NVESTIGATING CONSUMER BARRIERS TOWARD INTENTION TO USE MOBILE PAYMENT SOLUTIONS: AN INNOVATION RESISTANCE THEORY PERSPECTIVE

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.