Factors Influencing Intentions to Use Mobile Payments: An Entrepreneurial Perspective

Since the beginning of the 2000s, business activities have become more electronic, and cell phones have become an important way to do business. An enormous amount of research has been done on how people are using mobile payments. This study aims to examine how user’s perception of risk influences their decision to continue using mobile payment services. Despite the benefits associated with payments there are still challenges that hinder its widespread acceptance. This study discusses these challenges with entrepreneurial perspective that entrepreneurial thinking here means not only noticing how popular mobile payment services are, but also figuring out what the problems are and using them as a starting point to come up with new ideas that could change the industry. The study utilizes the Unified Theory of Acceptance and Use of Technology (UTAUT) model along, with the confirmation acceptance model to analyze the factors that impact users continued intention to use payments and validate the conceptual model. To collect data for this research a quantitative approach is employed through a survey distributed among mobile payment users. The survey adopts convenience sampling techniques to gather responses from participants, across regions of Pakistan. Data collection spanned over a two-month period involving a total of 460 respondents. The study employed Structural Equation Modeling (SEM) to examine the relationship between confirmation, performance expectancy, effort expectancy, social influence, and continuous intention to use mobile payment services. There was a positive relationship between the dependent and independent factors, which meant that all of the hypotheses were valid. Additionally, SPSS analysis showed that perceived risk weakens the connection between confirmation, performance expectancy, effort expectancy, social influence, and continuous intention. The findings of this research contribute to the business literature and put forth crucial guidelines for the management of entrepreneurial mindsets.