payments are defined as the use of a mobile device to conduct a payment transaction in which money or funds are transferred from a payer to a receiver via an intermediary, or directly without an intermediary. Consumer adoption of mobile payment mpayment solutions is low compared to the acceptance of traditional forms of payments.
Mobile payment is receiving growing attention globally, from consumers to merchants, as an alternative to using cash, check, or credit cards. In accordingly with current technological advancements, mobile payments are very popular and became the pattern for customers to pay in online ways. May 26, 2016 getting a smartphone is the most common catalyst cited for adoption of mobile payments technology, and millennials and gen xers are far more likely than those from older generations to own smartphones. Review of customer adoption on mobile payment journal of. The adoption rate of appbased mobile payment services adoption in fact overtook that of the traditional mobile payment services in recent year.
153 1042 43 940 12 944 1124 1187 1044 748 1474 956 41 975 1328 628 608 840 697 1141 1097 510 1365 87 895 371 1084 529