What promotes the mobile payment behavior of the elderly?

Mobile commerce, facilitated by mobile devices and wireless networks, offers unparalleled convenience and flexibility. The rise of mobile payment systems, such as Alipay and WeChat Pay in China, has significantly impacted transactional methods. While mobile payments offer numerous advantages—time and location independence, speed, and convenience—their adoption among the elderly remains relatively low. This is a significant concern given China's rapidly aging population and the increasing importance of mobile payments in the overall economy. The study aims to address this gap by focusing on the elderly population and identifying factors influencing their intention to use mobile payments. Existing research predominantly focuses on younger demographics and often overlooks the unique challenges and perspectives of older adults regarding technology adoption. This study utilizes the Technology Acceptance Model (TAM) and Information Systems Success Model (ISSM) as theoretical frameworks, augmented with additional variables such as perceived trust, perceived risk, and social influence, to create a comprehensive model of mobile payment acceptance among the elderly.

The literature review extensively examines existing research on mobile payment adoption, highlighting the geographical variations in adoption rates across countries. Studies focusing on younger demographics reveal that perceived ease of use, perceived usefulness, and attitudes toward technology are significant predictors of mobile payment adoption. However, there's a notable lack of research specifically targeting the elderly. While the TAM has been widely used to predict technology acceptance, its simplicity has led researchers to extend the model to incorporate social and risk factors. The ISSM, focusing on information quality, system quality, and service quality, has proven effective in information technology adoption studies but has seen limited application in mobile payment contexts. This study leverages the strengths of both TAM and ISSM, incorporating perceived trust, perceived risk, and social influence to create a more nuanced and comprehensive model tailored to the elderly population.

This quantitative study employed a survey questionnaire to collect data from 316 elderly participants (60 years and older) in Zhanjiang, Guangdong Province, China. The sample size satisfies established criteria for structural equation modeling. The questionnaire measured nine constructs: perceived ease of use, perceived usefulness, information quality, system quality, service quality, perceived trust, perceived risk, social influence, and mobile payment intention. Items for each construct were adapted from relevant literature. The questionnaire underwent pilot testing to ensure clarity and comprehension. Data analysis was performed using Partial Least Squares Structural Equation Modeling (PLS-SEM), chosen for its ability to handle complex models and smaller sample sizes, and its suitability for prediction studies. To address potential common method variance (CMV), the questionnaire was carefully designed, participants were encouraged to respond anonymously, and a Harman single factor test was conducted, revealing insignificant CMV.

The results demonstrate good reliability and validity of the measurement model. The structural model exhibited a good fit, with an SRMR of 0.065 and a GOF of 0.554. The model explains 59% of the variance in mobile payment intention. Key findings include: 1) Perceived ease of use positively influences perceived usefulness, which in turn positively affects mobile payment intention. 2) Information quality and service quality directly and positively influence perceived trust, which also positively affects mobile payment intention. 3) Perceived risk significantly and negatively impacts mobile payment intention. 4) System quality showed no significant influence on perceived trust or mobile payment intention. 5) Social influence had no significant impact on mobile payment intention.

The findings highlight the importance of perceived trust in influencing elderly individuals' mobile payment intention, reinforcing the need for mobile payment platforms to prioritize security, reliability, and privacy. The negative influence of perceived risk underscores the necessity for platforms to address users' concerns and reduce uncertainties. The lack of significant impact from social influence suggests that elderly individuals make more rational decisions regarding financial transactions, prioritizing personal assessments of risk and convenience over social pressures. The positive impact of perceived ease of use and perceived usefulness underscores the importance of user-friendly interfaces and intuitive designs. The significant effects of information and service quality suggest that providing high-quality information and prompt, helpful customer service are crucial for encouraging mobile payment adoption among the elderly.

This study provides a valuable contribution to the understanding of mobile payment adoption among the elderly by developing and validating a comprehensive model incorporating TAM, ISSM, and additional relevant variables. The findings highlight the critical role of perceived trust and perceived risk, emphasizing the need for user-friendly designs, robust security measures, and high-quality information and service. Future research could explore broader geographical regions and diverse demographic groups to enhance generalizability. Investigating the impact of intergenerational relationships and cultural influences on mobile payment adoption would further enrich the understanding of this phenomenon.

The study's limitations include the geographical focus on Zhanjiang, Guangdong Province, China, limiting the generalizability of the findings to other regions and cultures. The relatively small number of participants aged 80 and above, and those with higher education levels, also limits the breadth of representation. The cross-sectional nature of the study prevents examination of changes in intention over time. Future research should address these limitations by incorporating larger, more diverse samples, longitudinal studies, and consideration of cultural factors.