Antecedents of the Continuous Intention to Use of Mobile Payment Platforms: Evidence From TenPay and KakaoPay

Abstract

New information and communications technology are dramatically transforming human life, economic systems and society into something very different from what we have done and thought over the past decades, with more information and communications technology based banking and shopping financial necessary. "Fintech" is an abbreviation of "finance" and "technology", meaning the integration of financial services and IT forged by industrial change, and enhancing the efficiency of an industry financial system using mobile-centric IT technology.As the fourth industrial revolution changed the financial system, Fintech's popularity increased .The most important service among the various Fintech services is mobile payment services, Since the 2016 World Economic Forum mentioned the fourth industrial revolution, Fintech dominated by mobile payment technology has become the main driving force of the fourth industrial revolution, and will have a considerable impact on the world industrial pattern for a considerable time to come. Mobile payment is a payment method for payment or transfer using a mobile device with the advantage of utilizing wireless infrastructure convenience that can be used anytime and anywhere. Mobile payments has been a promising alternative to reducing cash use and has been proposed as a solution to activate the digital markets. Mobile payment is one of the most important rings of Fintech---mobile payment, which has a huge impact on the development of Fintech and the lifestyle changes of consumers. In particular, the majority of consumers using smartphones go beyond online and offline, using mobile payment services, and smartphones no longer stay solely on the capabilities of communication means and media players. Especially after the outbreak of COVID-19, it has accelerated the development of cashless payments. The latest mobile payment data in 2020 shows: according to Fintech Report 2021 –Digital Payment, released by Statista The global digital payment market size in 2020 was $5,474.6 billion, The world's largest digital payment market in 2020 is China, Digital payments amounted to $2496.5 billion, Accounting for 45.6%; Second by the United States, The digital payment market is $1035.4 billion, Accounting for 18.91%; The European digital payment market was $919 in $2020.8 billion, it represented 16.80%. In recent years, the global mobile payment market has shown a rapid growth trend, but there are great differences in the mobile payment development level in different countries. Different countries have different development stages, among which two of them are the most representative. First, South Korea has the highest smartphone penetration rate in the world, reaching 95% and the earlier development of mobile payment, but the development of mobile payment platform has still not reached its peak. Second, in China, China's mobile payment platform development started late, but its scale has reached the first in the world. In 2020, China's market size accounted for 45.60% of the world, the amount of US $2496.5 billion, the first in the world, is currently the largest Fintech market in the world .Mobile payment platform providers are also looking for more breakthroughs. At present, studies on mobile payment platforms are being conducted around the world. Mobile payment is not only the area of concern for governments and providers in recent years, but also the focus of scholars around the world. For example, the US, Europe, Asia, Africa, the most of which is the intention of user mobile payment.Among these scholars have put forward the common research limitations and prospects of research: only research samples from a single country, and want to conduct comparative research on mobile payment platforms in the future. In the past research, scholars in the study of the acceptance and continuous intention to use of mobile payment platform technology, mostly use TAM, UTAUT, but mobile payment technology and other technology is different, users itself is not only technology recipients, but also consumers, they mostly use and use new information and communication technology for personal purposes, voluntary adopt and use the cost borne by the individual is the mobile Internet, is the consumer, not just technology users. In addition to user acceptance of the technology itself, user perceived value of mobile payment technology platforms is very important. Therefore, in the research, it is not only important to analyze the factors of the platform itself, but also to adopt the perceived value of consumers for the continuous intention to use of the mobile payment platform. There were four research objectives in this research: 1) Implement literature research through the theoretical investigation of the South Korea-China mobile payment platforms.Comparative research was conducted through different mobile payment platforms and different user groups. 2) The effect of user‘s perceived value in mobile payment platforms on continuous intention to use. 3) The effect of beneficial and sacrificial factors of the mobile payment on the perceived value. 4) The effect of moderating variables on beneficial and sacrificial factors of mobile payment platform on perceived value. There are three innovation points in this study: 1)In line with the latest study trends, a comparative analysis was used in this study.The two most representative countries in the development of mobile payment platforms: China and South Korea are selected to compare and analyze the data of different mobile payment platforms and user samples in the two countries and draw important conclusions. 2) Unlike previous studies, this study uses user perceived value as an mediator variable to explore its effect on continuous intention to use intent.This study extends the VAM model and combines the UTAUT, diffusion of innovation theory, etc., to use the new extension model for mobile payment platform research. 3) This study clearly divides the factors of mobile payment platform into benefits and sacrifices, to more clearly analyze the effect of the characteristics of mobile platform on user perceived value and continuous intention to use. From the perspective of user and platform, the biggest different points between the two countries were selected as four moderating variables. There are three research findings in this research: 1) In the extended model of VAM, the higher the user perceived value, the higher the user intention of continuous intention to use, and proposed that mobile payment platform providers should pay more attention to user perceived value in their development and operation. It also provides a new direction for future research on the continuous willingness to use mobile payment platforms. 2) The results of this study shows that the division of beneficial and sacrificial factors of mobile payment platform is necessary, which can clearly show the effect of various characteristics on perceived value and continuous intention to use. The characteristics and effect of mobile payment platform can make a clear judgment of continuous intention to use, make suggestions to the mobile payment platform providers: in mobile payment platform provider technology, optimize their platform and system, reduce operating complexity, mainly bring economic value to users and increase their own influence. Governments should establish and improve the supervision mechanism of mobile payment platforms, and improve relevant laws to ensure transaction safety. 3) The results of this study show that using the method of comparative research concludes that the two user samples are different, and we can have a comprehensive understanding of the different effect of mobile payment platforms in different stages of development and different characteristics, and for the continuous intention to use of customers. Based on the research results, we suggest that mobile payment platform providers enhance the compatibility of their own platform. Mobile payment platform providers should also strengthen their cooperation with other companies, banks, governments and other fields. It is suggested that the government establish a good market competition mechanism to promote the innovative development of mobile payment platform provider enterprises.

모바일 결제 플랫폼은 스마트폰 등 모바일 기기를 이용하여 온오프라인 상에서 현금이나 은행카드, 신용카드 사용 없이 사용자 간 재화, 서비스 거래에 따른 화폐적 가치의 이전을 용이하게 하는 플랫폼을 의미한다. 이러한 모바일 결제 플랫폼은 오늘날 무선 네트워크의 고도화, 스마트폰의 보급 완료, 그리고 플랫폼 비즈니스의 성장에 따라 그 활용도가 매우 높다. 특히 전통 은행 뿐 아니라 포털 등 플랫폼 기업, 이동통신사업자, 카드사업자, 스마트폰 제조사 등 다양한 이종 산업에서 사업자들이 플랫폼을 구축, 운영하면서 플랫폼에서 일어나는 결제 규모도 매우 빠르게 증가하고 있다. 실제로 센소타워의 조사에 따르면 2021년 상반기 세계 모바일 결제 금액은 전년 동기 대비 24.8% 증가한 649억 달러로 사상 최대치를 기록하였다. 그러나 이와 동시에 국가 간 모바일 결제 이용률은 큰 차이를 보이고 있다. 특히 2019년 기준 중국은 모바일 인터넷 사용자 중 모바일 결제 플랫폼 이용자 비율이 71.4%에 달하는 반면, 한국은 28.4%에 그치고 있다. 이는 결국 모바일 결제 플랫폼이 제공하는 효익에 대한 사용자 인식과 사용자 특성, 그리고 모바일 플랫폼의 특성에 따라 사용자가 느끼는 가치가 다르고, 이에 따라 지속사용 의도에도 다른 영향을 미침을 시사한다. 그럼에도 불구하고,, 기존 연구에서는 공통적으로 단일 국가 표본으로만 연구를 진행하였다는 한계점이 존재하여 왔다. 따라서 본 연구에서는 한국과 중국의 모바일 결제 플랫폼 사용자에 대한 설문 조사를 진행하여 비교연구를 진행하고자 한다또한 이전 연구에서는 ICT 도구 활용에 대한 사용자들의 수용과 사용 행위에 대한 연구를 하기 위해 대부분 기술수용모형(TAM)과 통합기술수용이론(UTAUT)을 사용해 왔다. 그러나 모바일 결제 플랫폼은 이메일, 문서작성 SW와 달리 그 신규성이 높고, 기존 기술과의 경쟁으로 인해 수용 시, 사용자는 이익 뿐 아니라 비용도 느끼게 되는 특성이 강하다. 이에 따라 본 연구에서는 모바일 결제 플랫폼의 지속적인 사용의도에 미치는 영향을 연구하기 위해 가치기반수용모델(VAM)을 활용하고, 중요 사용자 특성, 그리고 모바일 플랫폼의 특성 변수를 조절변수로 추가하여 분석을 시도하였다.