User Trust, Privacy Concerns, and Adoption of Mobile Payment Platforms

Abstract

Mobile payment platforms have changed the way people process financial transactions through making it possible to make secure, fast and convenient payments digitally. Despite the benefits imparted by technology, there are also large differences in adoption across both types of demographic and geographic segments. This research aims at investigating how trust and privacy of users and security perception can influence the users uptake of mobile payment platforms. A mixed method was used which consisted of the implementation of a quantitative survey (N = 420) and qualitative interviews (n = 20). Findings show that trust has a positive impact on the adoption intention and privacy concern has a negative impact on the willingness to adopt by users. Perceived security plays the role as a mediator between trust and intention to adopt. The findings give insights for designers, developers, financial institutions and policy makers to establish trust in the mobile payments ecosystem by improving users.