What drives consumers to use P2P payment systems? An analytical approach based on the stimulus– organism–response (S-O-R) model

Abstract

Purpose – Traditional payment systems based on cash and bank cards are being replaced by new innovative formats. This research analyzes the success factors in the adoption by customers of Bizum, a peer-to-peer (P2P) mobile payment system widely used in Spain. This study proposes a theoretical framework based on the Stimulus–Organism–Response (S-O-R) model and includes the analysis of the moderating effect of perceived risk and the mediating effect of perceived trust. Design/methodology/approach – To achieve the proposed objectives, an online questionnaire was administered to 701 Spanish smartphone users, potential users of the proposed P2P payment systems. Findings – The results show that perceived usefulness is the most important predictor of intention to use. Additionally, a medium predictive relevance performance of the proposed model is found. Originality/value – This research contributes to a more holistic understanding of the adoption of P2P payment systems and provides new business opportunities that companies can exploit through the use of this technology.