Mobile Payment And Banking Services – A Study On Retailer’s Perspective
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Abstract
Mobile payment has had a significant impact on individuals, especially during the prevailing pandemic. Despite the rapid increase in mobile payments, there is a lack of research focusing on the perspective of retailers. This study aims to identify the factors that contribute to the adoption of mobile payment by retailers and examines the banking services provided to them. Additionally, the research explores the reasons why mobile payment has not reached its maximum potential in the Indian market. To achieve these objectives, a framework was developed and validated, and 135 responses were collected through an online survey. Structural equation modelling was employed to analyze and test the hypothesized relationships. The results indicate that factors such as convenience of usage, transaction speed, easy cash withdrawal, rewards and offers, ease of transaction, and safety and security positively influence the adoption of mobile payment by retailers. Furthermore, the findings reveal a positive relationship between the services offered by banks and retailers' satisfaction with those services. The study also identifies key factors hindering the full utilization of mobile payment, including retailer unawareness, bank charges, consumer obstacles, and bank maintenance issues. These findings can be valuable for mobile payment service providers and banks in understanding the adoption factors associated with mobile payment.