A survey on mobile payment applications and adopted theoretical models

Abstract

Looking at the evolution of mobile phones, communications technology, and the Internet, one can see a clear shift in their usage in the past decade as mobile payment has become an important research area in the field of information technology. However, many financial institutions have adopted mobile payments. Except that only a limited number of clients are used. Several information systems theories/models have been proposed to examine the factors that could influence user adoption. However, the literature on the field is still in its infancy.  This paper, reviews and systematically analyzes the existing mobile payment acceptance and adoption literature that include UTAUT/TAM as a theoretical model to reveal mobile payment adoption research's current situation. The current study also provides a basis for future researchers in the mobile payment adoption study, as it provides a summary of related literature in the field, the models used, and the factors that have an impact on customer intent. Accordingly, the UTAUT, TAM models, with their extensions, are one of the models most used in examining and understanding the necessary factors that could influence mobile payment applications' adoption. The research revealed that 37 factors most commonly than a literature review on factors of adoption mobile payment applications since 2015. It was found that the factors of perceived trust and perceived risks are among the most critical factors in which the models are expanded, as they have an impact on the customer's acceptance of any new technology innovation. Therefore, emphasis must be placed on the factors of perceived trust and perceived risks to increase the applicability of UTAUT, TAM models to the mobile payment context.