Adoption of Mobile Payment Application and Its Impact on Business

Adoption of Mobile Payment Application and Its Impact on Business

Ahmad Fayaz Sayed (Department of Engineering Management, Institute of Business Management, Pakistan), Muhammad Khalil Shahid (Higher Colleges of Technolgies, UAE) and Sayed Fayaz Ahmad (Institute of Business Management, Pakistan)
Copyright: © 2020 |Pages: 17
DOI: 10.4018/978-1-7998-2398-8.ch012

Abstract

Technology development has blessed the business environment with many tremendous opportunities and created several challenges. One of these developments is mobile payment applications, which are inevitable in the modern word. Companies, customers, etc. are adopting this modern mobile application to avail the service of mobile payment. Without any doubt it has many advantages, but it has also many challenges in adoption. This chapter discusses the adoption of mobile application and its impact on business. Security, ease of use, service availability, and risk are some of the main factors contributing to the adoption of mobile payment application. These factors not only affect the adoption of MPA but also have a strong link with business. As MPA changes the mood of business, again its pros and cons exist, and there is a need to be addressed. This chapter concludes a proposed model for the adoption of mobile payment application after thorough literature review.
Chapter Preview
Top

Mobile Payment

The impact of mobile technology development on society is now visible within the developing countries social fiber strata. As technology develops further, its sale increases exponentially (Gul at el. 2014). The use of the services associated with these devices has brought social revolution in humans (Pramis, 2013). Mobile phones not only act as a source of communication but also act as a spring and conduit of mobile payment through its advanced features and computing capabilities (Flatraaker, 2013). Although many researchers have discussed mobile payment, most of them do not agree on the definition and so have proposed different models. For example, Dahlberg et al. (2008) has defined as “payment for goods, services, and bills with a mobile device” via “wireless and other communication technologies”. While Au et. al., (2008) sees it as “a payment in which a mobile phone is used to initiate, authorize, and confirm a transaction”.

Studies opine MMT is not just the extension of mobile service but the result of highly developed infrastructure, business models, users, etc. (Kang & Park, 2014). Due to its recognition and impact worldwide, many organizations are now investing in mobile payment apps (Chen, et al, 2013) but some of the service providers are not getting the desired volumes (Schierz et al., 2010). Mobile payment is then seen as a business activity payment of business activity using a mobile phone (Arthur, 2014). It is one of the extended applications of mobile sets technology, world over.

Complete Chapter List

Search this Book:
Reset