Mobile payment service adoption: understanding customers for an application of emerging financial technology


Purpose
As mobile payment systems have been in constant demand and are increasing in recent years, the various stakeholders involved in the process need to be identified. The study mainly includes ease of use, perceived usefulness, facilitating conditions, social influences, adoption readiness and intention to use financial technology (FinTech) in India. This paper aims to discuss FinTech and its dynamic changes in the banking sector. This study tests the mediation influence of perceived trust on adoption readiness and intention to use FinTech in India. The proposed impact of mediation of perceived trust was significant but small on adoption readiness and intention to use FinTech.


Design/methodology/approach
A questionnaire survey was administered to mobile payment users, and 349 responses were collected. Structural equations are analyzed to determine the proposed variables’ direct effects on adopting them. Additionally, to examine indirect effects, the mediation test is used.


Findings
The analysis results support the proposed model and thus help explain the impact of adoption readiness, trust and intention to use digital payment. The study’s significant findings will enable mobile payment institutions to understand the variables related to the growing use of technology in customers’ contexts. The study reveals the significance of ease of use, perceived usefulness and facilitating the service condition, which means that vendors prefer to use compatible devices that are easy to use with other devices. The analysis also explores the critical influence of perceived usefulness on customer behavior, enabling software designers to encourage accessible processes and device advantages for customers.


Practical implications
Mobile payment systems offered by financial institutions until currently become a variety of mobile payment services due to rapidly evolving information technology. This work is a groundbreaking attempt to apply technology acceptance in recent years to the emerging framework of mobile banking systems. This study examines the adoption of mobile payment technologies by proposing an extended technology acceptance model (TAM) to capture the issues associated with adoption in India through banking users. Now customers are aware that cyberattacks on banking networks and data breaches quickly through media and social networks. Also, they know that the industry has done little to avoid or mitigate these attacks.


Originality/value
This study examines the adoption of mobile payment technologies by proposing an extended TAM to capture the issues associated with adoption in India through banking users.
