Published Paper Details:

Owing to the fast growth of mobile payment systems, there is a need to have strong theoretical frameworks to help understand the behavioral intentions of users. Although previous studies often base their study on disjointed models, such as the Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT), these models often overlook important psychological and situational variables. To fill the gap, in this study, we propose and empirically test an integrated model which synthesizes TAM and Theory of Planned Behavior (TPB) to predict the adoption of mobile wallets. The data collection method employed a quantitative cross-sectional design in which a 10-item questionnaire was used to collect data out of 50 active smartphone users, who live in a developing urban metropolitan area. The results confirm that although perceived usefulness and perceived easy of use are still the powerful foundation of functional attractiveness, the intention to adopt the system actually is largely volitional in nature and is largely guided by perceived behavioral control. Subjective norms, on the other hand, were proven to have a fragmented and far lesser effect, which disproved traditional beliefs about peer pressure effects of digital financial behaviors. Finally, this study indicates that the continued use of mobile wallets is being determined by individual efficacy and security more than individual utility whereas it is determined by social conformity, and it thus presents a radical, integrative paradigm on further studies of smart wallet adoption.