Understanding Factors That Influence Consumer Intention to Use Mobile Money Services: An Application of UTAUT2 With Perceived Risk and Trust

Abstract

Mobile money is an attractive alternative that has boomed in recent times due to the advancement in mobile and telecommunication technology. Although there are copious benefits of such a great mobile technology, the adoption rate is far from expectations. This study examines the factors that predict users’ behavioral intention (BI) to adopt and use mobile money. The study adopts the unified theory of acceptance and usage of technology as a reference and builds an extended model by taking into account “perceived risk” and “trust.” Data collected from 373 mobile money users in Ghana via a questionnaire survey were analyzed using the structural equation modeling approach. The findings reveal that performance expectancy, effort expectancy, social influence, habit, price value, perceived risk, and trust substantially affect users’ BI. However, facilitating conditions and hedonic motivation showed no pertinent effect on users’ BI. Implications for both theory and practice are also discussed.

Predicting the intention to adopt wearable payment devices in China: The use of hybrid SEM-Neural network approach

“…Despite the tremendous recognition of UTAUT [ 25 ], Venkatesh et al [ 26 ] expanded the UTAUT model with the addition of three new factors, namely "price value", "hedonic motivation", and "habit", resulting in the establishment of the UTAUT2 theory. Previous studies revealed that compared to the original UTAUT, the extensions offered in the UTAUT2 resulted in a substantial increase in the explained variance (e.g., 56% to 74%) of the intention to adopt new technologies [ 27 ]. Taking all these facts into account, the UTAUT2 model was used in this study to examine the factors influencing the consumers’ intentions to embrace WPD in the context of China.…”

“…UTAUT and UTAUT2 were expanded by several studies [ 18 , 19 , 27 ] through the incorporation of perceived trust as an influencing factor of the intention to adopt contactless payments. According to other earlier studies, lifestyle compatibility was among the most important indicators of the intention to adopt contactless payment technologies [ 18 , 19 , 23 , 31 ].…”

“…Performance expectancy refers to the degree to which the use of new technology could assist consumers in performing certain operations [ 26 ]. In the case of contactless payments, PE indicates customers’ judgments of improved performance as a result of employing payment services, such as payment expediency and accuracy, fast response, and service efficiency [ 27 ]. To make a payment using WPD, the user simply needs to install payment software on their smart wearable gadgets and wave it over the payment terminals [ 2 ].…”

“…Currently, consumers can make payments more easily, quickly, and safely due to the technological advancements in contactless payment [ 18 ]. Furthermore, EE could be improved through widely accessible M-payment service providers and the availability of the application on smartphones and other portable devices with device-independent apps [ 27 ]. Contactless payment systems that operate on wearable smart devices on the wrist by simply waving contribute to a convenient payment method, which allows customers to pay for purchases using single gestures [ 2 ].…”

“…To illustrate, the information and motivation shown by other people around a consumer may hold a crucial role in enhancing their awareness of products and increasing their willingness to adopt the technology [ 29 ]. Social influence represents people’s attitudes towards other people’s expectations of the adoption of technology and their motivation to meet those expectations [ 27 ]. Oliveira et al [ 28 ] demonstrated the high importance of SI by stating that the adoption intention of m-payment is strongly affected by the suggestions and opinions of prominent people in society.…”