To read this content please select one of the options below:

Following the herd? An empirical investigation into the adoption of mobile payment systems

Shiu-Wan Hung (National Central University, Taoyuan, Taiwan)
Min-Jhih Cheng (National Central University, Taoyuan, Taiwan)
Yu-Jou Tung (National Central University, Taoyuan, Taiwan)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 16 April 2024

Issue publication date: 1 July 2024




The adoption of mobile payment remains low in certain regions, highlighting the need to identify the factors that enable and inhibit its adoption. This study aims to address this gap by investigating the role of information security, loss aversion and the moderating influence of the herd effect on Inertia and behavioral intentions in the adoption of mobile payment systems.


A structural equation model was developed and tested with 332 valid questionnaires to examine the proposed hypotheses.


The empirical results reveal that information security plays a significant role as an enabler, while loss aversion acts as an inhibitor of mobile payment adoption. Furthermore, the study uncovers the moderating influence of the herd effect on the relationship between Inertia and behavioral intentions.

Research limitations/implications

This study was conducted in a specific region and may not be generalizable to other regions. Future studies could expand the sample size and scope to enhance the external validity of the findings.

Practical implications

This study offers practical implications for mobile payment service providers. Understanding the key enabling and inhibiting factors identified in this study can guide providers in designing and improving their services. Strengthening information security measures can help build trust among potential adopters, while offering incentives can mitigate the impact of loss aversion and encourage early adoption.

Social implications

The findings of this study have social implications as they contribute to promoting the adoption of mobile payment systems. Increased adoption can enhance financial inclusion and stimulate economic development.


This study provides novel insights into the enabling and inhibiting factors of mobile payment adoption and highlights the moderating role of the herd effect. By shedding light on the influence of social norms on individual behavior in the context of mobile payment adoption, this study contributes to the existing literature and advances our understanding of this phenomenon.



National Science and Technology Council, Taiwan R.O.C. under the grant MOST 109-2410-H-008–026, has supported this work financially.


Hung, S.-W., Cheng, M.-J. and Tung, Y.-J. (2024), "Following the herd? An empirical investigation into the adoption of mobile payment systems", International Journal of Bank Marketing, Vol. 42 No. 5, pp. 897-923.



Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

Related articles