Acceptance of Payment Methods Across Stages of Product Life Cycle: Extending UTAUT2 for Mobile Payments, Digital Wallets, and RFID Tags

The diffusion of information and communication technologies has enabled many payment methods at the point of sale. Emerging countries are usually laggards of technology, and hence, there is a need to fill the gap when new methods of payment tend to diffuse at a slower pace than in other countries. This study aims to fill this gap by extending and testing the UTAUT2 technology acceptance model to analyze the variables that influence consumers’ intentions to use methods of payment at different stages of the product life cycle: mobile payments in the mature stage, digital wallets in the growing track, and radio frequency identification payments for a novel Internet of Things payment method at the introduction stage. Drawing from the information systems theory, this study extends UTAUT2 to include trust, risk, and network externalities to explain intentions to use such payment methods. Using a sample of 264 users and a survey design, the results show that complexity negatively influences consumers’ intention to use mobile money, whereas effort expectancy, facilitating conditions, habit, and price value positively influence consumers’ intention to use mobile money.