Abstract
Purpose - The acceptance of electronic payment (e-payment) systems warrants research for companies to better understand the preferences of consumers. This paper aims to determine the factors affecting consumers’ perception towards e-payment. Design/methodology/approach - Literature review indicates that factors such as security, trust, benefits, self-efficacy, and ease of use influence customers’ perception on the use of e-payment for online transactions. Self-reporting questionnaires were developed and disseminated to 200 respondents with different age ranges.Findings - The results indicate that three key factors (benefits, ease of use, and self-efficacy) exert significant influences on consumers’ perception towards e-payment systems.Research limitations/implications - This study uses a model for measuring consumers’ perception towards e-payment systems which is replicable across different sectors and economies. However, the small sample size raises the issue of generalizability in which future studies ought to address.Practical implications - The use of e-payment systems by the majority of respondents indicates that there is a great potential for future expansion of such payment devices. The key is to ensure that such payment systems meet consumers’ expectations which will subsequently lead to its increased use.Originality/value - This study has advanced knowledge for it has provided information on the current state of e-payment acceptance and use. It has confirmed the factors which significantly influence e-payment so that businesses and financial institutions can develop strategies in order to boost its e-payment services and use.
Purpose - The acceptance of electronic payment (e-payment) systems warrants research for companies to better understand the preferences of consumers. This paper aims to determine the factors affecting consumers’ perception towards e-payment. Design/methodology/approach - Literature review indicates that factors such as security, trust, benefits, self-efficacy, and ease of use influence customers’ perception on the use of e-payment for online transactions. Self-reporting questionnaires were developed and disseminated to 200 respondents with different age ranges.Findings - The results indicate that three key factors (benefits, ease of use, and self-efficacy) exert significant influences on consumers’ perception towards e-payment systems.Research limitations/implications - This study uses a model for measuring consumers’ perception towards e-payment systems which is replicable across different sectors and economies. However, the small sample size raises the issue of generalizability in which future studies ought to address.Practical implications - The use of e-payment systems by the majority of respondents indicates that there is a great potential for future expansion of such payment devices. The key is to ensure that such payment systems meet consumers’ expectations which will subsequently lead to its increased use.Originality/value - This study has advanced knowledge for it has provided information on the current state of e-payment acceptance and use. It has confirmed the factors which significantly influence e-payment so that businesses and financial institutions can develop strategies in order to boost its e-payment services and use.
