The Roles of FinTech with Perceived Mediators in Consumer Financial Satisfaction with Cashless Payments

Abstract

The purpose of this paper is to investigate the association between FinTech payments and consumer financial satisfaction with cashless payments using data from the 2017 China Household Finance Survey. This study defines computer payment and mobile terminal payment using a cell phone or pad as payments with FinTech. The results indicate that payments with FinTech are positively associated with financial satisfaction with cashless payments. Furthermore, this result holds in the eastern and central groups of China, but not in the western group, where payments with FinTech are not associated with financial satisfaction with cashless payments. Similarly, the positive association does not hold for consumers with low financial literacy. Moreover, analyses on the mediating effects imply that payments with FinTech play roles through three perceived mediators. Specifically, payments with FinTech help increase consumers’ perceived convenience and perceived popularity as well as reduce perceived risk, which eventually improves financial satisfaction with cashless payments. These findings have implications for consumer policymakers, such as improving the development of FinTech, noticing the heterogeneity in terms of location, and guiding consumers to correctly understand the risks associated with FinTech. Surrounding this issue, future studies may also explore other mediators related to psychology and expand the connotation of Fintech from payments with FinTech to lending and portfolio investments with FinTech.

Investigating the associations of consumer financial knowledge and financial behaviors of credit card use

“…The y t represents the year-fixed effect, and stands for state dummies. Following the specifications of [ 40 ]; control variables incorporate age, ethnicity (Two categories: white and non-white), marital status (Two types: married and not married), the number of children, income, work status (0—unemployed, and 1—employed), risk attitude (From 1—not at all willing to take any risk to 10—very willing to take risks), financial education (0—no financial education, and 1—have financial education), perceived financial capability (From 1—very low to 7—very high), perceived math capability (From 1—strongly disagree that I am pretty good at math to 7—strongly agree that I am pretty good at math), owning house property (0—don't have a house, and 1—have a house), and credit rating (1—very bad, and 5—very good). Moreover, represents the financial knowledge a respondent has.…”

Financial knowledge and responsible credit card behavior: exploring mediators and moderators

“…Credit card is an important embodiment of FinTech and digital access affects the corresponding use perception (Grodzicki and Koulayev, 2021). Previous studies have shown that perceived convenience and perceived popularity influence consumers' evaluation of the credit card payment process and then change their credit card behavior (Chen and Jiang, 2022). On the one hand, better digital access is conducive to the more convenient use of credit cards because the process of using credit cards is smoother (Alao and Sorinola, 2015).…”

The Impulse Buying of Gen Z When Using E-Wallet In Indonesia

“…Application users are very concerned about the risks posed by the security of applications used for financial transactions in the online retail sector (Hsiao, 2021;Nizam, Hwang, & Valaei, 2019). Researchers have examined how a person's perception related to the risk impacts whether they use their mobile wallet to make cashless payments (F. Chen & Jiang, 2022;Rahman, Ismail, Bahri, & Rahman, 2022). Although mobile payments are popular and practical (Nizam et al, 2019;Yan, Tan, Loh, Hew, & Ooi, 2021), security and privacy concerns result from such transactions (Aji, Berakon, & Md Husin, 2020;Kasirye & Masum, 2021).…”