Mobile Payment Adoption: An Empirical Study Of Influencing Factors

Mobile payment is the product consisted by internet and integration of things, as a new e-business model in recent years, has made rapid development. According to iResearch report, in2009, transaction in mobile payment market reached240million RMB, leading to an increase of202.6%comparing to$7.9billion RMB in2008, mobile payment shows the situation of high growth. By the end of2010, the overall size of the mobile payment market in china has reached20.25billion RMB, an increase of312%contrast to the last year. It is predicted that the mobile payment market will get even faster growth in2011and the mobile payment transaction is expected to more than100billion RMB by2012. With the barriers are getting cleared in the mobile payment industry, the development of the mobile payment is becoming flourish.Although the mobile payment shows rapid developing, there are still many problems. The concerns of users’security and privacy, combining with low level of trust in mobile payment, have become huge obstacles to the adoption of mobile payment. On the other hand, compared to countries such as Japan and South Korea, China’s mobile payment adopted less. According to the iResearch report, the total number of mobile phone users in China exceeded692million by2010, in which the user of mobile payment are approximately123.8million and only account17.9%of the ratio. Massive mobile phone user provides a great space for the development of mobile payment market.Therefore, from the angle of behavioral science, this article put forward a theoretical model based on Unified Theory of Acceptance and Use of Technology (UTAUT) and takes an empirical study to the influence factors on the adoption of mobile payment by questionnaires and statistical analysis.At first, this paper reviews literatures of the domestic and international mobile phone payment, summarizing the domestic and international mobile payment study, and finding the problems of domestic study. Based on the review of the literature on the IT adoption model, combining with the characteristics of mobile payment, we introduce five influencing factors which include trust、perceived payment security and perceived privacy protection、 perceived importance of security and perceived importance of privacy, and construct the model of the mobile payment adoption based on UTAUT and propose eight hypotheses.Secondly, refer to the domestic and international study literature and the domestic mobile payment situation, we propose the measurement scale. Later we take a paper questionnaire for MBA staff、students and employees. This article based on425valid samples, analyzing and testing the models and assumptions by the tools of SPSS17.0and AMOS17.0, the results prove that the model is valid, and8assumptions are supported.Finally, combining with the actual situation, hypothesis test results are explained, and put forward relevant suggestions and references for relevant operators of mobile payment.