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D1a Adoption of Mobile Payment by Racial/Ethnic Groups: A Decomposition Analysis
Key Words
Mobile payment, Financial technology, Race and ethnicity, Technology acceptance, Financial knowledge, Technology-related experience, National Financial Capability Study
Short Description
As mobile payment is the one experiencing innovation continuously in conjunction with the pervasive use of the smartphone, understanding consumers’ behaviors related to mobile payment, specifically who are the user of mobile payment is an important topic of discussion. Previous studies documented the existence of racial/ethnic differences, but there are very limited empirical studies that solely focus on the racial/ethnic gap. Thus, the current study aims to confirm the existence of racial/ethnic differences in mobile payment usage, and second to explore what factors contribute to such racial/ethnic gap. Analyzing the 2018 NFCS study, we found that compared to other groups, Whites tend to use mobile payment less for their shopping at the retail stores. Our results go beyond the previous studies by confirming a strong tendency among Whites even considering the roles of financial knowledge and previous experiences of using technology-related financial services. Findings also indicated that previous experiences in using various mobile financial services significantly contribute to explaining the gap between White–other respective groups and Asian and other respective groups. The findings help to better understand the racial/ethnic differences, and how to tailor market efforts, programs and policies to help consumers use mobile payment in a positive way.