Evaluating Mobile Wallet Adoption Barriers Using Fuzzy Mathematical Model

Abstract

A tremendous amount of research has been done on the factors influencing mobile wallet adoption as mobile wallet technology has seen rapid growth. Using expert opinion and Fuzzy PROMETHEE approach, this study investigates the key barriers to mobile wallet adoption. Mobile wallet adoption is constrained by Technological, security and infrastructural barriers, making adoption more challenging when user acceptance is skewed in emerging markets. In this study, we use the F-PROMETHEE to rank these barriers based on expert opinions. A panel of fintech and digital payments experts assessed the key adoption obstacles. Included in the PROMETHEE method were methods for handling variability or uncertainty through fuzzy logic and through subjective expert judgments. The results suggest that the major barriers to the adoption of mobile wallets were identified as risk and usage constraints. Moreover, value barriers are a leading factor. This study found that the risk and value barriers are the two principal risks that must be overcome to raise the client accepted rate of m-wallet services. A step forward in the assessment of such obstacles is the innovative use of a fuzzy mathematical model, which provides a more complex and adaptable approach than traditional methods. This study has learnt a few lessons that can help policy makers and industry players understand how to overcome the main barriers to mobile wallet adoption.