The growth, risks and benefits, and problems of payment apps

Abstract

Payment apps plays an increasingly important part in people’s daily life and change the market largely in recent years. Analyzing the development of some payment apps help market investigators to understand the trend better. The main purpose of this study is to explore the growth of payment apps like Alipay, Apple Pay and Samsung Pay, the risks and the benefits, and the problems these apps create. In this study, questionnaire is used to collect data and SPSS is used to analyze the relationship between benefit of payment apps and willingness of use, and perceived risk of payment apps and willingness of use. The result shows that benefit has positive impact in willingness of use, but there is no relationship between perceived risk and willingness of use. These results shows that companies should put more efforts to enhance ease of use and usefulness to make customer satisfied. Meanwhile, one of the main differences between the three apps is technology, which is that Apple Pay and Samsung Pay uses NFC but Alipay use QR code. These apps develop fast and their dominant market is in their own countries. Besides, traditional industries are exploring new service on mobile phone to avoid greater losses. For expanding service area, Apple Pay is promoting in China while Alipay is promoting Europe.