Customer adoption of p2p mobile payment systems: The role of perceived risk

Peer-to-peer (P2P) payments are experiencing strong growth due to the notable interest in mobile payments and the effect of the COVID-19 pandemic on individuals’ behaviours. This research analyses the success factors in customers’ adoption of Bizum, a prototypical P2P mobile payment system already used by almost half of the Spanish population. Using data from real Bizum users and structural equation modelling, it was confirmed that: (1) customers’ attitudes and perceptions of control over the mobile app increased use and WOM intentions; (2) the subjective norm (i.e., social approval) is not important for the adoption of this P2P service; (3) the direct effect of perceived risk on behavioural intentions is not significant and that perceived risk is moderated by perceived security, such that its negative effects are significant when users perceive lower levels of security; (4) age and gender do not significantly influence adoption, which suggests that the service might be used by a wide spectrum. Finally, from a practical viewpoint, this research contributes to the understanding of the success factors underlying P2P platforms, which can help managers better develop their market penetration strategies in a highly competitive sector.