Critical Factors that Affect the Adoption of Mobile Payment Services in Developed and Developing Countries

Sammanfattning: The financial services division has been significantly impacted by the emergence of mobile payments, which can be attributed to the fast progressions in mobile technology and the widespread adoption of smartphones. The present research investigates critical factors prompting the adoption of mobile payment services in developed and developing countries, namely Sweden, Estonia, Germany, Pakistan, and Sri Lanka. This research aims to explain the resemblances and gaps in the adoption of mobile payments in developed and developing nations. The detailed analysis of the related past studies has identified organization, trust and security, financial inclusion, consumer preferences, and government support as the primary determinants that impact mobile payment adoption. The present investigation is based on the Technology Acceptance Model, including the extended model of Unified Theory of Acceptance and Use of Technology 2. Developed economies such as Sweden, Estonia, and Germany have the infrastructure to implement mobile payment alternatives effectively. The widespread adoption of mobile payments in these countries can be recognized by several factors, such as governmental initiatives that promote digitalization, a well-established financial framework, and consumer knowledge of various payment modalities. While implementing mobile payment services in developing nations like Pakistan and Sri Lanka presents distinctive obstacles. A significant portion of the general public lacks access to banking services, insufficient digital infrastructure, and reduced trust in technology exists. The anticipated surge in mobile payment adoption within emerging markets can be attributed to the widespread availability of smartphones and governmental efforts to broaden access to Mobile payment services. This research enhances our comprehension of the factors and barriers that constrain the implementation of mobile payment services. This research is useful for policymakers, banks, and technology firms as they develop strategies to expand mobile payment options.