Author(s): Souvik Banerjee, Abhijit Pandit and Debaditya Mohanti
The rapid propagation of mobile phones has altered business practices and daily routines in significant manner. The technology of Mobile payment, a foundation of this transformation, has progressively covered traditional cash and card transactions. The resulting multi-billion-dollar market has attracted a overabundance of mobile payment providers, growing competition. Retaining loyal customers has thus become dominant for these providers. Therefore, this work attempts to identify the factors that influence mobile payment loyalty in this dynamic environment. As mobile payment technology continues to gain importance, it has increasingly succeeded traditional cash and card transactions. This has resulted in a thriving multi-billion-dollar market, drawing a growing number of mobile payment providers into fierce competition. Retaining existing customers has become a pressing priority for mobile payment service providers. Consequently, this work aims to identify the key factors influencing mobile payment loyalty. Owners of mobile payment applications must prioritize security and privacy, mainly regarding the handling of customer data generated and utilized by the application. Customers are more likely to use the mobile application when they feel confident about the safety and security of their personal data, financial assets, and transaction history. A sample of 244 respondents was collected from users of mobile payment system of different banks.