Customer Adoption of Mobile Payment Services by Professionals across two Cities in India: An Empirical Study Using Modified Technology Acceptance Model

Abstract

The purpose of this paper is to investigate the factors involved in adoption of a new innovation by consumers specifically in the mobile payment services context. With the mobile penetration of nearly 70% in India, mobile payments services have huge potential in the country; however, customer adoption of mobile payment systems is very low. Therefore, there is a need for research to identify the factors affecting consumer intention to use mobile payment systems. To get meaningful comprehensive insights on customers' perception and usage intention of mobile payment systems, current research validates a model based on Technology Acceptance Model (TAM) using a sample of urban population from two metros in India. The empirical findings indicate that the constructs of performance expectancy, effort expectancy, social influence and facilitating conditions have significant impact on mobile payment services adoption among the consumers. This study provides insights into mobile payment services in India which has not been investigated well. Also, there is lack of studies which connect consumer attitudinal factors like performance expectancy, effort expectancy, social influence and facilitating conditions in the e-finance and mobile finance context especially in India.