Toward a cashless economy: Exploring Drivers of Mobile Wallets Adoption from Consumers’ and Service Providers’ Perspectives

Abstract

With the global trend of governments transforming their economies into cashless societies, and citizens of several countries actively resist this transformation and prefer cash transactions, especially in developing countries. There has been a need for understanding which drivers would motivate consumers to adopt cashless payments through mobile wallets. To achieve this research objective, the researchers employ qualitative methodology. Thirty interviews with consumers and six interviews with managers representing the main service providers in Egypt were conducted. Convenience and judgmental sampling plans were used respectively. Our findings revealed that there is a promising future for mobile wallets adoption. Factors that affect adoption behavior of mobile wallets in Egypt were grouped into three categories as follows: (1) Technical related factors which includes: perceived ease of use, perceived usefulness, and perceived security, (2) Social factors which includes: social influence and (3) Context related factors which includes: facilitating conditions and perceived regulatory support. Our study revealed a new driver named "regulatory support". These findings are important to formulate strategies and tactics that can better encourage consumers towards the adoption of mobile wallets.