Short answer
Design and market mobile payment solutions by emphasizing performance benefits, leveraging social proof, and proactively addressing consumer concerns about risk, while tailoring trust-building efforts based on user knowledge levels.
- Field
- Innovation & Markets
- Source
- Psychology and Marketing (2015)
- Method
- Quantitative research using structural equation modeling.
- Sample
- 268 participants
- Evidence
- Strong effect
Consumers' willingness to adopt remote mobile payments is significantly influenced by their perception of the technology's benefits and the inherent risks involved, alongside their personal inclination towards new technologies. This innovation & markets research insight is drawn from a 2015 study published in Psychology and Marketing. Using Quantitative research using structural equation modeling. with 268 participants, researchers explored how this design variable affects real-world outcomes. The key design takeaway: Design and market mobile payment solutions by emphasizing performance benefits, leveraging social proof, and proactively addressing consumer concerns about risk, while tailoring trust-building efforts based on user knowledge levels.
Innovativeness and Perceived Risk Drive Mobile Payment Adoption Intentions
Consumers' willingness to adopt remote mobile payments is significantly influenced by their perception of the technology's benefits and the inherent risks involved, alongside their personal inclination towards new technologies.
Psychology and Marketing · 2015
Key Findings
- 01Performance expectancy significantly influenced adoption intentions.
- 02Social influence significantly influenced adoption intentions.
- 03Innovativeness significantly influenced adoption intentions.
- 04Perceived risk significantly influenced adoption intentions.
- 05Effort expectancy did not significantly influence adoption intentions.
Application
Design takeaway
Design and market mobile payment solutions by emphasizing performance benefits, leveraging social proof, and proactively addressing consumer concerns about risk, while tailoring trust-building efforts based on user knowledge levels.
How to apply
When developing a new payment technology, conduct user research to understand perceptions of performance, social influence, innovativeness, and risk. Use these insights to shape product features, marketing messages, and user onboarding processes.
Project actions
- 01When researching a new technology, consider including factors beyond basic usability, such as user innovativeness and perceived risk.
- 02Use established theoretical frameworks like UTAUT as a starting point and extend them with relevant contextual factors.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Extends a widely used adoption model (UTAUT) with relevant consumer-centric factors.
- +Employs a robust statistical method (SEM) for analyzing complex relationships.
Limitations
The study was conducted in the UK, so findings may not apply universally. It focused on non-users, so adoption by existing users might be different.
Reliability & validity
The use of structural equation modeling with a validated theoretical framework (UTAUT) contributes to the study's validity. Reliability would depend on the psychometric properties of the survey instruments used to measure the constructs.
Think critically
How might the 'social influence' factor differ across different age demographics or cultural contexts when adopting new payment technologies?
Design Principles
"Technology adoption is a function of perceived value, social dynamics, individual propensity for innovation, and risk assessment."
Understanding the psychological drivers behind technology adoption is crucial for market entry and product development. By identifying key factors like innovativeness and perceived risk, businesses can tailor their strategies to overcome adoption barriers and effectively position new mobile payment solutions.
What This Means for Your Design
People are more likely to try new mobile payment apps if they think the app is useful, their friends use it, they like trying new things, and they don't think it's too risky. Knowing about mobile payments also changes how much people trust them.
How to use in your project
- 1.Reference this study when discussing the factors influencing user adoption of a new technology, particularly in the context of mobile or digital services.
- 2.Use the findings to justify the inclusion of specific user research questions related to perceived benefits, risks, and social influence.
Add to My Project
Quick Cite
Paragraph starter
This research by Slade et al. (2015) highlights that consumer adoption of remote mobile payments is significantly influenced by performance expectancy, social influence, innovativeness, and perceived risk. Their findings suggest that for designers and marketers, emphasizing the benefits, leveraging social proof, and actively mitigating perceived risks are key strategies for encouraging uptake. Furthermore, the study indicates that trust is not a monolithic factor but is moderated by a user's existing knowledge of mobile payments, implying that trust-building efforts should be tailored to different levels of user familiarity.
Source
Psychology and Marketing
Modeling Consumers’ Adoption Intentions of Remote Mobile Payments in the United Kingdom: Extending UTAUT with Innovativeness, Risk, and Trust
journal · 2015
View sourceQuestions About This Research
- What does the research say about innovativeness and perceived risk drive mobile payment adoption intentions?
- Design and market mobile payment solutions by emphasizing performance benefits, leveraging social proof, and proactively addressing consumer concerns about risk, while tailoring trust-building efforts based on user knowledge levels. Evidence: Psychology and Marketing (2015).
- Why does "Innovativeness and Perceived Risk Drive Mobile Payment Adoption Intentions" matter for design?
- Understanding the psychological drivers behind technology adoption is crucial for market entry and product development. By identifying key factors like innovativeness and perceived risk, businesses can tailor their strategies to overcome adoption barriers and effectively position new mobile payment solutions.
- How can designers apply this research?
- Design and market mobile payment solutions by emphasizing performance benefits, leveraging social proof, and proactively addressing consumer concerns about risk, while tailoring trust-building efforts based on user knowledge levels.
- What were the main findings?
- Performance expectancy significantly influenced adoption intentions.. Social influence significantly influenced adoption intentions.. Innovativeness significantly influenced adoption intentions.. Perceived risk significantly influenced adoption intentions.
- What research method was used?
- Quantitative research using structural equation modeling. with 268 participants.
- How strong is the evidence?
- Evidence strength is rated Strong effect, based on a 2015 journal from Psychology and Marketing.
- What should I do differently in my next project?
- When developing a new payment technology, conduct user research to understand perceptions of performance, social influence, innovativeness, and risk. Use these insights to shape product features, marketing messages, and user onboarding processes.
- What are the limitations?
- The study focused on non-users' intentions, and the findings might differ for existing users. The context is specific to the UK market.