Determinants of Mobile Payments Adoption in Pakistan.

Abstract

Contemporary world is the era of advancement in technology. Financial technology is the area of finance that belongs to advancement in the field of Finance. Fintech comprises of different sectors but Mobile Payments have developed a lot in recent times. Mobile Payments are all type of payments made using digital services of banking or other apps of services providers. Study of adoption of these payments is important because it will enhance the welfare of society and help in development of online payments services providers business. Consequently, this study was conducted to find key determinants of Mobile Payments Adoption. Financial literacy, Digital literacy and Channel Preference have been studied to check their impact on Mobile Payments Adoption while demographics factors as control variables. Whole framework is constructed under theory of Diffusion of Innovation. Data is collected through questionnaire based on Likert Scale for all variables and data analysis is conducted using OLS regression analysis in SPSS. Results have shown positive impact for all independent variables on Mobile payments Adoption and all three hypotheses are accepted as the results aligned with previous researches. Financial literacy, Digital literacy and Channel preference have positive relationships with adoption of mobile payments according to the results of this study. This study has contributed theoretically to the context of Pakistan and practically for welfare of society and development of digital business.