Young Generation’s Mobile Payment Adoption Behavior: Analysis Based on an Extended UTAUT Model

Abstract

Younger generations comprise an essential segment for the mobile payment market to prosper. However, empirical evidence of the drivers/barriers of the young generation’s adoption of mobile payment has been inconclusive. This study intends to advance the body of knowledge on this subject based on the extended Unified Theory of Acceptance and Use of Technology (UTAUT), incorporating the young generation’s risk perception and bonus/rewards provided by the mobile-pay firms. To this end, 295 samples with the majority being more tech-savvy, namely generation Y and generation Z, were collected from an online survey in Taiwan. The empirical results in this study demonstrate the uniquely positive effect of social influence on the young generations’ behavioral intention to adopt mobile payment. While behavioral intention and promotional activities are the drivers of the young generation’s actual usage of mobile payment, perceived risks are found to exert a negative impact, reflecting the risk-averse preferences of the young generation in Taiwan. The ignorable moderation effect of gender, on the other hand, suggests the absence of a gender gap in the use of mobile payment among the young generations. The findings in this research have important implications for the development of promotion programs motivating the young generation’s adoption of mobile payment.

Decision Factors behind Cisco Networking Hardware Acceptance in Business Environments

“…Thereby, network administrators tasked with managing Cisco switches are open to suggestions regarding the overall value of particular hardware expressed by their colleagues. Younger professionals are particularly susceptible to the authoritative role of their more experienced counterparts, which is in line with [16]. In contrast, the relation between Subjective Norm and Image (H1/nH1) is infallibly very strong.…”

“…The expanded TAM model is used in a study featuring 164 respondents to identify the determinants of utilitarian value in smartphone-based mobile commerce [15]. Complimentary research, which scrutinizes the determinants that affect the potential adoption of mobile payment services in Taiwan, hints at a risk-averse bearing of the young generation and the authoritative role of celebrities and colleagues in breaking this barrier [16]. Zhao and Xi, after investigating the TAM model structure, attempt to use perceived value theory to recognize factors from the service model aspect to well interpret user behavior in the adoption of Third-Party Mobile Payment service [17].…”

Understanding FinTech Platform Adoption: Impacts of Perceived Value and Perceived Risk

“…De Luna, Liébana-Cabanillas, Sánchez-Fernández and Muñoz-Leiva [18] demonstrated that social influence significantly affects mobile payment systems' adoption intention. Wei, Luh, Huang and Chang [25] empirically verified that social influence affects young generations' online payment adoption. All these studies indicated that social influence positively affects individuals' intention to consume goods/services.…”

“…There are four moderators: age, gender, experience, and voluntariness of use, affecting the relationship between the four constructs and adoption intention and behavior. As it gives a high explanation (as much as 70%) for individuals' adoption intention, UTAUT has been widely applied in various fields as the fundamental model for technology adoption for individual and organizational settings in many areas [7,9,10,13,25,[51][52][53]. Venkatesh, et al [54] reviewed the UTAUT-related research and highlighted the direction for future UTAUT-related research.…”

“…Previous research focuses on exploring the financial-related adoption behavior from the perspective of technology adoption and contributes to our understanding of FinTech platforms [1,8,9,[11][12][13][14]. However, most studies focus on specific FinTech services such as online banking, and online payments, as well as peer-to-peer lending [9,[15][16][17][18][19][20][21][22][23][24][25][26][27]. Few of them explore factors that affect individuals' online wealth management platforms.…”