Public Intention towards Mobile Money Transactions in Sri Lanka

Abstract

Mobile Money Transaction (MMT) is an innovative technology, which is freshly introduced by several business entities in Sri Lanka. Though this service is useful and relatively easy, an initial study revealed that it is not popular among the community as an e-banking service. With this background, the study was conducted to detect the factors affecting public intention towards MMT in Sri Lanka and to recognise the most influencing factor on public intention towards MMT. With the theoretical support of Technology Acceptance Model (TAM) and Theory of Reasoned Action (TRA), five independent variables were developed namely, awareness, perceived usefulness, perceived ease of use, perceived risk and perceived trust, while public intention was identified as the dependent variable. The survey questionnaire was developed after a pilot testing with 18 undergraduates and 170 responses were collected through a web-based questionnaire. The collected data were analysed with the use of SPSS software, and all the data preparation techniques such as normality, linearity, validity, reliability and multi-collinearity were conducted. According to the multiple regression analysis, it was revealed that Perceived Ease of Use and Awareness have no impact on dependent variable, whereas all the other three independent variables showed a significant impact. Also, the perceived risk was identified as the critical factor on consumer intention towards MMT. As implications of the study, mobile service providers need to take measures to minimise the associated risk of MMT in order to make MMT more popular among people.