Factors Influencing Consumer Adoption of Mobile Payments at Equity Bank

Abstract

Consumers often conduct financial transactions using mobile wallets, and mobile wallet companies use the most recent, highly secure encryption technology to safeguard consumer information. While consumers are assured that their transactions are secure by mobile payments, the trend toward mobile payments and security concerns continue to be of the utmost significance, and one could argue that consumer discomfort with the existing situation has hampered the widespread use of mobile wallets. The main aim of this study is to establish the factors influencing consumer adoption of mobile wallet payments. Specific objectives include identifying the effect of Performance Expectation, Effort Expectation, Social Influence, and Facilitating Conditions on consumer adoption of mobile wallet payments. This study employed a descriptive research design. The target market for this campaign was Equity Bank's mobile payment users. The researcher sampled 385 participants using Slovian's formula. Questionnaires were utilized in the study to collect data from the selected respondents. Both descriptive statistics and qualitative analysis were utilized to analyze the data. According to the study's findings, the independent variables (Performance Expectation, Effort Expectation) had a strong positive correlation while (Social Influence, and Facilitating Conditions) had a positive but weak relationship with and the dependent variable (Consumer Adoption of Mobile Wallet). In order to maintain their position as the leading suppliers of payment services, the research recommends banks to strike the right balance between innovation and trust and make a clear choice between being a leader or a fast follower.