Understanding IoT Mobile Payment Adoption: An Incorporating the UTAUT Theory with the Trust Acceptance Model

Abstract

Abstract. A customer enters a store, buys something, and leaves without realising that the customer has been charged. This trend is significantly growing due to the increasing availability of NFC, Bluetooth, and/or Internet of Things (IoT) enabled devices for payment. IoT-based mobile payment solutions have significant potential to address increased consumers’ desire for convenience and improve efficiency. Nevertheless, the adoption of IoT mobile payment systems is still in its infancy. Hence, this study examines the factors driving consumers’ behavioural intention to use IoT mobile payment by employing the theoretical lens of the unified theory of adoption and use of technology (UTAUT) and trust-based acceptance models. This research applies a structural equation modelling (SEM) analysis and the PLSpredict algorithm to validate the model.  Based on data collected from university students and faculty members due to their high probability of using IoT mobile payment systems, this work reveals an excellent tendency to adopt online and mobile payment. The findings highlight the three most influential factors (i) performance expectancy, (ii) effort expectancy, and (iii) trust. Moreover, this study discloses a high correlation between cognitive and emotional trust and trust within the trust-based acceptance model. However, the result reveals insufficient statistical evidence to support the positive impact of social influence, facilitating condition, and price value on consumers’ behavioural intention to use IoT mobile payment. Finally, this study offers practical and theoretical implications in the IoT and mobile payment literature.