Understanding Factors That Influence Consumer Intention to Use Mobile Money Services: An Application of UTAUT2 With Perceived Risk and Trust

Mobile money is an attractive alternative that has boomed in recent times due to the advancement in mobile and telecommunication technology. Although there are copious benefits of such a great mobile technology, the adoption rate is far from expectations. This study examines the factors that predict users’ behavioral intention (BI) to adopt and use mobile money. The study adopts the unified theory of acceptance and usage of technology as a reference and builds an extended model by taking into account “perceived risk” and “trust.” Data collected from 373 mobile money users in Ghana via a questionnaire survey were analyzed using the structural equation modeling approach. The findings reveal that performance expectancy, effort expectancy, social influence, habit, price value, perceived risk, and trust substantially affect users’ BI. However, facilitating conditions and hedonic motivation showed no pertinent effect on users’ BI. Implications for both theory and practice are also discussed