NFC, Wearables and QR Code in POS Payments: Determinants of Adoption of the Leading Mobile Payment Technologies in Europe
DOI:
https://doi.org/10.12775/CJFA.2024.016Keywords
mobile payments, mobile banking, NFC, wearables, QR codesAbstract
Digital technologies are increasingly important in the European payment services market. The study examined NFC mobile payments, wearables payments, and QR code payments, to determine the potential for development in the European market. The paper aims to explain the factors determining consumers' intention to use or reject these technologies following the TAM methodology. Within the study, a pan-European survey using the CAWI method was conducted on a sample of n = 5,504 respondents from 22 countries. Quantitative analysis was performed using logit models. The results confirmed that the most important, positively influencing factors are the Perceived Usefulness and Perceived Ease of Use of studied payment methods. Moreover, the preference for anonymity and trust of service providers impact the intention to use mobile payment technologies. It turned out that education level and knowledge of technology play an essential role. The study showed that Europe has the market space for all three mobile payment technologies. However, NFC payments have advantages in the European market due to consumers' declared interests and widespread acceptance infrastructure among merchants.
References
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Kisiel, M. (2013). Modele systemów płatności mobilnych a źródła pieniądza oraz mechanizmy rozrachunku transakcji. Copernican Journal of Finance & Accounting, 2(2), 61–73. https://doi.org/10.12775/CJFA.2013.016.
Kunkowski, J. (2013). Rozwój płatności zbliżeniowych w Polsce i na świecie. Copernican Journal of Finance & Accounting, 2(1), 107–118. https://doi.org/10.12775/CJFA.2013.008.
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Mun, Y.P., Khalid, H., & Nadarajah, D. (2017). Millennials’ Perception on Mobile Payment Services in Malaysia. Procedia Computer Science, 124, 397–404. https://doi.org/10.1016/j.procs.2017.12.170.
Muñoz-Leiva, F., Climent-Climent, S., & Liébana-Cabanillas, F. (2017). Determinants of intention to use the mobile banking apps: An extension of the classic TAM model. Spanish Journal of Marketing - ESIC, 21(1), 25–38. https://doi.org/10.1016/j.sjme.2016.12.001.
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Pal, D., Vanijja, V., & Papasratorn, B. (2015). An Empirical Analysis towards the Adoption of NFC Mobile Payment System by the End User. Procedia Computer Science, 69, 13–25. https://doi.org/10.1016/j.procs.2015.10.002.
Patil, P., Tamilmani, K., Rana, N.P., & Raghavan, V. (2020). Understanding Consumer Adoption of Mobile Payment in India: Extending Meta-UTAUT Model With Personal Innovativeness, Anxiety, Trust, and Grievance Redressal. International Journal of Information Management, 54, 102144. https://doi.org/10.1016/j.ijinfomgt.2020.102144.
Polasik, M. (2014). Perspektywy rozwoju mobilnych płatności NFC na rynku polskim. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia, 48(4), 197–207. https://doi.org/10.17951/h.2014.48.4.197.
Polasik, M., Górka, J., Wilczewski, G., Kunkowski, J., Przenajkowska, K., & Tetkowska, N. (2013). Time Efficiency of Point-Of-Sale Payment Methods: Empirical Results for Cash, Cards and Mobile Payments. In J. Cordeiro, L. A. Maciaszek, J. Filipe (Eds.), Lecture Notes in Business Information Processing. Springer. https://doi.org/10.1007/978-3-642-40654-6_19.
Polasik, M., & Kumkowska, N. (2015). Determinanty zainteresowania płatnościami mobilnymi ze strony polskich konsumentów. Problemy Zarządzania, 13(3), 102–117. https://doi.org/10.7172/1644-9584.54.7.
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Borgonovo, E., Caselli, S., Cillo, A., Masciandaro, D., & Rabitti, G. (2021). Money, Privacy, Anonymity: What Do Experiments Tell Us? Journal of Financial Stability, 56, 100934. https://doi.org/10.1016/j.jfs.2021.100934.
Borowski-Beszta, M., & Kiermas, A. (2019). The usage of mobile banking applications in Poland: empirical results. Copernican Journal of Finance & Accounting, 8(1), 9–25. https://doi.org/10.12775/CJFA.2019.001.
Borowski-Beszta, M., & Polasik, M. (2020). Wearable devices: new quality in sports and finance. Journal of Physical Education and Sport, 20(2), 1077–1084. https://doi.org/10.7752/jpes.2020.s2150.
Borowski-Beszta, M., & Polasik, M. (2022). The Role of Payment Services and Wearable Devices in Amateur Sport. In M. Tomanek, W. Cieslinski, M. Polasik (Eds.), Digital Business Models in Sport. Routledge. https://doi.org/10.4324/9781003270126.
Chang, H.S., Lee, S.C., & Ji, Y.G. (2016). Wearable device adoption model with TAM and TTF. International Journal of Mobile Communications, 14(5), 518–537. https://doi.org/10.1504/IJMC.2016.078726.
Chang, V., Xu, X., Wong, B., & Mendez, V. (2019). Ethical problems of smart wearable devices. COMPLEXIS 2019 - Proceedings of the 4th International Conference on Complexity, Future Information Systems and Risk, 121–129.
Chen, C.-C., & Shih, H.-S. (2014). A Study of the Acceptance of Wearable Technology for Consumers －An Analytical Network Process Perspective, International Journal of the Analytic Hierarchy Process. https://doi.org/10.13033/isahp.y2014.011.
Chuah, S.H.W., Rauschnabel, P.A., Krey, N., Nguyen, B., Ramayah, T., & Lade, S. (2016). Wearable technologies: The role of usefulness and visibility in smartwatch adoption. Computers in Human Behavior, 65, 276–284. https://doi.org/10.1016/j.chb.2016.07.047.
Churchill, G.A. (1979). A Paradigm for Developing Better Measures of Marketing Constructs. Journal of Marketing Research, 16(1), 64–73. https://doi.org/10.2307/3150876.
Daragmeh, A., Lentner, C., & Sági, J. (2021). FinTech payments in the era of COVID-19: Factors influencing behavioral intentions of “Generation X” in Hungary to use mobile payment. Journal of Behavioral and Experimental Finance, 32, 100574. https://doi.org/10.1016/j.jbef.2021.100574.
Davis, F.D., Bagozzi, R.P., & Warshaw, P.R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982.
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Jeong, B.K., & Yoon, T.E. (2013). An Empirical Investigation on Consumer Acceptance of Mobile Banking Services. Business and Management Research, 2(1), 31–40. https://doi.org/10.5430/bmr.v2n1p31.
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Kim, K.J., & Shin, D.-H. (2015). An acceptance model for smart watches. Internet Research, 25(4), 527–541. https://doi.org/10.1108/IntR-05-2014-0126.
Kisiel, M. (2013). Modele systemów płatności mobilnych a źródła pieniądza oraz mechanizmy rozrachunku transakcji. Copernican Journal of Finance & Accounting, 2(2), 61–73. https://doi.org/10.12775/CJFA.2013.016.
Kunkowski, J. (2013). Rozwój płatności zbliżeniowych w Polsce i na świecie. Copernican Journal of Finance & Accounting, 2(1), 107–118. https://doi.org/10.12775/CJFA.2013.008.
Leong, L.-Y., Hew, T.-S., Tan, G. W.-H., & Ooi, K.-B. (2013). Predicting the Determinants of the NFC-Enabled Mobile Credit Card Acceptance: A Neural Networks Approach. Expert Systems with Applications, 40(14), 5604–5620. https://doi.org/10.1016/j.eswa.2013.04.018.
McHugh, S., & Yarmey, K. (2012). Near Field Communication: Introduction and Implications. Journal of Web Librarianship, 6(3), 186–207. https://doi.org/10.1080/19322909.2012.700610.
Morosan, C. (2011). Customers’ Adoption of Biometric Systems in Restaurants: An Extension of the Technology Acceptance Model. Journal of Hospitality Marketing & Management, 20(6), 661–690. https://doi.org/10.1080/19368623.2011.570645.
Mun, Y.P., Khalid, H., & Nadarajah, D. (2017). Millennials’ Perception on Mobile Payment Services in Malaysia. Procedia Computer Science, 124, 397–404. https://doi.org/10.1016/j.procs.2017.12.170.
Muñoz-Leiva, F., Climent-Climent, S., & Liébana-Cabanillas, F. (2017). Determinants of intention to use the mobile banking apps: An extension of the classic TAM model. Spanish Journal of Marketing - ESIC, 21(1), 25–38. https://doi.org/10.1016/j.sjme.2016.12.001.
Pal, D., Khethavath, P., Chen, T., & Zhang, Y. (2017). Mobile payments in global markets using biometrics and cloud. International Journal of Communication Systems, 30(14), e3293. https://doi.org/10.1002/dac.3293.
Pal, D., Vanijja, V., & Papasratorn, B. (2015). An Empirical Analysis towards the Adoption of NFC Mobile Payment System by the End User. Procedia Computer Science, 69, 13–25. https://doi.org/10.1016/j.procs.2015.10.002.
Patil, P., Tamilmani, K., Rana, N.P., & Raghavan, V. (2020). Understanding Consumer Adoption of Mobile Payment in India: Extending Meta-UTAUT Model With Personal Innovativeness, Anxiety, Trust, and Grievance Redressal. International Journal of Information Management, 54, 102144. https://doi.org/10.1016/j.ijinfomgt.2020.102144.
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