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Article

Financial Innovation in Digital Payment with WeChat towards Electronic Business Success

1
Department of Indusial and System Engineering, The Hong Kong Polytechnic University, Hong Kong
2
Faculty of Business, City University of Macau, Macau
3
Faculty of International Tourism and Management, City University of Macau, Macau
*
Author to whom correspondence should be addressed.
Academic Editors: Dan-Cristian Dabija, Cristinel Vasiliu and Rebeka-Anna Pop
J. Theor. Appl. Electron. Commer. Res. 2021, 16(5), 1844-1861; https://doi.org/10.3390/jtaer16050103
Received: 14 April 2021 / Revised: 24 May 2021 / Accepted: 31 May 2021 / Published: 8 June 2021
Financial innovation and advances in payment systems are important not only to boost remittances but also to foster the successful development of electronic businesses around the world. As such, many leading companies in electronic commerce are putting a great deal of effort into the development of their payment system to attract more users and compete with other leading companies in the market. WeChat is a social communication tool that introduced a payment function widely adopted as a third-party payment in China nowadays. The purpose of this study was to adopt WeChat as a case study to identify the influential factors that impact consumers’ intention to adopt it as digital payment. We identified several core influential factors including service quality, perceived risk, perceived security, perceived ease of use, social influence, compatibility, and age. Qualitative and quantitative analyses were performed to investigate how influential factors affect the adoption of this third-party digital payment platform. The results revealed that all identified factors have a significant influence on consumer’s intention to use digital payment, except age. This study also provided useful advice for digital payment improvement and recommendations to enhance digital payment for the success of electronic business operations. The paper provides new insight into the factors influencing consumers’ intention to use mobile digital payment. View Full-Text
Keywords: financial innovation; digital payment; mobile payment; WeChat; electronic business financial innovation; digital payment; mobile payment; WeChat; electronic business
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MDPI and ACS Style

Tang, Y.M.; Chau, K.Y.; Hong, L.; Ip, Y.K.; Yan, W. Financial Innovation in Digital Payment with WeChat towards Electronic Business Success. J. Theor. Appl. Electron. Commer. Res. 2021, 16, 1844-1861. https://doi.org/10.3390/jtaer16050103

AMA Style

Tang YM, Chau KY, Hong L, Ip YK, Yan W. Financial Innovation in Digital Payment with WeChat towards Electronic Business Success. Journal of Theoretical and Applied Electronic Commerce Research. 2021; 16(5):1844-1861. https://doi.org/10.3390/jtaer16050103

Chicago/Turabian Style

Tang, Yuk M.; Chau, Ka Y.; Hong, Luchen; Ip, Yun K.; Yan, Wan. 2021. "Financial Innovation in Digital Payment with WeChat towards Electronic Business Success" J. Theor. Appl. Electron. Commer. Res. 16, no. 5: 1844-1861. https://doi.org/10.3390/jtaer16050103

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