See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/290795449

Comparative Study Among New Payment Systems and New Future Trends in
Mobile Payments

Article · January 2014

DOI: 10.4018/978-1-4666-5190-6.ch012

CITATIONS READS

3 8,980

3 authors:

Francisco Liébana-Cabanillas Francisco Muñoz-Leiva

University of Granada University of Granada
107 PUBLICATIONS   2,293 CITATIONS    99 PUBLICATIONS   2,657 CITATIONS   

SEE PROFILE SEE PROFILE

Juan Sánchez-Fernández
University of Granada
82 PUBLICATIONS   1,750 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Neuromarketing View project

Websurveys View project

All content following this page was uploaded by Francisco Muñoz-Leiva on 22 January 2016.

The user has requested enhancement of the downloaded file.

 COMPARATIVE STUDY AMONG NEW
PAYMENT SYSTEMS AND NEW
FUTURE TRENDS IN MOBILE
PAYMENTS

Liébana-Cabanillas, Francisco J.
University of Granada, Spain

Muñoz-Leiva, Francisco
University of Granada, Spain

Sánchez-Fernández, Juan
University of Granada, Spain

ABSTRACT:

Over the last few years, the payment systems used in business activities have been altered by the
recent technological developments. Increasingly more consumers use their mobile phones to do
their purchases. Currently, sales through smartphones are an indicator of the growth potential
that these new trade and payment methods have in the future society.

In this chapter, we carry out a theoretical review of the different payment systems, from the
most traditional ones to the new payment systems used on the Internet. We also analyze the
different security protocols that are currently operational, with the aim of improving consumers’
trust. Of this literature review we extract a few and implications and recommendations to
management of M-Payment based businesses.
INTRODUCTION: NEW PAYMENT MEANS IN THE B2C COMMERCE.

The new payment systems are a result of the Information and Communication Technologies
(ICT) developments in the field of economic transactions between companies and their
customers. More specifically, they emerged as a means to solve certain problems related to cash
handling (Tamayo, 1999): 1) the need to reduce the cost of money and of the existing payment
systems; 2) make small purchases and instant payments more flexible; 3) increase security and
protection against fraud and other types of crime; and 4) the emergence of online payments and
the electronic commerce on the Internet.

According to the last European Central Bank report (2011) concerning the number and types of
transactions in the Eurozone in 2011, 35.47% of all payment transactions were carried out
through payment systems related to bank cards, 28.93% were direct debits and 27.06% were
performed through bank transfers. The distribution of the payment systems employed is very
different depending on to the country of reference, as shown in Table 1.

For instance, almost 50% of all the transactions performed in Germany are direct debits; 70% of
the transactions are made with bank cards in the case of Portugal and over 80% through
electronic payments in Luxembourg. In Spain, the main payment tool is the bank card (43.11),
followed by direct debits (39.94%) and bank transfers (14.67%). Payments with checks and the
rest of payment systems have no relevant significance.

Table 1 about here

Table 1: Structure of payment transactions in the Eurozone in 2011

Direct Card Electronic

% Others
Transfers debits payments payments Checks
EUROZONE 27.06 28.93 35.47 2.02 5.83 0.69
Germany 34.26 48.73 16.58 0.20 0.23 0.00
Austria 42.40 36.86 18.89 1.10 0.08 0.66
Belgium 40.99 10.58 46.15 2.02 0.26 0.00
Cyprus 28.02 8.22 41.58 0.74 21.44 0.00
Slovakia 55.18 14.52 30.28 0.01 0.01 0.00
Slovenia 49.26 15.14 35.56 0.00 0.04 0.00
Spain 14.67 39.94 43.11 0.00 1.71 0.57
Estonia 31.04 6.02 62.94 0.00 0.00 0.00
Finland 46.23 3.75 50.01 0.00 0.02 0.00
France 16.98 20.15 45.11 0.27 16.94 0.56
Greece 36.45 11.42 39.56 2.09 10.27 0.22
Netherlands 29.86 23.73 43.28 3.13 0.00 0.00
Ireland 22.31 15.67 49.68 0.00 12.33 0.00
Italy 30.33 14.44 37.67 3.65 7.01 6.89
Luxembourg 7.43 1.80 7.69 83.06 0.02 0.00
Malta 21.67 4.18 43.47 0.00 30.62 0.00
Portugal 11.27 13.56 69.07 0.12 5.95 0.02
Source: Author’s formulation based on the ECB report (2011)
One of the most relevant aspects in the development of the electronic commerce is the payment
system employed to complete the economic transactions. As shown in Table 2 and according to
the B2C Electronic Commerce Report1 published by the National Observatory of the
Telecommunications and Information Society (ONTSI, 2011), the main payment tool for
purchases made on the Internet in Spain is the bank card (64.6%), followed far behind by
payment on delivery and bank transfer (13.6% and 9.2%, respectively).

Table 2: Payment systems used in online purchases (%): Comparative study 2006-2010
Payment system 2006 2007 2008 2009 2010
Credit/debit card 48.3% 60.9% 54.0% 50.2% 64.6%
Against delivery 34.7% 25.7% 27.7% 29.1% 13.6%
Bank transfer 13.4% 8.4% 11.7% 6.7% 9.2%
PayPal 1.3% 2.1% 4.5% 10.7% 5.0%
Prepaid card 0.7% 0.0% 0.0% 0.0% 3.0%
Card issued by the establishment 0.5% 0.4% 0.7% 0.1% 1.2%
Direct debit 0.0% 0.6% 1.0% 1.8% 0.7%
Mobile phone 0.0% 0.2% 0.2% 0.0% 0.1%
Others 0.8% 0.4% 0.0% 1.3% 1.0%
DK/NA 0.2% 1.2% 0.1% 0.1% 1.6%
Source: ONTSI (2011)

The electronic or online payment systems have experienced an important increase, but they have
not reached initial expectations (Prabhaker 2000; Ropers, 2001; Anil et al., 2003; Liang and
Wei, 2004), mainly because of the concerns related to consumers' trust (Sorkin, 2001), the
complexity of the systems, the privacy of the information (Hwang et al., 2003) and the lack of
security (Behrens, 2001), among other reasons. In spite of all these issues, since 2003 the
average spending per buyer on the Internet has increased by 89%, reaching an annual average of
831 euros per Internet user in 2010 (ONTSI, 2011), which is a recovery in comparison with the
scarce decrease in 2009 (see Figure 1).

1
Developed by Red.es, attached to the Spanish Ministry of Industry, Tourism and Trade, through the
Secretary of State for Telecommunications and the Information Society.
Figure 1: Annual average spending in euros on Internet purchases: Comparative study 2003-
2009

Source: Study about B2C electronic commerce 2011 (ONTSI, 2011)

FROM THE TRADITIONAL PAYMENT SYSTEMS IN ELECTRONIC

ENVIRONMENTS TO THE DISCOVERY OF THE MOBILE PAYMENT
(MOBILE COMMERCE).

Classification of payment systems in the electronic commerce.

Currently, many classifications are used for the analysis of payment systems (see Figure 2). The
main classification criteria are: the business model (the moment when the payment is
performed) (Pilioura, 1998; Bernal, 2000; Karnouskos and Fokus, 2004; Ramezani, 2008),
amount of the transaction to be performed (Abrazhevich, 2001; Schwederski-Grosche and
Knospe, 2004; Karnouskos and Fokus, 2004; Tsiakis and Sthephanides, 2005; Ramezani, 2008),
type of payment validation (Ramezani, 2008; Karnouskos and Fokus, 2004; Wang and Yuan,
2010), type of device, nature of the relationships and means employed (Ondrus and Pigneur,
2006 and 2007) and money transfer method used for the transaction (Abrazhevich, 2001; Ruiz,
2009).
Figure 2: Classification of the B2C payment systems

According to
the business
model

According to
According to
the
the transfer
transaction
method
amount

B2C
PAYMENT
SYSTEMS
According to
the type of According to
relationships the type of
and the payment
means of validation
payment

According to
the type of
device

Source: The authors.

According to the business model...

This approach refers to the moment when the due payment is completed. Three different
moments are established (Lee et al., 2001): prepayment (payment in advance), debit (instant
payment) and credit (future payment).
The prepayment systems (pay before) are characterized by storing the customer's money in a
financial instrument in order to allow future payments (wallet cards, for instance). The debit
payment systems (pay now) are the ones where the direct debit is performed in the moment of
the purchase transaction. The credit payment systems (pay later) charge the amount of the
transaction after the purchase is performed (credit cards, for instance).

According to the transaction amount…

Depending on the transaction amount, different protocols are applied. Mainly two operation
types are established according to the amount: micro-payments and macro-payments (Kim and
Lee, 2003; Baddeley, 2004; Patel et al., 2010). The classification threshold between the two
criteria varies according to the different authors (Abrazhevich, 2001; Schwederski-Grosche and
Knospe, 2004; Tsiakis and Sthephanides, 2005), although usually micro-payments are the
transaction amounts under five euros and the macro-payments are those with a higher value
(Ruiz, 2009).

According to the type of payment validation…

This refers to the validation usually performed by the financial entity in the moment of a
transaction carried out with a card or a mobile phone. Under this standard, we can establish two
classifications (Brands, 1993; O’Mahony et al., 1997; Mu et al., 2001; Wang et al., 2008),
making a distinction between offline and online payment systems. Apart from these two types,
there is an intermediate system called semi-online, intended to solve the problems of the
previous ones.

The offline systems are characterized by not requiring financial validation in the moment the
purchase is performed, nor the customer's balance (pay now), nor the card spending limit (pay
later), which makes the transaction faster (toll payments, for instance), although these systems
entail a risk of default. In the online systems, the validation is performed to ensure the correct
completion of the transaction, while in the semi online systems, the advantages of the previous
systems are added up, validations being performed only in certain situations. Thus, the payment
system is faster.

According to the type of device…

The device employed to complete the payment can be connected to a physical network (e.g.
ADSL POS-Point of sales- in any establishment) or to a mobile network (GPRS or wireless
POS in some establishments) (Tatum, 2007; DIAE, 2010). The difference between these two
lies in the mobility provided by a terminal that can be displaced without the need to be
connected to a pre-established network (e.g. the payment system in the cab fleet), as well as in
the security perceived by the users for not losing sight of their cards, thus avoiding eventual
fraud (e.g. in restaurants).

According to the type of relationships and the means of payment…

According to the type of relationship between the parties involved in the economic transaction
and the employed means of payment, we identify four different payment systems, as shown in
Table 3 (Ondrus and Pigneur, 2006 and 2007).

Table 3: Classification of the current B2C payment systems

Cards Mobile
phones
With the participation of financial institutions Option 1 Option 2

With the participation of new intermediaries Option 3 Option 4

Source: Ondrus and Pigneur (2006 and 2007)

These systems are described below:

 Option 1: Traditional payments completed with cards linked to the owner's account
balance (pay now) or to a pre-established spending limit (pay later). This payment
system depends completely on the number of cards put into circulation by financial
entities for their customers. Currently, the so-known "plastic money" accounts for
19.13% of the total payments in the Eurozone (ECB, 2011), indicating a growth of
66.91% in the number of cards issued by financial entities between 2000 and 2009. If
we analyze the European population in relation to the number of plastic cards issued,
the average of cards per inhabitant has also increased by 11.95%.
 Option 2: Payment performed by charging the acquired services / purchases to the bill
issued by the telephone company (the way Zong has been operating [see demo video on
 http://www.zong.com/]) or by paying an SMS (usually for small purchases, such as
songs downloaded on mobile phones).
 Option 3: Payment systems supported by chip cards or magnetic stripe cards, in which
users put credit on their cards to do purchases (transport, photocopies, etc.).
 Option 4: Payment performed through the services provided by the seller companies,
where the customer's purchase is authorized by the financial entity.

Zhang (2008) provides a more restricted vision of the business model, offering only the options
1 and 2 proposed by Ondrus and Pigneur (2006, 2007).

According to the transfer method…

According to the transfer method, electronic payment systems can be classified in: systems
based on token or electronic money and systems based on a bank account or on credit/debit, as
shown in Table 4 (Abrazhevich, 2001).

Table 4: Classification of the current B2C payment systems

Systems based on a token Smart card or electronic wallet

or on electronic money Electronic coin
Systems based on a bank account Generic systems
or on credit/debit Specialized systems
Credit and debit systems
Source: Author’s formulation based on Abrazhevich (2001) and Ruiz (2009)

In the systems based on electronic money or a token, the money is represented with a series of
bytes or a token, transferred from one entity to another. The smart card systems work through a
previous credit recharge, which is spent depending on the purchases made by the user, while the
electronic coin systems consider money merely as bytes having an equivalent value to the
concerned coin.

In the systems based on a bank account or on credit/debit, the money is represented as a

numerical value associated to an account or a card number. The credit/debit system is based on
the use of a bank card (pay now or pay later) to complete the payment for the transactions made.
The specialized systems are based on specific characteristics of a system to complete a payment
(e.g. payment by electronic mail). As for the generic systems, they operate by creating a client
account within a general system, linked to a bank account or a card on which all transactions are
charged (PayPal or Google Wallet).

THE MOBILE PAYMENT, A TOOL IN THE SERVICE OF COMPANIES

For all of the above, and considering that mobile commerce is an extension of electronic
commerce, we can also state that the mobile payment is a natural evolution of the electronic
payment (Mallat, 2007; Carr, 2007; Kumar et al., 2008; Sumanjeet, 2009; Islam et al., 2011).

The mobile payment or M-payment is considered by many experts as one of the applications
with greatest potential in this sector, as well as the future star application or the killer
application in mobile telephony (Hu et al., 2008; Ondrus et al., 2009; Ghezzi et al., 2010;
Directorate of Innovation and Electronic Administration, 2010).

The M-payment basically consists in making payments and transactions between individuals in
a fast, convenient and easy way, anytime and anywhere, by means of a mobile phone. As
proven, this payment system provides several advantages to companies and users compared to
other payment systems within electronic commerce (POS). For companies and traders: high
versatility, given the high number of mobile phones in circulation, fast transactions, greater
convenience and time saving, possibilities of customer segmentation by customizing the range
of products and services, reduced costs (lower discount fees), etc. On the other hand, it provides
greater security for users in the interactions derived from economic transactions, thanks to the
GSM, UMTS technology and the SIM card of the mobile phone, which enable a better encoding
of the data handled during the transactions. This improves reliability, increases the product
offering for companies, saves time spent in the establishment and reduces the incidence of
errors (San Martín and Lopez, 2010; Directorate of Innovation and Electronic Administration,
2010), among other advantages.

Theoretical approach to the mobile payment concept.

Given the different existing definitions of mobile payment, we have identified some common
aspects and some differences. The majority of concepts found in literature are focused on the
mobile phone and its functionalities as a defining characteristic that makes the difference
between mobile payments and other methods of payment within electronic commerce (e.g.
Krueger, 2001; Weber and Darbellay, 2010). With regard to the role of mobile payments, all the
definitions found refer in some way to the transfer of monetary value between the parties
involved in the transaction. Concerning the main differences, we underline the identification of
the different stages involved in the payment process (e.g. Henkel, 2002; Pousttchi, 2003;
Petrova 2008; Dahlberg et al., 2008; among others) and in the payment execution. Table 5
details the main definitions identified.

Table 5: Definitions of mobile payment

Author(s) Definition
Müller-Versee (2000) Any transaction with a monetary value that is conducted via a mobile
telecommunications network.
Krueger (2001) Payments completed on a mobile phone.
Pousttchi (2003) Type of payment transaction processing in the course of which –
within an electronic procedure – (at least) the payer employs mobile
communication techniques in conjunction with mobile devices for
initiation, authorization or realization of payment.

Zheng and Chen Any transaction with a monetary value that is conducted via a mobile
(2003) telecommunications network.
Deans (2004) Any payment operation involving the use of a mobile device.
Karnouskos and Fokus Any payment using a mobile device to initiate, activate and/or confirm
(2004) the payment can be considered a mobile payment.

Ondrus and Pigneur Wireless transactions having a monetary value between two parties, by
(2006) means of a mobile device with different physical appearances (from a
mobile phone to an authorized mobile device), able to process a
financial transaction within a wireless network, in a secure way.

Zmijewska (2005) Payment transactions including the use of a mobile device, performed
through mobile telecommunications and wireless technologies.
Directive 2007/64/EC The completion of payment operations which send the consent of the
payer in order to perform a payment operation through
telecommunications, digital or computing devices, and the payment
processing through a telecommunications system which acts as a mere
intermediary between the user of the payment service and the provider
of the goods and services.
Au and Kauffman Any payment in which a mobile device is used for initiating,
(2008) authorizing and confirming a business transaction.
Petrova (2008) Wireless monetary transaction involving the initiation, authorization
and completion of payments.
Saji (2008) A monetary transaction implemented through a wireless
telecommunications network.
Gerpott and A system using mobile devices to perform transactions such as paying
Kornmeier (2009) bills or making bank transfers.

Gartner Group (2009) The payment of a product or service using mobile technologies such as
Near Field Communication (NFC), short message services (SMS),
Wireless Application Protocol (WAP) or direct mobile billing.

Innopay (2009) A payment involving a mobile phone to initiate and confirm the
payment.
KPMG (2009) Payments performed on mobile phones and other devices, for direct
purchases or for authorizing the payment of goods and services.
Microsoft and M-Com A payment transaction involving the use of a mobile device.
(2009)
Zhong (2009) A complete procedure of mobile payment involving the initiation,
authorization, compensation/completion, confirmation and money
transfer, as well as the delivery of the goods or services purchased.
Juniper (2010) The payment for goods or services with a mobile device such as a
phone, a personal digital assistant (PDA) or other similar devices.
Weber and Darbellay Range of mobile commerce services involving payment transactions
(2010) initiated or confirmed using a mobile phone.
National Retail The mobile payments are defined as the payments for goods or
Federation (2011) services initiated with a mobile phone or a similar device.
Source: Developed by the authors.

As we can see, it is essential to fully understand the concept and each author introduces a
differencing shade. Therefore, in our research we define mobile payment as any individual or
business activity involving an electronic device which enables connection to a mobile network
to complete an economic transaction successfully.

Stakeholders involved in the mobile payment.

Regardless of the concept of mobile payment we prefer, the analysis of the different
stakeholders involved in this type of transactions deserves special attention. Mehra (2010)
makes several adaptations of previous proposals made by Herzberg (2003) and Lehner and
Watson (2001), identifying the elements contained in Figure 3. In the first place, a whole system
of relationships is articulated around the exchange between a merchant and a customer by
means of a transaction, enabling the completion of the payment. Among these stakeholders we
highlight the providers of mobile transactions and content, the equipment providers and the
developers of the applications.

Figure 3: Stakeholders involved in the mobile payment

Source: Developed by the author based on the adaptations of Mehra's (2010), Herzberg's (2003)
and Lehner and Watson's (2001) research studies

In general, we notice that the use of this type of technology is very appealing to all the
stakeholders involved in these transactions (Lehner and Watson, 2001; Herzberg, 2003;
Karnouskos, 2004; Karnouskos and Fokus, 2004; Santolalla, 2008; Ramezani, 2008; Innopay,
2009; National Retail Federation, 2011)

 For financial institutions, this represents a business opportunity, given the reduction of
margins and the increase in competition (Embid et al., 1998; Pereira, 2003; Calero et al.,
2005; Momparler, 2008; Torrent-Sellens, 2010). Besides, it allows positioning on an
emerging market, which might lead to the reduction of the transaction costs derived from
cash handling, thanks to technological innovations (Liébana-Cabanillas, 2011).
 Mobile operators will make the important investments made in the past profitable by
increasing their recurrent revenues thanks to the diversification of their business activities
(CMT, 2012).
 The providers of technological services will make their businesses grow by developing
elements which improve trust between financial entities, mobile phone operators and
clients.
 For mobile manufacturers, this represents an increase of their businesses thanks to the sale
of new terminals and to the renewal of the existing ones.
 The merchants benefit from greater agility and security of the payment system, greater
financial profitability in their businesses and the possibility to implement new marketing
strategies through mobile terminals.
 The consumers will benefit from greater convenience, security and reliability in their
method of payment, combining the traditional use of the mobile phone with modern uses
such as payment, entertainment, information, etc.

Based on all of the above and like any innovation, the mobile payment has to be accepted by the
existing users, although the levels of acceptance vary depending on the country, as described in
Figure 4. These types of technologies are still at an embryonic stage in developing countries.
However, as the level of economic activity increases, the level of acceptance improves.

Figure 4: Life cycle of the mobile payment system by countries.

Source: Adapted from Rogers (1983), Muñoz (2008) and Little (2011)

On the other hand, Dahlberg et al. (2008) propose to analyze the importance of the mobile
payment based on Porter's Extended Competition Model (1998) and the Generic Contingency
Theory, result of the work conducted by Lawrence and Lorc (1967) and Thompson (1967),
gathered in the figure 5. In this sense, mobile payments will be influenced by the changes that
will take place in the cultural, social, technological, legal environment, as well as by the
competitive elements existing in the market.

From our point of view, the proposal put forward by Dahlberg et al. (2008) and described in
Figure 5 is of some importance currently, since it has a decisive impact on the present and
future conception of mobile payment.
Figure 5: The importance of the mobile payment.

Source: Author’s formulation based on Dahlberg et al. (2008)

In the case of traditional payment systems (cash, transfer and check), in spite of their significant
market penetration - currently close to 25% (INE, 2012) - the market trend, based on the
different reports analyzed, suggests that they are now experiencing a regression phase. This is
caused by the nature of the online means of payment (CMT, 2011), which usually requires
payment for the delivery of the purchased goods.

With regard to the potential clients and markets, and given the globalization context of the
international economy, companies have had to facilitate as many payment tools as possible to
assure their sales. Therefore, the type of internationalization strategy implemented by a
company (global, multinational, international, transnational) will define its way of ensuring
effectiveness of sales, according to Bartlett and Ghoshal (1987) and Ghoshal and Nohria (1993).

The new payment systems available on the market are characterized by the great variety and the
fast cannibalization of each other, which force users to rapidly adapt to these systems or to start
using payment systems on a more regular basis (for instance, Mobipay disappeared in 2009 after
eight years of operation; the already mentioned Cybercash and Digicash has been recently
acquired by bigger companies).

Concerning the impact of the environment around mobile payment systems, we can underline
the following: social and cultural changes (mobile commerce, higher use of mobile phones and
presence on social media, for example), changes in the technological environment (new security
protocols, for example the well-known EMV standard2), changes in the business environment
(greater globalization of markets) and legal, regulatory and environmental changes (introduction
of restrictions to the import of payments by companies, new security systems, etc.).

For all of the above, the mobile payment will enjoy great promotion in the future by all the
active stakeholders in this exchange relationship, thanks to its usefulness and potential. It seems
logical to think that dynamism, globalization, customers and competitors will define the future
scenario of the mobile payment systems. Therefore, governments will be responsible for
establishing market regulation rules for improving the current income.

PRESENT AND FUTURE OF MOBILE PAYMENTS.

Type of services, technologies and purposes.

As proven, the use of the mobile phone has brought about a deep revolution in our society, with
both social and economic repercussions (Balasubramanian et al., 2002; Watson et al., 2002;
Olla and Patel, 2002; Manvi et al., 2009; CMT, 2012; Ghezzi et al., 2010; Guo et al., 2010;
National Retail Federation, 2011). It has certainly been considered a business in the expansion
stage (Karnouskos and Vilmos, 2004), but now it can be considered a growing activity (Zhu,
2010) and one of the future payment tools (Ondrus and Pigneur, 2005; Zhu, 2010) with greatest
acceptance levels in society thanks to its format.

2
EMV is an inter-operation standard for IC cards (chip cards) and IC-enabled POS terminals, for
authenticating credit and debit card transactions. The name EMV stands for "Europay MasterCard VISA",
the three companies that initially collaborated for the development of the standard. The EMV standards
define the interaction at the physical, electrical, data and application levels between IC cards and IC card
processing devices for financial transactions. Some parts of the standard are largely based on the IC card
interface defined in ISO 7816 (Wikipedia, 2012).
Figure 6: Functionalities of the mobile phones in the electronic commerce environment

Source: Author’s formulation based on Innopay (2009)

To date, mobile marketing was mainly limited to analyzing advertising on the mobile phone, the
SMS, MMS, etc., but it didn't analyze the complete purchase process online (Martín de Bernardo
and Priede, 2007; San Martín and Lopez, 2010); this brings the need for companies to rethink
their business models and to adapt themselves to the new economic and technological
environment (Parasuraman and Zinkhan, 2002; National Retail Federation, 2011)

One of the main concerns society faces in general is the confusion between mobile payment,
mobile banking and the different uses of the mobile phone. Therefore, according to the
classification of functionalities suggested by Innopay (2009), we introduce the classification
described in Figure 6.

Two models have been traditionally established for mobile payments:

1. Gao et al.'s model (2005), which identifies two types of payment systems: the first
system is located at the mobile point of sale and the second one is the one that gathers
all the systems based on mobile phones, smart cards, credit card systems, etc.
2. Karnouskos' model (2004), which describes the functioning of the mobile payment
according to different levels of participation: a) direct payment level: the relationship
between client and business is measured by the financial entity; b) network level: refers
to the mobile operator facilitating the transaction; c) technical level: it includes the
service provider, the software provider and the hardware provider.

In our research, we classify mobile payments according to different and broader criteria:
service, technology employed and purpose (see Table 6).
Table 6: Classification of mobile payments

Type of service Type of technology Purpose

Mobile ticketing SMS m-payment
Mobile parking WAP/Internet m-order
Mobile remittance NFC m-banking
Mobile POS USSD m-delivery
-- Voice calls m-contract
Source: Innopay (2009)

According to the type of service, we highlight the commercialization of ticketing services for
shows (mobile ticketing), parking services for the payment in parking lots (mobile parking),
cash remittances (mobile remittance) and the payment at the point of sale (mobile POS).

According to the type of technology, we highlight the payment via SMS (short message
service), via WAP applications (Wireless Application Protocol), the proximity payment (NFC-
Near Field Communication), the payment via pre-defined messages (USSD- Unstructured
Supplementary Service Data) and through voice recognition technology.

Finally, according to purpose, we can classify the tools into: m-payment, which is the actual
payment for a given purchase; m-order, which manages mobile purchase orders; m-banking or
the access to the electronic bank from the device; m-delivery or delivery of the purchased
services on the mobile phone; and m-contract or mobile procurement of services.

Many of the previous technologies are still at the experimental stage, especially the ones related
to NFC (combined with the Google Wallet3 or Visa payWave services4). Besides, there is no
technological unification at the international level and some companies can benefit from this to
increase their market share.

Therefore, the generic model for mobile payments is summarized in Figure 7.

3
In May 2011, Google released on the market its payment system called Google Wallet, with the aim of
facilitating the payments to its clients. Users need to have the NFC technology installed on their mobile
phones, they can activate the service after linking it to a card (bank card or Google virtual card, reloaded
before starting the purchase) and the application is downloaded, authorizing the secure connection of your
card to Google Wallet. In order to complete the operation, users have to enter a code or a PIN number
into the Google Wallet application and place the mobile phone near the reader so that the NFC chip
completes the operation. Currently, this payment system only works with cards issued by Mastercard,
although in the future Visa, American Express and Discover cards will be accepted also.
4
Visa NFC payment system, which allows users to make contactless low value payments, without PIN
number nor signature, only by placing the card near the reader or the NFC mobile phone equipped with
the necessary application.
Figure 7: Generic model for mobile payments

Source: Developed by the author based on the proposals put forward by Zhen and Chen (2003)
and Carr (2007).

The global technological gap in relation to the different mobile payment systems is being
reduced, which means that the different technologies are already implemented in almost every
country. This indicates a faster development. The main continents leading the new payment
systems are Europe, America and Asia (Innopay, 2011). Therefore, according to the previous
classification criteria, we expose the current context in relation to the different mobile payment
tools in Table 7.
Table 7: Main mobile payment systems in Europe, America and Asia

Europe America Asia

Tool

Oxicash SmsPay
MPay Wallet
PosteMobile

Shinginko
P2P Cash
Mobipay

Turkcell
Synovus
Tag Pay

S!Felica
Obopay

UMPay

Moneta
Paybox

Eficash
Boku

Zong
Mobile X X X X
ticketing
Mobile X X
parking
Mobile X X X X X X X X X X X
remittance
Mobile X X X X X X X X X X X
POS
SMS X X X X X X X X X X
WAP/Inter X X X X X X
net
NFC X X X X X
USSD X X X
Voice
M- X X X X X X X X X X X X X X X X X
Payment
M-Order X X
M-Banking X X X X
M-Delivery X X
M-
Contract
Source: Author's formulation based on Innopay (2009)

Advantages and disadvantages of mobile payments and derived customer

profiles

As mentioned previously, the mobile payment system is a recent innovation experiencing a

period of growth (Zhu, 2010), largely widespread in society (Balasubramanian et al., 2002;
Manvi et al., 2009; Guo et al., 2010) so it is necessary to review its advantages and
disadvantages for users.

After a review of the scientific literature, the most relevant advantages of this payment system
(advantages for the user and the system) can be summarized as follows:

1. It enhances mobility and ubiquity of payments, facilitating the access to them and their
immediacy (Swartz, 2001, Larson, 2001; Clarke, 2001; Frolick and Chen, 2004; Mallat
and Tuunainen, 2005). Thus, it increases the added value of products and services
offered by companies.
2. Fast implementation/spreading of the new systems and protocols in the use of mobile
terminals, thanks to their high level of acceptance by the population and to the
 expansion of services provided (Heim and Sinha, 2005; Meyer, 2007; CMT, 2012;
National Retail Federation, 2011).
3. Nature of the devices and services (Teo et al., 2005).
4. They facilitate the sale of products and services (Ramus and Nielsen, 2005; Tiwari et
al., 2006, 2007; National Retail Federation, 2011).
5. They improve customer loyalty and relations thanks to greater contact through this new
channel (Frolick and Chen, 2004; National Retail Federation, 2011).
6. They improve security (Swartz, 2001; Hun, 2005; Teo et al., 2005; Sahut, 2006).

The disadvantages suggested by some authors related to the application of this type of payment
systems are summarized below:

1. High costs derived from the implementation of this technology and the derived financial
costs (Pousttchi et al., 2003; Teo et al., 2005; Islam et al., 2010).
2. Complexity of the systems (Mallat and Tuunainen, 2005; Balan et al., 2009).
3. Diversity of service offerings and lack of unification of the payment systems (see
previous classification).
4. Wide range of devices that make it difficult to introduce homogeneous security, control
and monitoring measures (Islam et al., 2010).
5. Lack of confidence in the transactions derived from this type of tools (Chellappa and
Pavlou, 2002; Pousttchi et al., 2003; Siau and Shen, 2003;; Teo et al., 2005; Liu et al.,
2006; Agarwal et al., 2007; Chen, 2008; Islam et al., 2010; Masamila et al., 2010; Wu
et al., 2010; Becher et al., 2011).
6. Immaturity of some markets, particularly the emerging ones, that don't accept this type
of innovation yet (Pousttchi et al., 2003; Frolick and Chen, 2004; Gebauer and Shaw,
2004; Teo et al., 2005; Wu et al., 2010).
7. Reduced penetration rate in the third world and emerging countries (Mensah, et al.,
2005; James and Versteeg, 2007; Islam et al., 2010; Little, 2011; Saidi, 2010).

According to Huitzilin and San Martín (2010) and following our own classification of
advantages (facilities to purchase, company performance and product-related reasons) and
disadvantages (relational and transactional inhibitors), we can define three customer profiles: 1)
practical buyers (42.6%) who give value to practical advantages related to the products and the
facilities to purchase; 2) indifferent buyers (38.5%) who don't receive relational inhibitors to use
mobile payments and whose only motivation is the company's performance; 3) cautious
consumers (18.9%), for whom relational and transactional disadvantages are key for making
purchasing via mobile phones.

Technical implications of mobile payments.

The use of the mobile payment is closely related to the technological developments occurred
over the last few years. Nowadays, the majority of companies support the continuation of NFC
developments, which are at an expansion phase, as well as the idea of taking the opportunity of
the important increase in broadband connections within mobile telephony (CMT, 2012).
However, the SMS technology is the most widely used by companies to date.

As explained above, there are mainly five types of technology implemented to mobile payments
currently: SMS, WAP/Internet, NFC, USSD and Voice. In the following sections we thoroughly
review each of these technologies except from the last one, which will not be analyzed due to its
low relevance and development.

The SMS as a mobile payment system.

The use of SMS as a payment system requires a communication protocol enabling the exchange
of short text messages between two mobile devices (Valcourt et al., 2005).

The consideration of the SMS as a payment system entails four disadvantages which make its
function as a payment system more difficult by putting at risk its security and constraining its
usefulness (Ivarsson, 2008; Mobile Marketing Asociation 2009, Innopay, 2009): 1) storage on
the recipient's terminal once the message sending is completed; 2) no coding; 3) no delivery
confirmation; and 4) low capacity for the transmission of information, since it only allows 160
characters.

According to recent studies, the SMS has been the usual payment mechanism and it gets the
highest income potential among m-payment applications (Kadhiwal and Usman, 2007), using
GSM (Groupe Spécial Mobile-Global System for Mobile Communications), GPRS (General
Packet Radio Services) and UMTS (Universal Mobile Telecommunications System) technologies
(Sebola and Penzhorn, 2003).

Like for the rest of the systems, security will be determined by the use of the SMS as a payment
system. Traditionally, the use of the SMS as a payment tool has been limited to small purchases
(Duangphasuk et al., 2011) due to the low security inspired by this method. For this reason,
companies that use this method have to increase security measures through new protocols
(Hashemi and Soroush, 2006; Toorani and Shirazi, 2008; Harb et al., 2008).

The implementation of the USSD as a payment system.

The USSD is a service for the sending of GSM data, like the SMS system, but it uses pre-defined
text messages in order to speed up communication in both ways, through a specific coding
(usually * or #), therefore being used as an interactive service for purchasing information,
making reservations, etc.

In Spain, this payment system was used by Mobipay, which no longer exists, to authorize credit
or debit card payments. When making a payment with Mobipay, the user received a USSD
message on their mobile phone, informing them exactly what operation was about to be made
(business name and amount) and requested the relevant authorization through a Personal
Identification Number (PIN). After this validation step, the payment was completed and the
customer's card was debited (pay before, pay now or pay later).

The use of WAP / Internet as a payment system.

The WAP technology or protocol allows users to access services available on the Internet
instantly (Yeun and Farnham, 2001; Teo and Pok, 2003; Hung et al., 2003).

It is a unique and open standard developed by some of the main wireless telecommunications
companies in the world, as a result of the WAP Forum (Wap Forum, 2011). Some of the most
usual applications are electronic banking, bill payment, stock check, organization of the mobile
phone, etc.

The evolution of the contactless technology (NFC).

The NFC technology (Near Field Communication or short-range communication) is the
communication standard created by SONY and PHILIPS at the beginning of the 21st century,
with the aim of unifying communication within existing technology, using an internal chip as
support (microprocessor), which enables communication with a receiver at a certain distance.
This technology consists of integrating mobile telephony with the Identification by Radio
Frequency, providing an intuitive, simple and secure communication between electronic devices
(Bernardos, 2008; Van Damme and Wouters, 2009; Ozdenizci et al., 2010; Ruijun et al., 2010;
Issa, 2011; NFC Forum, 2011; Ok et al., 2011). Since then, the NFC technology has had
different applications, mainly according to the distance at which the payment is made: 1)
proximity payments made at a distance of up to 7.5 centimeters around the receiver and 2) near
field payments, made at a distance of up to 1.5 meter around the receiver (Bravo et al., 2007;
Innopay, 2009; NFC Forum, 2011).

The NFC technology consists of two elements: the initiator, who starts the communication and
controls the exchange of information, and the target, who answers the request of the initiator.
This technology can work with the terminal switched on or off, improving its functionality to
some extent (Kanniainen, 2010; Kumar, 2010; Ruijun et al., 2010), linking the client's banking
information to the terminal through a chip, the SIM card of the phone or even the memory card.

There are three basic modes of operation of an NFC device (Madlmayr and Langer, 2008; Van
Damme and Wouters, 2009; Sanchez, 2009; Ruijun et al., 2010; De Bont, 2011; Ok et al.,
2011): 1) card emulation mode, where the device works in a passive way (no radio frequency
field is created); 2) reader/writer mode, where the device is active (it can generate a radio
frequency field to communicate); and 3) peer-to-peer mode, where two device can
communicate with others in a passive or active way.

Sometimes, the NFC technology is mistaken for RFID or Bluetooth technology (wireless
technology which interconnects mobile devices at a distance of around ten meters) (Bruno et al.,
2002; Ferro and Potorti, 2005), due to some similarities between them. The difference is that the
NFC technology provides a faster connection, thus avoiding eventual interferences and
providing higher security in crowded places, allowing its use even when the device is switched
off.

The main advantages of this technology are (Sánchez, 2009; Ruijun et al., 2010):

1. Range and availability: The NFC has the potential of being implemented in all existing
mobile phones (it is possible to integrate the chip a posteriori), which could bring a wide
range of new services for users and for the device itself. According to the BBVA, the
estimated electronic payments via NFC by 2014 will reach 50.000 million dollars globally
(BBVA, 2011).
2. Varieties of use: The NFC can be used for many activities, such as ticket payment, parking
payment, entertainment, etc.
3. Ease of use: The NFC only requires that the two parties participating to the exchange to be
close to one another, in order to simplify its use.
4. Security: The NFC requires the user to activate it manually or to get close to the receiver
to perform the payment. This demands a certain level of proactivity from the user.
5. Generation of added-value services: The NFC allows users to access certain added-value
services that cannot be facilitated by other payment systems.
6. Infrastructure: The NFC is compatible with the contactless structure, used as a platform
for buying tickets, transport and to make payments anywhere in the world.

The NFC Forum (2011) consolidated these advantages by describing this technology as
intuitive, versatile, open and based on technologically simple, interoperable and secure
standards.

In spite of these important disadvantages, the implementation of this technology on mobile

devices is still at an emerging stage, although it does have many applications in others sectors
(Bravo et al., 2007; Sánchez, 2009; Ozdenizci et al., 2010; Issa, 2011), such as cash withdrawal
from ATMs, access control at parking lots, payment in restricted parking areas, large areas,
entertainment, etc.

With regard to the disadvantages, simple solutions are being proposed to solve the existing
technical issues which are making the real implementation of this technology on the market
more difficult (Massoth and Bingel, 2009). From the perspective of the end user, the perceived
lack of security acts as an inhibitor and decreases its potential use, as well as the authentication
issues (Issa, 2011). These are two key elements which inhibit the use of this technology.

The security issues related to the NFC are based on eventual attacks directed to the initiator
(label) and the receiver (reader or mobile phone). On one hand, the attacks to the reader entail
the modification of the mobile device, which means that the eventual fraudster could access the
device. On the other hand, we have the attacks to the label or the initiator of the communication.

The lack of security can be caused by information spying during the communication, in the
moment the transaction is performed, as well as by data corruption (denial of service) or
modification of data entry during the transaction (Isa, 2011).

Apart from the generation of added-value services, the security improvement in all these
services or the technical interoperability issues, Table 8 summarizes the main advantages and
disadvantages of the payment systems presented.

Table 8: Advantages and disadvantages of the mobile technology

Technology Advantages Disadvantages Use

SMS Ease of use, high penetration rate Technical problems; the receiver Bank
and low cost is not always connected; the price
of some messages
USSD Available on all mobile phones The interface makes its use more Bank and
difficult POS
Internet User's experience Not all users have Internet access Bank and
on their mobile phone POS
NFC Fast and simple Lack of available NFC POS
technology on mobile phones
currently
Source: Adapted from Innopay (2009).

IMPLICATIONS AND RECOMMENDATIONS TO MANAGEMENT

Ante la adopción masiva y exitosa de los servicios de pago móvil por parte de los usuarios y las
diferentes oportunidades e implicaciones que supone esta tecnología para los stakeholders
implicados, entendemos que es necesario analizar este negocio emergente desde una perspectiva
estratégica, para lo cual, las empresas deberán de tener presentes los siguientes aspectos.

En primer lugar, aunque el uso del teléfono móvil como una herramienta de pago se encuentre
en la actualidad en una situación inicial, la tecnología que ofrece así como otras funcionalidades
que ya s encuentran en marcha sugieren que se convertirá en uno de los sistemas de pago del
futuro en los formatos que hemos analizado en el presente trabajo y otros específicamente
pensados en la telefonía móvil que sin duda irán desarrollándose en el futuro inmediato

En este sentido, los avances tecnológicos de los nuevos y futuros terminales inteligentes
servirán de gran ayuda a la implantación global de los sistemas de pago móvil, entre ellos, los
avances en la biométrica, que permitirán incrementar la seguridad de este tipo de pagos
asociando la huella dactilar del usuario a la seguridad de su cuenta (por ejemplo, Apple
recientemente ha incluido un sistema biométrico en su nuevo IPhone).

Además, las experiencias de pago móvil pueden ser empleadas por parte de las empresas tanto
en situaciones online como offline, siendo el contexto propio de la venta el elemento clave en la
definición de la estrategia de pago entre cliente y empresa. Además y gracias a los nuevos
terminales inteligentes la relación entre ambas partes mejora favoreciendo la lealtad mutua.

Finalmente, la integración de la tecnología móvil junto con el sistema de pago así como las
estrategias de mobile marketing generarán oportunidades empresariales para aquellas empresas
que decidan explorar este nuevo campo de gestión empresarial.
REFERENCES

Abrazhevich, D. (2001). Classification And Characteristics Of Electronic Payment Systems. En

Electronic Commerce and Web Technologies. Proceedings, LNCS 2115, Bauknecht, K.,
Madria, S.K. & Pernul, G. (eds.). Springer, 81-90.
Agarwal S., Khapra M., Menezes B., & Uchat N. (2007). Security Issues in Mobile Payment
Systems. Computer Society of India, 142-152.
Anil, S., Ting, L.T., Moe, L.H., & Jonathan, G.P.G. (2003). Overcoming barriers to the
successful adoption of mobile commerce in Singapore. International Journal of Mobile
Communications, 1(1/2), 194-231.
Au, Y. A., & Kauffman, R. J. (2008). The economics of mobile payments: Understanding
stakeholder issues for an emerging financial technology application. Electronic Commerce
Research and Applications, 7, 141–164.
Baddeley, M. (2004). Using e-cash in the new economy: An economic analysis of micro-
payment systems. Journal of Electronic Commerce Research, 5(4), 239-253.
Balan, R.K., Ramasubbu, N., Prakobphol, K., Christin, N., & Hong, J. (2009). mFerio: The
Design and Evaluation of a Peer-to-Peer Mobile Payment System. MobiSys ’09. Retrieved June
15, 2012, from de www.apollo.smu.edu.sg/papers/mobisys09.pdf
Balasubramanian, S., Peterson, R.A., & Jarvenpaa, S.L. (2002). Exploring the Implications of
M-commerce for Markets and Marketing. Journal of the Academy of Marketing Science, 30(4),
348-361.
BBVA (2011). Los pagos electrónicos mediante NFC superarán los $50.000 millones en 2014.
Retrieved June 15, 2012, from www.actibva.com/magazine/productos-financieros/los-pagos-
electronicos-mediante-nfc-superaran-los-50000-millones-en-2014-por-carlos-zahumenszky
Becher, M., Freiling, F., Homann, J., Holz, T., Uellenbeck, S., & Wolf, C. (2011). Mobile
Security Catching Up? Revealing the Nuts and Bolts of the Security of Mobile Devices. IEEE
Symposium on Security and Privacy, 96-111.
Behrens, L. (2001). Privacy and security: The hidden growth strategy. Retrieved June 15, 2012,
from www.gartnerg2.com/site/searchresults.asp
Bernal, E. (2000). Las tarjetas bancarias como mecanismos de pago en el comercio electrónico.
Distribución y consumo, 55, 67-78.
Bernardos, A.M. (2008). Modelo de integración de tecnologías para la provisión de servicios
móviles basados en localización y contexto, Tesis Doctoral. Escuela Técnica Superior de
Ingenieros de Telecomunicación, Universidad Politécnica de Madrid.
Brands, S. (1993). Untraceable off-line cash in wallet with observers. Proc. of the International
Conference of Advances in Cryptology–CRYPTO'93, LNCS 773, Springer -Verlag, 302–138.
Bravo, R., Matute, J., & Pina, J.M. (2010). Las asociaciones de la imagen como determinantes
de la satisfacción en el sector bancario español. Cuadernos de Economía y Dirección de la
Empresa, 43, 9-35.
Bruno, R., Conti, M., & Gregori, E. (2002). Bluetooth: Architecture, protocols and scheduling
algorithms. Cluster Computing, 5, 117-131.
Calero, Mª. R., Martinez, M., Ortega, J. M., & Román, Mª. V. (2005). Impacto de las nuevas
tecnologías en los canales de distribución financieros. Madrid: Dykinson.
Canadi, M., Hopken, W., & Fuchs, M. (2010). Application of QR Codes in Online Travel
Distribution. Information and Communication Technologies in Tourism, 4, 138-148.
Carr, M. (2007). Mobile Payment Systems and Services: An Introduction. Mobile Payment
Forum. Retrieved June 15, 2012, from
www.mpf.org.in/pdf/Mobile%20Payment%20Systems%20and%20Services.pd
Chellappa, R. K., & Pavlou, P. A. (2002). Perceived information security, financial liability and
consumer trust in electronic commerce transactions. Logistics Information Management,
15(5/6), 358-368.
Chen, L. (2008). A model of consumer acceptance of mobile payment. International Journal
Mobile Communications, 6(1), 32-52.
Chin (2000)
Chin, 2011
Clarke, I. (2001). Emerging value propositions for M-commerce. Journal of Business
Strategies, 18(2), 133– 149.
CMT. Comisión del Mercado de las Telecomunicaciones (2011). Informe Anual de la Comisión
del Mercado de las Telecomunicaciones 2010. Retrieved June 15, 2012, from www.cmt.es
CMT. Comisión del Mercado de las Telecomunicaciones (2012). Informe Trimestral de la
Comisión del Mercado de las Telecomunicaciones 2011. Retrieved June 15, 2012, from
www.cmt.es
Dahlberg, T., Mallat, N., Ondrus, J., & Zmijewska, A. (2008). Past, present and future of mobile
payments research: A literature review. Electronic Commerce Research and Applications In
Special Section: Research Advances for the Mobile Payments Arena, 7(2), 165-181.
Davis, F., Bagozzi, R., & Warshaw, P. (1989). User acceptance of computer-technology - a
comparison of 2 theoretical-models rid. Management Science, 35(8), 982-1003.
Davis, F.D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of
Information Technology. MIS Quarterly, 13(3), 319-340.
De Bont, J. (2011). A Risk Assessment on NFC; Replacing coins and banknotes with mobile-
phones. Retrieved June 15, 2012, from
www.jorgdebont.nl/evidence/RiskSociety_JorgdeBonts071352.pdf
Deans, P.C. (2005). E-Commerce and M-Commerce Technologies. IRM Press, USA.
Dirección de Innovación y Administración Electrónica (2010). DIAE, tramitación y pago móvil.
Estudio de plataformas de pago móvil. Retrieved June 15, 2012, from
www.jusap.ejgv.euskadi.net
Directive 2007/64/EC. Retrieved June 15, 2012, from www.csob.cz/WebCsob/Lide/Konta-a-
platby/SEPA_smernice_en.pdf
Duangphasuk, S. Warasare, M., & Kungpisdan, S. (2011). Design and Accountability Analysis
of A Secure SMS-based Mobile Payment Protocol. Computer and Information Technology
Mobile Computing, 442-445.
Embid, P., Martín, M., & Zorrilla, V. (1998). Marketing financiero. Madrid: McGraw-Hill.
Ervasti, M., & Helaakoski, H. (2010). Case study of application-based mobile service
acceptance and development in Finland. International Journal of Information Technology and
Management, 9(3), 243-259.
European Central Bank (2010). Zona única de pagos en euros. Séptimo Informe de la teoría a la
práctica, 30-38.
Ferro, E., & Potorti, F. (2005). Bluetooth and Wi-Fi wireless protocols: a survey and a
comparison. IEEE Wireless Communications, 12, 12-26.
Finzgar, L., & Trebar, M. (2011). Use of NFC and QR code identification in an electronic ticket
system for public transport. Software, Telecommunications and Computer Networks
(SoftCOM), 2011 19th International Conference on. IEEE, 2011.
Frolick, M.N., & Chen, L. (2004). Assessing M-Commerce Opportunities. Information Systems
Management, 21(2), 53-61.
Gao, J., Cai, J., Patel, K., & Shim, S. (2005). A Wireless Payment System. Second International
Conference on Embedded Software and Systems (ICESS 2005), 16.
Gartner Group. (2009). Mobile Payment, 2007–2012. Retrieved June 15, 2012, from
www.gartner.com
Gebauer J., & Shaw M.J. (2004). Success factors and impacts of mobile business applications:
results from a mobile e-procurement study. International Journal of Electronic Commerce, 8(3),
19–42
Gerpott, T., & Kornmeier, K. (2009). Determinants of customer acceptance of mobile payment
systems. International Journal of Electronic Finance, 3(1), 1–30.
Ghezzi, A., Renga, F., Balocco, R., & Pescetto, P. (2010). Mobile payment applications: offer
state of the art in the Italian market. Info, 12(5), 3–22.
Ghoshal, S., & Nohria, N. (1993). Horses for courses: organizational forms for multinational
corporations. Sloan Management Review, Winter, 23–35.
Goodman, J.S., & Blum, T.C. (1996). Assessing the non-random sampling effects of subject
attrition in longitudinal research. Journal of Management, 22(4), 627-652.
Guo, X., Zhao, Y., Jin, Y., & Zhang, N. (2010). Theorizing a two-sided adoption model for
mobile marketing platforms. ICIS 2010 Proceedings, Paper 128, 1-16.
Harb, H. Farahat, H., & Ezz, M. (2008). Secure SMS Pay: Secure SMS Mobile Payment
Model. Proceedings of the 2nd International Conference on Anti-counterfeiting, Security and
Identification 2008, Guiyang, 11-17.
Hashemi, M.R., & Soroush, E. (2006). A Secure m-Payment Protocol for Mobile Devices.
Proceedings of the Canadian Conference on Electrical and Computer Engineering 2006
(CCECE'06), May 2006, Ottawa, Ont, 294-297.
Heim, G.R., & Sinha, K.K. (2005). Service product configurations in electronic business-to-
consumer operations. A taxonomic analysis of electronic food retailers. Journal of Service
Research, 7, 360-376.
Henkel, J. (2002). Mobile payment. En Silberer, G., Wohlfahrt, J. y Wilhelm, T. (eds.), Mobile
Commerce, Gabler, Wiesbaden.
Herzberg, A. (2003). Payments and banking with mobile personal devices. Communications of
the ACM, 46(5), 53–58.
Hu, X., Li, W., & Hu, Q. (2008). Are Mobile Payment and Banking the Killer Apps for Mobile
Commerce?. Proceedings of the 41st Hawaii International Conference on System Sciences, 7-10
January, Waikoloa, Big Island, HI, USA. Washington.
Huitzilin, N., & San Martín, S. (2010). ¿Por qué compra por teléfono móvil el consumidor
español?. Boletín Económico de ICE, 2987, 11-21.
Hun, C.J. (2005). Credit card functions in mobile phones. Business Times, B2.
Hung, S.Y., Ku, C.Y., & Chang, C.M. (2003). Critical factors of WAP services adoption; an
empirical study. Electronic Commerce Research & Applications, 2(1), 42–60.
Hussain Chandio et al., 2013
Hwang, J.J., Yeh, T.C., & Li, J.B. (2003). Securing online credit card payments without
disclosing privacy information. Computer Standards & Interfaces, 25(2), 119-129.
INE. Instituto Nacional de Estadística (2012). Encuesta sobre Equipamiento y Uso de
Tecnologías de la Información y Comunicación en los hogares. Retrieved June 15, 2012, from
www.ine.es
Innopay (2009). Mobile payments 2010. Market analysis and overview. Retrieved June 15,
2012, from www.innopay.com
Islam, A., Ahmad, T., Khan, M., & Ali, M. (2010). Adoption of M-Commerce Services: The
Case of Bangladesh. World Journal of Management, 2(1), 37‐54.
Islam, A., Aktaruzzaman, M., & Muazzem, M. (2011). The Adoption of Mobile Commerce
Service among Employed Mobile Phone Users in Bangladesh: Self-efficacy as A Moderator.
International Business Research, 4(2), 80-89.
Issa, H. (2011). Assessment and User Adoption of NFC in Comparison to Other Mobile
Payments Systems. Working paper series. Retrieved June 15, 2012, from
www.papers.ssrn.com/sol3/papers.cfm?abstract_id=1910471
Ivarsson, S. (2008). Mobile payment with customer controlled connection - Can it be
constructed to be safe enough?, Master Thesis, Department of Systems and Software
Engineering School of Engineering Blekinge, Institute of Technology.
James, J., & Versteeg, M. (2007). Mobile phones in Africa – how much do we really know?.
Social Indicators Research, 84(1), 117-126.
Juniper Research (2009). NFC mobile payments and marketing opportunities. Forecast and
analysis 2009-2014, research report. Retrieved June 15, 2012, from
www.juniperresearch.com/reports/NFC_mobile_payments_and_marketing_opportunities
Kadhiwal, S., & Usman, M.A. (2007). Analysis of mobile payment security measures and
different standards. Shaheed Zulfiquar Ali Bhutto Institute of Science and Technology, Karachi,
Pakistan.
Kanniainen, L. (2010). Alternatives for banks to offer secure mobile payments. International
Journal of Bank Marketing, 28(5), 433-444.
Karnouskos, S. (2004). Mobile Payment: A Journey Through Existing Procedures and
Standardization Initiatives. IEEE Communications Surveys and Tutorials, 6(4), 44-66.
Karnouskos, S., & Fokus, F. (2004). Mobile Payment: a journey through existing procedures
and standardization initiatives. IEEE Communications Surveys and Tutorials, 6(4), 44-66.
Kim, S., & Lee, W. (2003). A Pay Word-based micro-payment protocol supporting multiple
payments. Proceedings of the International Conference on Computer Communications and
Networks, 609-612.
KPMG (2009). Mobile Payments in Central & Eastern Europe. Retrieved June 15, 2012, from
www.kpmg.com
Krueger, M. (2001). The future of m-payments–Business options and policy issues. Retrieved
June 15, 2012, from www.ftp.jrc.es/pub/EURdoc/eur19934en.pdf
Kumar, A. (2010). Near Field Communication. Seminar report submitted in Oct 2010 in partial
fulfillment of the requirements for the Degree of Bachelor of Technology (B.Tech) in Computer
Science and Engineering under the Guideship of Shekha Chenthara.
Kumar, S.B.R., Raj, A.A.G., & Rabara, S.A. (2008). A Framework for Mobile Payment
Consortia System (MPCS). Computer Science and Software Engineering, 2008 International
Conference on, 2, 43-47.
Lai, J.Y., & Li, D.H. (2005). Technology Acceptance Model for Internet Banking: An
invariante analysis. Information & Management, 42, 373-386.
Larson, C. F. (2001). Mobile valley challenges Silicon Valley. Research & Technology
Management, 44(2), 4-6.
Lawrence, P., & Lorsch, J. (1967). Organization and Environment. Homewood, Illinois: Irwin.
Lee, T.O., Yip, Y.L., Tsang, C.M., & Ng, K.W. (2001). An agent-based micropayment system
for e-commerce. En Liu, J. y Ye, Y. (Eds), E-commerce Agents. Lecture Notes in Artificial
Intelligence, 2033, Springer, Berlin, 247-63.
Lehner, F., & Watson, R. T. (2001). From E-Commerce to M-Commerce: Research Directions.
Retrieved June 15, 2012, from
ww.ebusinessforum.gr/content/downloads/ResearchDirections.pdf
Liang, T., & Wei, C.P. (2004). Introduction to the special issue: mobile commerce applications.
International Journal of Electronic Commerce, 8(3), 7-17.
Liao, C., Chen, J.L., & Yen, D.C. (2007). Theory of planning behavior (TPB) and customer
satisfaction in the continued use of e-service: An integrated model. Computers in Human
Behavior, 23, 2804–2822
Liébana et al. (2014) EMAC
Liébana-Cabanillas (2012) Tesis
Liébana-Cabanillas, F.J., Martínez-Fiestas, M., & Rejón-Guardia, F. (2011). The economic
crisis in the European Union: The confidence in the Spanish financial sector. Workshop: Crisis,
Lisbon, EU policies and member states, May 30th&31th, Granada.
Little, A.D. (2011). Global M-Payment Report 2011. Retrieved June 15, 2012, from
www.adlittle.com
Liu, Y., Cao, Y., & Dang, L. (2006). Mobile Payment. Enabling Technologies for Wireless E-
Business, 233-252.
Lorenzo, C., Alarcón, Mª.C., & Gómez, M.A. (2011). Adopción de redes sociales virtuales:
ampliación del modelo de aceptación tecnológica integrando confianza y riesgo percibido.
Cuadernos de Economía y Dirección de la Empresa, 14, 194–205.
Madlmayr, G., & Langer, J. (2008). Near Field Communication Technology. Workshop at NFC
mobile 2008, London, 642-647.
Mallat, N. (2007). Exploring Consumer adoption of Mobile Payments-A Qualitative Study. The
Journal of Strategic Information Systems, 16(4), 413-432.
Mallat, N., & Tuunainen, V. K. (2008). Exploring Merchant Adoption of Mobile Payment
Systems: An Empirical Study. E-Service Journal, 6, 24-57.
Mallat, N., Rossi, M. Tuunainen, V.K., & Öörni, A. (2009). The impact of use context on
mobile services acceptance: the case of mobile ticketing. Information & Management, 46(3),
190–195.
Manvi, S.S., Bhajantri, L.B., & Vijayakumar, M.A. (2009). Secure mobile payment system in
wireless environment. Proceedings of the international conference future computer and
communication (ICFCC 2009), 31-35.
Martín de Bernardo, C., & Priede, T (2007). Marketing móvil. Una nueva herramienta de
comunicación. Análisis y nuevas perspectivas para el mercado español. La Coruña: Netbiblo,
S.L.
Masamila, B., Mtenzi, F., Said, J., & Tinabo, R. (2010). A Secured Mobile Payment Model for
Developing Markets. Communications in Computer and Information Science, 87(2), 175-182.
Massoth, M., & Bingel, T. (2009). Performance of Different Mobile Payment Service Concepts
Compared With a NFC-Based Solution. Proceedings of the 4th International Conference on
Internet and Web Applications and Services, 24-28 May 2009, Venice/Mestre, Italy, 205-210.
Mehra, R. (2010). Paying for goods and services using a mobile phone: exploring mobile
payment use and adoption, Master’s thesis, AUT University.
Mensah, A.O., Bahta, A., & Mhlanga, S. (2005). E-commerce challenges in Africa: issues,
constraints, opportunities. Retrieved June 15, 2012, from
www.uneca.org/aisi/docs/PolicyBriefs/Ecommerce%20challenges%20in%20Africa.pdf
Meyer, A. (2007). Cell phone banking will bring a microfinance revolution. Tech for Change, 1-
2.
Microsoft and M-Com (2009). Mobile Payments-Delivering Compelling Customer and
Shareholder Value through a Complete. Retrieved June 15, 2012, from www.mcom.co.nz/.../M-
ComandMicrosoft-MobilePaymentsWhitePaper.pdf
Mobile Marketing Association (2009). Mobile Banking Overview. Retrieved June 15, 2012,
from www.paymentsnews.com
Momparler, A. (2008). El desarrollo de la Banca Electrónica en España. Un análisis
comparativo entre entidades online y tradicionales en España y Estados Unidos. Tesis
Doctoral, Departamento de Organización de Empresas, Universidad Politécnica de Valencia.
Mu, Y., Nguyen, K. Q., & Varadharajan, V. (2001). A fair electronic cash scheme. Proceedings
of the International Symposium in Electronic Commerce, LNCS 2040, Springer- Verlag, 20–
32.
Müller-Veerse, F. (2000). Mobile Commerce Report. London: Durlacher Research Ltd.
Retrieved June 15, 2012, from www.dad.be/library/pdf/durlacher1.pdf, 18.05.2005
Muñoz, F. (2008). La adopción de una innovación basada en la Web. Tesis Doctoral,
Departamento de Comercialización e Investigación de Mercados, Universidad de Granada.
National Retail Federation (2011). Mobile Retailing Blueprint. A Comprehensive Guide for
Navigating the Mobile Landscape. Retrieved June 15, 2012, from www.nrf.com/mobile
NFC Forum (2011). Frequently asked questions about NFC. Retrieved June 15, 2012, from
www.nfc-forum.org
O’Mahony, D., Tewari, H., & Peirce, M. (1997). Electronic Payment Systems. Artech House,
Inc.
Ok, K. Aydin, M.N. Coskun, V., & Ozdenizci, B. (2011). Exploring Underlying Values of NFC
Applications. 3rd International Conference on Information and Financial Engineering, IPEDR,
12, 290-294
Olla, P., & Patel, N.V. (2002). A value chain model for mobile data service providers.
Telecommunications Policy, 26(9/10), 551–571.
Ondrus, J., & Pigneur, Y. (2006). Towards A Holistic Analysis of Mobile Payments: A Multiple
Perspectives Approach. Electronic Commerce Research and Applications, 5(3), 246-257.
Ondrus, J., & Pigneur, Y. (2007). An assessment of NFC for Future Payment Systems.
Proceedings, Sixth International Conference on Mobile Business, 8–11 July 2007, IEEE
Computer Society.
Ondrus, J., Lyytinen, K., & Pigneur, Y. (2009). Why mobile payments fail? Towards a dynamic
and multi-perspective explanation. Proceedings of the 42nd Hawaii international conference on
system sciences (HICSS’09), 1–10. Hawaii: IEEE Computer Society. 5–8 January.
ONTSI. Observatorio Nacional de las Telecomunicaciones y de la Sociedad de la Información
(2011). Informe Anual de los Contenidos Digitales en España 2011. Retrieved June 15, 2012,
from www.ontsi.red.es
Ozdenizci, B., Aydin, M.N., Coskun, V., & Ok, K. (2010). NFC Research Framework: A
Literature Review And Future Research Directions. Proc. 14th IBIMA International Business
Information Management Conf., Istanbul, TURKEY, 2672-2685.
Parasuraman, A., & G.M. Zinkhan (2002). Marketing to and Serving Customers Through the
Internet: An Overview and Research Agenda. Journal of the Academy of Marketing Science, 30,
286-295.
Patel, A., Qi, W., & Wills, C (2010). A review and future research directions of secure and
trustworthy mobile agent-based e-marketplace systems. Information Management & Computer
Security, 183, 144-161.
Pereira, P.F. (2003). Comportamiento del consumidor bancario en Internet. Tesis Doctoral,
Departmento de Admnistración y Economía de la Empresa, Universidad de Salamanca.
Petrova, K. (2008). Mobile Payment: Towards a Customer-centric Model. Information Systems
Engineering – WISE 2008 Workshops, LNCS 5176. Berlin/Heidelberg: Springer, 12-23.
Pilioura, T. (1998). Electronic payment systems on open computer networks: a survey.
Retrieved June 15, 2012, from www.cuiwww.unige.ch/OSG/publications.
Pousttchi, K. (2003). Conditions for acceptance and usage of mobile payment procedures. The
Second International Conference on Mobile Business. Vienna, 201-210.
Pousttchi, K., Turowski, K., & Weizmann, M. (2003). Added Value-based Approach to Analyze
Electronic Commerce and Mobile Commerce Business Models. Proceedings of the AMSE
International Conference of Management and Technology (MT 2003). Havana.
Prabhaker, P.R. (2000). Who Owns the Online Consumer?. Journal of Consumer Marketing,
17(2), 158-171.
Raina, V.K. (2014). Emerging Technologies for user friendly Mobile Payment Applications. In
Liébana-Cabanillas, F.; Muñoz-Leiva, F., Sánchez-Fernández, J. and Martínez-Fiestas, M.
(Eds.), Electronic Payment Systems for Competitive Advantage in Ecommerce, IGI GLOBAL,
in press.
Raina, V.K., Pandey, U.S., & Pandey, U.S. and Makkad, M. (2012). Barcode Payment System
in Trusted Mobile Devices. International Journal of Computer Applications & Information
Technology, 1(2), 10-16.
Ramezani, E. (2008). Mobile Payment. Lecture E-Business Technologies, BCM1.
Ramus, K., & Nielsen, N.A. (2005). Online grocery retailing. What do consumers think?.
Internet Research, 15, 335-352.
Rogers, E. M. (1983). Difussion of Innovations 3ª Ed. New York: The Free Press.
Ropers, S. (2001). New Business Models for the Mobile Revolution. eAI Journal, 53-57.
Ruijun, G., Juan, Y., & Jiacai, W. (2010). Research on Mobile Payment Technology and
Business Models in China under e-Commerce Environment. Lecture Notes in Computer
Science, 6485, 334-343.
Ruiz, A. (2009). Sistemas y entornos de pago para la adquisición de contenidos y servicios
electrónicos en red. Tesis Doctoral, Departamento de Ingeniería de la Información y las
Comunicaciones, Universidad de Murcia.
Sahut, J.M. (2006). Electronic wallet in danger. Journal of Internet Banking and Commerce,
11(2). Retrieved June 15, 2012, from www.arraydev.com/commerce/JIBC/2006-08/Jean-
Michel_SAHUT.asp
Saidi, E. (2010). Towards a Faultless Mobile Commerce Implementation in Malawi. Journal of
Internet Banking and Commerce, 15(1), 1-13.
Saji, K.B. (2008). Modeling the Market Adoption of Mobile Payment Solutions. International
Journal of mathematical models and methods in applied sciences, 2(2), 148-153.
San Martín, S., & López, B (2010). Posibilidades de la compraventa B2C por teléfono móvil en
comparación con Internet. Cuadernos de Gestión, 10(1), 17-34.
Sánchez, N. (2009). Aplicación de evaluación basada en NFC (Near Field Communication),
Proyecto Fin de Carrera. Departamento de Telemática, Universidad Carlos III de Madrid.
Santolalla, O. (2008). Mobile Payment as a key factor for Mobile Commerce Success.
Research Seminarin Telecomunications Business.
Schwiderski-Grosche, S., & Knospe, H. (2004). Public key based network access. IEE
Telecommunications Series, 51, 171-188.
Sebola, L.E., & Penzhorn, W.T. (2003). A secure M-Commerce system for the vending of
prepaid electricity tokens. Southern African Telecommunication Networks and Applications
Conference (SATNAC), 7 – 10 September, South Africa.
Siau, K., & Shen, Z. (2003). Building customer trust in mobile commerce. Communication of
the ACM, 46(4), 91–94.
Sorkin, D.E. (2001). Payment methods for consumer to- consumer online transactions. Akron
Law Review, 35(1), 1-30.
Sumanjeet, S. (2009). Emergence of Payment Systems in the age of Electronic Commerce: the
state of art. Global Journal of International Business Research, 2(2), 17-36.
Swartz, N. (2001). Mandatory e-wallets. Wireless Review, 74-80.
Tamayo, B. (1999). Nuevos campos para la innovación: Internet y el comercio electrónico de
bienes y servicios. Retrieved June 15, 2012, from
www.navactiva.com/es/descargas/pdf/atic/cotec.pdf
Tatum (2007). ¿Cómo está evolucionando el negocio de los medios de pago?¿Por qué se ha
(re)abierto la guerra de las tarjetas?. Retrieved June 15, 2012, from
www.tatum.es/publicaciones_consultapublicacion.asp?pmid=225.
Teo, E., Fraunholz, B., & Unnithan, C. (2005). Inhibitors and Facilitators for Mobile Payment
Adoption in Australia: A preliminary Study. Proceedings 4th International Conference Mobile
Business (ICMB'05), July 2005, 663- 666.
Teo, T.S.H., & Pok, S.H. (2003). Adoption of WAP-enabled mobile phones among Internet
users. Omega, 31, 483-498.
Thompson, J. (1967). Organizations in Action. New York, NY: McGraw-Hill.
Tiwari, R., Buse, S., & Herstatt, C. (2006). From Electronic to Mobile Commerce:
Opportunities Through Technology Convergence for Business Services. Asia Pacific Tech
Monitor, 23(5), 38-45.
Toorani, M., & Shirazi, A.B. (2008). SSMS - A Secure SMS Messaging Protocol for the M-
Payment Systems. Proceedings of the 13th IEEE Symposium on Computers and
Communications, Marrakech, 2008, 700-705.
Torrent-Sellens, J., Castillo, D. Gabaldón, P. Ruiz, E., & Sainz, J. (2010). Hacia la banca
multicanal. Madrid: ESIC.
Tsiakis, T., & Sthephanides, G. (2005). The concepts of security and trust in electronic
payments. Computer and Security, 24, 10–15.
Valcourt, E. Robert, J.M., & Beaulieu, B. (2005). Investigating mobile payment: supporting
technologies, methods, and use. Proceedings of the IEEE International Conference on Wireless
and Mobile Computing, Networking and Communications (WiMob), Montreal, Canada, 22–24
August.
Van Damme, G., & Wouters, K. (2009). Practical Experiences with NFC security on mobile
phones. Workshop on RFID Security, 30 de Junio-2 de Julio, Leuven.
Wang, F., Dong, W., & Ji, Y. (2008). A New Credit Based Micropayment Scheme. IEEE
International Conference on e-Business Engineering, 596-601.
Wang, X., & Yuan, C. (2010). An semi-anonymity offline mobile payment protocol based on
smart card. The Journal of China Universities of Posts and Telecommunications, 17, 63-66.
WAP Forum (2011). Wireless Application Protocol. Retrieved June 15, 2012, from
www.wapforum.org
Watson, R.T., Leyland E.P., Berthon, P., & Zinkhan, G.M. (2002). U-Commerce: Expanding
the Universe of Marketing. Journal of the Academy of Marketing Science, 30(4), 333-347.
Weber, R.H., & Darbellay, A. (2010). Legal issues in mobile banking. Journal of Banking
Regulation, 11, 129-145.
Wei, G., Xinyan, Z., & Yue, M. (2011). Literature review on consumer adoption behavior of
mobile commerce services. E -Business and E -Government (ICEE). International Conference
on, 1-5, 6-8 May 2011.
Wu, H., Li, X., Dai, W., & Zhao, W. (2010). Mobile Payment Framework Based on 3G
Network. Proceedings of the Third International Symposium on Electronic Commerce and
Security Workshops (ISECS ’10) Guangzhou, P. R. China, 29-31,July 2010, 172-175
Yeh et al., 2012
Yeun, C., & Farnham, T. (2001). Secure M-Commerce with WPKI. Proceedings of 1st
International Workshop for Asian PKI, Korea, 1-14.
Zhang, J., & Mao, E. (2008). Understanding the acceptance of mobile SMS advertising among
young Chinese consumers. Psychology & Marketing, 25, 787–805.
Zhang, Q. (2008). Mobile Payment in Mobile E-commerce. Proceedings of the 7th World
Congress on Intelligent Control and Automation, 25-27 June, Chongqing, China, 6650-6654.
Zheng, X., & Chen, D. (2003). Study of mobile payments system. Proceedings of the IEEE
International Conference on E-Commerce (CEC’03), 24-27.
Zhong, J. (2009). A comparison of mobile payment procedures in Finnish and Chinese markets.
Proceeding of the 22nd Bled e Conference e Enablement: Facilitating an Open, Effective and
Representative e Society, Bled, 79-96.
Zhu, Y. (2010). A new architecture for secure two-party mobile payment transactions. Thesis.
Department of Mathematics and Computer Science. University of Lethbridge
Zmijewska, A. (2005). Evaluating wireless technologies in mobile payments: a customer centric
approach. Proceedings of the International Conference on Mobile Business (ICMB’05), 354-62.

ADDITIONAL READING
Akman, I. & Mishra, A. (2010). Gender, age and income differences in internet usage among
employees in organizations. Computers in Human Behavior, 26, 482–490.
Alcántara, J.M. (2012). Modelización del comportamiento del consumidor online. El papel
moderador de la cultura, el diseño web y el idioma. Thesis. Marketing and Market Research
Department. University of Granada.
Aldás-Manzano J., Ruiz-Mafé C. & Sanz-Blas S. (2008). Exploring individual personality
factors as drivers of M-shopping acceptance. Industrial Management and Data Systems, 109(6),
739–57.
Allen, S., Graupera, V. & Lundrigan, L. (2010). Pro Smartphone Cross-Platform Development:
iPhone, Blackberry, Windows Mobile and Android Development and Distribution. Apress.
Armesh, H., Saljoughi, Z.S. & Kord, B. (2010). Electronic Payment and its Implications.
Interdisciplinary Journal of Contemporary Research in Business, 2(8), 246-255
Ayeh, J.K., Au, N. & Law, R. (2013). Do We Believe in TripAdvisor? Examining Credibility
Perceptions and Online Travelers’ Attitude toward Using User-Generated Content. Journal of
Travel Research. February 11, 2013, DOI: 10.1177/0047287512475217
Bhattacherjee, A. & Premkumar, G. (2004). Understanding changes in beliefs and attitude
toward Information Technology usage: A theoretical model and longitudinal test. MIS
Quarterly, 28(2), 229-254.
Bhatti, T. (2007). Exploring Factors Influencing the Adoption of Mobile Commerce. Journal of
Internet Banking and Commerce, 12(3), 1-13.
Calzada, J. & Estruch, A. (2011) Telefonía móvil en España: regulación y resultados.
Cuadernos Económicos de ICE, 81, 39-70.
Castelló, A. (2011). La venta online a través de medios sociales. El social commerce. FISEC-
Estrategias, 15, 83-104.
Celaya, J. (2011). La empresa en la web 2.0. El impacto de las redes sociales y las nuevas
formas de comunicación online en la estrategia empresarial. Barcelona: Centro Lobros PAPF,
S.L.U., Grupo Planeta.
Chang, J.L., Lieu, P.T., Liang, J.H., Liu, H.T. & Wong, S.L. (2011). Factors influencing
technology acceptance decisions. African Journal of Business Management, 5(7), 2901-2909.
Chen, Y. Y., Lai, F. W., Goh, K. N. & Daud, S. C. (2013). The effect of integrating social
plugins into e-commerce website: a study on online consumer behaviour. In Proceedings of the
7th International Conference on Ubiquitous Information Management and Communication, 56.
ACM
Cotec Foundation (2011). Informe Cotec 2011. Retrieved June 15, 2013, from
www.cotec.es/index.php/pagina/publicaciones/novedades/show/id/945/titulo/informe-cotec-
2011--tecnologia-e-innovacion-en-espana
Culnan, M.J. & Armstrong, P.K. (1999). Information privacy concerns, procedural fairness, and
impersonal trust: An empirical investigation. Organization Science, 10 (1), 104-115.
Curty, R., & Zhang, P. (2013). Evaluating The Website Features That Gave Rise To Social
Commerce. Electronic Commerce Research and Applications
customers’ online shopping intentions. Internet Research, 23(1), 69–88.
eMarketer (2008). The growing influence of online social shoppers. Retrieved June 15, 2013,
from www.emarketer.com/Article.aspx?id¼1006146
ENISA. European Network and Information Security Agency (2010). Online as soon as it
happens. Retrieved June 15, 2013, from www.enisa.es
Facebook (2012): Facebook user in the word. Retrieved June 15, 2013, from
www.newsroom.fb.com/
Fadil, F.B. (2009). User acceptance of MyKad as a e-commerce tool in Malaysia. Thesis.
University Utara Malaysia.
Featherman, M.S. & Pavlou, P.A. (2003). Predicting e-services adoption: A perceived risk
facets perspective. International Journal of Human-Computer Studies, 59, 451-474
Fishbein, M. & Ajzen, I. (1975). Belief, Attitude, Intention and Behavior: An Introduction to
Theory and Research. Reading, MA: Addison-Wesley.
Generator Research. (2013). Social Networking and Social Media: 2013. Retrieved June 15,
2013, from www.generatorresearch.com
Gómez, A. & Otero, C. (2011). Redes sociales en la empresa. La revolución e impacto a nivel
empresarial y profesional. Madrid: RA-MA Editorial y Publicaciones, S.A.
Gu, B., Park, J. & Konana, P. (2012). The impact of external word-of-mouth sources on retailer
sales of high-involvement products. Information Systems Research, 23(1), 182-196
Gupta, S. & Kim, H. (2010). Value-Driven Internet Shopping, The Mental Accounting Theory
Perspective. Psychology and Marketing, 27(1), 13–35.
Hajli, M. & Khani, F. (2013). Establishing Trust in Social Commerce through Social Word of
Mouth. International Journal of Information Science and Management (IJISM), 39-53.
Hajli, M. (2012). An Integrated Model for E-commerce Adoption at the Customer Level with
the Impact of Social Commerce. International Journal of Information Science and Management
(IJISM), 77-97
Hannah, B. & Lybecker, K.M. (2010). Determinants of Recent Online Purchasing and the
Percentage of Income Spent Online. International Business Research, 3(4), 60-71
Hernández-García, A., Iglesias-Pradas, S., Chaparro-Peláez, J. & Pascual-Miguel, F. (2011).
Exploring the Attitudes and Intentions of Non-shoppers in the Acceptance of e-Commerce.
Journal of Universal Computer Science, 17(9), 1314-1328.
Holsing, C. & Olbrich, R. (2012, August). Effect of user-generated content on website
stickiness: the case of social shopping communities. In Proceedings of the 14th Annual
International Conference on Electronic Commerce, 301-308. ACM
Hsiao, K., Lin, J. C., Wang, X., Lu, H. & Yu, H. (2010). Antecedents and consequences of trust
in online product recommendations: An empirical study in social shopping. Online Information
Review, 34(6), 935-953.
Hsu, C.L. & Lu, H.P. (2004). Why do people play online games? An extended TAM with social
influences and flow experience. Why do people play online games? An extended TAM with
social influences and flow experience. Information & Management, 41, 853-68.
Hsu, C.-L., Lin, J. C.-C. y Chiang, H.-S. (2013). The effects of blogger recommendations on
Hu, L., & Bentler, P. (1995). Evaluating model fit. In R. Hoyle (Ed.), Structural equation
modelling: Concepts, issues and applications. Thousand Oaks, CA: Sage Publications.
Hu, P.J., Chau, P.Y.K., Sheng, O.R.L. & Tam, K.Y. (1999). Examining the technology
acceptance model using physician acceptance of telemedicine technology. Journal of
Management Information Systems, 16(2), 91-112.
Huang, Y.C., Tsay, W.D., Huan, C.H., Li, Y.H. & Lai, M.C. (2011). The Influence Factors of
Electronic Bill Presentment and Payment. Case Study of Mobile Phone Bill. IEEE, 4844-4847.
Huang, Z., & Benyoucef, M. (2013). From e-commerce to social commerce: a close look at
design features. Electronic Commerce Research and Applications. In press
Khansa, L., Zobel, C. W. & Goicochea, G. (2012). Creating a Taxonomy for Mobile Commerce
Innovations Using Social Network and Cluster Analyses. International Journal of Electronic
Commerce, 16(4), 19-52.
Kim, B., Choi, M. & Han, I. (2009). User behaviors toward mobile data services: the role of
perceived fee and prior experience. Expert Systems with Applications, 36, 8528-36.
Kim, H.B., Kim, T. & Shin, S.W. (2009). Modeling roles of subjective norms and eTrust in
customers’ acceptance of airline B2C eCommerce websites. Tourism Management, 30, 266–277
Kim, S. & Park, H. (2012). Effects of various characteristics of social commerce (s-commerce)
on consumers’ trust and trust performance. International Journal of Information Management.
Kumar, N. & Benbasat, I. (2006). The Influence of Recommendation Systems and Consumer
Reviews on Evaluations of Websites. Information Systems Research, 17(4), 425-439
Lafuente, R. (2005). Los Servicios Financieros Bancarios Electrónicos. Valencia: Tirant lo
Blanch.
Lai, J.Y. & Li, D.H. (2005). Technology Acceptance Model for Internet Banking: An invariante
analysis. Information & Management, 42, 373-386.
Lee, J., Cha, M. S. & Cho, C. (2012). Online Service Quality in Social Commerce Websites. In
Contemporary Research on E-business Technology and Strategy, 335-351. Springer Berlin
Heidelberg.
Li, Y. M., Wu, C. T. & Lai, C. Y. (2013). A Social Recommender Mechanism for E-Commerce:
Combining Similarity, Trust, and Relationship. Decision Support Systems
Liao, C., Chen, J.L. & Yen, D.C. (2007). Theory of planning behavior (TPB) and customer
satisfaction in the continued use of e-service: An integrated model. Computers in Human
Behavior, 23, 2804–2822
Lu, J., Yao, J. & Yu, C. (2005). Personal innovativeness, social influences and adoption of
wireless Internet services via mobile technology. The Journal of Strategic Information Systems,
14(3), 245–268.
Luque, T., Castañeda, J.A., Frías, D. Muñoz, F. & Rodríguez, M. (2007). Determinants of the
use of the Internet as a tourist information source. The Service Industries Journal, 27(7), 1-9.
Moore, G. C. & Benbasat, I. (1991). Development of an instrument to measure the perceptions
of adopting an information technology innovation. Information Systems Research, 2(3), 192-
222.
Phang, C., Sutanto, J., Kankanhalli, A., Li, Y., Tan, B. & Teo, H. (2006). Senior citizens’
acceptance of information systems: a study in the context of e-government services. IEEE
Transactions on Engineering Management, 53(4), 555-569.
Poong, Y.S., Eze, U.C. & Talha, M. (2009). B2C e-commerce in Malaysia: Perceived
Characteristics of Innovating and trust perspective. International Journal of Electronic
Business, 7(4), 392-427.
Qi, J., Li, L., Li, Y. & Shu, H. (2009). An Extension of Technology Acceptance Model:
Analysis of the Adoption of Mobile Data Services in China. Systems Research and Behavioral
Science, 26, 391-407
Reichheld, F. F. & Schefter, P. (2000). E-loyalty: Your secret weapon on the web. Harvard
Business Review, 78(4), 105–113.
Schepers, J. & Wetzels, M. (2007). A meta-analysis of the technology acceptance model:
Investigating subjective norm and moderation effects. Information & Management, 44, 90–103.
Schierz, P.G., Schilke, O. & Wirtz, B.W. (2009). Understanding consumer acceptance of mobile
payment services: an empirical analysis. Electronic Commerce Research and Applications, 9(3),
209–216.
Sharma, A. & Sheth, J. (2004). Web based marketing. The coming revolution in marketing
thought and strategy. Journal of Business Research, 57, 696-702.
Sheehy, A. (2011). Worldwide Smartphone Markets: 2011 to 2015. Retrieved June 15, 2013,
from
http://www.researchandmarkets.com/reports/1871240/worldwide_smartphone_markets_2011_t
o_2015
Shin, D.H & Shin, Y.J. (2011). Why do people play social network games. Computers in
Human Behavior, 27, 852–861.
Stephen, A. T. & Toubia, O. (2010). Deriving value from social commerce networks. Journal of
Marketing Research, 47(2), 215-228.
Sun, H. (2011). Designing for Social Commerce Experience as Cultural Consumption. Lecture
Notes in Computer Science, 6775, 402-406.
Taylor, S. & Todd, P. (1995a). Understanding Information Technology Usage: A test of
Competing Models. Information Systems Research, 6(2), 144 – 176.
Tedeschi, B. (2006). Like Shopping? Social Networking? Try Social Shopping. Retrieved June
15, 2013, from www.nytimes.com/2006/09/11/technology/11ecom.html].
Teh, P. L. & Ahmed, P. K. (2012, June). Understanding social commerce adoption: An
extension of the Technology Acceptance Model. In Management of Innovation and Technology
(ICMIT), 2012 IEEE International Conference on, 359-364.
The Cocktail Analysis (2011). Informe de resultados Observatorio Redes Sociales. 3ª oleada.
Retrieved June 15, 2013, from www.tcanalysis.com/2011/02/22/publicamos-la-3%C2%AA-
ola-del-observatorio-de-redes-sociales/
Torrent-Sellens, J., Castillo, D. Gabaldón, P. Ruiz, E. & Sainz, J. (2010). Hacia la banca
multicanal. Madrid: ESIC.
Treese, G.W. & Stewart, L.C. (1998). Designing Systems for Internet Commerce. Reading, MA:
Addison-Wesley Professional.
Vijayasarathy, L.R. (2004). Predicting consumer intentions to use on-line shopping: The case
for an augmented technology acceptance model. Information and Management, 41(6), 747–762.
Vilaseca, J., Torrent, J., Meseguer, A. & Rodríguez-Ardura, I. (2007). An integrated model of
adoption and development of e-commerce in companies. Adoption and development of e-
commerce in companies. International Advances in Economic Research, 13(2), 222-241.
Wallace D., Walker. J, Lopez. T, & Jones, M. (2009). Do word of mouth and advertising
messages on social networks influence the purchasing behavior of college students? Journal of
Applied Business Research, 25(1), 101-109.
 Wei, G., Xinyan, Z. & Yue, M. (2011). Literature review on consumer adoption behavior of
mobile commerce services. E -Business and E -Government (ICEE). International Conference
on, 1-5, 6-8 May 2011.
Wei, Y., Straub, D. W. & Poddar, A. The power of many: an assessment of managing Internet
group purchasing. Journal of Electronic Commerce Research, 12(1), 19-43.
Yang, S., Lu, Y., Gupta, S. Caso, Y. & Zhang, R. (2012). Mobile payment services adoption
across time: An empirical study of the effects of behavioral beliefs, social influences, and
personal traits. Computers in Human Behavior, 28, 129–142.
Zhang, A., Yue, X. & Kong, Y. (2011). Exploring Culture Factors Affecting the Adoption of
Mobile Payment. 10th International Conference on Mobile Business, 263-267.
Zhang, L. (2009). Business model analysis for online social shopping companies. Case
Company: RunToShop Oy. Thesis. Department of Business Technology/Logistics. Helsinki
School of Economics.

View publication stats