Research PaperNo Access

Applications of Mobile Payment Services in Financial Strategies: State-of-the-Art, Taxonomy and Upcoming Directions with a Focus on Pandemic Crisis

Yijie Liu

Chongqing Creation Vocational College, Yongchuan 402160, Chongqing, P. R. China

Search for more papers by this author

Jialing Li

College of Engineering Management, Nueva Ecija University of Science and Technology, Cabanatuan Philippines

E-mail Address: candyteddy@163.com

Search for more papers by this author

Ahmad Latifian

Department of Management, Faculty of Economics and Administrative Sciences, Ferdowsi University of Mashhad (FUM), Mashahd, Iran

Search for more papers by this author

, and

Faradillah Amalia Rivai

https://orcid.org/0000-0003-2561-0019

Department of Accounting, Future Technology Research Center, National Yunlin University of Science and Technology, 123 University Road, Section 3, Douliou, Yunlin 64002, Taiwan

E-mail Address: D10725003@gemail.yuntech.edu.tw

Corresponding author.

Search for more papers by this author

https://doi.org/10.1142/S021962202350027XCited by:0 (Source: Crossref)

Abstract

Amid the pandemic infection, people are bound to use contactless mobile payment (M-Payment) services. M-Payment is a payment method using an application in a mobile device, such as a mobile phone, and gadget. Owing to the convenience, reliability and contact-free feature of M-Payment, it has been diffusely adopted to reduce the direct and indirect contacts in transactions, allowing social distancing to be maintained and facilitating the stabilization of the social economy. Consequently, it has become one of the day’s most important topics. Therefore, the purpose of this study is to provide a systematic literature review (SLR) on the applications of M-payment services in financial strategies, focusing on the pandemic crisis. 19 papers were collected and divided into three groups for further analysis. The results showed that M-Payments applications in financial strategies during the pandemic crisis could help reduce the spread of infection risks by hastening the transition to touchless habits.

Keywords:

References

1. X. Liu, D. Tong, J. Huang, W. Zheng, M. Kong and G. Zhou, What matters in the e-commerce era? Modelling and mapping shop rents in Guangzhou, China Land Use Policy 123 (2022) 106430. Crossref, Web of Science, Google Scholar
2. H.-P. Lu and Y.-S. Wung, Applying transaction cost theory and push-pull-mooring model to investigate mobile payment switching behaviors with well-established traditional financial infrastructure, Journal of Theoretical and Applied Electronic Commerce Research 16(2) (2021) 1–21. Crossref, Web of Science, Google Scholar
3. G. W.-H. Tan, K.-B. Ooi, S.-C. Chong and T.-S. Hew, NFC mobile credit card: The next frontier of mobile payment? Telematics and Informatics 31(2) (2014) 292–307. Crossref, Web of Science, Google Scholar
4. J. Ondrus and Y. Pigneur, An assessment of NFC for future mobile payment systems, in Int. Conf. Management of Mobile Business (ICMB 2007), Vol. 2007 (Toronto, ON, Canada) pp. 43–43. Google Scholar
5. G. Madlmayr, in Proc. 10th Int. Conf. Information Integration and Web-based Applications & Services, Association for Computing Machinery, Linz, Austria (2008), pp. 563–566. Google Scholar
6. J. Xu, M. Gao and Y. J. G. Zhang, The variations in individual consumption change and the substitution effect under the shock of COVID-19: Evidence from payment system data in China, Journal of Urban and Regional Policy 52 (2021) 21; S. Vahdat, Clinical profile, outcome and management of kidney disease in COVID-19 patients — a narrative review, European Review for Medical and Pharmacological Sciences 26(6) (2022) 2188–2195; S. Shahidi, S. Vahdat, A. Atapour, S. Reisizadeh, F. Soltaninejad and A. Maghami-Mehr, The clinical course and risk factors in COVID-19 patients with acute kidney injury, Journal of Family Medicine and Primary Care 11(10) (2022) 6183–6189; S. Vahdat, S. Samanian, S. Shahidi and A. Atapour, POS-497 characteristics and outcome of COVID-19 in patients on chronic hemodialysis in a dialysis center specific for COVID-19 kidney, International Reports 6(4) (2021) S215. Google Scholar
7. H. Zhao, S. T. Anong and L. Zhang, Understanding the impact of financial incentives on NFC mobile payment adoption: An experimental analysis, International Journal of Bank Marketing 37(5) (2019) 1296–1312. Crossref, Web of Science, Google Scholar
8. S. Vahdat, A review of pathophysiological mechanism, diagnosis, and treatment of thrombosis risk associated with COVID-19 infection, IJC Heart & Vasculature 41 (2022) 101068; S. Vahdat, Association between the use of statins and mortality in COVID-19 patients: Ameta-analysis tobacco regulatory, Science 7(6) (2021) 6764–6779; S. Vahdat, The role of IT-based technologies on the management of human resources in the COVID-19 era, Kybernetes (2020). Google Scholar
9. W. Bian and G. Yan, Analyzing intention to purchase brand extension via brand attribute associations mediating and moderating role of emotional consumer-brand relationship and brand commitment, Frontiers in Psychology 13 (2022) 4163. Crossref, Google Scholar
10. A. Heidari, N. J. Navimipour, M. Unal and S. Toumaj, The COVID-19 epidemic analysis and diagnosis using deep learning: A systematic literature review and future directions, Computers in Biology and Medicine 141 (2022) 105141. Crossref, Web of Science, Google Scholar
11. L. Liu, Z. Li, X. Fu, X. Liu, Z. Li and W. Zheng, Impact of power on uneven development: Evaluating built-up area changes in Chengdu based on NPP-VIIRS images (2015–2019), Land 11(4) (2022) 489. Crossref, Web of Science, Google Scholar
12. A. Heidari, N. Jafari Navimipour, M. Unal and S. Toumaj, Machine learning applications for COVID-19 outbreak management, Neural Computing and Applications, 34(18) (2022) 15313–15348. Crossref, Web of Science, Google Scholar
13. Y. Zhao, F. J. I. J. o. E. R. Bacao and P. Health, How does the pandemic facilitate mobile payment? An investigation on users’ perspective under the COVID-19 pandemic, International Journal of Environmental Research and Public Health 18(3) (2021) 1016. Crossref, Web of Science, Google Scholar
14. A. R. C. Omar, S. Ishak and M. A. Jusoh, The impact of Covid-19 movement control order on SMEs’ businesses and survival strategies, Geografia 16(2) (2020) 139–150. Google Scholar
15. M. Darbandi, A. F. Alrasheedi, K. A. Alnowibet, D. Javaheri and A. Mehbodniya, Integration of cloud computing with the Internet of Things for the treatment and management of the COVID-19 pandemic, Information Systems and e-Business Management 20 (2022) 1–30. Google Scholar
16. T. Papadopoulos, K. N. Baltas and M. E. Balta, The use of digital technologies by small and medium enterprises during COVID-19: Implications for theory and practice, International Journal of Information Management 5(5) (2020) 102192. Crossref, Google Scholar
17. T. Guo, Q. Shen, W. Guo, W. He, J. Li, Y. Zhang, Y. Wang, Z. Zhou, D. Deng and X. Ouyang, Clinical characteristics of elderly patients with COVID-19 in Hunan Province, China: A multicenter, retrospective study, Gerontology 66(5) (2020) 467–475. Crossref, Web of Science, Google Scholar
18. G. Kou, Y. Xu, Y. Peng, F. Shen, Y. Chen, K. Chang and S. Kou, Bankruptcy prediction for SMEs using transactional data and two-stage multiobjective feature selection, Decision Support Systems 140 (2021) 113429. Crossref, Web of Science, Google Scholar
19. Y. Lu, J. Wu, J. Peng and L. Lu, The perceived impact of the COVID-19 epidemic: Evidence from a sample of 4807 SMEs in Sichuan Province, China, Environmental Hazards 19(4) (2020) 323–340. Crossref, Google Scholar
20. C. Castillo, Disaster preparedness and business continuity planning at Boeing: An integrated model, Journal of Facilities Management 3 (2004). Crossref, Google Scholar
21. Y. Li, The research of the financial strategy of SY education consulting group, Business and Management Research 6(3) (2017) 17–21. Crossref, Google Scholar
22. C. Bai, M. Quayson and J. Sarkis, COVID-19 pandemic digitization lessons for sustainable development of micro- and small-enterprises, Sustainable Production and Consumption 27 (2021) 1989–2001. Crossref, Web of Science, Google Scholar
23. J. Kang, Mobile payment in Fintech environment: Trends, security challenges, and services, Human-Centric Computing and Information Sciences 8(1) (2018) 1–16. Crossref, Google Scholar
24. G. Kou, O.̈ Olgu Akdeniz, H. Dinceŗ and S. Yuksel̈, Fintech investments in European banks: A hybrid IT2 fuzzy multidimensional decision-making approach, Financial Innovation 7(1) (2021) 39; G. Kou, Y. Peng and G. Wang, Evaluation of clustering algorithms for financial risk analysis using MCDM methods, Information Sciences 275 (2014) 1–12. Google Scholar
25. A. Daragmeh, C. Lentner and J. Sági, FinTech payments in the era of COVID-19: Factors influencing behavioral intentions of “Generation X” in Hungary to use mobile payment, Journal of Behavioral and Experimental Finance 32 (2021) 100574. Crossref, Web of Science, Google Scholar
26. M. R. Sahay, M. U. E. von Allmen, M. A. Lahreche, P. Khera, M. S. Ogawa, M. Bazarbash and M. K. Beaton, The promise of fintech: Financial inclusion in the post COVID-19 era (International Monetary Fund, 2020). Google Scholar
27. V. L. Johnson, A. Kiser, R. Washington and R. Torres, Limitations to the rapid adoption of M-payment services: Understanding the impact of privacy risk on M-Payment services, Computers in Human Behavior 79 (2018) 111–122; F. Liébana-Cabanillas, V. Marinkovic, I. Ramos de Luna and Z. Kalinic, Predicting the determinants of mobile payment acceptance: A hybrid SEM-neural network approach, Technological Forecasting and Social Change 129 (2018) 117–130. Google Scholar
28. A.-C. Teo, AG W.-H. Tan, K.-B. Ooi and B. Lin, Why consumers adopt mobile payment? A partial least squares structural equation modelling (PLS-SEM) approach, International Journal of Mobile Communications 13(5) (2015) 478–497. Crossref, Web of Science, Google Scholar
29. A. Ghezzi, F. Renga, R. Balocco and P. Pescetto, Mobile payment applications: Offer state of the art in the Italian market Info, Info 12 (2010) 3–22. Crossref, Google Scholar
30. Z. J. E. J. o. B. Bezovski, The future of the mobile payment as electronic payment system, European Journal of Busienss and Management 8(8) (2016) 127–132. Google Scholar
31. C. J. Hoofnagle, J. M. Urban and J. A. a. S. Li, Mobile payments: Consumer benefits & new privacy concerns, BCLT Research Paper (2012). Google Scholar
32. M. Karsen, Y. U. Chandra and H. Juwitasary, Technological factors of mobile payment: A systematic literature review, Procedia Computer Science 157 (2019) 489–498. Crossref, Google Scholar
33. F. R. Dwyer and S. Oh, A transaction cost perspective on vertical contractual structure and interchannel competitive strategies, Journal of Marketing 52(2) (1988) 21–34; H.-P. Lu and Y.-S. Wung, Applying transaction cost theory and push-pull-mooring model to investigate mobile payment switching behaviors with well-established traditional financial infrastructure, Journal of Theoretical and Applied Electronic Commerce Research 16 (2021) 1–21. Google Scholar
34. K. Madan and R. J. A. P. J. o. M. Yadav, Understanding and predicting antecedents of mobile shopping adoption: A developing country perspective Asia Pacific, Journal of Marketing and Logistics 30 (2018) 139–162. Crossref, Web of Science, Google Scholar
35. J.-Y. Lai and J. Wang, Switching attitudes of Taiwanese middle-aged and elderly patients toward cloud healthcare services: An exploratory study, Technological Forecasting and Social Change 92 (2015) 155–167. Crossref, Web of Science, Google Scholar
36. F. Liébana-Cabanillas, A. Japutra, S. Molinillo, N. Singh and N. Sinha, Assessment of mobile technology use in the emerging market: Analyzing intention to use M-payment services in India, Telecommunications Policy 44(9) (2020) 102009. Crossref, Web of Science, Google Scholar
37. B. Tang, N. L. Bragazzi, Q. Li, S. Tang, Y. Xiao and J. Wu, An updated estimation of the risk of transmission of the novel coronavirus (2019-nCov), Infectious Disease Modelling 5 (2020) 248–255. Crossref, Google Scholar
38. I. R. de Luna, F. Liébana-Cabanillas, J. Sánchez-Fernández and F. Muñoz-Leiva, Mobile payment is not all the same: The adoption of mobile payment systems depending on the technology applied, Technological Forecasting and Social Change 146 (2019) 931–944. Crossref, Web of Science, Google Scholar
39. S. Tiwari, An introduction to QR code technology, in 2016 Int. Conf. Information Technology (ICIT), Vol. 2016 (Bhubaneswar, India, 2016), pp. 39–44. Crossref, Google Scholar
40. A. Esmaeilzadeh and K. Taghva, Text classification using neural network language model (nnlm) and bert: An empirical comparison, in Proc. SAI Intelligent Systems Conf., Vol. 2021 (Springer, Cham, 2021), pp. 175–189. Google Scholar
41. M. Tehrani, A. Amidian, J. Muhammadi and H. Rabiee, A survey of system platforms for mobile payment, in Int. Conf. Management of e-Commerce and e-Government, Vol. 2010 (Chengdu, China, 2010), pp. 376–381. Crossref, Google Scholar
42. H. Zhao, S. T. Anong and L. Zhang, Understanding the impact of financial incentives on NFC mobile payment adoption, International Journal of Bank Marketing 37(5) (2019) 1296–1312. Crossref, Web of Science, Google Scholar
43. A. Heidari, S. Toumaj, N. J. Navimipour and M. Unal, A privacy-aware method for COVID-19 detection in chest CT images using lightweight deep conventional neural network and blockchain, Computers in Biology and Medicine 145 (2022) 105461. Crossref, Web of Science, Google Scholar
44. N. A. Bakar and S. Rosbi, Effect of COVID-19 outbreak towards banking and finance industry, International Journal of Advanced Engineering, Management and Science 7(3) (2021) 1–5. Crossref, Google Scholar
45. K. M. Eisenhardt and J. A. Martin, Dynamic capabilities: What are they? Strategic Management Journal 21(10–11) (2000) 1105–1121. Crossref, Web of Science, Google Scholar
46. C. Candy, R. Robin, E. Sativa, S. Septiana, H. Can and A. Alice, Fintech in the time of COVID-19: Conceptual overview, Journal Akuntansi, Keuangan, Dan Manajemen 3(3) (2022) 253–262. Crossref, Google Scholar
47. F. Naz, S. Karim, A. Houcine and M. A. Naeem, Fintech growth during COVID-19 in MENA region: Current challenges and future prospects, Electronic Commerce Research 4 (2022) 1–22. Google Scholar
48. J. Fu and M. Mishra, Fintech in the time of COVID-19: Technological adoption during crises, Journal of Financial Intermediation 50 (2022) 100945. Crossref, Web of Science, Google Scholar
49. S. Vahdat and S. Shahidi, D-dimer levels in chronic kidney illness: A comprehensive and systematic literature review, Proceedings of the National Academy of Sciences, India Section B: Biological Sciences 90 (2020) 1–18. Crossref, Google Scholar
50. S. Vahdat, Vitamin D and kidney diseases: A narrative review, International Journal of Preventive Medicine 11(1) (2020) 195; M. Esmailiyan, A. Amerizadeh, S. Vahdat, M. Ghodsi, R. I. Doewes and Y. Sundram, Effect of different types of aerobic exercise on individuals with and without hypertension: An updated systematic review, Current Problems in Cardiology 11 (2021) 101034. Google Scholar
51. G. Jain and S. Dahiya, NFC?: Advantages, limits and future scope, International Journal on Cybernetics & Informatics (IJCI) 4 (2015) 1–12. Crossref, Google Scholar
52. J. S. U. Chae and J. Hedman, Business models for NFC based mobile payments, Journal of Business Models 3(1) (2015) 29–48. Google Scholar
53. O. Faridoon and A. Ghafoor, Security protocol for NFC enabled mobile devices used in financial applications NUST, Journal of Engineering Sciences 9(2) (2016) 35–41. Google Scholar
54. W. Shishah and S. Alhelaly, User experience of utilising contactless payment technology in Saudi Arabia during the COVID-19 pandemic, Journal of Decision Systems 30 (2021) 1–18. Crossref, Web of Science, Google Scholar
55. W. Puriwat and S. Tripopsakul, Explaining an adoption and continuance intention to use contactless payment technologies: During the COVID-19 pandemic, Emerging Science Journal 5(1) (2021) 85–95. Crossref, Google Scholar
56. A. K. Abdulwahab and W. M. El-Medany, NFC Payments Security in Light of COVID-19 Pandemic: Review of Recent Security Threats and Protection Methods, in 2021 Int. Conf. Data Analytics for Business and Industry (ICDABI), Vol. 2021 (IEEE, Sakheer, Bahrain, 2021), pp. 615–620. Crossref, Google Scholar
57. C. Aktas, The Evolution and Emergence of QR Codes (Cambridge Scholars Publishing, 2017). Google Scholar
58. G. Kou, S. Yüksel and H. Dinçer, Inventive problem-solving map of innovative carbon emission strategies for solar energy-based transportation investment projects, Applied Energy 311 (2022) 118680. Crossref, Web of Science, Google Scholar
59. P. Escobedo, C. E. Ramos-Lorente, A. Ejaz, M. M. Erenas, A. Martínez-Olmos, M. A., Carvajal, C. García-Núñez, I. de Orbe-Payá, L. F. Capitán-Vallvey and A. J. Palma, QRsens: Dual-purpose quick response code with built-in colorimetric sensors, Sensors and Actuators B: Chemical 376 (2023) 133001; B. B. Gardas, A. Heidari, N. J. Navimipour and M. Unal, A fuzzy-based method for objects selection in blockchain-enabled edge-IoT platforms using a hybrid multi-criteria decision-making model, Applied Sciences 12(17) (2022) 8906. Google Scholar
60. L. Lou, Z. Tian and J. Koh, Tourist satisfaction enhancement using mobile QR code payment: An empirical investigation, Sustainability 9(7) (2017) p. 1186. Crossref, Web of Science, Google Scholar
61. G. Shang, Y. Xuan, G. Hong and J. Jia, An empirical study on users’ continuous usage intention of QR code mobile payment services in China, International Journal of E-Adoption (IJEA) 10(1) (2018) 18–33. Crossref, Google Scholar
62. I. Nakamoto, S. Wang, Y. Guo and W. Zhuang, A QR code–based contact tracing framework for sustainable containment of COVID-19: Evaluation of an approach to assist the return to normal activity, JMIR Mhealth Uhealth 8(9)(2020) e22321. Crossref, Web of Science, Google Scholar
63. S. Yakean, Advantages and disadvantages of a cashless system in Thailand during the COVID-19 pandemic, The Journal of Asian Finance, Economics, and Business 7(12) (2020) 385–388. Crossref, Google Scholar
64. S. Li, C. Lv, X. Lin, G. Wei, Y. Xiong, W. Yang, Z. Wang, Y. Zhang and W. Zhao, Phase-change-assisted spin-transfer torque switching in perpendicular magnetic tunnel junctions, Applied Physics Letters 119(12) (2021) 122401. Crossref, Web of Science, Google Scholar
65. D. M. H. Kee, N. N. B. N. Hisam, N. H. B. Abd Rashid, N. S. B. A. Aziz, N. A. B. Mazlan and N. A. Z. B. Mahadi, The impact of using cashless payment during the covid-19 pandemic: A case study of Maybank, International Journal of Accounting & Finance in Asia Pasific (IJAFAP) 4(2) (2021) 107–117. Crossref, Google Scholar
66. Y. Jiang, H. Ahmad, A. H. Butt, M. N. Shafique and S. Muhammad, QR digital payment system adoption by retailers: The moderating role of COVID-19 knowledge, Information Resources Management Journal (IRMJ) 34(3) (2021) 41–63. Crossref, Web of Science, Google Scholar
67. S. Duangphasuk, M. Warasart and Kungpisdan, Design and accountability analysis of a secure SMS-based mobile payment protocol, in 8th Electrical Engineering/Electronics, Computer, Telecommunications and Information Technology (ECTI) Association of Thailand Conf. 2011, Vol. 2011 (IEEE, Khon Kaen, Thailand, 2011), pp. 442–445. Crossref, Google Scholar
68. N. Rai, A. Ashok, J. Chakraborty, P. Arolker and S. Gajera, M-wallet: An SMS based payment system, International Journal of Engineering Research and Applications (2012) 258–263. Google Scholar
69. L.-C. Francisco, M.-L. Francisco and S.-F. Juan, Payment systems in new electronic environments: Consumer behavior in payment systems via SMS, International Journal of Information Technology & Decision Making 14(2) (2015) 421–449. Link, Web of Science, Google Scholar
70. J. Fu and M. Mishra, The global impact of COVID-19 on FinTech adoption, Swiss Finance Institute Research Paper, (2020), pp. 20–38. Google Scholar
71. D. Tut, FinTech and the Covid-19 pandemic: Evidence from electronic payment systems, Munich Personal RePEc Archive, (2020) 102401. Google Scholar
72. H. Mansour, How successful countries are in promoting digital transactions during COVID-19, Journal of Economic Studies (2021). Web of Science, Google Scholar
73. T. Li, G. Kou, Y. Peng and S. Y. Philip, An integrated cluster detection, optimization, and interpretation approach for financial data, IEEE Transactions on Cybernetics 52(12) (2021) 13848–13861. Crossref, Web of Science, Google Scholar
74. A. Heidari, N. Jafari Navimipour and M. Unal, The history of computing in Iran (Persia) — since the achaemenid empire technologies, Technologies 10(4) (2022) 94. Crossref, Web of Science, Google Scholar