Factors That Impact The Adoption Of Mobile Payment System

12. _________________ is a technology that allows cardholders to make purchases with a single click from their mobile devices.

Although major retailers have had credit card breaches, which devastated consumer trust in credit, Mobile payment systems stay efficient, but risk personal and financial data fraud similar to plastic credit card usage theft. Patrons fear merchants can track your shopping habits, location and financial records using a mobile GPS signal. Nevertheless, worries that someone can steal their information when sent wirelessly therefore consumer confidence remains low. Thorough safety measures will help give customers composure and regain assurance. (Busby, 2014) (Sapienza, 2013)

Quantitative research is a way where objective theories are subject to testing by investigating the relationship between variables. These variables are capable of measuring particularly on the instruments such that the numbered data obtained can be examined through statistical techniques. The report written finally has a structure which consists of an introduction, review of literature and theory, methods, results, conclusion and discussion (Creswell, 2002). People who engage in this type of inquiry build assumptions about experimenting theories deductively, and protecting the situation from all kinds of bias, monitoring for substitute explanations and being capable of replicating and generalizing the findings.

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

This case study aims at providing substantial information pertaining to the effects adopting IT in a particular banking institution. The researcher understands that there are important issues that have to be disclosed and discussed in order to determine aspects that need to be improved for both subjects involved in the study. For the purposes of achieving a comprehensive discussion regarding the topic, substantial amount of data has been gathered to serve as references. Direct texts are taken form relevant sources so as to prove that claims and arguments raised by the researcher are facts-based. In addition to this, direct statements coming from persons who are knowledgeable about the topic are also taken into account for the purpose of supporting arguments. Textual illustrations and practical examples are also included by the researcher in order to clarify ambiguous concepts and strengthen explanations.

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

Make transactions faster – In life, faster isn’t always better. But in busy retail environments, faster is better, and slow and sloppy transactions, a definite no-no. With contactless payment technology, customers simply have to tap their card, such as a Visa payWave or MasterCard PayPass, against a contactless terminal to pay for their items. No more cash counting, digging for coins, heading for the ATM, or even entering a PIN – transaction times are significantly reduced by up to 10-15 seconds. This results to reduced queues, speedier and more efficient checkouts, and happier customers.

To answer my main question “Will mobile payments replace credit cards?”, I have conducted an online survey as part of the primary research. I received 92 responses from the survey. A 2009 study by Deloitte predicts that by the end of 2015, seventy percent of mobile payment users will be under the age of 40 and that the annual spend of these Millennials (also referred to as Generation Y) will reach $2.45 trillion dollars in the US alone.(Dennehy D, Sammon D, 2015). So, I have focused mainly on the age groups 18-29 which were 69% and 30-44 which were 21% of the total responses (Exhibit 1). 88% of the people were aware of the mobile payments (Exhibit 2) and 33% were extremely comfortable with the concept of mobile payments (Exhibit 3). The research clearly tells that people are aware of the technology and are comfortable using it. Respondents of the survey were concerned by the security threats that mobile payments impose, but then companies while putting this idea into implementation have to primarily take care of the security aspect of the mobile payments concept (Exhibit 4). As per the usage of mobile payments, respondents have primarily (52%) used mobile payments for online bill payments (Exhibit 5) while the retail usage is 30% which clearly suggests mobile payments still have a long way to go in future.

Mobile payments are becoming an upcoming new trend when it comes to technology. Mobile payments allow its users to pay for their daily needs with their phone without having to carry cash, let alone, their wallets around. However, the United States has been delaying the adaptation of mobile payments due to the fact that many different retailers have developed their own form of mobile payments as opposed to a universal approach. While many countries in Europe and Asia have successfully adopted mobile payments, United States still are behind in the trend.

Monetary transactions have been played in crucial roles since centuries. People has been adopted various payment methods for transfer monetary values freely for their targeted party or parties. Now a days, people not only transferring their assets by physically currency like notes and coins, but also they have adopt using plastic cards or even virtual money within their daily activities such as buy things in the flea markets, paying train tickets or parking tickets, buying antiques from eBay and so on. It is required to identify the basic payment method that exists within the mobile environment before further investigations.

Out of 80 people who were asked by the Researcher whether they have faced with any problem when using mobile money transfer service at one time or the other 69 people said yes, and only 11 people said no. This revealed that 87% of the respondents were faced with challenges when they were using mobile money transfer service while only 13% were not faced with any challenges when using mobile money transfer service. Some of the challenges that were reported include;

Mobile banking is well utilized in countries of Europe and even Japan, yet it is slow to catch up in America. A study by Forrester Research found that only 10% of Americans like the idea of m banking while 35% already bank online

Hypothesis 3: The compatibility of ATM Cards with the adopter’s values does not positively affect the attitude towards using the technology.

The current study is based on primary data collected from 150 respondents from the different parts of Delhi. A well structured questionnaire was designed to collect the information from the respondents The questionnaire was designed to study perception of customer towards adoption of digital payment mode . Likert five point scales was used for obtaining responses. The responses have been collected by means of face-to-face interviews by authors.