An Examination of Mobile Banking and Mobile Payments: Building Adoption as Experience Goods?

29 Pages Posted: 15 Sep 2008  

Julia S. Cheney

Federal Reserve Bank of Philadelphia

Date Written: June 3, 2008

Abstract

This paper examines consumer adoption of mobile banking and mobile payments using the experience goods and learning by doing constructs as a framework to better understand adoption patterns in the United States and how these may differ in other world markets. Consumer experience and familiarity with mobile devices is considered along with three relatively new communication technologies; SMS text messaging, wireless Internet access, and near field communication (NFC); that are making important contributions to mobile financial services. Online banking and contactless payments; and consumers' experience with them; are also studied as "building blocks" to mobile financial services. Furthermore, this analysis considers other factors that are affecting adoption patterns, including financial inclusion opportunities, data security problems, and coordination issues. Together, the building blocks and these other factors will influence how markets for mobile financial services develop.

Keywords: Mobile Banking, Mobile Payments

Suggested Citation

Cheney, Julia S., An Examination of Mobile Banking and Mobile Payments: Building Adoption as Experience Goods? (June 3, 2008). FRB of Philadelphia - Payment Cards Center Discussion Paper No. 08-07. Available at SSRN: https://ssrn.com/abstract=1266809 or http://dx.doi.org/10.2139/ssrn.1266809

Julia S. Cheney (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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