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Top1. Introduction
The advent of electronic commerce, the growth of the Internet, and the development of wireless technologies promoted various payment methods in the past two decades (Assarzadeh and Aberoumand, 2018; Hassani, Huang, and Silva, 2018; Khan, Olanrewaju, Baba, Langoo, and Assad, 2017; Oliverio 2018; Viriyasitavat and Hoonsopon, 2018; Whitmore et al 2015). Particularly, the astonishing growth of mobile network and mobile devices make mobile payment globally applicable (De Vriendt, Lainé, Lerouge, and Xu, 2002; Paunov and Vickery, 2006). Wireless technologies, such as Near Field Communication (NFC), Bluetooth, Quick Response (QR) Code, and Radio Frequency Identification (RFID), enable consumers to process payment over mobile networks with their mobile devices for both online purchases and offline micropayments (Khan, Olanrewaju, Baba, Langoo, and Assad, 2017). Mobile payment is changing the payment market (Hedman and Henningsson, 2015) and becomes an alternative to using cash, check, credit cards, or debit cards at a retail point of sale (Chen, 2008). In emerging economies where penetration of formal banking system is low, mobile payment has been well accepted (Khan, Olanrewaju, Baba, Langoo, and Assad, 2017). According to Statista (2018), worldwide transaction value with mobile payment amounts to $391.435 billion in 2018. Transaction value via mobile payment is expected to grow 35.7% annually from 2018 to 2022. The total amount of transaction value via mobile payment will be $1,328.244 billion in 2022.
Mobile payment provides users mobility, reachability, compatibility, and convenience (Kim, Mirusmonov, & Lee, 2010). It frees consumers from temporal and spatial limitations and enables them to make payment at anytime from anywhere (Yan and Yang, 2015; Zhou, 2015). However, mobile payment involves great uncertainty and risk due to its electronic and wireless nature (Leong, Ewing, & Pitt, 2003). Mobile networks are vulnerable to hacker attack and mobile devices may be infected by viruses or be lost (Zhou, 2015). For example, when mobile payment users connect their mobile devices with unsafe Wi-Fi, the authentication of their information might be intercepted (Chen & Chen, 2012; Li & Liu, 2014; Zhou, 2014). When mobile devices are lost or stolen, the stored sensitive information may fall into the wrong hands (Xi, Ahmad, Han, & Hu, 2011). Thus, security is a major concern among mobile payment users (Chen, 2018; Dahlberg, Guo, & Ondrus, 2015).