Mobile Payment as a Trend: Impetus and Barriers behind this Technology

Abstract

Mobile payment refers to a convenient way of paying through mobile devices supported by technologies such as Short Message Service (SMS) and Quick Response (QR) code. Recent research has suggested that mobile payment has become a trend in China, and this technology has contributed to economic growth. As there are millions of users who trust and rely on mobile payment, further research is needed to explore the impetus and barriers behind this technology, so that related companies can further develop this technology to better fulfill users' needs. This research intends to use expert authoritative testimony to discover the impetus and barriers, and to explain why mobile payment has become a trend. It turns out that the development of technologies like SMS and QR code, and the convenient payment platform offered by mobile apps like WeChat and Alipay are the main impetus, while perceived privacy and financial risks are the barriers. This research may help both companies and users. Mobile payment is gradually replacing traditional payment. It is time for related companies to take steps and offer possible advances in technology to ensure privacy and lessen risk, so that mobile payment will better serve the society.