Consumers   Acceptance  towards   NFC  Mobile   Payments   A  research  conducted  by  a  Business  Information  System  2013-­‐2014  student  of  the  University  of   Amsterdam  for  his  Master  Thesis  

    Student:

Supervisor:

Second Assessor:

Shailin Mohan

Dick Heinhuis

Tom van Engers

100078754 …………………………....... ……………………………... Date: 27th of August

 

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1.  Introduction   Mobile payments is a combination of payment systems with mobile devices and services to provide users with the ability to initiate, authorize and complete a financial transaction over mobile network or wireless communication technology (Chandra et al., 2010). The boundless invasion of mobile devices and its closeness to the user, with the far-reaching specification of the devices, makes them applicable for many payment scenarios and even for carrying everything that would fit into a wallet. This can provide the mobile network operators the opportunity to develop a new business model and increase their revenues (Chen, 2008). Mobile payments consist of many types of payments, like payment via a mobile app (called MyOrder), bank transfer via a mobile app, payment by sms etc. However this research will focus on near field communication (NFC). NFC is a two-way, short-range communication method. This method facilitates the transaction between two devices, the mobile devices and the payment terminal, when in close range of each other. The transactions can provide service providers information on the consumers’ preferences, which can be used to offer personalized discounts, coupons etcetera. Nowadays large international companies also make use of NFC mobile payments (Slade et al., 2014). For example, Google has the GoogleWallet and MasterCard with Samsung’s Smart Ticket app. Also on a national level in the Netherlands companies are more focusing on NFC mobile payments: Vodafone recently introduced the SmartPass and Rabobank has the MyOrder Cashless payment. Despite the investment of the providers made, worldwide adoption of NFC has been very low (Gartner, 2013). This propose that NFC mobile payments providers need to better understand the stimulators of consumers acceptance of NFC mobile payments to adjust their strategies according to consumer needs (Schierz et al., 2010). In addition, foreign business models of mobile payment cannot directly be applicable to different cultural contexts due to the different market constraints in terms of economic, technology and social aspects. NFC mobile payment adoption in the context of the Netherlands, where to date no similar research has been undertaken, is also important. NFC mobile payments have a number of advantages, because of the ubiquity of the device, there is no fuss about bankcards, receipts and tickets; everything is available on the mobile device. Also the payment itself will be quicker and the

extra information, such as account balance, will be easier to see. However, there are uncertainties and risks involved due to the vulnerability of both the devices and the network to hacker attacks (Zhou, 2014). For example, the public transportation card (in Dutch: OV-chipkaart) in the Netherlands also works with NFC technology. This card was hacked shortly after it’s release (the card could be upgraded for free). The above-mentioned advantages and risks can influence the acceptance of NFC mobile payments. In search for the factors, which affects the acceptance of NFC payments, several acceptance models and theories are available for research. For example, Diffusion of Innovation (Rogers, 1962 & 1995), Theory of Planned behavior (Ajzen, 1991), Technology Acceptance Model (Davis, 1989) and the Unified Theory of Acceptance and Use of Technology (Venkatesh et al., 2003 & 2012). Most of these acceptance models are focused on the employee acceptance towards technology in a workplace context. However the focus of this research is the consumer’s acceptance of the use of technology for mobile payments. For the consumers focus, the Unified Theory of Acceptance and Use of Technology will be well suited for this research, because the model focuses on the consumer acceptance of technology. This model consists of constructs from different models on acceptance of technology. Moreover the construct selection is based on the consumers perspective and needs of the user of today. Taking the above in consideration, the following research question will be central in this research: “What factors influence the intention to use NFC mobile payments by consumers in the Netherlands?” The research question will be supported by the following sub questions: -

Which models/theories are available for technology acceptance?

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Which model/theory is well suited to determine the factors, which influence the intention to use NFC mobile payments?

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Which factor is the strongest for acceptance of NFC mobile payments?

The remainder of the research is organized as followed:

Chapter 2 will describe the technology acceptance models. First, the models that are related to the UTAUT. Secondly, the UTAUT model will be described. Finally, the UTAUT2 model, which is an extension of the UTAUT, will be described. Chapter 3 will describe the methodology of this research. First, the hypothesis will be described. Secondly, the conducted survey will be described. Chapter 4 will present the results of the survey and research. First, demographic information about the respondents will be described. Secondly, a factor analysis will be conducted. Thirdly, the reliability of the results will be tested. Fourthly, a regression analysis will be conducted. Finally, the multicollinearity will be checked amongst the variables to test whether they measure redundant information. Chapter 5 will present the discussion section where explanation will be discussed on topics. Chapter 6 will present the conclusion with the future research.

2.  Theory 2.1  Literature  review Studies on the user’s acceptance of technology mobile payments are quite extensively. There have been developed several models and theories for technology acceptance: Diffusion of Innovation (DOI), Theory of Planned Behavior (TPB), Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT). These models are selected from literature of studies on mobile payments. The following section will describe the models and one will be suitable for investigate the factors that influence the intention to use NFC mobile payments. Table 1 gives an overview of the relevant literature on mobile payments with their location and subject.

Table 1 - Overview of acceptance research of mobile payments. Sour c e Brown et al., 2003 Chen, 2008 Cheong et al., 2004 Dahlberg & Oorni, 2007 Goeke & Pousttchi , 2010 Hongxia et al., 2011 Kim et al., 2010 Leong et al., 2013 Puschel et al., 2010 Schierz et al. 2010 Shin, 2010 Slade et al., 2014 Suoranta, 2003 Wang & Yi, 2012 Wu & Wang, 2003 Zmijewska et al., 2004

Th eor y DOI TAM TAM UTAUT

A ppli c a ti o Loc a ti on n Mobile South banking Africa Mobile United- payment States of America Mobile Korea payment Mobile Finland payment

TAM

Mobile payment

Germany

UTAUT

Mobile payment Mobile payment Mobile payment Mobile banking Mobile payment Mobile payment

China

UTAUT UTAUT2 D-TPB TAM TAM UTAUT2 DOI UTAUT TAM UTAUT

Mobile payment Mobile banking Mobile payment Mobile payment Mobile payment

Korea Malaysia Brazil Germany United- States of America United Kingdom Finland China Taiwan Australi a

Di f f usi on of In n ov a ti on ( DO I) First, Rogers (1962,1995) developed the DOI, although this model was not designed for Information System (IS) research it has been used for explaining the acceptance of IS. The DOI suggests that when consumers perceive the innovation to have a greater relative advantage, observability, trialability and compatibility, the rate of technology adoption will increase. Brown et al. (2003) and Suoranta (2003) are the only two quantitative studies in mobile

banking adoption, which have used the DOI as their core theory. According to Slade et al. (2013) DOI was relative, in comparison to other studies, which applied different research models, unsuccessful due to its low percentage of variance in behavior intention. The DOI will be insufficient for the acceptance of NFC mobile payments, due to the purpose of the model which is explaining the acceptance of IS and not NFC mobile payments.

Th eor y of P la n n ed B eh a v i or ( TP B ) The Theory of Planned Behavior suggests that behavior is a direct function of behavioral intention which itself is driven by an individual’s attitude, subjective norms and perceived behavioral control (Ajzen, 1991). The TPB is extended, also known as D-TPB, by decomposing the antecedents of attitudinal beliefs. Puschel et al. (2010) is the only study which has used the D-TPB as the core theory. In this study there is a high percentage of variance in behavioral intention to adopt mobile banking. According to Slade et al. (2013) components such as subjective norm have been included by other research (Schierz et al, 2010; Sripalawat et al, 2011). The component subjective norm has also been used in the UTAUT2 model of Venkatesh et al. (2012). This model will be insufficient for the acceptance of

NFC mobile payments due to the context of the application of TPB, which is in the health care and not NFC mobile payments.

Tec h n olog y A c c epta n c e Mod el ( TA M) The Technology Acceptance Model (TAM) is developed for IS by Davis (1989). According to TAM, usage is a direct function of behavioral intention, which itself is influenced by attitudes towards the IS formulated from the innovation’s perceived usefulness and perceived ease of use (Davis, 1989). The model is originally intended to predict employee the acceptance and the usage of technology in organizational context. Schepers & Wetzels (2007) are the first who applied the TAM to examine individual acceptance of technology in a consumer context, but have not empirically validated their research. According to Slade et al. (2013), TAM is the most used amongst all theories in research for mobile payments. Since the development of the TAM (Davis, 1989) studies have used the model with mobile payments. For example, Dahlberg, Mallat, & Öörni, (2003) is one of the first mobile payments adoption study. They added in their study the factor ‘trust’ to the TAM to better describe consumer acceptance of mobile payment solutions. The studies (e.g. Dahlberg et al., 2003; Lee & Warkentin, 2004) on the adoption of mobile payments before 2003 were mostly

qualitative or descriptive of nature. In 2004 quantitative research on mobile payment adoption began to emerge. Cheong & Park, (2004) was one of the first who did a quantitative research on mobile payment adoption using the TAM, after Cheong & Park (2004) several studies (Chen, 2008; Goeke & Pousttchi, 2010; Shin, 2010) examining followed. Wu & Wang (2003) used the TAM2 (Venkatesh & Davis, 2000) to model users acceptance of using mobile payments. The TAM2 is an extension of the TAM, as you can see in figure 1. In this extension the social influences and cognitive instrumental processes are added. However, this model is also intended to predict employee acceptance of technology and the usage of technology in organizational context. Figure 1 - TAM2 (Venkatesh & Davis, 2000)

Un i f i ed Th eor y of A c c epta n c e a n d Us e of Tec h n olog y ( UTA UT) After the TAM2 model Venkatesh et al. (2003) developed the Unified Theory of Acceptance and Usage of Technology (UTAUT). The UTAUT model is derived from several theories and models. From these models several key constructs were derived: •

Performance expectancy was derived from the TAM’s perceived usefulness and from the DOI’s relative advantage;

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Effort expectancy was derived from TAM’s perceived ease of use and from DOI’s complexity;

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Social influence was derived from the TPB’s subjective norm and DOI’s image and

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Facilitating conditions was derived from the DOI’s compatibility and TPB’s perceived behavioral control (Venkatesh et al., 2003).

These constructs on behavioral intention of use behavior are moderated by different combinations of gender, age, experience and voluntariness of use. Hongxia et al. (2011) and Wang & Yi (2012) have empirically validated UTAUT in the mobile payment context, but excluded the UTAUT moderators. Several studies

(Dahlberg & Oorni, 2007; Hongxia, Xianhao, & Weidan, 2011; Kim, Mirusmonov, & Lee, 2010; Zmijewska, Lawrence, & Steele, 2004) have used the UTAUT in mobile payment adoption. The TAM, TAM2 and UTAUT models were originally developed to explain employee technology acceptance within an organizational context, for the consumer context Venkatesh et al (2012) developed the UTAUT2 model, which is an extension of the UTAUT model. This model is tailored to the consumer technology acceptance context, which is also the context of this research and therefore will be used in this research. In the study of Leong, Hew, Tan, & Ooi (2013) the UTAUT2 is used to determine the factors influencing the adoption of Near Field Communication (NFC)-enabled mobile credit card in Malaysia. Another study by Slade et al. (2014) used the UTAUT2 to show that performance expectancy is the strongest predictor in their research on mobile payments in the UK. According to Slade et al. (2013) mobile payment adoption research is still in its infancy with regard to the TAM, UTAUT and UTAUT2 models. The relevant studies, mentioned earlier, have taken place across different countries. The table gives an overview of the studies with the theories they have used for their research. Moreover, it shows that there haven’t been conducted a research on mobile

payment adoption in the Netherlands context.

2.2. Unified Theory of Acceptance and Use of Technology (UTAUT) Venkatesh et al. (2003) developed the Unified Theory of Acceptance and Use of Technology (UTAUT) model. This model is based on eight acceptance models, each with a different set of acceptance determinants. These eight models are the theory of reasoned action (TRA), the technology acceptance model (TAM), the motivational model (MM), the theory of planned behavior (TPB), a model combining the technology acceptance model, the theory of planned behavior, the model of PC utilization (MPCU), the innovation diffusion theory (IDT) and the social cognitive theory (SCT). These models are described in appendix A, with their core constructs and it’s definition. Of all the constructs from the different models there are four constructs that will play a significant behavioral role as direct determinants of intention and usage: performance expectancy, effort expectancy, social influence and facilitating conditions (see figure 2). Figure 2 - The UTAUT model (Venkatesh et al., 2003)

P er f or m a n c e expec ta n c y According to Venkatesh et al. (2003), the determinant performance expectancy can be defined as the degree to which an individual believes that using the system will help him or her to attain gains in job performance. From the different models, five constructs relate to performance expectancy:

perceived usefulness from the TAM, extrinsic motivation from the MM, job- fit from the MPCU, relative advantage from the IDT and outcome expectation from the SCT. These constructs are all related to enhancing the job performance. As visible in the figure 2, the relationship link between performance expectancy and behavioral intention is moderated by

gender and age. Based on research, men tend to be more task-oriented (Minton & Schneider, 1980) and therefore performance expectancy is strongly noticeable to men because the focus of performance expectancy is on task accomplishment (Venkatesh et al., 2003). Comparable to gender, age is to play a moderating role according to research (Hall & Mansfield, 1975; Porter, 1963).

E f f or t expec ta n c y Effort expectancy is the degree of ease associated with the use of the system (Venkatesh et al., 2003). This determinant captures three constructs from the different models of acceptance: perceived ease

of use from the TAM, complexity from the MPCU and ease of use of the IDT. These constructs (see appendix A) have similarities in the definitions; all of them are related to the usability of a system. Also effort expectancy has moderators, these are gender, age and experience. Venkatesh & Morris (2000) suggests that effort expectancy is more notable for women than for men. According to earlier research (Plude & Hoyer, 1985), when men get older their ability to process complex stimuli and allocating attention to information on the job tends to be difficult. These are necessary when using software systems.

Soc i a l i n f luen c e

The degree to which an individual perceives that important others believes he or she should use the new system, is called social influence (Venkatesh et al., 2003). This determinant captures three constructs from the different models of acceptance: subjective norm from the TRA, social factors from the MPCU and image from the IDT. Similarity can be seen in the definitions of these constructs, all are associated with influence of the status of a person or group. This determinant, social influence, is the only one that has 4 moderators: gender, age, experience and voluntariness of use. Venkatesh et al. (2000) suggests that women look to be more sensitive to others opinion and find social influence to be more notable when forming an intention to use new technology. According to Rhodes (1983) that affiliation needs is to be increased with age. Older workers are more likely to place increased importance on social influence with the effect of decrease with experience.

F a c i li ta ti n g c on d i ti on s The last determinant is

facilitating conditions, this is the degree to which an individual believes that an organizational and technical infrastructure exists to support the use of the system. Facilitating conditions is a determinant of use behavior. This

determinant consists of three different constructs: perceived

behavioral control from the TPB, facilitating conditions from the MPCU and compatibility from the IDT. The similarity among these constructs is that, according to Venkatesh et al. (2003), they are used to include aspects of the technological and/or organizational environment that are designed to remove barriers to use the system. The influence of facilitating conditions of usage will be moderated by age and experience (Venkatesh et al., 2003). According to Venkatesh et al. (2003), behavioral intention will have a positive influence on technology usage. This is consistent with the underlying theory of all the intention models mentioned before. This is also visible in the model (see figure 2) by the relation between

behavioral intention and use behavior. As mentioned before the UTAUT model is originally developed to explain employee technology acceptance and use. The focus of this research is on the consumer use context, therefore the extension of the UTAUT by Venkatesh et al. (2012), also called UTAUT2, will be appropriate. U T A U T 2 Venkatesh et al. (2012) developed an extension of the UTAUT, called the UTAUT2. This model focuses on the

consumer use and context. Venkatesh et al. (2012) added three new constructs: hedonic motivation,

price value and habit. Various constructs related to hedonic behavior (for example: enjoyment) are important in consumer product and/or technology use (Brown & Venkatesh 2005; Holbrook & Hirschman 1982; Nysveen et al. 2005; van der Heijden 2004). According to Venkatesh et al. (2012), hedonic motivation will complement UTAUT’s strongest predictor that emphasizes utility. Furthermore, contradictory to workers in an organization consumers have to pay the costs and these can be of an influence to the consumer’s decisions (Brown & Venkatesh 2005; Chan et al. 2008; Coulter & Coulter 2007). By adding a construct that is related to price and costs will complement UTAUT’s existing resource considerations that focus only on time and effort. Finally, habit as another critical predictor of technology use will complement the focus on intentionality as the overarching mechanism and key driver of behavior (Venkatesh et al., 2012). As regards to the moderators, the moderator voluntariness from the UTAUT model is dropped, because the most consumer behaviors are completely voluntary (Venkatesh et al., 2012). Figure 3 - UTAUT2 model (Venkatesh et al., 2012)

Hed on i c m oti v a ti on According to Venkatesh et al. (2012), hedonic motivation is defined as the fun or pleasure derived from using a technology. Hedonic motivation plays an important role in determining technology acceptance and use (Brown & Venkatesh, 2005). Research on IS (van der Heijden 2004; Thong et al. 2006) showed that hedonic motivation can be of an influence on the technology acceptance and use. Also in consumer context is hedonic motivation an important determinant of technology acceptance and use (Brown & Venkatesh 2005).

P r i c e v a lue In an organizational use setting the employees do not have the costs of the technology, in contrary to consumers who do have costs of use. According to Chan et al. (2008), cost and price may have a convincing impact on consumers’ technology use. Venkatesh et al. (2012) define price value as consumer’s cognitive tradeoff between the perceived benefits of the applications and the monetary cost for using them. When the perks of using a technology are perceived to be greater than the monetary costs and such price value has a positive impact on intention, then the price value can be marked as positive.

Ha bi t Habit is defined as the extent to which people tend to perform behaviors automatically because of learning (Limayem et al., 2007). According to Venkatesh et al (2012), habit is operationalized in two ways: habit is viewed as prior behavior and is measured as the extent to which an individual believes that behavior has to be automatic. The models, DOI, TPB, TAM, UTAUT and UTAUT2 are models to investigate the technology acceptance. To determine which model is well suited to investigate what factors influence the intention to use NFC mobile payments is it important to look at the focus of this research and the models. The focus of this research is on the

consumers, the factors of the intention of the consumers to use NFC mobile payments what is going to be investigated. Therefor, The UTAUT2 model of Venkatesh et al. (2012) is the best model to use to investigate the factors of the intention to use NFC mobile payments for consumers in the Netherlands. The focus of this model is on the consumers whereas the focus of the other models is on the employee in a workplace, which implies that the context is also different. Furthermore, the UTAUT2 model is developed in 2012 and therefor is it more up-to-date then the other models, this will provide the research more representative results. This is also answers sub question one and two.

3. Meth odology In this chapter the research design (see paragraph 3.1) and the survey design (see paragraph 3.2) will be described. In paragraph 3.1 hypotheses will be described. The hypotheses are each based on every construct of the UTAUT2 model. Paragraph 3.2 will describe the construction of the survey.

3.1 Research Design Figure 4 presents the model for this research. It is derived from the UTAUT2 model of Venkatesh et al. (2012). Every hypothesis corresponds to a construct or moderator. The hypotheses are divided into two groups: hypotheses on the constructs that are directly connected to the intention to

use NFC mobile payments and hypotheses on the moderators. These hypotheses are tested with the help of a survey (see appendix B). The participants of the survey were recruited by using online networks such as Facebook, Twitter and email. The questions in the survey were based on the hypotheses that are described in the next paragraph. For example, in appendix B is the survey presented and the questions are coded like PE1, PE2, PE3, EE1, EE2, EE3, EE4, etcetera. PE1, PE2 and PE3 correspond to the construct performance expectancy and the same principle with the other. The survey will give quantitative results for the UTAUT2 model. According to Slade et al. (2014), a survey is a good way to gather information for the model. Figure 4 - Research model

3.1.1 Hypotheses The hypotheses were implemented from the constructs and moderators of the UTAUT2 model (Venkatesh et al., 2012). In the paper of Venkatesh et al. (2012) the constructs were in the context of mobile internet. In this research the context will be NFC mobile payments. Therefore, the hypotheses will be formulated in the context of mobile payments. Paragraph 3.1.1.1 will describe the hypotheses that are directly related to the constructs and paragraph 3.1.1.2 will describe the hypotheses that are related to the moderators.

3.1.1.1 Hypotheses - Direct links In the consumer’s context, performance expectancy is the degree to which using a technology will provide benefits to consumers in performing certain activities (Venkatesh et al., 2012). In UTAUT, the original model, Venkatesh et al. (2003) found performance expectancy to be the strongest predictor of intention, this applies in the employee context. However, in the consumer context, Venkatesh et al. (2012) found in the UTAUT2 model hedonic motivation and habit the strongest predictors of behavior intention. Performance expectancy has been supported in the mobile payment context by studies of Hongxia et al. (2011) and Wang & Yi (2012). As NFC mobile payment could lead to the end of carrying cash and

cards and offer a quicker payment method, then it will offer useful benefits that are likely to be important drivers of adoption (Slade et al., 2014). Taking the above mentioned in consideration, the first hypothesis is formulated as follows: H1: Performance expectancy (PE) has a positive influence on the intention to use NFC mobile payments The degree of ease associated with consumers use of technology is defined as effort expectancy by Venkatesh et al. (2012). Wang & Yi (2012) found that effort expectancy is the most significant predictor of intention to use mobile payments. Hongxia et al. (2011) did not find support for the significant effect of effort expectancy on behavioral intention. Nevertheless, as NFC mobile payments use different technology to existing payment systems, it is likely that the perceived degree of ease associated with using NFC mobile payment will affect behavioral intention (Slade et al., 2014). Therefore, the second hypothesis is: H2: Effort expectancy (EE) has a positive influence on the intention to use NFC mobile payments According to Venkatesh et al. (2012), social influence is the extent to which consumers perceive that important others believe they should use a particular technology. The belief is

that people tend to turn to their social network to reduce any doubt, which starts due to uncertainty of a new technology. Social influence is, of the four original UTAUT constructs, the most tested construct in the context of mobile payments, and its effect on behavioral intention has acquired more support (Hongxia et al., 2011; Tan et al., 2014; Yang et al., 2012) than rejection (Shin, 2010; Wang & Yi, 2012). According to Slade et al. (2014), non-users of NFC mobile payments are more concerned about financial risks associated with a new payment system then they are likely to seek reassurance from important others. Thus, the third hypothesis is formulated as follows: H3: Social influence (SI) has a positive influence on the intention to use NFC mobile payments Facilitating conditions is defined as consumers perceptions of the resources and support available to perform a behavior (Venkatesh et al., 2012). According to Slade et al. (2014), the effect of facilitating conditions on behavioral intention has gained support in the mobile payment context, although the connection has not been widely examined. As NFC mobile payments use new technologies and offerings are currently fragmented, then logically facilitating conditions are likely to affect behavioral

intentions. Therefore, the fourth hypothesis is: H4: Facilitating conditions (FC) has a positive influence on the intention to use NFC mobile payments Venkatesh et al. (2012) added price value to the UTAUT2, which is defined as consumer’s cognitive tradeoff between perceived benefits of the applications and the monetary costs for using them. According to Hongxia et al. (2011), financial costs have been found to negatively affect behavioral intention. Yang et al. (2012) found that financial costs negatively affect behavioral intention for non-users, but was not significant for actual users. Tan et al. (2014) found the effect of financial costs to be insignificant. The financial costs of acquiring an NFC enabled device and subscribing to network charges can be weighed against the perceived benefits of having a convenient payment system (Slade et al., 2014). Hence, the fifth hypothesis is formulated as follows: H5: Price value (PV) has a positive influence on the intention to use NFC mobile payments Habit is the tendency to automatically use a technology as a result of learned

behavior (Venkatesh et al., 2012). Habit is found to have a more significant effect on behavioral intention than the other constructs (Venkatesh et al., 2012). However, the opportunity to form habit can only occur when consumers use a technology. It is impossible for non-users of NFC mobile payments to have formed an use habit, therefore it is impossible to measure habit in the concept of Venkatesh et al. (2012). Nonetheless, as a type of mobile service, NFC mobile payments do use mobile internet, which consumers have already adopted on a much wider scale, therefore habit in the sense of mobile internet use can be examined. Hence, the sixth hypothesis is: H6: Mobile Internet habit (H) has a positive influence on the intention to use NFC mobile payments The fun of pleasure derived from using a technology is the definition of hedonic motivation (Venkatesh et al., 2012). Hedonic motivation is found to be the second strongest predictor of behavioral intention in UTAUT2. Despite that hedonic motivation has not been tested in the mobile payment context, the effect of perceived enjoyment on behavioral intention has gained support in the mobile commerce (Zhang et al., 2012). Unlike mobile commerce, where hedonic motivation may be associated with perceived enjoyment or fun, in

the context of NFC mobile payment hedonic motivation may be derived from consumers innovativeness and novelty-seeking (Slade et al., 2014). Therefore, the seventh hypothesis is: H7: Hedonic motivation (HM) has a positive influence on the intention to use NFC mobile payments

3.1.1.2 Hypotheses - Moderating variables

The constructs of UTAUT2 are moderated by variables such as age, gender and experience. Age is to moderate the links between performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), hedonic motivation (HM), price value (PV), habit (H) and the dependent construct behavioral intention (Venkatesh et al., 2003). The effect of performance expectancy on intentions is stronger for younger people, but the effects of effort expectancy and social influence were noticeable for older people (Venkatesh et al., 2003). According to Khechine et al. (2014) younger people are more confident about their capabilities in mastering technologies. In the case of NFC mobile payments, the positive effect of the construct is stronger for younger people. Taking the above mentioned in consideration the hypothesis related to the moderating

effect of age is formulated as follows: H8: The positive effect of the constructs on the intention to use NFC mobile payments is moderated by age. According to research (e.g. Venkatesh et al., 2003; Venkatesh et al., 2012) gender has a moderating effect on the relationship between effort expectancy (EE), social influence (SI), facilitating conditions (FC), hedonic motivation (HM), price value (PV), habit (H) and the dependent variable behavioral intention. According to research (e.g. Cheng et al., 2011; Venkatesh et al, 2003; Venkatesh & Morris, 2000), the effect of the construct effort expectancy and social influence were more noticeable for women than men. The hypothesis related to the moderating effect of age is formulated as follows: H9: The positive effect of the constructs on the intention to use NFC mobile payments is moderated by gender. According to Limayem et al. (2007), the connection between experience and habit is formed and strengthened as a result of repeated behavior. Habit can be learned behavior and only after a long period of practice can it be stored in long-term memory and override other behavior patterns (Lustig et al., 2004). Although it

is possible for habit to be formed through repetition in a short period of time (Venkatesh et al., 2003). Consumers with more experience of using a technology will develop a cognitive lock-in that creates a barrier to behavioral changes (Murray & Haubl, 2007). The response to possible new trends becomes stronger with increasing experience with a technology. The hypothesis related to the moderating effect of experience is formulated as follows: H10: The positive effect of the constructs on the intention to use NFC mobile payments is moderated by experience.

3.2 Survey Design Google Form is the tool that has been used for the survey. The survey was online available via Facebook, Twitter and email. This means that respondents were mostly family, friends and colleagues. The first part of the online survey consists of general questions on mobile payments. The second part of the survey consists of questions about NFC mobile payments. These questions are based on the UTAUT2 model and are grouped per construct. Also these questions were adapted from Venkatesh et al. (2012) (see appendix B). The final part of the survey consists of questions on the demographic information of the respondent. The survey makes use of a 7-point Likert-scale, ranging from 1

(strongly agree) to 7 (strongly disagree). This scale was chosen over the 11-point Reysen Likability Scale (Reysen, 2005), in order to keep the survey simple by not offering too many response alternatives. According to Matell & Jacoby (1971), the reliability and validity are independent of the number of scale points used for Likert-type items. Therefore, a 7-point scale can illustrate diverse enough results and should be manageable for deciding on answers within a reasonable timeframe. The Likert-scale ranged from strongly agree to strongly disagree, this is an ordinal scale, but in order to compute an average the variable have to be an interval. But in the research literature it can occur that the scale strongly agree to strongly disagree is between ordinal and interval. This research is conducted with consideration of this issue.

4. R esearch results The results of the survey were extracted with the tool Statistical Package for the Social Sciences (SPSS). In this chapter an overview of the statistical information on the respondents will be presented. Furthermore, the factor analysis and the reliability will be described. Finally, the regression analysis will be described for the constructs of the UTAUT2 model.

4.1 Respondents Table 2 gives an overview of the demographic profile of the respondents. The 166 respondents consisted of 57,8% males and 42,2% females. The majority of the respondents are between the age of 25 and 34 years old and most of them are single. Most of the respondents have a HBO education and the second most of the respondents have a WO education. Out of the 84,3% of the respondents who have a smartphone, only 55,4% made a payment by using their mobile device. The most used app is the mobile app of the bank, for example Rabo bankieren, ING bankieren etcetera. 44,6% have not used their mobile device to make a payment, because of security reasons or due to the absence of the smartphone. 51,1% of the respondents will use NFC mobile payments in the future. Table 2 - Demographic profile of respondents Dem og r a ph i c Gender

Male Female

F r eq uen c y 96 70

Age

12 - 17 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64

3 59 70 18 11 5

Marital status

Married/relation ship Single Basic education VMBO, MAVO HAVO, VWO MBO HBO WO

35 131

Use of a smartphone

Yes No

140 26

Made a

Yes

92

Education

1 1 7 17 79 61

% 57, 8 42,2 1,8 35, 5 42,2 10,8 6,6 3,0 21,1 79,9 0,6 0,6 4,2 10,2 47, 6 36, 7 84,3 15, 7 55,

payment by mobile Will use NFC mobile payment in future

No

74

Yes No Don’t know

85 44 36

4 44,6 51,5 26, 7 21,8

4.2 Factor analysis According to the literature on mobile payments acceptance and UTAUT2, before a regression analysis is conducted a factor analysis is mandatory. A factor analysis is been conducted, this is to determine whether two or more variables measures the same (Bruin, 2006). To determine whether a factor analysis is appropriate a Kaiser-Meyer- Olkin test is necessary. This test is a way to indicate the suitability of the data for structure detection (Bruin, 2006). Table 3 shows the Kaiser-Meyer-Olkin (KMO) sampling adequacy and Bartlett’s sphericity test. The value for the KMO test has to be greater than 0.6, which is a commonly used minimum value in the research field (e.g. Hair et al., 2006; Tan et al., 2014). The KMO test in table 3 shows the value 0.825 which is greater than 0.6. A small value of the significance level, in the Bartlett’s Test of Sphericity, indicates that a factor analysis may be useful with your data. Table 3 shows a significance value of 0.000 which is smaller than 0.05. This suggests a factor analysis should be appropriate. Table 3 - KMO and Bartlett’s Test KMO a n d B a r tlett’s Test

Kaiser-Meyer- Olkin Measure of Sampling Adequacy Bartlett’s Test of Sphericity

,825

Approx. Chi- Square df Sig.

3381,089 325 .000

Since the significance value is smaller than 0.05, a factor analysis is conducted. Factor analysis was conducted, with principal component analysis and Varimax method, this is the most common used method in the literature on UTAUT and mobile payments. According to Hair et al (2006) and Nunnally (1978) the factor loading should be greater than 0.5 to confirm the existence of convergent and discriminant validity. In table 3 the components are loaded onto their corresponding items with factors loading greater than 0.5. Two items have a factor loading which is smaller than 0.5. These are not taken into account with the analysis. These two items are PE3 from performance expectancy and H1 from habit. Table 4 gives an overview of the factor loadings of each item. Table 4 - Factor loadings - Rotated component matrix

P E1 P E2 P E 3 E E1 E E2

1 0.9 28 0.9 26

2

R ota ted Com pon en t Ma tr i x 3 4 5 6

0. 852 0.9 32

7

8

E E 3 E E 4 SI 1 SI 2 SI 3 FC 1 FC 2 FC 3 FC 4 H1 H2 H3 PV 1 PV 2 PV 3 HM1 HM2 HM 3

0. 894 0.9 16 0.9 38 0.9 47 0.9 27

0. 791 0. 839 0.6 74 0.6 05 0.9 21 0.9 08 0. 793 0.8 74 0.8 66

BI 1 BI 2 BI 3

0.8 65 0.8 71 0.8 96

0.8 79 0.9 48 0.9 30

PE = performance expectancy, EE = effort expectancy, Si = social influence, FC = facilitating conditions, H = habit, PV = price value, HM = hedonic motivation, BI = behavioral intention.

4.3 Reliability & validity Following the next step of analysis, according to the literature on mobile payments, is to assess the reliability. The reliability test is conducted with the Cronbach’s Alpha. Cronbach’s Alpha measures the internal consistency, how closely related a set of items are as a group. According to Nunnally (1978), the construct will be satisfactory as the Cronbach’s Alpha value is greater than 0.7.

The results of the survey shows that two items must be deleted to get an appropriate Cronbach’s Alpha value. Table 5 shows that the value of performance expectancy will be satisfactory when PE3 is deleted. This is also shown with table 6, when H1 is deleted from habit the Cronbach’s Alpha value will be satisfactory. Thus the two variables are not taken into account for the analysis. Table 5 - Cronbach’s Alpha of the Performance expectancy construct Item -Tota l Sta ti sti c s

PE1 - I would find NFC mobile payments useful in my daily life

Scale Mean if Item Delete d

Scale Varian ce if Item Deleted

Correc ted Item- Total Correl ation

Squar ed Multip le Corre latio n

Cronba ch's Alpha if Item Deleted

7,

7,05

,449

,59

-

85

6

8

,33 7

PE2 - Using NFC mobile payments would help me accomplish things more quickly PE3 - Using NFC mobile payments might increase my productivity

7,

7,02

70

7

5,3

12,85

7

6

,434

,59

-,313

9

-,149

,022

,87 2

Table 6 - Cronbach’s Alpha of the Habit construct Item -Tota l Sta ti sti c s

H1 - The use of Internet-based applications (apps) on a mobile H2 - I am addicted to using Internet- based applications on a mobile phone H3 - I must use Internet-based applications on a mobile phone

Scale Mean if Item Delete d

Scale Varian ce if Item Deleted

Correc ted Item- Total Correl ation

Squar ed Multip le Corre latio n

Cronba ch's Alpha if Item Deleted

10,

13,88

-,109

,022

,829

71

0

7,

7,50

,431

,51

-,134

63

7

7,

6,642

74

0

,496

,50 3

-,323

After the removal of the two variables (PE3 & H1) the Cronbach’s Alpha values are increased to satisfactory. Table 7 shows the Cronbach’s Alpha value of each construct of the UTAUT2 model. All constructs have a Cronbach’s Alpha value greater than 0.7, which is satisfactory according to Nunnally (1978). Table 7 - Reliability of research variable Con str uc t Performance Expectancy Effort Expectancy Social Influence Facilitating conditions Hedonic Motivation Price Value Habit

Cr on ba c h ’s A lph a 0.872 0.918 0.928 0.713 0.850 0.791 0.829

4.4 Regression analysis Regression analysis is used to test the research hypotheses. Regression analysis checks if there is a connection based on the correlation of the independent variables and dependent variable and if it can be used to test the hypothesis. In this research there are two types of hypotheses; hypotheses where the independent and dependent variables are directly connected and hypotheses where a moderator is between the independent and dependent variable.

4.4.1 Regression analysis - Direct links Table 8 shows the regression results of the significant constructs. The three constructs show that they are

significant; performance expectancy, price value and hedonic motivation. The R value was 0.605, 2

which means that more than 60% of the variance in the intention to use NFC mobile payments was explained by the three independent constructs. Table 8 - Regression coefficients and significance without moderating variables Con str uc t PE PV HM

R2 = 60,5% B Cor r . Si g . * ,266 0.484 ,000 ,345 0.534 ,000 ,368 0.654 ,000

VIF 2,799 1,159 1,731

*p ≤ 0,05 B = Standardized Coefficients Corr. = Correlations

The construct, performance expectancy (PE), positively affects the intention to use NFC mobile payments. This result supports the first hypothesis and is consistent with other research results (Pardamean & Susanto, 2012; Slade et al., 2014; Tan, 2013; Venkatesh et al., 2003). As figure 5 presents the findings of the hypotheses, the standardized coefficient of performance expectancy is 0.346, correlation is 0.475 and the Sig. = 0.000 (p ≤ 0.05). Moreover, performance expectancy is not the strongest predictor of behavioral intention, but the weakest of the significant constructs. This is not consistent with the results of other research (Khechine et al., 2014; Slade et al., 2014; Venkatesh et al., 2003) where performance expectancy construct was

the strongest predictor of behavioral intention. The construct price value (PV) also positively affects the intention to use NFC mobile payments. This result supports the fifth hypothesis and was only consistent with one research result of Venkatesh et al. (2012). The standardized coefficient is 0.345, correlations is 0.534 and the Sig. = 0.000 (p ≤ 0.05). However, price value was not the strongest predictor, but the second strongest predictor of behavioral intention. According to Slade et al. (2014), the price value construct was the weakest predictor of behavioral intention. The construct hedonic motivation (HM) positively affects the intention to use NFC mobile payments. This result supports the seventh hypothesis and is consistent with other research results (Slade et al., 2014; Venkatesh et al., 2012). The standardized coefficient is 0.368, correlation is 0.654 and the Sig. = 0.000 (p ≤ 0.001). Thus, the hedonic motivation construct is the strongest predictor of behavioral intention. This is consistent with other research results (Venkatesh et al., 2012). Figure 5 gives an overview of the hypotheses and their regression results. Figure 5 - Research model with findings

4.4.2 Regression analysis - Moderating variables The results of the moderating effects of age, gender and experience are presented in figure 5 and table 9. According to research (Khechine et al., 2014; Venkatesh et al. 2012), age did play a moderating role for the construct performance expectancy, where the effect was stronger for younger people. In this research the moderator age did not have any influence on the constructs. Table 9 shows that the Sig. of the moderator age is greater than 0.001, which implies that there is no significant construct moderated by age. This does not support the eighth hypothesis of this research.

In various research (Al-Gahtani et al., 2007; Lin et al., 2004) gender did not play a moderating role for any of the constructs. However, in the research of the UTAUT2 model the moderator gender did play a moderating role in all of the constructs. Also in this research the moderator gender did not play a moderating role. Table 9 shows the Sig. is greater than 0.05, which implies that there is no significant construct moderated by gender. This result does not support the ninth hypothesis of this research. Finally, the moderator experience did not have influence on the constructs. However, in the research of Venkatesh et al. (2012) experience had a moderating role in most of the constructs. Table 9 shows that the Sig. is greater than 0.05, which implies that there is no significant construct moderated by experience. Also this result does not support the last hypothesis. Table 10 gives an overview of the supported and unsupported hypotheses of this research. Table 9 - Regression coefficients and significance with moderating variables Con str uc t PE x Age EE x Age SI x Age FC x Age H x Age PV x Age HM x Age PE x Gender EE x Gender SI x Gender FC x Gender H x Gender PV x Gender

R2 = 67,7% B Cor r . Si g . * -0.108 0.117 ,236 0.213 0.190 ,080 0.126 0.209 ,082 0.046 0.135 ,619 - 0.084 ,907 0.008 0.142 ,330 - 0.207 ,248 0.060 -0.116 0.010 ,054 0.003 ,070 0.155 0.069 ,377 -0.164 0.033 ,178 0.065 -0.124 ,457 0.111 - ,412

VIF 1,409 1,624 3,510 3,198 6,274 4,460 3,552 2,232 2,277 2,106 3,655 2,913 3,700

HM x Gender EE x Experience SI x Experience FC x Experience H x Experience HM x Experience

- 0.045 - 0.047 - 0.074 0.076 0.125 -0.119 - 0.038 0.018

0.004 0.103 0.003 0.103 0.048 - 0.017 0.039

,328

1,998

,408 ,077 ,200 ,558 ,817

1,579 1,795 4,334 2,458 2,524

*p ≤ 0,05 B = Standardized Coefficients Corr. = Correlations

Table 10 - Summary of findings Hypoth eses H1 H2 H3 H4 H5 H6 H7 H8 H9 H10

Con str uc t PE EE SI FC PV H HM

Mod er a tor

Age Gender Experience

Suppor ted Yes No No No Yes No Yes No No No

4.4.3 Multicollinearity Multicollinearity is when there is a high correlation identified between two or more variables, suggesting the constructs are not truly independent and thus may be measuring redundant information (Myers, 1990). Variation influence factor (VIF) is used to assess multicollinearity. The maximum recommended VIF value is 10 (Myers, 1990). Table 8 shows that the VIF values of the constructs are between 1.159 and 3.923, which is lower than the maximum recommended VIF value. The VIF value of the constructs of this research did not suffer from multicollinearity. Moreover, table 9 shows the VIF values of the constructs with their moderators. The VIF values are between 1.409 and 6.274, also

these values are lower than the recommended VIF value. The VIF values are all lower than the recommended VIF value, which is defined by Myers (1990). This means that the constructs and their moderators are independent and did not measure redundant information.

Conclusie…..

5. Discussion - factor analysis is for large sample size The strongest predictor of the intention to use NFC mobile payments is hedonic motivation, this is not consistent with a similar research (Slade et al., 2014) conducted in the UK. Here was performance expectancy the strongest predictor, this was probably due to the focus of the research, which was non-users of NFC mobile payments. The focus of this research was all mobile phone users. The result of this research was consistent with the research of Venkatesh et al. (2012) where hedonic motivation also was the strongest predictor. But the type of technology being investigated was different, they investigated mobile internet associated with fun applications whereas NFC mobile payments are more utility focused. This implies the motivation to use the technology was different between the two studies.

The construct price value was a predictor of the intention to use NFC mobile payments. This was an unexpected result compared with other similar research (Slade et al., 2014), where price value was not a predictor of the intention to use of NFC mobile payments. This is probably because of the example of the price to use the NFC service of Vodafone mentioned in the survey (see appendix B). This example was necessary to mention because NFC mobile payments is a very new service in the Netherlands and for most of the people the price of the use of NFC mobile payment is unknown. With the example the respondents had an idea of the price, which they can refer to. The amount of respondents can be questioned due to the relatively low number of respondents due to the small time frame of conducting the survey. With a larger time frame to conduct the survey, the average amount of respondents in other research (e.g. Slade et al., 2014; Khechine et al., 2014) is between 240 and 380 respondents. It can be argued that the small amount of respondents can be of an influence on the results. For example, the results of the moderators, these were not consistent with other research (Khechine et al., 2014; Venkatesh et al., 2012) where age, gender and experience did moderate the constructs performance expectancy and facilitating conditions.

Furthermore, the respondents were recruited from social network sites such as Facebook, Twitter and email. This implies that the respondents consist of family, friends and acquaintances. The UTAUT2 model of Venkatesh et al. (2012) describes 7 independent constructs, which influence the behavioral intention. The model does miss some important constructs such as trust, risks and security. Slade et al. (2014) incorporated trust and risk to their modified model, which were significant constructs for the intention to use NFC mobile payments in the United Kingdom (UK). The construct risk, which was an additional construct, was the second strongest influence on behavioral intention. Some of the respondents responded that they will not use due to security reasons, thus suggesting that security should be added to the model for extension. The constructs of the UTAUT2 model have their moderators. These moderators did not play any role in this research, were insignificant. However, in other research (Venkatesh et al., 2012) the moderator did play a role. This is probably due to the low amount of respondents in this research. For further research it can be suggested to focus on the moderators that will give a better understanding to the

factors, which influence the intention to use NFC mobile payments. The moderators age, gender and experience are validated by Venkatesh et al. (2012). An additional moderator education could be interesting to see if there is any difference between the levels of education. This would be interesting for marketing purposes in the way marketers can focus on a particular group of consumers.

6. Conclusion & Future research This research found a way to measure the intention to use NFC mobile payments by consumers in the Netherlands. Several models of technology acceptance were described but one was the best suited to investigate the acceptance of NFC mobile payments. The DOI model developed by Rogers (1962, 1995), which suggest that when consumers perceive the innovation to have a greater relative advantage, observability, trialability and compatibility, the rate of technology adoption will increase. The TPB suggests that behavior is a direct function of behavioral intention which itself is driven by an individual’s attitude, subjective norms and perceived behavioral control (Ajzen, 1991). The TAM is originally intended to predict

employee the acceptance and the usage of technology in organizational context. The UTAUT model, developed by Venkatesh et al. (2003), was derived from the TAM, DOI and TPB models. Venkatesh et al. (2012) extended the UTAUT model, called the UTAUT2, from employee context to a consumer’s context. Also added three more constructs to the model. The UTAUT2 model is well suited to determine the factors, which influence the intention to use NFC mobile payments. The other models lack in the context of the models, which is the workplace/employee context. This also implies that the voluntariness of the use of a new technology is very low because the employees are probably forced to use the technology. With the use of NFC mobile payments by consumers is the voluntariness high because they choose on their own whether they will use it. Also the UTAUT2 model is focused on the consumers and the other models are focused on the employee. The UTAUT2 model is been used to determine the factors, which influence the intention to use NFC mobile payments. The results show that there are three factors, which influence the intention to use NFC mobile payments, these are performance expectancy, price value and hedonic motivation. The strongest predictor is hedonic motivation, this is also the strongest predictor according to Slade et al.

(2014) and Venkatesh et al. (2013).

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8.  Appendices Appendix  A  –  Overview  acceptance  models Source: Venkatesh et al. (2003)

Appendix  B  –  The  survey Part 1 – General question on mobile payments GQ1 – Do you have a smartphone? If not, why?

GQ2 – Have you ever used your mobile phone to transfer money or to make a payment? If not, why? GQ3 – In case of using your mobile to transfer money of to make a payment, which method did you use? Part 2 – Question on NFC mobile payments PE1 – I would find NFC mobile payments useful in my daily life. PE2 – Using NFC mobile payments would help me accomplish things more quickly. PE3 – Using NFC mobile payments might increase my productivity. EE1 – Learning how to use NFC mobile payments would be easy for me. EE2 – My interaction with NFC mobile payments would be clear and understandable. EE3 – I would find NFC mobile payments easy to use. EE4 – It is easy for me to become skillful at using NFC mobile payments. SI1 – People who are important to me think that I should use NFC mobile payments. SI2 – People who influence my behavior think that I should use NFC mobile payments. SI3 – People whose opinions that I value prefer that I use NFC mobile payments. FC1 – I have the resources (smartphone) necessary to use NFC mobile payments. FC2 – I have the knowledge necessary to use NFC mobile payments. FC3 – NFC mobile payments are compatible with other technologies I use. FC4 – I can get help from others when I have difficulties using NFC mobile payments. H1 – The use of Internet-based applications (apps) on a mobile phone has become a habit for me. H2 – I am addicted to using Internet-based applications on a mobile phone. H3 – I must use Internet-based applications on a mobile phone.

PV1 – NFC mobile payments are reasonably priced. PV2 – NFC mobile payments are good value for money. PV3 – At the current price NFC mobile payments provide a good value. HM1 – Using NFC mobile payments would be fun. HM2 – Using NFC mobile payments would be enjoyable. HM3 – Using NFC mobile payments would be very entertaining. BI1 – I intend to continue using mobile Internet in the future. BI2 – I will always try to use mobile Internet in my daily life. BI3 – I plan to continue to use mobile Internet frequently. Part 3 – Demographic questions DQ1 – What is your age? DQ2 – What is your gender? DQ3 – What is your highest level of education completed? DQ4 – What is your marital status?