These aforementioned reports support an earlier statement portraying mobile wallets as the best option for financial transactions with huge recognition for global adoption (Dwivedi et al., 2014 Slade et al., 2013) because of their relative convenience and advantages compared with the traditional payment methods (Sharma et al., 2018). Another report shows that the use of mobile payments is set to continue its inexorable rise with a compound annual growth rate of 26.93% between 20 as mobile payment applications like PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay are becoming more popular (see, Mordor Intelligence, 2019). A recent report shows that China remains the world’s leader with its 81% of mobile payment adoption followed by Norway (49%), India (37%), South Korea (36.7%), and Sweden (36.2%) (see the report by Merchant Savvy, 2020). Due to the high penetration of smart devices such as smartphones, the deployment of mobile wallets has become the mainstream of payment methods in societies like China, Japan, and South Korea (Miao and Jayakar, 2016).
Furthermore, the progress in the field of information technology and the deployment of smart devices have limited significantly the face-to-face interaction between customers and employees (Lee and Lee, 2019) and also have reshaped the way businesses and consumers interact. In recent years, information communication technology has penetrated the traditional financial market through innovative technologies and thereby transforming it into a more technology-based structure (Li et al., 2019). Based on these findings, theoretical and managerial contributions and the limitations of this study are discussed and also suggestions for future research are provided. The results also show that Relative Convenience, Relative Advantages, Perceived Privacy, and Perceived Security influence positively Continuous Use Intention of WeChat Pay among foreign users living in China. Results from a qualitative investigation (N = 70 responses) and quantitative investigation (N = 472) indicate that WeChat Pay is relatively more convenient and advantageous and also offers relatively more security and privacy protection compared to the traditional payment methods.
This study also examines how Relative Convenience, Relative Advantage, Perceived Privacy, and Perceived Security of WeChat Pay influence Continuous Use Intention of this mobile wallet among foreign users. Using a mixed-method two-phase design approach, this study explores the relative convenience, relative advantages, perceived privacy, and perceived security of WeChat Pay, as perceived by foreign users living in China and their intention to keep using this mobile wallet.
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