Customer pre-adoption choice behavior for M-PESA mobile financial services: Extending the theory of consumption values

The purpose of this paper is to extend the theory of consumption values by investigating the influence of aesthetic, conditional, convenience, monetary, epistemic, self-gratification, and social value on customer pre-adoption choice behavior to use mobile financial services.

Data were collected using an online survey questionnaire resulting in 524 total responses from registered users of M-PESA mobile financial services in Kenya, ultimately resulting in a usable sample of 384 responses. Partial least squares was used to evaluate the research model and associated hypotheses.

Aesthetic, conditional, convenience, monetary, epistemic, and self-gratification value are positive determinants of customer pre-adoption choice behavior to use M-PESA mobile financial services, but not social value.

Survey participants were limited to customers of M-PESA mobile financial services in Kenya. The study findings present important implications for managers and academic researchers in the mobile financial services market.

This is one of the first empirical studies to investigate customer pre-adoption choice behavior to use M-PESA mobile financial services from the perspective of customer perceived value.