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Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being

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A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (30 September 2022) | Viewed by 34100

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Special Issue Editor

Dr. Aijaz A. Shaikh

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Guest Editor

School of Business and Economics, Jyväskylä University, FI-40014 Jyväskylä, Finland
Interests: digital consumer behavior; mobile financial services (including financial inclusion); social media research; sharing/digital economy
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The proliferation of handheld devices and downloadable mobile apps globally has transformed the lifestyle, attitude, choices, and behavior of consumers. This widespread adoption and usage of handheld devices, including cell phones, have disrupted existing business models; consequently, the motivation for developing and deploying new, innovative and more sustainable business models is common among incumbents and start-ups. This disruptive trend has dramatically transformed the services landscape—for example, with regard to the operations of the financial industry (Kshetri, 2016) and the promoted pro-sustainability behavior among consumers.

Mobile money, one of the key components of mobile financial payments, has promoted sustainable socioeconomic development through financial inclusion programs (Pal and Herath, 2020). Placing greater emphasis on inclusive finance, sustainable economic growth (Menyelim et al., 2021), green consumerism, and the well-being of the consumers, many national governments have started several programs to achieve financial sustainability as well as expand the access of the formal financial and banking services to the underprivileged and unbanked segment of the population. The reason for initiating these inclusive programs, as described by Menyelim et al. (2021), is because digital finance leads to sustainable prosperity by providing for efficient and equitable redistribution of capital within the economy. Babajide et al. (2015) explained that financial inclusion is essential in improving the accessibility of financial products regarding payments, insurance and other services. Moreover, mobile payments facilitate the development and growth of the digital business including m-commerce by allowing convenient and useful payment options when buying online.

Given these benefits, the online and mobile financial and payment products and services have become a major topic for academics and practitioners, as well as for policymakers, decisionmakers, and financial counselors.

The purpose of this Special Issue is to contribute to the ongoing debate concerning mobile payment services and technology and how these technologies promote sustainable socioeconomic development by providing new employment opportunities, access to formal financial and payment channels, and promoting consumer well-being.

In addition to empirical studies, this Special Issue is looking for literature reviews and conceptual papers offering contemporary and historical insights into digital financial and payment services such as mobile banking, mobile payments, mobile money, and mobile commerce. The topics may include, but are not limited to, the following:

the role of digital financial and payment services in sustainable and human-centric development;
the role of digital financial and payment services in promoting subjective/consumer well-being;
consumer adoption and usage of digital financial and payment services;
sustainability of digital financial and payment services in the new economy;
mobile commerce (including mobile shopping) and sustainability;
resistance to or discontinuation of digital financial and payment services;
regulatory developments, the implementation of GDPR, PSD2, and other disruptions in the digital financial and payment services landscape;
industry and managerial perspectives on digital financial and payment services;
digital financial and payment services and branchless banking in Africa, Asia, and elsewhere.

Dr. Aijaz A. Shaikh
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

mobile payments
mobile money
mobile banking
digital inclusion
sustainability
consumer well-being

Published Papers (7 papers)

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Research

15 pages, 819 KiB

Open AccessArticle

Human–Computer Interaction (HCI) and Trust Factors for the Continuance Intention of Mobile Payment Services

by Laddawan Kaewkitipong, Charlie Chen, Jiangxue Han and Peter Ractham

Sustainability 2022, 14(21), 14546; https://0-doi-org.brum.beds.ac.uk/10.3390/su142114546 - 05 Nov 2022

Cited by 4 | Viewed by 3419

Abstract

The human–computer interaction (HCI) for mobile applications is becoming increasingly important as mobile applications have become an integral part of everyday life. Mobile app developers need to continuously improve the users’ experience to fulfill their conditions, which in turn, can trigger the purchase decision. Trust is another important factor, driving users to adopt mobile apps and use them to make online purchases. However, mobile app developers constantly face the dilemma between user trust and HCI experiences. This study’s primary purpose is to investigate the HCI and trust factors for the continued use of mobile payment apps and their services. Based on the human–computer interaction, task–technology fit, and IS success theories, an integrative framework is proposed to examine the relationships between continuance intention and its antecedents. An online survey was conducted to collect data from 544 mobile users. The results of the analyses indicate that trust plays a more significant role than HCI in increasing the users’ continuance usage of mobile payment services. As for improving HCI experiences for users, this study shows that system quality plays the most important role, followed by the skill of using mobile payment services and the perceived task–technology fit (TTF) for using the services. Information quality does not significantly impact the enhancement of positive HCI experiences. The results provide insights for the developers of mobile payment services to improve the user experience. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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15 pages, 688 KiB

Open AccessArticle

Go Cashless! Mobile Payment Apps Acceptance in Developing Countries: The Jordanian Context Perspective

by Dmaithan Almajali, Manaf Al-Okaily, Khaleel Al-Daoud, Sulaiman Weshah and Aijaz A. Shaikh

Sustainability 2022, 14(20), 13524; https://0-doi-org.brum.beds.ac.uk/10.3390/su142013524 - 19 Oct 2022

Cited by 16 | Viewed by 3114

Abstract

Despite the expanding global usage of mobile phones in money transactions, the adoption of mobile payment systems in Jordan remains slow. This study employed the technology acceptance model (TAM) to identify the factors with a potential impact on mobile payment systems acceptance. The impact of perceived privacy (PP) and the mediating function of perceived certainty (PC) on the behavioral intention (BI) of mobile payment systems among Jordanian ministries were examined. Data obtained from 270 respondents were analyzed using partial least-squares structural equation modeling (PLS-SEM). The empirical findings show a positive link between perceived usefulness (PU) and PC on the BI of mobile payment systems. The mediation analysis demonstrated that PC partially mediated the association of PP with the BI of mobile payment systems. The final section concluded the paper by presenting the key theoretical and practical ramifications, as well as the research’s limitations and future directions. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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19 pages, 647 KiB

Open AccessArticle

Investigating Customer Behavior of Using Contactless Payment in China: A Comparative Study of Facial Recognition Payment and Mobile QR-Code Payment

by Yongping Zhong and Hee-Cheol Moon

Sustainability 2022, 14(12), 7150; https://0-doi-org.brum.beds.ac.uk/10.3390/su14127150 - 10 Jun 2022

Cited by 20 | Viewed by 9593

Abstract

Emerging technologies have made tremendous changes in people’s daily lives, and they have profoundly influenced their economic and consumption activities. Recently, the COVID-19 pandemic has also drastically increased individuals’ usage of contactless payment technologies, such as mobile and facial recognition payments, which has accelerated the transformation of digital transaction services in China. In this study, the findings show that perceived usefulness, perceived ease of use, and service security can affect the perceived value and user satisfaction of using contactless payment. Moreover, a higher perceived value and satisfaction level may encourage more post-adoption behaviors, such as continuous and habitual usage of contactless payment methods or encouraging others to use contactless payment methods via word-of-mouth; however, perceived value did not have a direct effect on continuous usage. In addition, there are certain differences in user behavior depending on whether facial recognition payment or mobile QR-code payment is used. For QR-code payment users, overall, their satisfaction and post-adoption behaviors are more strongly bonded with each other compared with the behaviors of facial recognition payment users. This study has generated more information and insight into the transformation of digital payment and can help managers align their strategies more efficiently in the post-pandemic era. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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20 pages, 905 KiB

Open AccessArticle

The Application of Sem–Neural Network Method to Determine the Factors Affecting the Intention to Use Online Banking Services in Vietnam

by An Ha Thi Pham, Dong Xuan Pham, Eleftherios I. Thalassinos and Anh Hoang Le

Sustainability 2022, 14(10), 6021; https://0-doi-org.brum.beds.ac.uk/10.3390/su14106021 - 16 May 2022

Cited by 6 | Viewed by 2644

Abstract

Developing banking services based on technology is an inevitable and objective trend in the era of international economic integration. This study aims to determine the factors impacting the adoption and use of online banking services in Vietnam. The proposed research model is based on the adjustment of Unified Theory of Acceptance and Use of Technology (UTAUT2). We employed the structural equation modeling (SEM) and artificial neural network model (ANN) to comprehensively evaluate the linear and non-linear effects of factors on the adoption and use of online banking services in Vietnam. With survey data of 433 customers from three key economic areas in Vietnam, the result shows that the factors of expected efficiency, cost, expected effort, brand image, perceived risk, and social influence impact behavioral intention to use online banking services. At the same time, the behavioral intention to use online banking services also increases the decision to choose online banking services. Based on the results, we propose some implications for Vietnamese commercial banks to increase the acceptance of online banking. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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21 pages, 349 KiB

Open AccessArticle

National Culture and Financial Inclusion: Evidence from Belt and Road Economies

by Idrees Liaqat, Yongqiang Gao, Faheem Ur Rehman, Zoltán Lakner and Judit Oláh

Sustainability 2022, 14(6), 3405; https://0-doi-org.brum.beds.ac.uk/10.3390/su14063405 - 14 Mar 2022

Cited by 15 | Viewed by 2601

Abstract

Financial Inclusion is a key factor in achieving the sustainable development goals of the United Nations. The research in the area of financial inclusion is becoming more critical for scholars and policymakers. In previous studies, effects of formal institutions on financial inclusion have been explored. However, influence of informal institutions (culture) on financial inclusion remained untapped. To fill this gap, we investigate how national culture affects the financial inclusion of 81 Belt and Road economies using 17 years of data from 2004 to 2020. The empirical findings of the two-stage least square (2SLS) show that Hofstede’s cultural dimensions are significantly associated with financial inclusion with different signs and levels of magnitude. We find that financial inclusion is lower in countries where uncertainty avoidance and power distance is high and that the opposite is true for individualism and masculinity. The overall results are reliable to a series of robustness checks and provide a useful basis for policymakers, regulatory agencies, and other stakeholders in achieving the sustainable development goal of financial inclusion in Belt and Road countries. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

19 pages, 1131 KiB

Open AccessArticle

The Use of Mobile Payment Systems in Post-COVID-19 Economic Recovery: Primary Research on an Emerging Market for Experience Goods

by Maiya M. Suyunchaliyeva, Raghav Nautiyal, Aijaz A. Shaikh and Ravishankar Sharma

Sustainability 2021, 13(24), 13511; https://0-doi-org.brum.beds.ac.uk/10.3390/su132413511 - 07 Dec 2021

Cited by 12 | Viewed by 5310

Abstract

This study investigated whether mobile payment services could drive post-COVID-19 pandemic recovery in the ‘experience goods’ sector (e.g., tourism) utilising Bandura’s self-efficacy or social cognitive theory. It explored the factors influencing the intention to continue using mobile payment services and the intention to recommend these to others. An empirical survey was conducted to assess the study variables, and the data obtained therefrom were analysed using the industry-standard Cross-Industry Standard Process for Data Mining method. The study results suggest that personal innovativeness and perceived trust influence consumers’ intention to continue using mobile payment services and that perceived trust, personal innovativeness and outcome expectancy influence consumers’ intention to recommend the use of such services to others. The research findings have filled a research gap in emerging markets and can serve as the basis for formulating a winning marketing and operational strategy for nascent technologies such as mobile payment services. It would be naïve to extract findings from mature markets such as East Asia, the European Union and the United States and to apply these to developing markets. In addition, this study’s investigation of the variables that can influence the intention to continue using mobile payment services and to recommend the use of these to others goes into the heart of the sustainability issue because the study’s findings can help mobile payment service providers sustain the use of their applications and thus also sustain the advantages as such. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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13 pages, 395 KiB

Open AccessArticle

Digital Financial Inclusion Sustainability in Jordanian Context

by Abdalwali Lutfi, Manaf Al-Okaily, Malek Hamed Alshirah, Ahmad Farhan Alshira’h, Thaer Ahmad Abutaber and Manal Ali Almarashdah

Sustainability 2021, 13(11), 6312; https://0-doi-org.brum.beds.ac.uk/10.3390/su13116312 - 02 Jun 2021

Cited by 48 | Viewed by 5519

Abstract

Digital Financial Inclusion (DFI) refers to efforts to make digital financial services available and affordable to all individuals and institutions, regardless of their net expense or institution size and demographic location. Despite the immense benefits of DFI and DFI-based products and services such as mobile money and payment systems, users’ acceptance is thin, limited, and disappointing in some developing countries as Jordan. Consequently, this study has investigated the factors influencing the acceptance of the mobile payment system in the Jordanian context. This study’s research model synthesizes the Technology Acceptance Model (TAM) variables and extended the model with perceived financial cost as an independent variable. The research model has been empirically confirmed by fitting the model to data collected from 304 Jordanian citizens using a survey instrument. The data were analysed using Partial Least Squares-Structural Equation Modelling (PLS-SEM). The result has confirmed that behavioural intention to use the m-payment system is significantly and positively influenced by perceived usefulness and perceived financial cost; behavioural intention to use m-payment system was not found to be significantly and positively influenced by perceived ease of use and hence the related hypothesis was not supported. Finally, conclusions and recommendations are further discussed in the last section of this paper. Full article

(This article belongs to the Special Issue Recent Trends in Digital Financial and Payment Services: Perspectives for Sustainability and Consumer Well-Being)

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