Modeling Mobile Wallet Acceptance: A Case of Bank Muscat

In this internal grant research project, we attempt to explore the key determinants that influence the acceptance of newly launched mobile wallet technology by the Bank Muscat, a leading bank adoption in Oman. The banking industry is relying on technology to survive and grow in a highly competitive global banking environment. The new and innovative technologies can help in a number of ways such as making service available at reduced risk, cost and increase customer satisfaction by improving services as per the needs of customers. Mobile wallet can be defined as a form of payment that enables users to conduct payment electronically via use of mobile device, replacing the physical wallet so that payment transactions can be completed at a merchant?s location. Mobile wallet can be one of the preferred delivery channels for achieving the aforementioned ends owing to the successful and rapid penetration of use of mobile technology-based devices among Omani population compared to any other technology. This research project involves the use of proven and state of art research models to explore and predict the decisions of users to accept mobile wallet technology. The study is focused on Bank Muscat users and seeks to identify and discuss the unique role of factors in the context of the Omani mobile wallet users. The study can be used by decision-makers in the Bank Muscat for developing suitable strategies for market segmentation, designing service delivery and promotion. The research model of this study will be developed on the basis of well-established conceptual frameworks such as technology acceptance model (TAM), unified theory of acceptance and use of technology (UTAUT), task-technology fit (TTF) among others. The proposed research model would be tested using explanatory or predictive modeling. To the best of our knowledge, There is no study conducted on mobile wallet acceptance in Oman as well as in GCC countries. The research project can provide useful information to Bank Muscat decision makers in formulating optimal marketing strategies by attracting more customers to get better returns of the heavy investment in such a new and innovative mobile technology.