User Adoption and Risk Concerns of Mobile Payment Gateway Systems

Abstract

Digital payments have increasingly preferred method for consumers to purchase a diverse array of products and services, offering convenience and has been significantly accelerated by the relentless progress in mobile capabilities. As our daily financial lives become more and more reliant on digital systems, there's been an unavoidable surge in complex cyberattacks and various cybercrimes, a reality South Africa is quite familiar with. While digital platforms offer many advantages, they also expose users to greater risks. This makes strong security measures and increased user awareness crucial to lessen the potential financial and personal harm from these widespread cyber threats. This study explores the elements that drive users to embrace digital payment systems and how they react to risk concerns when using these platforms. To understand these dynamics, the research utilized two established theoretical models: the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT2). For this study, data was gathered using an online questionnaire distributed via Qualtrics XM. The study employed a convenience sampling method, collecting 294 responses in total, with 268 participants fully completing the survey. The collected data was then analysed using SPSS software and Microsoft Excel. Various statistical methods, including descriptive statistics and Quality Assurance models (specifically Construct Validity and Reliability), were applied to interpret the data and draw conclusions. The study's findings reveal that several elements from the Unified Theory of Acceptance and Use of Technology (UTAUT) significantly impact how readily people adopt mobile payment gateway systems. These key factors include Ease of Use, Subjective Norms (the influence of others' opinions), and Perceived Trust in the system. Interestingly, the research also found that users hold a neutral perception regarding the risks associated with using these digital payment methods. Furthermore, the study highlighted that gender, age, and prior experience all play a role in influencing the dynamics of both the UTAUT and Technology Acceptance Model (TAM).