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Mobile financial service (MFS) is a fast-growing industry in the emerging markets of Asia, Africa and the Middle East. It provides benefits to economically marginalised people who are excluded by formal financial channels. While many people tend to use MFSs, several others do not. Therefore, the purpose of this study is to explore customer loyalty with a specific focus on understanding the user behaviour of MFSs in Bangladesh.

The authors conducted 12 in-depth personal interviews with various types of users from the urban area of Bangladesh to comprehend their perceptions about the use of MFS. Thematic analysis was used to analyse the interviews and understand the behavioural patterns of the respondents.

The authors found a gap between the registered users and active users of MFS and found some interesting factors leading to this phenomenon. These are dependency, lack of basic digital literacy, lack of perceived usefulness, lack of perceived ease of use, security concerns and transaction costs. The present study also suggested that if employers make it mandatory for employees to get their salaries through MFS, it will increase the number of active users. In addition, this study extensively focused on the behavioural patterns of women using MFS.

The study’s key practical implication is that MFS providers investments towards adding new features result in improved relationships with users and retain them in the market.

Some of these factors have not been previously documented in the literature. For example, female dependency on their male counterparts while using MFS is an interesting issue that needs to be minimised, as suggested by the present research findings.

Information system continuance model has been used in a number of studies to explain information system continuance in different contexts. However, very little research attention has been given to continuous use of mobile financial services (MFS). The purpose of this study is to fill this research gap by identifying the main factors that influence the continual use of MFS.

A sample was randomly taken from MFS registered accounts or mobile wallets. A five-point Likert scale survey was conducted in Ghana. Structural equation modelling was used to test the data. Constructs such as continual use, satisfaction, perceived usefulness and confirmation were adapted from information system continuance model to suit the requirement of MFS. A pilot study was then carried out after the questionnaire was developed to gauge the appropriateness of the survey questions.

Results from the survey indicated that user satisfaction has the greatest impact on the continual use of mobile financial services. Good agent quality and satisfaction were the second most influential determinant. Satisfaction was, in turn, confirmed to be determined by perceived usefulness. Another important contributor to MFS continual use was found to be perceived ease of use (PEOU) with an impact surprisingly higher than that of perceived usefulness. There was a significant impact of good agent quality on satisfaction, which could be attributed to the characteristics of the technology for the study.

Although a relatively high R2 (71%) was indicated by the proposed model, there is need for additional factors to be identified to improve the ability to predict and explain the continual use of MFS. A longitudinal study would have enhanced the identification of determinants and the understanding of their inter-relationships to influence MFS continual use.

To ensure continual use of MFS, PEOU as identified by the study is important to ensure that customers can use the service with little effort. Good agent quality can promote PEOU in the sense that competent agents can render relevant tutorials to customers’ right after the registration process. This will address a major barrier to continual use, which is the lack of understanding of how MFS operate.

This study contributes to ensuring financial inclusion such that the unbanked can have access to financial services and also improve digital inclusion.

The study provides empirical evidence to support the substantive differences between acceptance and continual use behaviours, integrating the constructs of good agent quality and PEOU into our understanding of information system continual use literature. The authors also theorized and evaluated a model of MFS continual use.

Using the theory, construct, method, moderator (TCMM) format, this framework-based review critically analyses the mobile financial services (MFSs) field through a detailed synthesis and analysis of a sample of mainstream empirical research published in various scientific journals within the period 2009–2020.

The authors followed a three-step structured approach suggested by Webster and Watson (2002) to search for the literature to synthesise the global perspectives on MFSs and their associated applications and systems. The literature research resulted in the identification of 115 most relevant articles.

The authors identified three major categories or domains within the MFSs comprising the entire spectrum of digital financial services. To facilitate the literature analysis, TCMM is developed and proposed as an organising framework. Moreover, the authors also developed and presented the comprehensive framework of MFS domains and explicitly identified 14 different research themes for future research in MFSs.

Prior attempts to synthesise and analyse mainstream academic research in MFSs have been scant and limited to a specific MFS domain: mobile banking or mobile payment. The authors synthesised a more extensive body of knowledge and provided a global perspective on the MFS field. Unlike the past literature reviews which followed traditional frameworks such as antecedents, decisions and outcome (ADO); TCCM; and 6 W Framework (who, when, where, how, what and why), the authors developed and proposed TCMM as organising framework.

This study analyzed the relationship between mobile financial services (MFS) usage and customer satisfaction with MFS in Bangladesh, considering perception, purpose of use and technical challenges as the primary factors influencing customer satisfaction with MFS. The aim is to determine the factors most influencing the use of MFS.

Data were collected from 400 MFS users through a structured web survey using snowball sampling that is consistent with the nature of MFS users who are difficult to identify or locate. Structural equation modeling (SEM) was used to analyze the data and evaluate the reliability and validity of the measurement model.

The results show that customers’ perceptions and satisfaction significantly impact their intention to use MFS. Specifically, customers’ perceptions strongly influence their satisfaction with MFS, and the purpose of use significantly predicts both perception and satisfaction. Technical problems and challenges were found to have no significant impact on satisfaction levels, but other factors were more critical. Furthermore, the integration of innovative technological solutions is crucial for fostering sustainability in MFS, as it enhances reliability and efficiency while minimizing environmental footprints.

The study was conducted in a single country, relied on self-reported data, and used a cross-sectional design, which limits the ability to draw causal inferences. Future research could explore the factors that influence customer satisfaction with MFS in different countries and regions and incorporate additional variables to provide a more comprehensive understanding of the drivers of customer satisfaction with MFS.

This study significantly contributes by extending the technology acceptance model (TAM) framework with the innovation resistance theory, offering a nuanced understanding of MFS adoption. The findings challenge conventional wisdom, highlighting the limited impact of technical problems on satisfaction and emphasizing the central role of user perceptions in shaping satisfaction and intention to use.

The paper provides a holistic overview of already available academic literature of mobile banking, business model innovation and ecosystem and activity system perspective of business model concepts. The purpose of this conceptual paper is to initiate a debate for future research in the agenda highlighted in this paper.

In this paper, mobile banking business ecosystem of Easypaisa is used as an illustrative case to understand mobile banking business model innovation in the context of business ecosystem and activity system perspective.

Based on Porter’s view of mobile financial service (MFS) industry, it is suggested that patterns of business model innovation can be explained through business ecosystem and activity system. The notion of business model innovation can also be explained through integrated value chain of mobile network operator and its partners in the supply chain of MFS.

This paper provides preliminary overview of the exiting academic literature on business model innovations, business ecosystem and activity system in the in the context of value network. Since this is only a literature review paper, therefore, no primary data have been collected for this case study through interviewing from the relevant people.

So far, no research has been conducted in Pakistan to address business model innovation in mobile banking sector in the context of business ecosystem and activity system perspective.

This study aims to investigate whether the introduction of innovative financial products increases welfare for low-income households working in the manufacturing sector. Specifically, the authors measure the impact of mobile financial services (MFSs) on economic opportunities and wellbeing of garment factory workers in Bangladesh.

The study is based on Amartya Sen’s Capabilities Approach. Close to 400 textile factory workers were interviewed about their experience using Bangladesh’s most popular MFS, and how their household welfare has changed over time. Results were tabulated and analyzed with simple statistical tools.

While there remains an abundance of friction in the system, financial innovation still assisted low-income households in savings, and expedited and secured their fund transfers. The introduction of the new technology, especially when it is made mandatory, seems to have disempowered married women by reducing their financial independence from their husbands.

This study should help policy makers and international bodies in their efforts to design and support the inclusive growth of mobile financial technology.

Mobile financial services (MFS) applications require a hardware secure storage, secure element (SE) for crucial payment and authentication credentials, comparable to the EMV chip cards recently introduced in the payment card world. However, the diffusion of MFS is currently obstructed due to debate within the industry over which SE technology is to be adopted. The purpose of this paper is to demonstrate how industry participants can position themselves in the value chain and select the ideal SE option, thereby accelerating the acceptance of MFS.

This paper is based on previous research done in this field by Mobey Forum and other mobile payments bodies.

The study shows that MFS value chain positioning has a direct effect on which SE alternative is most suitable to the company. Identifying the most suitable SE technology in turn allows companies to seek out the most interesting business partners, and thereby results in a quick and widespread diffusion of MFS.

This study has implications for the adoption of MFS technology and the development of the mobile payments marketplace. It is especially relevant to management working towards creating a working MFS ecosystem.

While the usage of mobile financial services (MFSs) is increasing rapidly in developing countries, research on users' attitudes and behavioral intention to adopt MFS is limited. Thus, this study aims to investigate customers' attitudes and intentions to adopt MFS from a Bangladeshi perspective.

A mixed research design was employed to conduct this study. Data of 196 respondents were analyzed using partial least squares (PLS) path modeling. For the quantitative part, data collection was conducted using non-probability sampling through a structured survey questionnaire. A focus group discussion with ten MFS users from divergent backgrounds was conducted to validate the quantitative findings.

This paper integrated both the technology acceptance model (TAM) and innovation resistance theory (IRT) to validate the results. The authors found that perceived usefulness (PU), perceived ease of use (PEOU) and perceived trust (PT) positively contribute to customers' attitudes toward MFS adoption. Besides, barriers to acceptance had unfavorable effects on users' attitudes and usage intentions. Furthermore, a focus group discussion revealed valuable insights on the constructs used in this study.

The study results have implications for both MFS providers and researchers. The outputs and recommendations presented in this paper will encourage the MFS practitioners to stimulate users' attitudes and behavioral intentions by ensuring useful, easy to use, credible and risk-free mobile payment platforms.

This is one of the very few studies in Bangladesh that have taken a contemporary and emerging research topic, providing theoretical, methodological and practical contributions regarding the determinants and consequences of attitude toward using MFSs.

The purpose of this study is to examine investors' internal characteristics, including investment literacy, risk tolerance and familiarity with mobile financial services, as antecedents of mobile investment technology adoption among American investors.

Using the 2018 National Financial Capability Study and its supplemental Investor Survey, this study examined antecedents, including investors' internal characteristics, in relation to mobile investment technology adoption. Nested logistic regression analyses were performed for adopting mobile apps for investment decisions and for investment trading.

This study found that objective and subjective investment knowledge, experience using mobile banking for payments and money transfers, and certain ownerships of investment vehicles (such as whole-life insurance policies and ETFs) were significant determinants of mobile investment decision-making. On the other hand, subjective investment literacy, risk tolerance, familiarity with mobile financial services, and portfolio value, as well as certain types of investment vehicles were significantly associated with mobile investment trading.

This study is among the first to examine investors' investment literacy, risk tolerance and familiarity with mobile financial services as investors' internal characteristics in relation to mobile investment technology adoption. The diffusion of innovations theory and related concepts provide theoretical support for this study. The findings provide new insights into mobile investing as an emerging FinTech subject and provide implications for practitioners and FinTech developers, as well as contribute to the literature of mobile investment service adoption among retail investors.

The purpose of this paper is to investigate the factors influencing the behavioral intention to adopt payments banks services by Indian underbanked and unbanked population.

The proposed model has assimilated factors from the Unified Theory of Acceptance and Use of Technology (UTAUT) along with perceived credibility. The factors of UTAUT include performance expectancy, effort expectancy, facilitation of conditions and social influence. Apart from testing the direct relationships of the model constructs with the behavioral intention to adopt payments banks services, the study has also explored mediating and moderating effects of certain constructs. The research model has been empirically tested using 660 responses from a field survey conducted in New Delhi – the capital city of India – by using the structured equation modeling (SEM) technique. The target respondents of the study are small businessmen and migrant laborers who are either underbanked or unbanked.

The findings of the study reveal that the model is able to explain 67.5 per cent of the variance in behavioral intention. The results indicate that all the factors are direct determinants of behavioral intention. Perceived credibility is found to be the strongest influencer of behavioral intention. The findings also indicate that perceived credibility partially mediates the relationships between “social influence and behavioral intention” and “performance expectancy and behavioral intention.” The relationship between performance expectancy and behavioral intention is also found to be moderated by facilitating conditions and effort expectancy.

As this study is based on a convenience sample of respondents of only one city of India, this could negatively reflect on the generalizability of results across other cities. Moreover, the study has only focused on the perceptions of small businessmen and migrant laborers. This raises concerns regarding the applicability of the results for other segments of the current population that have different demographic characteristics (e.g. occupation, income, education level and technology experience). Modifying the conceptual model presented in this research to include “experience” and “age” as moderators can also be worth considering in future. Although this study has extended the UTAUT to include perceived credibility, the results of the explanatory power of the model indicate that there is still room for improvement. Therefore, including other constructs, e.g. hedonic motivation, perceived risks and trialability, could be a fruitful path forward. Future studies may also examine the factors influencing the actual use behavior of payments banks, rather than just behavioral intention.

The study looks forward to providing the payments banks service providers in India with suitable guidelines for effectively implementing and designing payments banks services. Specifically, the results of this study have provided clues for Indian payments banks service providers about the crucial role of perceived credibility in influencing the behavioral intention to adopt payments banks. Therefore, service providers have to initially be sure that payments banks are able to conduct financial transactions efficiently, securely and within less time, along with the availability of information required by customers to successfully use the services. Service providers should enhance customer confidence and trust by providing secure and reliable services. They should also emphasize on the positive safety measures of the payments banks during any marketing campaign rather than just creating brand awareness.

The study represents a substantial contribution to the existing knowledge regarding mobile payment channels in particular and technology acceptance area in general. In fact, this study presents a worthwhile direction by examining payments banks services, which, so far, have not been well evaluated in the Indian context. To the best of the authors’ knowledge, this is an early attempt toward a holistic and integrative approach to explain adoption of payments banks in India. Although prior studies have addressed mobile banking and mobile payment adoption, the strength of this research lies in combining the UTAUT constructs with perceived credibility. This is evidenced by the high explanatory power (67.5 per cent) of the research model adopted in this study.