Perceived Risk and Attitude as Determinants of Mobile Payment Adoption: A Behavioral Economics Perspective

This study explores how perceived risk factors affect the attitude of public market vendors towards mobile payment adoption through ‎performance risk, financial risk, time risk, psychological risk, and social risk. Using a survey of 325 randomly selected public market ‎vendors in Batangas City, data were gathered through a validated questionnaire with strong reliability. Statistical analysis, including Pearson ‎R correlation, ANOVA, and Kruskal-Wallis test, was used to examine the relationship between variables. The findings revealed that ‎respondents had a neutral attitude when it comes to mobile payments adoption. When it comes to the correlation between attitude and ‎perceived risks, the results showed that there is a significant relationship where performance and time risk are observed with the strongest ‎correlation, with attitude and social risk having a weaker relationship but still significant. The study also uncovers that neither the number of ‎years of a business, customer volume, nor the type of products sold significantly affects the openness in the adoption of mobile payments. In ‎contrast, the average monthly sales and awareness of mobile payment tend to show a critical and significant relationship in the mobile payment ‎adoption. The results suggest that perceived risks affect the attitude of the respondents in the adoption of mobile payments. Thus, ‎developing training and support programs, enhancing system performance and connectivity, and expanding for future research are ‎recommended to enhance confidence, accessibility, and trust in mobile payment usage while promoting collaboration among relevant ‎stakeholders‎.