What drives consumers to use P2P payment systems? An analytical approach based on the stimulus–organism–response (S-O-R) model

PurposeTraditional payment systems based on cash and bank cards are being replaced by new innovative formats. This research analyzes the success factors in the adoption by customers of Bizum, a peer-to-peer (P2P) mobile payment system widely used in Spain. This study proposes a theoretical framework based on the Stimulus–Organism–Response (S-O-R) model and includes the analysis of the moderating effect of perceived risk and the mediating effect of perceived trust.Design/methodology/approachTo achieve the proposed objectives, an online questionnaire was administered to 701 Spanish smartphone users, potential users of the proposed P2P payment systems.FindingsThe results show that perceived usefulness is the most important predictor of intention to use. Additionally, a medium predictive relevance performance of the proposed model is found.Originality/valueThis research contributes to a more holistic understanding of the adoption of P2P payment systems and provides new business opportunities that companies can exploit through the use of this technology.