Abstract:
. Introduction
Smartphones will no longer act as a medium for communication but as
multi-purpose devices enabling consumers to access all kinds of financial
services through their smartphones. Mobile payment solutions (MPSs) are
an innovative and widespread payment method for purchasing goods and
services. Though mobile phone penetration is high in Sri Lanka, mobile
phone usage for financial transactions is low. Hence, this study examines
how consumer barriers impact the intention to use MPSs in Colombo
District, Sri Lanka, utilizing the innovation resistance theory (IRT) as the
theoretical foundation.
2. Research Methodology
This study uses a deductive approach and survey method to test its
hypotheses. Cross-sectional data was gathered from 254 individuals who
live in the Colombo district and are generally aware of and willing to use
MPSs employing a purposive sampling technique. The data analysis was
conducted using multiple regression analysis through SPSS 25 software.
3. Findings and Discussion
The study indicated that usage, risk, tradition, and image barriers
significantly and negatively impact intention to use MPSs in Colombo
District, Sri Lanka, while value barriers are insignificant. These findings
confirm earlier findings about MPSs' usability and security issues. The
tradition barrier is the most influential factor in the intention to use MPSs.
A possible reason behind this finding could be that the use of MPSs is
relatively new, and Sri Lanka is still primarily a cash-based economy.
4. Conclusion and Implications
The findings revealed that usage, risk, tradition, and image barriers impede
the intention to use MPSs in Sri Lanka. Hence, service providers can focus
on reducing usability and security issues by developing easy-to-use
products without significantly altering the user's regular usage habits.
Moreover, service providers should reduce risk barriers through targeted
advertising and campaigns. Theoretically, this study extends the
knowledge about consumer resistance by applying the IRT while
confirming its suitability in explaining intentions to use MPSs in emerging
markets.
