Factors affecting consumers’ mobile payment behavior: a meta-analysis

Mobile payment is quickly changing consumers’ spending patterns and payment habits. Many empirical studies have been conducted globally in the last decade about consumers’ mobile payment behavior. To analyze and synthesize the findings, a meta-analysis is conducted to build consensus about what factors significantly affect consumers’ mobile payment behavior. Overall, it is found that there is a high level of consensus among researchers that these factors, including perceived usefulness, perceived risk, social influence, trust and perceived ease of use, have significant impact over consumers’ intention to use mobile payment. While our meta-analysis supports most findings revealed in previous studies, there are also findings that cannot be supported. In addition, the place where consumers live is identified as a new factor that could potentially affect consumers mobile payment behavior. The practical significance of the current study is that consumers’ spending habit is difficult to change but can be adapted through careful design and awareness training around these significant factors. To encourage consumers’ adoption of mobile payment, especially in Western countries like US, the factors such as perceived usefulness, perceived risk, social influence, trust and perceived ease of use must be carefully considered and incorporated into mobile payment products and marketing campaigns.