Identifying User Behavioral Intentions Towards Accepting And Using Mobile Payment Systems: An Extended UTAUT2 Model

Abstract

Background: Mobile payments represent a rapidly growing method of performing financial transactions, primarily due to the widespread use of smartphones and related technologies. Despite their numerous benefits, the global acceptance of mobile payments remains inconsistent, particularly in developing countries. 

Purpose: This study aims to examine factors influencing the intention to accept and use mobile payment systems among consumers in Central Serbia. The research model is based on the UTAUT2 framework, extended by perceived trust and perceived risk. 

Study design/methodology/approach: A quantitative research approach was employed, using a structured questionnaire distributed to 845 potential respondents, of which 239 valid responses were obtained. Data were analyzed using SPSS with descriptive statistics, correlation, and multiple regression analyses to test the proposed hypotheses. 

Findings/conclusions: The study reveals that performance expectancy, effort expectancy, facilitating conditions, price value, habits, perceived trust, and perceived risk significantly influence behavioral intention to use mobile payments. Moreover, habits, behavioral intention, and facilitating conditions also significantly influence actual use behavior. Social influence and hedonic motivation were found to have no significant impact on behavioral intention. Additionally, perceived trust significantly reduces perceived risk, highlighting the interplay between these two constructs in user behavior. The model explains 72% of the variance in behavioral intention and 45.5% in use behavior. 

Limitations/future research: The study is limited to Central Serbia, with a modest sample size and overrepresentation of older respondents. Future research should include broader geographic coverage and examine the moderating roles of gender and age on mobile payment adoption.