What are the leading factors for using Spanish peer-to-peer mobile payment platform Bizum? The applied analysis of the UTAUT2 model

Abstract

The main goal of this paper is to determine the underlying factors that drive the adoption of the Bizum mobile peer-to-peer payment system by users. It is empirically proven that factors included in the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) model are precursors of the mobile payment adoption. The proposed model modifies the set of constructs by adding trust, security, and perceived risk. The sample consist of 334 Bizum platform users who are mainly young people between 18 and 22 years old. Obtained data was analyzed by a Structural Equation Modeling (SEM) through Confirmatory Factor Analysis (CFA). The results show that the strongest predictor for adopting to use Bizum mobile payment platform is habit, with 75 % of acceptance of young online banking users. But habit and social influence factors show 82.5 % of intention of use among young users. In contrary, performance expectancy, effort expectancy, facilitating conditions, price-value, hedonic motivation, trust, security, and perceived risk do not influence the intention to use this platform. Banks, financial entities, as well as banking platform developers, can benefit from the results of this study by understanding the factors that influence users to use these platforms and consequently successfully implement them.