Cash or cashless? Promoting consumers’ adoption of mobile payments in an emerging economy

This paper aims to investigate the factors which influence consumer adoption of mobile payments. It also proposes strategic initiatives including integrated marketing communications to enhance and promote consumer adoption of such a mode of payments.

This paper focuses on the case of an emerging economy, Vietnam.

The key motivators of using mobile payment services include perceived usefulness, convenience, promotional offers, and social approval. In contrast, major barriers to consumer adoption of this mode of payment are lack of trust, limited opportunities for usage, complexity, and habits associated with cash payment.

Mobile payment service providers and their partners should make every effort to improve their consumers’ experience. Their marketing communication strategies should incorporate various consumer contact points such as the internet, social media, point-of-purchase communications, TV commercials, and product placement and endorsement.

This paper is among the first of its kind which provides insights on consumer adoption of mobile payments in Vietnam. Hence, it would be of interest to consumers and also to key stakeholders such as mobile payment providers, financial institutions, retailers, telecommunication companies, and policymakers.