Consumer Adoption of Mobile Payment Services in the FinTech Ecosystem: A Systematic Literature Review

Abstract

Mobile payment systems have rapidly emerged and transformed the financial services and payment landscape. The purpose of this study is to synthesize and critically review the recent literature and knowledge on mobile payments and users’ acceptance of FinTech services, identify the dominant theories, and demographic factors influencing users’ behavior. The methodology was Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA), standardized to conduct and report systematic reviews in major academic databases. 37 final documents were synthesized. The results show that Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) are the most widely used theoretical frameworks, and are more often supplemented by trust and security constructs. The findings highlight the critical importance of consumer confidence in their security when using the practices, and the need for ongoing engagement and support with customer service to sustain their use of the practices. The relationships are moderately affected by generational and socio-economic contexts. Further research is needed on continued use and long-term effects on financial inclusion, particularly in low-income areas. This review intends to provide a broad overview of the field and to outline points for action in the future.