M-Wallet Adoption in Emerging Markets: A Combination of Technological, Behavioral and Financial Aspects in a Rational Choice Model

The adoption of mobile wallets can help to advance financial inclusion and human development in emerging countries. Current literature on mobile wallet (m-wallet) adoption focuses on technological and behavioral aspects, but neglects the financial aspect, which highly influences the decision-making of low-income people. This study identified the impacts of all three aspects on m-wallet adoption behavior by including behavioral technology acceptance factors and financial-related factors into a research framework derived from rational choice theory. Drawing data from 214 respondents across four emerging countries, the findings reveal the positive effects of perceived ease of use, perceived usefulness, and network externalities on m-wallet adopting intention. Regarding financial factors, while perceived risk negatively affects adopting intention, the effect of price value on adopting intention is not confirmed. Finally, financial literacy is found to have both positively direct and moderating effects on the relationship of perceived risk and users’ adopting intention.