Journal of Retailing and Consumer Services 55 (2020) 102127

Contents lists available at ScienceDirect

Journal of Retailing and Consumer Services

journal homepage: http://www.elsevier.com/locate/jretconser

An exploratory investigation of factors affecting and best predicting the

renewed adoption of mobile wallets
Claudel Mombeuil
Beijing Institute of Technology/ School of Management and Economics, China

A R T I C L E I N F O A B S T R A C T

Keywords: Foreign nationals often have no other choice than to adapt themselves to technological innovations of their host
Relative convenience countries. This is particularly the case of individuals who are exposed temporarily to the world’s cashless so­
Relative advantage cieties where mobile wallets are the dominated payment method. Yet, little is known regarding continuous usage
Perceived privacy
intentions among these individuals who have accumulated experience interacting with mobile wallets.This study
Perceived security
Mobile wallets
explores how relative convenience, relative advantage, perceived privacy, and perceived security influence
Renewed adoption ’renewed adoption’ of mobile wallets among experienced users of the leading Chinese mobile wallets. It also
WeChat pay explores the best predictors of the renewed adoption intention of mobile wallet technology among these users.
Alipay The results of this study show that each of the independent variables positively influences renewed adoption
intentions. The results also show that relative advantage and perceived security as the best predictors of renewed
adoption intention of mobile wallets. Based on the results of this study, practical and theoretical implications are
provided.

1. Introduction ranging from the privacy and security of users’ personal information
accumulated by, in most cases, companies whose business models and
In recent years, many high tech companies (e.g., Google, Apple, and part of (if not all) their profit main streams depend on trading users’
Samsung) have capitalized on the deployment of smart devices, the in­ personal information (e.g., data mining businesses and suppliers). The
crease in penetration of Internet, and e-commerce platforms as well as perceived risks that users may experience regarding the use of their
on their brand recognition and their direct access to user data to deploy personal information are issues that have been discussed in earlier and
their mobile payment platform, representing serious challenges for the more recent studies alike (see, for example, Barth and de Jong, 2017;
traditional payment methods. Eventually, the deployment of mobile Baruh et al., 2017; Hendrickson et al., 1993; Milne, 2000; Milne and
payment such as wallets not only restructure the payment and financial Gordon, 1993; Singh et al., 2017; Youn, 2009) particularly with the
ecosystem but has also created a tight mobile wallet business environ­ increase in data breaches and cyber-attacks against high-profile high
ment and a battlefield among high-profile technological companies, tech companies and financial institutions (See the reports by Verizon
banks, and other players (Weng, 2018) as these payment methods Enterprise Solutions, 2017, 2018). In 2018, for example, an estimate of
(mobile wallets) are gaining substantial market growth (Merritt, 2011) $24.26 billion lost was registered due to payment card fraud worldwide
and more and more merchants are realizing their potential (Duane, with an estimate of 18.4 percent credit card fraud during the same year
O’Reilly and Andreev, 2014). It is argued that mobile wallets are rela­ (see, Shift Processing, 2020). As a result, several authors argue that
tively more convenient and advantageous than the traditional payment concerns over privacy and risk of financial loss have slowed down the
methods (Johnson et al., 2018; Sharma et al., 2018) as they, for example, widespread adoption of mobile payment methods (see,
allow consumers to avoid using cash (Mallat, 2007; Pham and Ho, Li�
ebana-Cabanillas et al., 2014; Linck et al., 2006), suggesting the need
2015), facilitate proximity and remote payments, and person to person for higher privacy and financial risk protection.
remittances transfer (Oliveira et al., 2016) among others.
The rapid growth of mobile payments has been accompanied, how­
ever, by growing concerns regarding the collection and dissemination of 1.1. Research context and objectives
users’ personal information. These growing concerns are generally
In 2018, the global mobile payment market size hit the threshold of

E-mail addresses: [email protected], [email protected].

https://doi.org/10.1016/j.jretconser.2020.102127
Received 19 February 2020; Received in revised form 27 March 2020; Accepted 3 April 2020
Available online 30 April 2020
0969-6989/© 2020 Elsevier Ltd. All rights reserved.
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

USD 925.69 billion and is expected to jump to USD 6,884.24 billion by To fill part of these aforementioned gaps, this study seeks to examine
2026, representing a compound annual growth rate of 28.7% (see the how ‘relative convenience’, ‘relative advantages’, ‘perceived privacy’
report by Fortune Business Insights, 2020). The increase in the adoption and ‘perceived security’ influence ’renewed adoption’ of mobile wallets
of smartphones and internet facilities are indeed two major factors among foreigners who have been exposed to China’s cashless society.
behind the deployment of mobile payments such as wallets, offering This study also seeks to discover the best predictor(s) of ’renewed
secure proximity and remote payment. Yet, the proximity payment adoption intention’ of mobile wallets among among these experienced
capability of mobile wallets represents a direct substitute for cash and foreign users. The remainder of the study is presented as follows. First,
credit/debit cards (Dahlberg et al., 2008; Slade et al., 2013). To issue the the relevant literature on ‘relative convenience’, ‘relative advantages’,
payment, consumers can simply scan the QR code of the merchant with ‘perceived privacy’ and ‘perceived security’ is briefly discussed. Next,
their mobile wallet app or let the merchant read their QR code with a the research method is presented. This follows the discussion of the re­
Near Field Communication (NFC) device. The remote payment capa­ sults. The study closes by highlighting the practical implications and
bility of mobile wallets allows consumers to pay online purchases of theoretical implications.
goods, services, and digital content. Consumers can secure their pay­
ment using a PIN, fingerprint scanner, or biometric depending on the 2. Theoretical background and hypotheses development
capability of their smartphones.
During the last decade, the adoption of mobile wallets in China has Information privacy is the ability of individuals to retain control of
plummeted continuously. To date, the Chinese mobile payments market their personal information (Westin, 1968). For Saltzer and Schroeder
is dominated by Alipay and WeChat Pay respectively developed by (1975, p. 1279), privacy is “the ability of an individual or organization
Alibaba and Tencent. A recent report shows that Alipay remains the to decide whether, when, and to whom personal or organizational in­
market leader with an estimate of 54.5% market share followed by formation is released”. On this basis, privacy risks are related to indi­
WeChat Pay with an estimate of 39.5% market share (China Banking vidual users, their behavior as well as their relationships with others
News, 2020). These two Chinese mobile wallets (WeChat Pay and Ali­ while security risks are risks posed by opponents (e.g., hackers, com­
pay) are accommodated within an eco-system that allows numbers of petitors) who threaten and/or attack a system (Hilty et al., 2004). And
third-party operators to deliver and receive payment for services such as perceived privacy risk refers to the concern an individual would have
booking rail, flight, and hotel room, paying for public services and utility regarding the potential compromise of their personal information
bills, buying movie tickets, money transfer, food delivery, purchasing or (Johnson et al., 2018).
renting an apartment without leaving the WeChat Pay or Alipay As Johnson et al. (2018) argue, widespread deployment and adop­
eco-system. In recent years, both Alipay and WeChat Pay have engaged tion of mobile wallets can rule over the traditional payment methods
in cross border payment war to facilitate payment solutions to foreign (cash, debit cards, and credit cards) only if it offers a higher relative
businesses (T. Chen, 2019) and Chinese abroad. WeChat Pay is already advantage. On this basis, we can assume that the fact that all the
present in more than 20 countries and regions offering transactions in 13 technological-based payment methods are subject to the risk of data
currencies, whereas Alipay remains present in 38 countries and regions breaches and financial thefts, widespread adoption or continuous
facilitating transactions in 27 currencies (Global Growth Markets, adoption of mobile wallets depends on their relative security and pri­
2018). vacy protection. As users interact with these technologies over time,
As China has become Africa’s first economic partner, this has also they become savvier with the existing security features; therefore, their
created an opportunity for the deployment of WeChat Pay and Alipay concerns regarding the security of the mobile wallets are likely to shift
across African nations through strategic partnerships with other pay­ towards concerns about their usability (Huh et al., 2017).
ment service providers. Through the partnership with Alipay and
WeChat Pay, Wapi Pay of Africa has become a figure in facilitating fast 2.1. Relative convenience, relative advantage, and renewed adoption
and low-cost payment by local businesses in Africa to their business intentions
partners in China, and is expected to expanding across 24 African
countries (see the report by Chinese media outlet Xinhua, 2019). Ali­ As an alternative to credit/debit card and cash payments, mobile
baba has recently partnered with Flutterwave, a payment company, to wallets offer consumers a range of additional values which include
facilitate digital payment between Alipay and African merchants; ubiquitous purchase options and real-time access to financial assets
meanwhile, Tencent has enabled a cross border remittances to transfer (Mallat, 2007). Prior research has linked the relative convenience of
through WeChat Pay from China to South Africa and vice versa (Butao, mobile payments to the fact that they reduce the need to carry cash and
2019). The mobile payment service provider Wallyt and BCEL bank have coins to execute small transactions (Begonha et al., 2002; Coursaris and
recently announced a strategic partnership to enable payment solution Hassanein, 2002), and the increase in the availability of purchase pos­
through WeChat Pay and Alipay across tourist attractions, hotels, malls, sibilities (Coursaris and Hassanein, 2002). Following Rogers (1995) who
and supermarkets in Laos (The Asian Banker, 2019). suggested compatibility and consistency between innovation and the
In recent years, China has surpassed its Western counterparts to needs, values, and experiences of potential users, consumers’ ability to
become also Africa’s first destination for higher education. In 2018, the easily integrate mobile payments into their daily activities can be
Chinese central government announced the goal of increasing its edu­ assumed as substantial convenience compared to the other payment
cation support to African nations by awarding 50,000 government methods.
scholarships, training 1,000 Africans and hosting 50,000 workshops in In addition to the above instances, mobile wallets are considered
areas such as diverse as sports medicine, politics, agriculture (Benab­ more convenient than the other payment methods for several other
dallah and Robertson, 2019). Being in China has temporarily exposed reasons. First, mobile wallets do not require customers to memorize a
many Africans to China’s cashless society and has also offered them PIN or to sign a receipt (Boden et al., 2020) which results in a fast
limited options to choose willing the payment method of their choice. payment process at any point of sale (Polasik et al., 2013). Second, it
Yet, little is known regarding instances of foreign nationals who are left becomes a habit for many people to use a smartphone to check their
with no other choice than using mobile wallets during their stay abroad e-mail, read news or post on social media while queuing at any point of
and the likelihood that these individuals will use mobile wallets in the sale; therefore, consumers can enjoy the convenience of mobile wallets
future. Also, little is known regarding the convenience, advantage, pri­ by simply tapping into their smartphone at the checkout (Boden et al.,
vacy and financial risk protection, and the renewed adoption intention 2020).
of mobile wallets compared to other payment methods from the Prior studies found convenience (e.g., the speed of conducting
perspective of experienced users. financial transactions, and compatibility) among the factors that drive

2
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

the adoption of mobile wallet technologies (e.g., Humbani and Wiese, appropriate actions to warrant that the usage of its technology is secure
2018; Lai and Chuah, 2010; Park et al., 2019). Therefore, consumers (Mekovec and Hutinski, 2012; Shin, 2010). However, perceived privacy
who perceive mobile wallets as a more convenient payment method tend risk is defined as “the concern an individual would have regarding the
to make them their favorite payment method to an extent that will in­ potential compromise of their personal information” (Johnson et al.,
crease their willingness to pay (Boden et al., 2020). Empirical studies 2018, p. 115). Different studies depicted data security (mostly financial)
found convenience as one of the important drivers of satisfaction and privacy concerns as two significant obstacles to the widespread
(Hunneman et al., 2017; Srivastava and Kaul, 2014) and consumer usage and adoption of mobile payment technologies (L.-d. Chen and
experience (Srivastava and Kaul, 2014). This thus suggests that busi­ Nath, 2008; Li� ebana-Cabanillas et al., 2014; Linck et al., 2006). This thus
nesses (e.g., retailers) may be motivated to accept mobile wallets as explains why mobile wallet service providers constantly monitor the
consumers perceived them to be relatively more convenient which security and privacy protections of these payment methods (Aydin and
would eventually increase the ubiquity and likelihood of renewed Burnaz, 2016).
adoption particularly among users who have experienced this Empirical findings reveal a positive impact of perceived security on
technology. consumer trust and the adoption of mobile wallet technologies (Schierz
Relative advantage is another factor that influences users to adopt et al., 2010; Zhou, 2011). It is important to note that users’ perceptions
newly developed technologies. Relative advantage is defined as the regarding the level of the privacy of technology also affects their per­
subjective belief whereby users consider a newly developed technology ceptions of the level of security of the concerned technology. In a recent
to be superior to its precursor (Rogers, 1995). Simply put, the relative study on mobile application security, Balapour et al. (2020) found that
advantage of new technology (e.g., mobile wallets) means that it pro­ perceived privacy risk has a negative effect on the perceived security of
vides more benefits than competing alternatives (e.g., debit/credit mobile apps. Conversely, we can conclude that perceived privacy has a
cards). Because of the convenient access and compelling features of positive effect on perceived security. This suggests that “any factors that
these two mobile wallets, customers are likely to perceive them as su­ positively impact perceived security would also increase the likelihood
perior to the traditional payment methods which may eventually facil­ of adoption” (Johnson et al., 2018, p. 115) as well as renewed adoption
itate the diffusion of these payment methods across borders (Matemba intention.
and Li, 2018). As Kim et al. (2010) argued, relative advantage positively It should be noted that both perceived security and perceived privacy
influence consumers to use and adopt mobile payment technology. concerns are culturally embedded characteristics that eventually influ­
The fact that mobile wallets are independent of the geographic ence the extent to which individuals will decide to adopt a mobile wallet
location and time significantly contribute to their relative advantage or not. The cultural embeddedness of privacy concerns related to the use
over the traditional payment methods (Choudhury and Karahanna, of information technology is supported by several empirical findings
2008; Mallat, 2007). Furthermore, the capability of mobile wallet to (see, for example, B� elanger and Crossler, 2011; Bellman et al., 2004;
facilitate financial transitions anytime and anywhere not only confer Miltgen and Peyrat-Guillard, 2014). Privacy concerns not only vary
this technology a potential relative advantage over the traditional pay­ within cultural context but also with the strength of privacy regulations
ment methods but also can influence consumers to adopt these tech­ of a country. This statement is supported by Bellman et al. (2004) who
nologies as their preferred payment method (Matemba and Li, 2018). As found that individuals from countries with flexible or no privacy regu­
supported by empirical evidence, relative advantage predicts consis­ lations show fewer privacy concerns compared to those from countries
tently both the usage and the adoption of technology (Choudhury and with strong and steady privacy regulations. More specifically, the result
Karahanna, 2008; Karahanna et al., 1999). Within this vein, Arts et al. of a study conducted by Zhang et al. (2012) shows that culture has, in
(2011) found that consumers have higher levels of adoption intention fact, specific moderating effects on the adoption of mobile commerce.
for complex innovations that better satisfy their needs and involve minor In their empirical study, Safa and Von Solms (2016) found that
uncertainty. Arts et al. (2011) also found that consumers are inclined to perceived security, reliable payment system, and clear shopping process
adopt less complex innovations that have higher relative advantages. influence positively trust in electronic payment systems. Consistently,
Additionally, empirical results show a positive and significant rela­ Khalilzadeh et al. (2017) demonstrated that risk, security, and trust as
tionship between service convenience and behavioral intentions to important factors that shape attitude and intention towards mobile
repurchase in the context of electronic payment (e.g., Mercy, 2015; Safa payment. Also, perceived security and perceived compatibility were
and Von Solms, 2016). The aforementioned study shows that both found among the factors that influence the adoption of mobile payment
relative convenience and relative advantages positively shape the (Peng et al., 2012) while risk, cost and insecurity are inhibitors (Hum­
adoption of mobile wallets as preferred payment methods. As Johnson bani and Wiese, 2018).
et al. (2018) argued, mobile wallets must be relatively more convenient Pi et al. (2012) examined factors affecting consumers’ trust and the
than their competitors so that they can become the preferred payment continuous adoption of online financial services. Among other results,
method. A large corpus of the literature shows a positive relationship they found that transaction security influences trust, whereas trust
between convenience and customer satisfaction as important factors positively influences the continuous adoption of online financial ser­
that drive the adoption of IT-based financial services that eventually vices. Lee, Yun, Lee, and Lee (2015) examined factors affecting contin­
increase their competitive advantage (Chu et al., 2012; Mercy, 2015; uous intention to use mobile wallet using the value-based adoption
Salehi et al., 2012). Based on the relevant literature, we hypothesize the model grouping into two categories, namely beneficial component,
following: which entails economic value, usefulness, value-expression, perceived
security, and enjoyment and sacrifice component, which entails privacy
Hypothesis 1. Relative convenience will positively influence the
concerns, technicality, and facial consciousness. The authors found that
renewed adoption of mobile wallets among experienced users.
the beneficial components and the sacrifice components positively affect
Hypothesis 2. Relative advantages will positively influence the perceived value. They also found a positive and significant causal path
renewed adoption of mobile wallets among experienced users. from perceived value to continuous usage intention. Routray, Khurana,
Payal, and Gupta (2019) investigate factors affecting the continuous
2.2. Perceived security, Perceived privacy, and renewed adoption usage of mobile wallets in the Indian context. They found that system
intentions quality and service quality as of the mobile wallets as two factors that
significantly affect perceived security. More importantly, they also
‘Perceived security’ is often referred to users’ perception that there is found that perceived security predicts significantly continuous usage of
no risk associated with the usage of a technology or users’ perception mobile wallets.
that the provider of a newly developed technology is capable of taking Dewan and Chen (2005) conducted an empirical study on mobile

3
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

payment adoption in the US and found that nearly half of the re­ 4. Findings
spondents felt that mobile payment services are not secure and thereby
put their personal information at risk. They also found that perceived 4.1. Descriptive analysis
privacy risk negatively impacts users’ perception of security. In an
empirical study, Lim et al. (2019) investigated the impacts of both We used descriptive analysis to assess the demographic characteris­
perceived security and knowledge on continuous intention to use mobile tics of the respondents. From the 252 responses, the results show that the
wallets. The results of their study show that perceived security and respondents were predominantly male counting for 63.9%. The results
knowledge of mobile wallet services have a significant influence on also show that the age bracket of 18–-30 was predominant with 67.5%.
perceived usefulness and users’ confirmation. Nevertheless, the found Furthermore, 44% of the respondents were doing Ph.D. followed by
that perceived security does not directly influence users’ satisfaction and 33.7% of masters’ students and 22.2% bachelors’ degree students. In
continual intention to use. Build on the relevant literature, we hypoth­ terms of experience, the respondents who have been using mobile
esize the following: wallets between 1 year to 2 years accounted for 34.1% while those who
have been using mobile wallets between 3 to 4 years counted for 24.2%.
Hypothesis 3. Perceived privacy will positively influence the renewed
As shown in Table 3, the rating of each variable of interest is far above
adoption of mobile wallets among experienced users.
the mean value of a 5-point Likert scale, suggesting that the respondents
Hypothesis 4. Perceived security will positively influence the perceived mobile wallets as relatively more convenient and more ad­
renewed adoption of mobile wallets among experienced users. vantageous and also provide more privacy and security protection.

3. Methodology 4.2. Reliability and validity

3.1. Variables and questionnaire design We conducted an exploratory factor analysis (EFA) to measure the
validity of the items of our questionnaire. As the rule of the thumb, the
To meet the objectives of this study, we developed a quantitative measurement of the validity of the items necessitates a significant P-
questionnaire survey. This study contains four (4) independent value for Bartlett’s Test of Sphericity (Bartlett, 1954) and the value of
(perceived relative convenience, perceived relative advantage, the Kaiser-Meyer-Olkin need to be equal and above the threshold value
perceived relative security, and perceived relative privacy) and one of 0.6 (Kaiser, 1974). As indicated in Table 2, all the items of our
dependent variable (renewed adoption). We took a two-step approach to questionnaire survey pass the test of validity with a Kaiser-Meyer-Olkin
build the items associated with each variable of our study. First, we dug value of 0.897 and a significant level (p-value < 0.05) of Bartlett’s Test
into the relevant literature to retrieve attributes that commonly associ­ of Sphericity. We run a Confirmatory Factor Analysis (CFA) to measure
ated with every variable of interest. To ensure these attributes reflect the the reliability of the items of the questionnaire. As a rule of thumb, the
opinion of the mobile wallet users, we submitted a list of attributes for reliability test necessitates that Cronbach’s alpha and the composite
each variable to 20 foreigners (international students) who were active reliability (CR) of the items to be equal or above the threshold value of
users of Alipay and WeChat and asked them to expand these attributes 0.7 (Berthon et al., 2005; Field, 2009; Nie et al., 1975) and the average
based on their experience with these mobile wallets. After checking for variance extracted (AVE) should be equal or above the threshold value
consistency and removing redundancies for the attributes of each vari­ of 0.5 (Bagozzi and Yi, 1988). As shown in Table 2, the items of our
able, . 5 items were retained for the measurement of relative conve­ questionnaire have succeeded in the reliability test as most of the values
nience, and respectively 6 items were retained for the measurement of exceed the minimum threshold, except for AVE.
relative advantages, perceived privacy, and perceived security. For the
measurement of the dependent variable (renewed adoption), we ended 4.3. Manipulation checks
up with 5 items. The measurement of the overall items was done using a
five-point Likert scale. We also included in the questionnaire the de­ In social science, manipulation checks are, in principle, conducted to
mographic variables namely gender, education, age, years of experience determine whether the manipulating variable affects another variable
using mobile wallets (see Table 1). (Allen, 2017). To this end, we conducted a regression analysis by con­
trolling for level of education, gender, and length of usage to examine
whether these variables influence the relationship between the inde­
3.2. Sampling and data collection
pendent variables and the dependent variable. The results show no
significant effect education (β ¼ .004; p-value -. 947), gender (β ¼
We used a purposive sampling method as our target respondents
were only foreign users from Africa (international students). The final
questionnaire survey was sent to three research fellows who have
experience with the leading Chinese mobile wallets and the other pay­ Table 1
Sociodemographic characteristics of the respondents.
ment methods. After their feedback, the questionnaire was pretested on
a sample of 15 international students from Africa. These respondents Demographics Frequency (N ¼ 252) Percent
were asked to provide feedback regarding the appropriateness of the Gender Male 161 63.9
statements included in the questionnaire. The overall feedback from the Female 91 36.1
respondents of the pilot study has led to clearer and shorter item
Age 18–30 170 67.5
statements. For the data collection, we delivered the hard copy of the 31–41 73 29.0
questionnaire survey at the entrance of the dormitories of the interna­ 42 – and above 9 3.6
tional students of four different universities located in the area of Hai­
dian park of Zhongguancun in Beijing. The Haidian park of Education Bachelor 85 37.7
Master 56 22.2
Zhongguancun is an important hub of higher education accounting for
PhD 111 44.0
more than 40 universities. In total, we distributed 400 copies of the
questionnaire and received 252 fully completed responses. We measure Length of usage Less than 1 year 73 29.0
the reliability of the items using Cronbach’s alpha test and the validity Between 1 to 2 years 86 34.1
using confirmatory factor analysis (CFA) under SPSS version 25.0 (see Between 3 to 4 years 61 24.2
More than 4 years 32 12.7
Table 2).

4
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

Table 2 value ¼ .000). It was found that relative convenience significantly

Summary of the reliability and validity of the variables. predicts renewed adoption of mobile wallets (β ¼ .621; p-value ¼ .000).
Variables Factor loading AVE CV Cronbach’s alpha KMO Therefore, Hypothesis 1 is accepted.
Relative convenience .735 .769 Hypothesis 2. Relative advantages will positively influence the
RC1 .589 0.5 0.833 renewed adoption of mobile wallets among experienced users. The
RC2 .714
results of the regression analysis indicated that ‘relative advantages’
RC3 .779
RC4 .636 explained 24.8% of the variance in ’renewed adoption’ of mobile wallets
RC5 .804 among foreign users (R2 ¼ .248, F (1, 250) ¼ 82.605, p-value ¼ .000). It
Relative advantages .723 .736 was found that relative advantages significantly predict renewed
RA1 .595 0.4 0.801
adoption of mobile wallets (β ¼ .667; p-value ¼ .000). These results thus
RA2 .665
RA3 .631
lead to the acceptance of Hypothesis 2.
RA4 .691
Hypothesis 3. Perceived privacy will positively influence the
RA5 .751
RA6 .563 renewed adoption of mobile wallets among experienced users. The
Perceived security 0.853 .825 results of the regression analysis indicated that ‘perceived privacy’
PP1 .779 0.5 0.870 explained 23.4% of the variance in renewed adoption of mobile wallets
PP2 .812 over the traditional payment methods (R2 ¼ .234, F (1, 250) ¼ 76.264,
PP3 .815
PP4 .659
p-value ¼ .000). It was found that ‘perceived privacy’ significantly
PP5 .712 predict renewed adoption of mobile wallets (β ¼ .555; p-value ¼ .000).
PP6 .810 These results thus lead to the acceptance of Hypothesis 3.
Perceived privacy .859 .812
PR1 .704 0.5 0.860 Hypothesis 4. Perceived security will positively influence the
PR2 .725 renewed adoption of mobile wallets among experienced users. The
PR3 .699 results of the regression analysis indicated that ‘perceived security’
PR4 .770
explained 35.4% of the variance in renewed adoption of mobile wallets
PR5 .808
PR6 .842 over the traditional payment methods (R2 ¼ .354, F (1, 250) ¼ 136.789,
Renewed adoption .866 .809 p-value ¼ .000). It was found that ‘perceived privacy’ significantly
AI1 .831 0.7 0.903 predict renewed adoption of mobile wallets (β ¼ .749; p-value ¼ .000).
AI2 .819 These results thus lead to the acceptance of Hypothesis 4. Therefore, we
AI3 .815
AI4 .707
conclude that Hypothesis 4 is accepted.
AI5 .859
The second objective of this study was to assess the best predictors of
renewed adoption of mobile wallets. Therefore, we conducted hierar­
chical multiple regression analysis to meet this objective. We interred
.097; p-value ¼ .270), length of usage (β ¼ -.014; p-value ¼ .737), age (β relative convenience, relative advantages, perceived privacy, perceived
¼ .092; p-value ¼ .247), on these relationships. Following Perdue and security in step 1, step 2, step 3, and step 4, respectively. As shown in
Summers (1986), we also checked whether there is any statistical dif­ Table 4, all the models predict significantly renewed adoption of mobile
ference in the mean rating of variables by the level of education, gender, wallets among experienced foreign users. In Model 1, 17.4% percent
age, length of usage gender, and level of education using one-ANOVA variance in renewed adoption intention is explained by the relative
analysis. The results of the ANOVA analysis show no significant differ­ convenience of mobile wallets [R2 ¼ .174, F (1, 250) ¼ 52.692, p-value
ence in mean of the rating of the variables except for relative conve­
nience which shows significant mean differences by age [F (3, 248) ¼
3.731 and p-value ¼ .012] and by the length of usage [F (3, 248) ¼ 3.609 Table 4
and p-value ¼ .014]. Summary of the Models for renewed adoption of Mobile Wallets among expe­
rienced users.
4.4. Hypothesis TESTING Model R R Square Adjusted R Square Std. Error of the Estimate
a
1 .417 .174 .171 .74790
We performed a hierarchical ordinary least squares (OLS) regression
2 .528b .279 .273 .70032
to test the hypotheses of this study. It should be noted that OLS 3 .576c .332 .324 .67532
regression remains an effective method to examine causal relationships 4 .633d .401 .391 .64101
and moderating effects (Mazzoni et al., 2016; Wang and Wang, 2013). a
Predictors: (Constant), Relative Convenience.
b
Hypothesis 1. Relative convenience will positively influence the Predictors: (Constant), Relative Convenience, Relative Advantages.
c
renewed adoption of mobile wallets among experienced users. The Predictors: (Constant), Relative Convenience, Relative Advantages,
Perceived privacy.
results of the regression analysis show that ‘relative convenience’ d
Predictors: (Constant), Relative Convenience, Relative Advantages,
explained 17.4% of the variance in the renewed adoption of mobile
Perceived privacy, Perceived security.
wallets among experienced users (R2 ¼ .174, F (1, 250) ¼ 52.692, p-

Table 3
Inter-correlations, mean, and standard deviation.
Variables RC RA PP PS RAI Mean S. Dev

Relative Convenience (RC) 1 .544** .400** .467** .417** 4.34 0.55

Relative Advantage (RA) .544** 1 .541** .567** .498** 4.04 0.61
Perceived Privacy (PP) .400** .541** 1 .737** .483** 3.54 0.71
Perceived Security (PS) .467** .567** .737** 1 .595** 3.84 0.65
Renewed Adoption Intention (RAI) .417** .498** .483** .595** 1 3.91 0.82

Note: Sample size ¼ 252; *P < 0.05; **P < 0.01; ***P < 0.001.

5
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

¼ .000)], with a significant F change ¼ .000. When we added ‘relative Table 6

advantages’ in Model 2, the variance in renewed adoption intention of Beta coefficients and the significance level of the variables.
mobile wallets has changed from 17.4% to 27.9% [R2 ¼ .279, F (2, 249) Coefficientsa
¼ 48.110, p-value ¼ .000], with a significant F change ¼ .000. As shown
Model Unstandardized Standardized T Sig.
in Table 6, both relative convenience (β ¼ .309, p-value ¼ .001) and Coefficients Coefficients
relative advantages (β ¼ .516, p-value ¼ .000) predict renewed adoption
B Std. Beta
intention of mobile wallets in Model 2. When we added perceived pri­ Error
vacy in Model 3, the variance in renewed adoption intention of mobile
1 (Constant) 1.208 .375 3.225 .001
wallets has changed from 27.9% to 33.2% [R2 ¼ .332, F (3, 248) ¼
Relative .621 .086 .417 7.259 .000
41.083, p-value ¼ .000], with a significant F change ¼ .000 (see Convenience
Tables 4–6). It was found that relative convenience (β ¼ .247, p-value ¼ 2 (Constant) .480 .371 1.292 .198
.008), and relative advantages (β ¼ .345, p-value ¼ .000), significantly Relative .309 .095 .208 3.238 .001
predict renewed adoption intention of mobile wallets in Model 3 as did Convenience
Relative .516 .086 .385 6.010 .000
perceived privacy (β ¼ .319, p-value ¼ .000) as shown in Table 6. When Advantages
we added perceived security in Model 4, the variance in renewed 3 (Constant) .310 .360 .862 .390
adoption intention of mobile wallets has changed from 33.2% to 40.1% Relative .247 .093 .166 2.654 .008
[R2 ¼ .401, F (4, 247) ¼ 41.265, p ¼ .000], with a significant F change ¼ Convenience
Relative .345 .091 .258 3.784 .000
.000. It should be noted that only relative advantages (β ¼ .249, p-value
Advantages
¼ .005) and perceived security (β ¼ .519, p-value ¼ .000) significantly Perceived .319 .072 .278 4.447 .000
predict renewed adoption intention of mobile wallets in the final OLS privacy
Model. 4 (Constant) .054 .345 .156 .876
Relative .163 .090 .110 1.818 .070
Convenience
5. Discussion Relative .249 .089 .186 2.816 .005
Advantages
The results of the descriptive analysis show that the respondents Perceived .040 .086 .035 .471 .638
consider mobile wallets to be relatively more convenient (mean ¼ 4.34) privacy
Perceived .519 .098 .412 5.316 .000
and more advantageous (mean ¼ 4.04) than the traditional payment
security
methods. The results of the descriptive analysis also show that the re­
a
spondents consider mobile wallets as the relative superior in terms of Dependent Variable: Renewed Adoption Intention.
perceived privacy (mean ¼ 3.54) and perceived security (mean ¼ 3.84).
Furthermore, the renewed adoption among average users has a mean
score of 3.91. These are very interesting results when we consider these adoption of mobile payments (Dahlberg et al., 2008; Johnson et al.,
scores on a 5-point Likert-scale measurement. Therefore, if companies 2018; Pi et al., 2012; Routray et al., 2019; Tan and Teo, 2000; Teo et al.,
desire to influence the renewed adoption of mobile wallets, they need to 2005). As security and privacy concerns were found as major factors that
consider the attributes that are associated with relative convenience, slow the expansion of adoption of mobile (L.-d. Chen and Nath, 2008;
relative advantages, the perceived security, and perceived privacy as Li�
ebana-Cabanillas et al., 2014; Linck et al., 2006; Schierz et al., 2010;
perceived by experienced users. Tan and Teo, 2000; Teo et al., 2005) this implicitly corroborate our
We have found that ‘relative convenience’, ‘relative advantages’, results for the positive effect of perceived security and perceived privacy
‘perceived security’, and ‘perceived privacy’ influence positively on renewed adoption. Our results for perceived privacy and perceived
renewed adoption of mobile wallets. The results of our study are security are similar to results of several other studies for the adoption of
consistent with prior studies that either corroborate the relative con­ mobile payment (e.g., Schierz et al., 2010; Zhou, 2011) for continuous
venience or the relative advantages among factors that encourage the usage of mobile payments (e.g., Lee et al., 2015; Lim et al., 2019; Pi
et al., 2012; Routray et al., 2019). In addition to the aforementioned
results, our study shows that relative advantages (β ¼ .246, p ¼ .006)
and perceived security (β ¼ .522, p ¼ .000) as two significantly pre­
Table 5
dictors of renewed adoption intention of mobile wallets.
ANOVA for the variables of Interest.
It makes no doubt that mobile wallet’ users can tap into their
ANOVAa
experience to evaluate the relative convenience and the relative ad­
Model Sum of Squares Df Mean Square F Sig. vantages of these digital payments with a high degree of objectivity. On
1 Regression 29.473 1 29.473 52.692 .000b the contrary, they cannot establish objectively the superiority of mobile
Residual 139.839 250 .559 wallets in terms of security and privacy protection. It should be noted
Total 169.312 251 that it is far easier for users of any digital payment methods to discover
2 Regression 47.191 2 23.595 48.110 .000c
that they have been the victim of digital financial theft because that will
Residual 122.121 249 .490
Total 169.312 251 reflect on the balance of their banking account. But users may never
3 Regression 56.209 3 18.736 41.083 .000d discover that their privacy has been compromised unless companies
Residual 113.103 248 .456 decide to report this issue. In some cases, companies may even decide
Total 169.312 251 not to report data breaches to avoid losing face. Nevertheless, the
4 Regression 67.822 4 16.955 41.265 .000e
Residual 101.491 247 .411
incessant data breaches and financial theft within the global financial
Total 169.312 251 industry (Verizon Enterprise Solutions, 2018) provide compelling evi­
a
dence that no service providers can guaranty 100% of privacy and se­
Dependent Variable: Renewed Adoption Intention.
b curity. Therefore, one should be cautious in claiming the absolute
Predictors: (Constant), Relative Convenience.
c
Predictors: (Constant), Relative Convenience, Relative Advantage.
superiority of mobile wallets in terms of privacy and security protection.
d
Predictors: (Constant), Relative Convenience, Relative Advantage, Perceived While actors of the financial industry are committed to providing
privacy. users secure experience of the financial digital transaction by adopting
e
Predictors: (Constant), Relative Convenience, Relative Advantages, the latest security technology encryption and by implementing strict
Perceived privacy, Perceived security. security standard, their willingness to provide full privacy protection

6
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

remains skeptical in today’s business context were sharing users’ data necessitates the collaboration between different actors that often have
represent a multi-billion-dollar business. As companies heavily rely on the diverging market interest, future studies are encouraged to investi­
users’ information to achieve certain objectives (Bhatia and Breaux, gate the best approach that can help conciliate the interests of these
2018), it is misleading that they keep claiming to be in favor of data actors. Future studies are also encouraged to tap into the mixed methods
privacy. It is important to note that mobile wallet users can also research as this can help generate substantial insights from users of
compromise security and privacy protection by choosing convenience mobile wallets.
over security. It is indeed a fact that most users prefer the convenience of
the fingerprint to unlock their phones or to validate digital financial Declaration of competing interest
transactions. However, it has been reported that fingerprints can be
hacked in just 20 min (see the report by Winder, 2019a) which can We would like to acknowledge that this paper meets all the ethical
eventually compromise data privacy and security. standards. Also, there is no conflict of interest and the authors did not
receive any funds for this paper.
6. Implications and conclusions
Appendix A. Supplementary data
There are several interesting insights that we can draw from the
results of our study. Both theoretically and in the real world context, Supplementary data to this article can be found online at https://doi.
relative advantages and protection against theft of illegal financial org/10.1016/j.jretconser.2020.102127.
transactions are what create real value for mobile wallets’ users. This
suggests that mobile wallet’ users attached more importance to the References
advantages and the level of security of these digital payments, which are
subject to rule over the traditional payment methods in years to come. Allen, M., 2017. In: Allen, M. (Ed.), The SAGE Encyclopedia of Communication Research
Methods. California, Thousand Oaks.
Arts, J.W.C., Frambach, R.T., Bijmolt, T.H.A., 2011. Generalizations on consumer
6.1. Practical implications innovation adoption: a meta-analysis on drivers of intention and behavior. Int. J.
Res. Market. 28 (2), 134–144. https://doi.org/10.1016/j.ijresmar.2010.11.002.
Aydin, G., Burnaz, S., 2016. Adoption of mobile payment systems: a study on mobile
The expansion of Alibaba’s Alipay and Tencent’s WeChat Pay wallets. J. Bus. Econ. Finance 5 (1), 73–92. https://doi.org/10.17261/
throughout the globe is a warning sign that certain barriers to the Pressacademia.2016116555.
adoption of the digital payment are lessened. The findings of our study Bagozzi, R.P., Yi, Y., 1988. On the evaluation of structural equation models. J. Acad.
Market. Sci. 16 (1), 74–94. https://doi.org/10.1007/BF02723327.
are valuable to mobile wallets service providers. The emphasis on the Balapour, A., Nikkhah, H.R., Sabherwal, R., 2020. Mobile application security: role of
most important attributes of the relative advantages and relative perceived privacy as the predictor of security perceptions. Int. J. Inf. Manag. 102063.
transaction protection are key factors that the issuers need to emphasize https://doi.org/10.1016/j.ijinfomgt.2019.102063.
Barth, S., de Jong, M.D.T., 2017. The privacy paradox – investigating discrepancies
on to true influence renewed adoption of mobile wallets. For example,
between expressed privacy concerns and actual online behavior – a systematic
Alipay and WeChat Pay may enjoy a significant market share in coun­ literature review. Telematics Inf. 34 (7), 1038–1058. https://doi.org/10.1016/j.
tries where citizens have fewer concerns about data privacy while tele.2017.04.013.
Bartlett, M.S., 1954. A note on the multiplying factors for various χ2 approximations.
remaining committed to being transparent on how they use users’ in­
J. Roy. Stat. Soc. B 16 (2), 296–298. https://doi.org/10.1111/j.2517-6161.1954.
formation. Mobile wallet service providers may consider incorporating tb00174.x.
pseudo-identity techniques and digital signature within their app to Baruh, L., Secinti, E., Cemalcilar, Z., 2017. Online privacy concerns and privacy
further improve security and privacy protection as suggest by Qin et al. management: a meta-analytical review. J. Commun. 67 (1), 26–53. https://doi.org/
10.1111/jcom.12276.
(2017). Also, mobile wallet service providers may consider the Begonha, D.B., Hoffmann, A., Melin, P., 2002. M-payments: hang up, try again. Credit
multi-factor authentication method, which may combine, fingerprint, Card Manag. 15 (10), 40-40.
passwords, and PINs (see the report by Winder, 2019b) as a means to B�
elanger, F., Crossler, R.E., 2011. Privacy in the digital age: a review of information
privacy research in information systems. MIS Q. 35 (4), 1017–1042.
reinforce data privacy and security. It is also important that mobile Bellman, S., Johnson, E.J., Kobrin, S.J., Lohse, G.L., 2004. International differences in
wallet service providers figure out the best approach to instruct users to information privacy concerns: a global survey of consumers. Inf. Soc. 20 (5),
contribute to data privacy and transaction protection. For example, 313–324. https://doi.org/10.1080/01972240490507956.
Benabdallah, L., Robertson, W., 2019. Xi Jinping pledged $60 billion for Africa. Where
companies can send regular tips or reminders to users on how to set up will the money go? Retrieved from. https://www.washingtonpost.com/news/monke
the privacy and security features of their mobile wallets. y-cage/wp/2018/09/17/xi-jinping-pledged-60-billion-for-africa-where-will-the-
money-go/.
Berthon, P., Ewing, M., Hah, L.L., 2005. Captivating company: dimensions of
6.2. Theoretical implications attractiveness in employer branding. Int. J. Advert. 24 (2), 151–172. https://doi.
org/10.1080/02650487.2005.11072912.
The strength of this study is that we collected data from experienced Bhatia, J., Breaux, T.D., 2018. Empirical measurement of perceived privacy risk. ACM
Trans. Comput. Hum. Interact. 25 (6), 1–47. https://doi.org/10.1145/3267808.
users of the world’s most successful mobile wallets (Alipay and WeChat
Boden, J., Maier, E., Wilken, R., 2020. The effect of credit card versus mobile payment on
Pay). Different from other studies, we provided users the opportunity to convenience and consumers’ willingness to pay. J. Retailing Consum. Serv. 52,
contribute to the development of the questionnaire by tapping into their 101910. https://doi.org/10.1016/j.jretconser.2019.101910.
experience with different payment methods. Besides these strengths, our Butao, W., 2019. Alipay expands payment business in Africa, A strategic area for Chinese
tech players. Retrieved from. https://equalocean.com/financial/20190730-alipay-
study overcomes several limitations. First, it does not take into account expands-payment-business-in-africa.
constraints related to socio-economic and regulatory conditions that Chen, T., 2019. The cross-border payment war of WeChat Pay and Alipay. Retrieved
might deter the renewed adoption in the home country of foreign users from. https://walkthechat.com/the-cross-border-payment-war-of-wechat-pay-and-
alipay/.
of the two leading Chinese’ mobile wallets. Second, the data was Chen, L.-d., Nath, R., 2008. Determinants of mobile payments: an empirical analysis.
collected from respondents from Africa, which eventually excluded J. Int. Technol. Inf. 17 (1). Retrieved from. https://scholarworks.lib.csusb.edu
those from the other geographic regions. Moreover, this study excluded /jitim/vol17/iss1/2.
China Banking News, 2020. China’s mobile payments market grows over 15% in Q3
the retailers who constitute an important group of users that have helped 2019, alipay’s market share exceed half. Retrieved from. http://www.chinabanki
expand the adoption of mobile wallets by making them more ubiquitous. ngnews.com/2020/01/21/chinas-mobile-payments-market-grows-over-15-alip
Future research is needed to overcome the aforementioned limitations. ays-market-share-exceed-half/.
Choudhury, V., Karahanna, E., 2008. The relative advantage of electronic channels: a
Also, further study is needed to investigate constraints related to the multidimensional view. MIS Q. 32 (1), 179–200. https://doi.org/10.2307/
renewed adoption of mobile wallets. This may include the attitude of 25148833.
retailers regarding the acceptance of mobile wallets as a payment option
for the service or product sold. As the deployment of mobile wallets

7
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

Chu, P.-Y., Lee, G.-Y., Chao, Y., 2012. Service quality, customer satisfaction, customer Milne, G.R., Gordon, M.E., 1993. Direct mail privacy-efficiency trade-offs within an
trust, and loyalty in an E-banking context. SBP (Soc. Behav. Pers.): Int. J. 40 (8), implied social contract framework. J. Publ. Pol. Market. 12 (2), 206–215.
1271–1283. https://doi.org/10.2224/sbp.2012.40.8.1271. Miltgen, C.L., Peyrat-Guillard, D., 2014. Cultural and generational influences on privacy
Coursaris, C., Hassanein, K., 2002. Understanding m-commerce: a consumer-centric concerns: a qualitative study in seven European countries. Eur. J. Inf. Syst. 23,
model. Q. J. Electron. Commer. QJEC 3, 247–272. 103–125.
Dahlberg, T., Mallat, N., Ondrus, J., Zmijewska, A., 2008. Past, present and future of Nie, N.H., Bent, D.H., Hull, C.H., 1975. SPSS: Statistical Package for the Social Sciences,
mobile payments research: a literature review. J. Electron. Commerce Res. Appl. 7 vol. 227. McGraw-Hill, New York.
(2), 165–181. https://doi.org/10.1016/j.elerap.2007.02.001. Oliveira, T., Thomas, M., Baptista, G., Campos, F., 2016. Mobile payment: understanding
Dewan, S.G., Chen, L., 2005. Mobile payment adoption in the US : a crossindustry cross- the determinants of customer adoption and intention to recommend the technology.
platform solution. J. Inf. Priv. Secur. 1, 2–28. Comput. Hum. Behav. 61, 404–414. https://doi.org/10.1016/j.chb.2016.03.030.
Duane, A., O’Reilly, P., Andreev, P., 2014. Realising M-Payments: modelling consumers’ Park, J., Ahn, J., Thavisay, T., Ren, T., 2019. Examining the role of anxiety and social
willingness to M-pay using Smart Phones. Behav. Inf. Technol. 33 (4), 318–334. influence in multi-benefits of mobile payment service. J. Retailing Consum. Serv. 47,
https://doi.org/10.1080/0144929X.2012.745608. 140–149. https://doi.org/10.1016/j.jretconser.2018.11.015.
Field, A., 2009. Discovering Statistics Using SPSS. Sage publications. Peng, R., Xiong, L., Yang, Z., 2012. Exploring tourist adoption of tourism mobile
Fortune Business Insights, 2020. Mobile payment market size, share & industry analysis, payment: an empirical analysis. J. Theor. Appl. Electron. Commerce Res. 7 (1),
by payment type, by industry, and regional forecast, 2019-2026. Retrieved from. 21–33.
https://www.fortunebusinessinsights.com/industry-reports/mobile-payment-techn Perdue, B.C., Summers, J.O., 1986. Checking the success of manipulations in marketing
ology-market-100336. experiments. J. Market. Res. 23 (4), 317–326. https://doi.org/10.1177/
Global Growth Markets, 2018. WeChat pay and AliPay expand worldwide. Retrieved 002224378602300401.
from. https://www.ggmkts.com/i-WeChat-Pay-and-AliPay-expand-worldwide. Pham, T.-T.T., Ho, J.C., 2015. The effects of product-related, personal-related factors and
Hendrickson, A.R., Massey, P.D., Cronan, T.P., 1993. On the test-retest reliability of attractiveness of alternatives on consumer adoption of NFC-based mobile payments.
perceived usefulness and perceived ease of use scales. MIS Q. 17 (2), 227–230. Technol. Soc. 43, 159–172. https://doi.org/10.1016/j.techsoc.2015.05.004.
https://doi.org/10.2307/249803. Pi, S.-M., Liao, H.-L., Chen, H.-M., 2012. Factors that affect consumers’ trust and
Hilty, L.M., Som, C., K€ ohler, A., 2004. Assessing the human, social, and environmental continuous adoption of online financial services. Int. J. Bus. Manag. 7 (9), 108.
risks of pervasive computing. Hum. Ecol. Risk Assess. 10 (5), 853–874. https://doi. Polasik, M., G�orka, J., Wilczewski, G., Kunkowski, J., Przenajkowska, K., Tetkowska, N.,
org/10.1080/10807030490513874. 2013. Time efficiency of point-of-sale payment methods: empirical results for cash,
Huh, J., Verma, S., Rayala, S., Bobba, R., Beznosov, K., Kim, H., 2017. I don’t use Apple cards and mobile payments. In: Paper Presented at the Enterprise Information
pay because it’s less secure: perception of security and usability in mobile tap-and- Systems, Berlin, Heidelberg, 2013//.
pay. mHealth 3 (3), 15–41. Processing, Shift, 2020. Credit card fraud statistics. Retrieved from. https://shiftproce
Humbani, M., Wiese, M., 2018. A cashless society for all: determining consumers’ ssing.com/credit-card-fraud-statistics/.
readiness to adopt mobile payment services. J. Afr. Bus. 19 (3), 409–429. https:// Qin, Z., Sun, J., Wahaballa, A., Zheng, W., Xiong, H., Qin, Z., 2017. A secure and privacy-
doi.org/10.1080/15228916.2017.1396792. preserving mobile wallet with outsourced verification in cloud computing. Comput.
Hunneman, A., Verhoef, P.C., Sloot, L.M., 2017. The moderating role of shopping trip Stand. Interfac. 54, 55–60.
type in store satisfaction formation. J. Bus. Res. 78, 133–142. https://doi.org/ Rogers, E.M., 1995. Diffusion of Innovations, fourth ed. The Free Press, New York.
10.1016/j.jbusres.2017.05.012. Routray, S., Khurana, R., Payal, R., Gupta, R., 2019. A move towards cashless economy: a
Johnson, V.L., Kiser, A., Washington, R., Torres, R., 2018. Limitations to the rapid case of continuous usage of mobile wallets in India. Theor. Econ. Lett. 9 (4), 1152.
adoption of M-payment services: understanding the impact of privacy risk on M- Safa, N.S., Von Solms, R., 2016. Customers repurchase intention formation in e-
Payment services. Comput. Hum. Behav. 79, 111–122. https://doi.org/10.1016/j. commerce : original research. S. Afr. J. Inf. Manag. 18 (1), 1–9. https://doi.org/
chb.2017.10.035. 10.4102/sajim.v18i1.712.
Kaiser, H.F., 1974. An index of factorial simplicity. Psychometrika 39 (1), 31–36. https:// Salehi, F., Abdollahbeigi, B., Langroudi, A.C., Salehi, F., 2012. The impact of website
doi.org/10.1007/BF02291575. information convenience on E-commerce success of companies. Procedia - Soc.
Karahanna, E., Straub, D.W., Chervany, N.L., 1999. Information technology adoption Behav. Sci. 57, 381–387. https://doi.org/10.1016/j.sbspro.2012.09.1201.
across time: a cross-sectional comparison of pre-adoption and post-adoption beliefs. Saltzer, J.H., Schroeder, M.D., 1975. The protection of information in computer systems.
MIS Q. 23 (2), 183–213. https://doi.org/10.2307/249751. Proc. IEEE 63 (9), 1278–1308.
Khalilzadeh, J., Ozturk, A.B., Bilgihan, A., 2017. Security-related factors in extended Schierz, P.G., Schilke, O., Wirtz, B.W., 2010. Understanding consumer acceptance of
UTAUT model for NFC based mobile payment in the restaurant industry. Comput. mobile payment services: an empirical analysis. Electron. Commer. Res. Appl. 9 (3),
Hum. Behav. 70, 460–474. https://doi.org/10.1016/j.chb.2017.01.001. 209–216.
Kim, C., Mirusmonov, M., Lee, I., 2010. An empirical examination of factors influencing Sharma, S.K., Mangla, S.K., Luthraa, S., Al-Salt, Z., 2018. Mobile wallet inhibitors:
the intention to use mobile payment. Comput. Hum. Behav. 26 (3), 310–322. developing a comprehensive theory using an integrated model. J. Retailing Consum.
https://doi.org/10.1016/j.chb.2009.10.013. Serv. 45, 52–63. https://doi.org/10.1016/j.jretconser.2018.08.008.
Lai, P.M., Chuah, K.B., 2010. Developing an analytical framework for mobile payments Shin, D.-H., 2010. The effects of trust, security and privacy in social networking: a
adoption in retailing: a supply-side perspective. In: Paper Presented at the 2010 security-based approach to understand the pattern of adoption. Interact. Comput. 22
International Conference on Management of E-Commerce and E-Government, 23-24 (5), 428–438. https://doi.org/10.1016/j.intcom.2010.05.001.
Oct. 2010. Singh, B.P., Grover, P., Kar, A.K., 2017. Quality in mobile payment service in India. In:
Lee, C., Yun, H., Lee, C., Lee, C.C., 2015. Factors affecting continuous intention to use Paper Presented at the Conference on E-Business, E-Services and E-Society.
mobile wallet: based on value-based adoption model. J. Soc. e-Bus. Stud. 20 (1). Slade, E.L., Williams, M.D., Dwivedi, Y.K., 2013. Mobile payment adoption: classification
Li�
ebana-Cabanillas, F., S� anchez-Fern�andez, J., Mu~
noz-Leiva, F., 2014. Antecedents of the and review of the extant literature. Market. Rev. 13 (2), 167–190.
adoption of the new mobile payment systems: the moderating effect of age. Comput. Srivastava, M., Kaul, D., 2014. Social interaction, convenience and customer satisfaction:
Hum. Behav. 464–478. https://doi.org/10.1016/j.chb.2014.03.022. the mediating effect of customer experience. J. Retailing Consum. Serv. 21 (6),
Lim, S.H., Kim, D.J., Hur, Y., Park, K., 2019. An empirical study of the impacts of 1028–1037. https://doi.org/10.1016/j.jretconser.2014.04.007.
perceived security and knowledge on continuous intention to use mobile fintech Tan, M., Teo, T.S.H., 2000. Factors influencing the adoption of Internet banking.
payment services. Int. J. Hum. Comput. Interact. 35 (10), 886–898. https://doi.org/ J. Assoc. Inf. Syst. Online 1 (5), 1–44.
10.1080/10447318.2018.1507132. Teo, E., Fraunholz, B., Unnithan, C., 2005. Inhibitors and facilitators for mobile payment
Linck, K., Pousttchi, K., Wiedemann, D.G., 2006. Security issues in mobile payment from adoption in Australia: a preliminary study. In: Paper Presented at the Proceedings of
the customer viewpoint. In: Paper Presented at the 14th European Conference on the International Conference on Mobile Business, Washington, DC.
Information Systems. G€ oteborg/Schweden. The Asian Banker, 2019. BCEL and Wallyt partner to enable Alipay and WeChat pay
Mallat, N., 2007. Exploring consumer adoption of mobile payments – a qualitative study. acceptance in Laos. Retrieved from. http://www.theasianbanker.com/press-release
J. Strat. Inf. Syst. 16 (4), 413–432. https://doi.org/10.1016/j.jsis.2007.08.001. s/bcel-and-wallyt-partner-to-enable-alipay-and-wechat-pay-acceptance-in-laos.
Matemba, E.D., Li, G., 2018. Consumers’ willingness to adopt and use WeChat wallet: an Verizon Enterprise Solutions, 2017. 2017 Data breach investigations report. Retrieved
empirical study in South Africa. Technol. Soc. 53, 55–68. https://doi.org/10.1016/j. from. https://www.ictsecuritymagazine.com/wp-content/uploads/2017-Data-Bre
techsoc.2017.12.001. ach-Investigations-Report.pdf.
Mazzoni, E., Baiocco, L., Cannata, D., Dimas, I., 2016. Is internet the cherry on top or a Verizon Enterprise Solutions, 2018. 2018 Data Breach Investigations Report, eleventh ed.
crutch? Offline social support as moderator of the outcomes of online social support Retrieved from. http://www.documentwereld.nl/files/2018/Verizon-DBIR_2
on Problematic Internet Use. Comput. Hum. Behav. 56, 369–374. https://doi.org/ 018-Main_report.pdf.
10.1016/j.chb.2015.11.032. Wang, E.S., Wang, M.C., 2013. Social support and social interaction ties on internet
Mekovec, R., Hutinski, Z., � 2012. The role of perceived privacy and perceived security in addiction: integrating online and offline contexts. Cyberpsychol., Behav. Soc. Netw.
online market. In: Paper Presented at the MIPRO, 2012 Proceedings of the 35th 16 (11), 843–849. https://doi.org/10.1089/cyber.2012.0557.
International Convention. https://bib.irb.hr/datoteka/583343.Rad.pdf. Weng, W., 2018. Bank-backed mobile wallets are a work in progress. Retrieved from.
Mercy, M., 2015. Online store service convenience, customer satisfaction and http://www.theasianbanker.com/updates-and-articles/bank-backed-mobile-walle
behavioural intentions: a focus on utilitarian oriented shoppers. J. Econ. Behav. ts-are-a-work-in-progress.
Stud. 7 (1) https://doi.org/10.22610/jebs.v7i1(J).561. J. Westin, A.F., 1968. Privacy and freedom. Washington Lee Law Rev. 25 (1), 166.
Merritt, C., 2011. Mobile money transfer services: the next phase in the evolution of Winder, D., 2019a. Hackers claim ‘any’ smartphone fingerprint lock can Be broken in 20
person-to-person payments. J. Payments Strategy & Syst. 5 (2), 143–160. minutes. Retrieved from. https://www.forbes.com/sites/daveywinder/2019/11
Milne, G.R., 2000. Privacy and ethical issues in database/interactive marketing and /02/smartphone-security-alert-as-h
public policy: a research framework and overview of the special issue. J. Publ. Pol. ackers-claim-any-fingerprint-lock-broken-in-20-minutes/#5a13f8956853.
Market. 19 (1), 1–6.

8
C. Mombeuil Journal of Retailing and Consumer Services 55 (2020) 102127

Winder, D., 2019b. This Samsung galaxy S11 upgrade could leave apple’s iPhone 11 Youn, S., 2009. Determinants of online privacy concern and its influence on privacy
lagging way behind. Retrieved from. https://www.forbes. protection behaviors among young adolescents. J. Consum. Aff. 43 (3), 389–418.
com/sites/daveywinder/2019/10/07/th Zhang, L., Zhu, J., Liu, Q., 2012. A meta-analysis of mobile commerce adoption and the
is-samsung-galaxy-s11-upgrade-could-leave-apples-iphone-11-lagging-way-beh moderating effect of culture. Comput. Hum. Behav. 28 (5), 1902–1911. https://doi.
ind/#5e736e685a94. org/10.1016/j.chb.2012.05.008.
Xinhua, 2019. African fintech firm to enhance uptake of Wechat pay, Alipay. Retrieved Zhou, T., 2011. The impact of privacy concern on user adoption of location-based
from. http://www.xinhuanet.com/english/2019-07/17/c_138232177.htm. services. Ind. Manag. Data Syst. 111 (2), 212–226. https://doi.org/10.1108/
02635571111115146.