Understanding Factors Influencing User Acceptance Of Mobile Payment Systems–A Comparison Between Alipay And Wechat Pay

While the whole world pays attention to FinTech nowadays,C hina has already started to commercialize mobile payment since 2004.China is the world's biggest mobile payment market and a leader in FinTech.The economy for mobile payment in C hina is currently around 1.3 trillion and it has risen rapidly every year and the development is so great and fast that it became very hard to find any place including small cities where mobile payment is not used.Among the economy,Alipay of Alibaba and WeC hatPay of Tensent take up 86% of the whole C hinese market.Alipay is a mobile payment system of Alibaba which is China's biggest e-commerce enterprise and it started as a payment service to be used for their online shopping ma ll,Taobao in 2004.C urrently,the market share of Alipay as the third party payment provider has reached 52.3% and it can be used not only in C hina but 70 other different countries.WeC hatPay,starting in 2014 August,is catching up Alipay very fast.WeC hatPay started as a payment function adopted in WeC hat which is the number one social network marketing service in China and it is available in 15 different countries and regions accepting 12 different currencies with 890 million users.This study analyzes the variables for consumer's adoption behavior and the consumer's perception difference between two payment methods,that is,comparing the influence on each variable for two payment methods.For research methodology,two addit ional variables,sensing risk and sensing entertainingness,were added based on Unified Theory of Acceptance and Use of Technology(UTAUT)and reliability analysis,factors analysis and mult iple regression analysis were performed with SPSS.Summarizing the research results,in using Alipay,performance expectancy,effort expectancy,sensing risk and entertainingness influence consumer's intent to use but social influence does not affect consumer's use intention.For WeChatPay,performance expectancy,social influence,entertainingness have positive influence on consumer's intent to use while effort expectancy and sensing risk do not influence use intention.Based on the results,this study suggests companies to put efforts on user friendly device and service environment and faster and quicker payment system to increase consumer's mobile payment adoption behavior and continuous use intention.