International Journal of Human–Computer Interaction

ISSN: 1044-7318 (Print) 1532-7590 (Online) Journal homepage: http://www.tandfonline.com/loi/hihc20

An Empirical Study of the Impacts of Perceived

Security and Knowledge on Continuous Intention
to Use Mobile Fintech Payment Services

Se Hun Lim, Dan J. Kim, Yeon Hur & Kunsu Park

To cite this article: Se Hun Lim, Dan J. Kim, Yeon Hur & Kunsu Park (2018): An Empirical
Study of the Impacts of Perceived Security and Knowledge on Continuous Intention to Use
Mobile Fintech Payment Services, International Journal of Human–Computer Interaction, DOI:
10.1080/10447318.2018.1507132

To link to this article: https://doi.org/10.1080/10447318.2018.1507132

Published online: 17 Aug 2018.

Submit your article to this journal

View Crossmark data

Full Terms & Conditions of access and use can be found at

http://www.tandfonline.com/action/journalInformation?journalCode=hihc20
INTERNATIONAL JOURNAL OF HUMAN–COMPUTER INTERACTION
https://doi.org/10.1080/10447318.2018.1507132

An Empirical Study of the Impacts of Perceived Security and Knowledge on

Continuous Intention to Use Mobile Fintech Payment Services
Se Hun Lima, Dan J. Kimb, Yeon Hurc, and Kunsu Parkd
a
Department of MIS, Sangji University, Wonju, Gangwon, Korea; bDepartment of Information Technology & Decision Sciences, University of North
Texas, Denton, TX, USA; cUSA School of Business, Chung-ang University, Seoul, Korea; dDepartment of Accounting, Bang College of Business,
Almaty, Kazakhstan

ABSTRACT
Financial technology (Fintech) services using emerging technology such as the Internet of Things (IoT) is
becoming more prevalent. The recent proliferation of the mobile payment sector led by innovative
mobile Fintech payment services such as Apple Pay and Samsung Pay is the most important and fastest
growing Fintech services from consumers’ perspective. Although businesses have been making efforts
to spread the use of the services, security is crucial in the diffusion of the services. Despite the
importance, the role of perceived security in continuous intention to use mobile, Fintech services has
not yet been investigated in depth. Thus, this study investigates the relationships between perceived
security, knowledge regarding the services, confirmation, perceived usefulness, and satisfaction. We
propose a research model using an extended post-acceptance model (EPAM) as a theoretical framework
in the context of Fintech services. We then validate the model using the data collected from the service
users. The analyzed results show that knowledge and perceived security in mobile Fintech services have
a significant influence on users’ confirmation and perceived usefulness. However, perceived security
does not directly influence users’ satisfaction and continual intention to use. We further find significant
relationships among confirmation, perceived usefulness, satisfaction, and continual intention to use of
the services. We discuss theoretical and practical contributions of the study.

1. Introduction various organizations, including device manufacturers, IT dis-

tributors, IT service providers, banks, and credit card
New information and communication technologies (ICT) are
companies.1
dramatically transforming human life, economic systems, and
The recent proliferation of the mobile payment sector led
society in general, into something very different from what we
by innovative mobile Fintech payment services such as Apple
used to do and think about over the last few decades (Tasca,
Pay, Samsung Pay, Kakao Pay, etc. is evidence that it is the
Aste, Pelizzon, & Perony, 2016). In recent years, many com-
most important and fastest growing sector from consumers’
panies have strengthened their customer service to meet cus-
perspective. These services, provided by non-financial organi-
tomers’ needs and satisfaction (Kim, 2012). In particular,
zations, are spreading at great speed because they allow users
companies actively utilize ICT to provide their customers
to simply entering their password, PIN number, and/or bio-
with enhanced service quality (Finn, Wang, & Frank, 2009;
metric authentications without the need to install other com-
Kim, 2012). Financial technology (Fintech) services known as
plicated add-on such as Active-X (Lim et al., 2017). Initial
Fintech is a sector of services created by combining finance
adoption of Fintech payment services is a crucial first step
and technology to provide more efficient and accessible finan-
toward the realization of the Fintech sector because its even-
cial services (Lim et al., 2017). Fintech is used in various
tual success is determined primarily by users’ continued use
industry sectors such as finance, insurance, securities, distri-
(Bhattacherjee, 2001).
bution, and e-commerce payment (Hur & Lim, 2017). The
Various financial services provide cost-effective platforms
popularity of Fintech increases as the Fourth Industrial
as an alternative to traditional financial services and enhance
Revolution has triggered a seismic shift in the financial system
user experience through easy and convenient features of ser-
(Tasca et al., 2016). In finance, for example, Fintech facilitates
vices. However, from users’ perspective, there are major
financial activities such as trading, corporate business, and
security and privacy concerns regarding the financial transac-
services provided to retail customers (Lim et al., 2017).
tion records and leakage or illegal use of their personal infor-
Currently, there are a variety of Fintech services (e.g. pay-
mation (Lim, 2016). A report by Mckinsey & Company
ments, digital banking, lending and financing, asset manage-
describes consumers’ security and privacy concerns in
ment, crowdfunding, insurance, and others) offered by

CONTACT Dan J. Kim dan.kim@unt.edu Information Technology & Decision Sciences, College of Business, University of North Texas, 1155 Union Circle,
Denton, TX 76203-5249, USA.
Color versions of one or more of the figures in the article can be found online at www.tandfonline.com/hihc.
© 2018 Taylor & Francis Group, LLC
2 S. H. LIM ET AL.
Fintech services as the greatest obstacle to their growth.2
Accordingly, customers’ concerns over security and privacy
may lead to a fatal problem for the services (Lee & An, 2016).
Despite this evidence, limited empirical studies have inves-
tigated the role of perceived security of service satisfaction
and behavior intention to use the Fintech services.
Specifically, empirical research on the influence of perceived
security on users’ post-adoption behavior in the context of
mobile Fintech payment services is still in its infancy. Thus, to
explain the post-adoption process of mobile Fintech payment
services, we propose an extended post-acceptance model
(EPAM) combining the expectation-confirmation theory
(ECT) and a post-acceptance model (PAM) proposed by
Oliver (1981) and Bhattacherjee (2001), respectively. Then,
using EPAM as a theoretical framework, we propose a
research model to explain the persistence of mobile Fintech
payment services in terms of Fintech service knowledge and
perceived concerns on security and privacy from users’ per-
spective. Given that the use of mobile Fintech payment ser-
vices has become increasingly prevalent, this research
provides in-depth understanding of how users’ knowledge
and perceived security can influence the persistence of mobile
Fintech payment services. The findings of the study provide
theoretical contributions and practical insights to develop
customer service and marketing strategies in mobile Fintech
payment services.
The organization of this article is as follows. The next
section discusses a general background of Fintech services,
several PAMs, and the EPAM as an overarching theoretical
model of the study. Section 3 proposes a research model and
hypotheses, and section 4 presents research method including
measurement item development and data collection proce-
dure. Section 5 explains the results of data analysis including
measurement model testing and structural model testing.
Finally, Section 6 presents the findings, theoretical contribu-
tions, and practical implications of the study including limita-
tions and directions of future research as well.
2. Theoretical background and extended post-
acceptance model (EPAM)
Fintech services
Fintech is a set of new and innovative financial services that
incorporate a plethora of new ICT (e.g. Internet of Things
[IoT]). Although the term is relatively new and still in the
process of being developed, it has been used in the past to
describe innovative financial services using emerging technol-
ogies such as Blockchain, cryptocurrencies, IoT, Near field
communication (NFC), mobile wallets, Crowdfunding,
Artificial Intelligence (AI) in financial services, and others
(Lim et al., 2017; Nicoletti, 2017). Fintech services have spread
as they enable companies to achieve business process innova-
tion in the financial sector and provide more innovative
financial services to customers.3 Fintech services can be clas-
sified as two broad types: traditional Fintech services and
emergent Fintech services. Traditional financial services
include mobile backing and asset management using IT to
support traditional services of financial organizations (e.g.
online banking, mobile trading, etc.), while emergent
Fintech services are innovative financial services provided by
non-financial organizations, such as mobile payment services
(e.g. Apple Pay, Samsung Pay, Kakao Pay), crowdfunding,
cryptocurrency, and others (Lim et al., 2017).
According to the “2016 ITA FinTech Top Markets Report”
of the US Department of Commerce’s International Trade
Department,4 a wide variety of business organizations have
been increasingly interested in Fintech services (US
Department of Commerce, International Trade
Administration, 2016). Business organizations in the Fintech
industry can be divided into four major groups based on the
applications and services they provide (Nicoletti, 2017): cus-
tomer service, financial services, compliance, and business
process. Customer service Fintech refers to the processes
and services that deal with the customer at the user interface
level as well as the backend database level. Electronic billing
and mobile payment technology, electronic trading and bank-
ing, customer relationship management are examples of this
service group. Financial services include applications and
processes for portfolio management, exchanges, assess man-
agement, and risk management. Compliance refers to meth-
ods (e.g. financial statement reporting and analysis) that
business firms use to comply with external and internal reg-
ulations. Business processes are related to the collection of
linked activities with the objective of delivering a specific
result, including document management, knowledge manage-
ment, system integration, etc. (Nicoletti, 2017).
In this study, among various Fintech services that use
different emerging technologies, we mainly focus on one of
the fastest growing Fintech services from consumers’ perspec-
tive—i.e., mobile Fintech payment services such as Apple Pay,
Samsung Pay, Kakao Pay, etc. We choose the mobile Fintech
payment services (mobile Fintech service, hereafter) for a
couple of reasons. First, the use of smartphones for mobile
banking services provided by traditional financial institutions
expands to various areas in more convenient ways. Recently,
the provision of emerging ICT such as IoT, by traditional
financial organizations such as banks and stock trading com-
panies offer more enhanced financial services to their custo-
mers; Mobile payment and trading services are one of the
most popular services.5 Second, non-financial organizations
such as Apple and Samsung have greatly contributed to the
transformation of personal financial services using emerging
technologies such IoT, NFC, and smart devices. The IoT is a
network of connected IT devices via the Internet, which share
information and communicate with other smart devices.
Mobile Fintech services are the most user-friendly Fintech
services that consumers apparently recognize and use, i.e.
provided by non-financial organizations (Lee, 2015).
Expected confirmation theory (ECT) and post-acceptance
model (PAM)
Since the technology adoption model (TAM) proposed by
Davis (1986; 1989), many studies have used the TAM as a
background theory in different technological contexts (e.g.
Davis, Bagozzi, & Warshaw, 1989; Kim, 2008; Kim, Ferrin,
& Rao, 2008, 2009; Venkatesh & Davis, 2000; Venkatesh,

Morris, Davis, & Davis, 2003). While early technology accep-
tance studies mainly focus on how to adopt new technologies
and promote new technology acceptance in terms of pre-
acceptance, later studies started to examine how individuals
persistently accept information technology with a focus on
post-adoption (e.g. Bhattacherjee, 2001; Kim et al., 2009).
Recent studies expand the focus areas to include the differ-
ence of individual acceptance behaviors in information tech-
nology, the usefulness of emerging technologies (e.g. IoT), the
factors that affect the acceptance behavior, etc. (Davis et al.,
1989; Venkatesh, 2000; Venkatesh & Bala, 2008; Venkatesh &
Davis, 2000; Venkatesh et al., 2003; Yang, Lu, Gupta, Cao, &
Zhang, 2012).
ECT is a longitudinal model developed in the area of
consumer behavior (Oliver, 1981; Anderson & Sullivan,
1993). Particularly, the model reflects the difference between
two points before and after purchase (see Figure 1a). In other
words, the ECT analyzes the relationship between pre-pur-
chase (i.e. expectation in the initial consumer product) and
post-purchase (i.e. perceived confirmation, perceived satisfac-
tion, and repurchase intention after purchasing behavior).
Among studies on financial services (e.g. online banking)
using information technology, Bhattacherjee (2001) proposes
a PAM based on the ECT model as a theoretical framework.
The PAM explains the continuous acceptance process of
online banking services through the perception of satisfaction
and perceived usefulness (see Figure 1b).
Considering ECT and PAM at theoretical background, we
propose an EPAM as a theoretical framework of the study (see
Figure 2). The proposed model explains users’ post-adoption
Figure 1. ECT and PAM.
INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 3
behavior after they accept a technology or use a service. The
mode includes confirmation, perceived usefulness, satisfac-
tion, and persistent intention to use IS services such as
Fintech services. These attributes are important factors in
the ECT and PAM. We further examine the impact of con-
firmation in the use of Fintech services and the perceived
usefulness of Fintech security on confirmation and perceived
usefulness that are components of the PAM. As an extended
part of the framework, there are factors influencing the PAM,
such as perceived security in Fintech services.
3. Research model and hypotheses
Based on the proposed EPAM as an overarching theory fra-
mework, we propose a research model with hypotheses in the
context of Fintech services. Figure 3 shows the research model
and hypotheses. The model consists of two factors (i.e. knowl-
edge about the mobile Fintech payment service and perceived
security) affecting post-adoption behaviors and intentions
that include confirmation, perceived usefulness, satisfaction,
and continuous intention to use the Fintech service. In parti-
cular, this study conceptualizes perceived security of Fintech
services as a multi-dimensional factor because the security
protection mechanism of the Fintech services is necessary in
multiply layers including service, platform, network, and
device. In this study, we propose the perceived security con-
struct as a second-order formative concept that is composed
of four first-order constructs (i.e. service security, platform
security, network security, and device security).
4 S. H. LIM ET AL.
Figure 2. Research framework.
H2d (+)
H2c (+)
Fintech Perceived
H1 (+)
Service Security
Knowledge (2nd Order)
Service Platform Network
Security Security Security
Figure 3. A proposed research model.
In this study, based on the ECT and PAM, we propose the
relationships among knowledge, perceived security, confirma-
tion, usefulness, satisfaction, and continuous intention to use
the mobile Fintech services. The post-adoption model such as
ECT and PAM describe factors affecting consumers’ intention
to repurchase products or services, the model that explains
consumer psychology verified by various researchers
(Dabolkar, Shepard, & Thorpe, 2000; Patterson, Johnson, &
Spreng, 1997; Spreng, MacKenzie, & Olshavsky, 1996; Swan &
Trawick, 1981). Bhattacherjee (2001) analyzes the relationship
among confirmation, perceived usefulness, satisfaction, and
continuous intention to use in the context of online banking
service users. It is worth noting that the hypotheses that relate
to the ECT and PAM are included in this model and analysis,
but are not discussed in detail because previous studies
already validated those paths. The research model articulates
the hypotheses that are directly related to the new part of
EPAM, which is the main theoretical thrust of this study.
Fintech service knowledge and perceived security
protection
Knowledge competence in the use of IT services refers to
individual knowledge concerning the understanding and
Confirmation
H3a (+)
H5 (+) Continuous
Satisfaction
intention
Usefulness H4b (+)
Device
Security
utilization of information technology (Lim, 2016). In this
study, the knowledge of Fintech services indicates the level
of knowledge on Fintech service process and utilization.
According to Lim (2016), since the level of knowledge on
personal information protection influences compliance inten-
tion and compliance behaviors of individuals, information
security education is important for protecting personal infor-
mation and thus securing IT services. In general, knowledge
about individual IT services is created through experience and
learning (Lim, 2016). For example, knowledge on mobile
electronic payment systems positively influences the ease of
use of the systems (Kim, Mirusmonova, & Lee, 2010).
As such, knowledge on information technology use is an
important factor in promoting the use of information tech-
nology services. This can also apply to the area of mobile
Fintech services. For example, the users’ knowledge on the
mobile Fintech services will make the service more reliable.
Lee (2015) emphasizes service security, platform security, net-
work security, and device security as important elements in
the ecosystem constituting the IoT. According to Hur and
Lim (2017), perceived service security, platform security, net-
work security, and device security are important in using IoT-
based banking services. Based on the above discussion, this
study proposes the hypothesis of a positive relationship

between the knowledge on Fintech services and the perceived
security of Fintech services. The first hypothesis is as follows.
H1: Users’ knowledge of Fintech services is positively related to
their perceived security of the services.
Perceived security protection and post-acceptance
Users’ perception of security protection is a cognitive process
that would affect emotional and behavioral intentions
(Bhattacherjee, 2001; Hur & Lim, 2017). The relationship
among cognition, emotion, and behavioral intentions of the
users of information technology services is continuously cir-
culated, which affects the persistent and non-persistent use of
information technology services depending on (or in terms
of) attitude changes (Bhattacherjee, 2001). In particular, the
subject of this study, the mobile Fintech services, is linked to
various processes including devices, platforms, networks that
are related to the use of ultimate financial services (Hur &
Lim, 2017).
The concept of users’ confirmation toward mobile Fintech
services refers to the degree of agreement between ex-ante
expectation on the service and its actual usage experience. We
define confirmation as the users’ subjective belief that Fintech
services meet their expectations. Perceived usefulness refers to
how users perceive the efficiency or effectiveness of the
mobile Fintech payment services. Perceived usefulness in
using Fintech service means various performance or efficiency
achieved by the use of Fintech services. Satisfaction with
Fintech services refers to users’ positive feelings obtained
through using the services. Finally, continuous intention to
use Fintech services indicates users’ intention to continue
using the services.
When users recognize higher level of security protec-
tions, security control mechanisms and/or procedures of
their mobile Fintech services provided, it confirms their
expectation of that the service is stable to use. At the same
time, they consider it is useful because the mobile Fintech
service meets the expectation of the stability (Hur & Lim,
2017). Perceived security (perceived service security, per-
ceived platform security, perceived network security, and
perceived device security) in mobile Fintech services will
increase the confirmation of Fintech service users as well
as perceived usefulness.
In this study, continuous intention to use mobile
Fintech services refers to that consumers who have the
experience to use a mobile Fintech service intend to con-
tinuously use the mobile Fintech service. Perceived secur-
ity in mobile Fintech services is an important higher-level
construct affecting satisfaction and continuous intention
to use the services. Perceived security in mobile Fintech
services can influence continuous intention to use the
services rather than any cognitive factors. Therefore, this
study proposes the following hypotheses.
H2a/b/c/d: Users’ perceived security protection is positively
associated with their confirmation (H2a), the
INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 5
usefulness (H2b), their satisfaction (H2c), and
their continuous intention of the use of Fintech
services, respectively.
Post-acceptance model
The ECM and PAM are widely used to explore user’s behavior
in different post-adoption contexts. ECM starts from the pre-
sumption that the two key determinants of satisfaction are the
extent of user confirmation and perceived usefulness after
actual use. Confirmation and satisfaction are positively asso-
ciated with each other, because confirmation hints at the
realization of expected benefits from actual uses. Users’ per-
ceived usefulness affects their satisfaction, and satisfaction
also influences continuous intention to use the relevant tech-
nology or service. Subsequently satisfaction can positively
affect users’ continuous intention to use; further it shows
that users’ satisfaction has a significant impact on their loyalty
formation in the long term.
Several studies already tested and validated the relation-
ships among confirmation, usefulness, satisfaction, and con-
tinuous intention that have been tested and validated (e.g.
Bhattacherjee, 2001; Kim, 2012; Lee, 2010; Lim, Cho, &
Whang, 2012). In Internet banking services, the level of con-
firmation and post-adoption expectations affects the level of
perceived usefulness and satisfaction of the services
(Bhattacherjee, 2001). Kim (2012) proves the relationship
between perceived confirmation and usefulness after com-
modity purchase and also shows that consumers’ confirma-
tion after the purchase positively affects their shopping
satisfaction in e-commerce. The level of perceived usefulness
influences satisfaction and, in turn, affects continuous inten-
tion to use e-Learning technology (Lee, 2010).
Mobile Fintech services generally provide an enhanced inno-
vative performance than previous online banking services. Since
the empirical evidence from many studies supports the relation-
ships, we expect that the hypotheses related to ECM and PAM
are also valid in the context of mobile Fintech payment services.
Therefore, we propose the following hypotheses.
H3a/b: Users’ confirmation is positively associated with their
perceived usefulness (H3a) and their satisfaction (H3b)
with the services, respectively.
H4a/b: Users’ perceived usefulness is positively associated with
their satisfaction (H4a) and their continuous intention
(H4b) to use the services, respectively.
H5:User’s satisfaction is positively associated with their contin-
uous intention to use the services.
4. Research method
To empirically validate the proposed research model and
hypotheses, we conduct a survey using a survey questionnaire
that includes measurement items for the constructs specified
in the proposed research model.
6 S. H. LIM ET AL.

Measurement items Data collection

The measurement items of each construct were developed or
revised using the items validated from prior studies. First, we
developed items for continuous intention to use mobile
Fintech services through the modification of items reported
by Bhattacherjee (2001) and Kim (2012). Second, the confir-
mation in the use of Fintech services refers to the users’
subjective belief that Fintech services meet their expectations.
We modify the items used by Bhattacherjee (2001) to measure
users’ confirmation in Fintech services. Third, perceived use-
fulness (previously perceived performance) indicates the
effectiveness and efficiency achieved through the use of
Fintech services. We modify the items used by Bhattacherjee
(2001), Hur and Lim (2017), and Kim (2012) and measure
perceived usefulness of Fintech services. Fourth, satisfaction
with the use of mobile Fintech services means users’ satisfac-
tion through using Fintech services. We use the items used by
Bhattacherjee (2001) and modify them to fit the situation of
this study.
As stressed above, it is important to understand knowl-
edge and security in using mobile Fintech services.
Knowledge of Fintech services refers to the knowledge of
technology, operations, processes, and operating principles
in Fintech services. Based on Lim (2016), Kim and
Garrison, (2010), and Kim et al. (2010), we develop mea-
surement items to capture the knowledge of mobile
Fintech services. Finally, to measure the security of the
mobile Fintech services, we categorize security into service
security, platform security, network security, and device
security. Fintech service security refers to perceived secur-
ity in the process of using Fintech services, and platform
security refers to the perceived security of a device plat-
form for the use of IoT services. Network security refers to
the perceived security of the wired and wireless network
for the use of Fintech services, and device security refers
to the perceived security of devices in the use of mobile
Fintech services. Regarding four measures of perceived
security in Fintech services, we modify perceived security
measures used in Hur and Lim’s (2017) study on IoT-
based banking services. In this study, aseven7-point
Likert scale is used for a measurement. The Likert scale
ranges from 1 (“strongly disagree”) to 7 (“strongly agree”).
Appendix A summarizes the measurement items of the
study.
We have conducted a survey including college students
and staff members. After excluding incomplete and invalid
responses, a total of 149 responses from users who have
been used any mobile Fintech payment services before
were used to validate the research model and hypotheses.
Table 1 summarizes the characteristics of the survey
respondents.
Although the student sample is limited in terms of
generalization of the research findings, there are a couple
of reasons to use student sample for this study. First, as
the baby boomer generation ages, it is expected that the
digital native consumers known as “Millennials” (those
born between 1990 and 2000) play more significant roles
in the global digital economy. According to EY FinTech
Adoption Index 2017,6 published by EY (Ernst & Young),
digitally active consumers are the mass adopters of Fintech
solutions as they expect greater use of digital technologies
such as mobile digital devices, IoT, etc. Second, the age
groups that are the most likely to be attracted to Fintech
solutions are correlated with those most likely to use
digital technologies. These consumers are younger (aged
18–44) and more educated consumers.7 Therefore,
although student sample has a limitation, they are major-
ity of Fintech users.
5. Data analysis and results
Using the empirical data collected for the study, we con-
ducted data analysis with a partial least squares (PLS)
method that supports a component-based structural equa-
tion modeling (SEM) (Hair, Hult, Ringle, & Sartedt, 2013).
The advantages of the PLS method are that it draws
analytical conclusions that are useful in the development
of the theory in the field of exploratory research and that
it yields statistically significant conclusions even with a
small sample of data (Chin & Newsted, 1999; Fornell &
Bookstein, 1982; Hair et al., 2013). Specifically, we used
SmartPLS 2.0 M38 software and examine the reliability
and validity of research variables through a measurement
model analysis and the causal relationship between inde-
pendent variables and dependent variables using a struc-
tural model analysis.

Table 1. Sample demographics (n = 149).

Category Frequency (%) Category Frequency (%)
Gender Age
Male 100 (67.1) Under 20 25 (16.8)
Female 48 (32.2) 21 ~ 25 93 (62.4)
Not disclose 1 (0.7) Over 26 28 (18.7)
Not disclose 3 (2.0)
Education level Frequency of the services per a month
freshmen 33 (22.1) 1–2 62 (41.6)
sophomores 22 (14.8) 3–4 36 (24.2)
juniors 44 (29.5) 5–6 20 (13.4)
seniors 45 (30.2) 7–8 5 (3.4)
post-undergraduates 1 (0.7) 9–10 4 (2.7)
post-graduates 1 (0.7) More than 11 19 (12.8)
etc. 3 (2) Not disclose 1 (0.7)

Measurement model analysis
For the validity of measurement model, we checked the
appropriateness of the measurement model through content
validity, reliability, convergent validity, and discriminant
validity of measurement variables (Gefen & Straub, 2005;
Hair et al., 2013; Hulland, 1999). First, the reliability analysis
of measurement variables was performed. Reliability analysis
of measured variables is based on Cronbach’s Alpha (CA) and
Composite Reliability (CR) values (Fornell & Larcker, 1981;
Hair, Black, Babin, Anderson, & Tatham, 2006; Nunnally &
Bernstein, 1994). In general, social science research evaluates
that the variables are reliable when either the CA or CR value
exceeds 0.7 (Fornell & Larcker, 1981; Nunnally & Bernstein,
1994). Another validity criterion is the average variance
extracted (AVE) value, which is considered to be reliable
when the AVE value exceeds 0.5 (Fornell & Larcker, 1981;
Hair et al., 2006). As shown in Table 2, the CA and CR values
for all variables, such as confirmation, usefulness, satisfaction,
continuous intention to use, knowledge, and security, exceed
more than 0.7 and all AVE values are higher than 0.5. Thus,
the constructs used in this study are considered to have
sufficient reliability and validity (Fornell & Larcker, 1981;
Hair et al., 2006; Nunnally & Bernstein, 1994).
In addition, the discriminant validity and internal validity
of research variables in the measurement model are deter-
mined by correlation coefficients, the comparison of the
square root value of AVE, and the result of factor analysis
(Hair et al., 2006, 2013). First of all, correlation coefficients
among research variables were examined. Table 3 shows the
square root value of AVE and correlation coefficients and
Appendix B depicts the result of confirmative factor analysis.
In addition, the square root values of AVE on the diagonal
lines for each research variable were higher than correlation
coefficients. Overall, it can be concluded that the measure-
ment variables of this study have confirmed the validity of
discrimination (Fornell & Larcker, 1981).
In addition, variance inflation factor (VIF) and tolerance
values were used to test multicollinearity problems for inde-
pendent variables (confirmation, knowledge of Fintech ser-
vices, usefulness, perceived security and satisfaction) and
dependent variables (continuous intention to use). In the
analysis of the VIF and the tolerance, a final dependent vari-
able was continuous intention to use and the remaining
Table 2. Reliability and validity.
Items
Constructs Mean (S.D.) No. AVE
Knowledge 4.03 (1.48) 4 0.82
Device 4.70 (1.19) 3 0.69
security
Network 4.33 (1.28) 3 0.69
security
Platform 4.47 (1.26) 3 0.80
security
Service 4.46 (1.22) 4 0.80
security
Confirmation 5.27 (1.33) 3 0.87
Usefulness 5.54 (1.13) 5 0.76
Satisfaction 5.26 (1.31) 3 0.83
Continuous intention to use 5.22 (1.51) 3 0.88
INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 7
factors were set as independent variables and then are ana-
lyzed. It is generally considered that there is no multicolli-
nearity problem when the VIF value is over 0.5 and
multicollinearity is low when the tolerance value is close to
1 (Mansfield & Helms, 1982). The VIF and the tolerance
values in our analysis are as follows: confirmation (tolerance:
0.202; VIF: 4.959), knowledge of Fintech services (tolerance:
0.817; VIF: 1.224), satisfaction (tolerance: 0.170; VIF: 5.873),
perceived security (tolerance: 0.674; VIF: 1.483), and per-
ceived usefulness (tolerance: 0.422; VIF: 2.369). There is no
multicollinearity problem for independent variables and
dependent variables.
Structural model analysis
In the structural model analysis, a two-step approach was
used to construct perceived security variables as second-
order variables and perceived service security, perceived
device security, perceived network security, and perceived
device security are constructed as first-order variables. To
estimate the structural path model, we selected the bootstrap
PLS Algorithm with a value of 1000 maximum number of
iterations because the number of data of the study was rela-
tively small in the causality analysis of the structural model
(Hair et al., 2013). For the second-order factor analysis, this
study follows the methodology used in Pavlou and Gefen
(2005). The relationship between the second-order factor
and each first-order factors is formative.
The structural model analysis results are presented in
Figure 4. The results show that users’ knowledge of the ser-
vices has a significant positive effect on perceived security
(β = 0.42, p < 0.001), supporting hypothesis H1. Perceived
security significantly affects confirmation (β = 0.46, p < 0.001)
and usefulness (β = 0.14, p < 0.01) of Fintech services; the
hypothesis H2a and H2b are supported. Unlike our expecta-
tion, perceived security does not significantly influence satis-
faction (β = 0.06, p > 0.05) and continuous intention to use
the Fintech services (β = 0.06, p > 0.05); the hypothesis H2c
and H2d are not supported, respectively. Confirmation has a
significant positive effect on both usefulness (β = 0.64,
p < 0.001) and satisfaction (β = 0.70, p < 0.001), supporting
the hypothesis H3a and H3b, respectively. Perceived useful-
ness of the Fintech services significantly affect both
Composite Reliability Cronbach Alpha Related study
0.95 0.93 Lim (2016), Kim, Garrison, (2010), Kim et al. (2010)
0.87 0.77 Hur and Lim (2017), Lee (2015)
0.87 0.78 Hur and Lim (2017), Lee (2015)
0.92 0.87 Hur and Lim (2017), Lee (2015)
0.94 0.92 Hur and Lim (2017), Lee (2015)
0.95 0.93 Bhattacherjee (2001),
Kim (2012)
0.94 0.92 Bhattacherjee (2001), Kim (2012), Hur and Lim (2017)
0.94 0.90 Bhattacherjee (2001)
0.96 0.93 Bhattacherjee (2001)
8 S. H. LIM ET AL.

Table 3. Correlation.
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(1) Confirmation 0.93
(2) Continuous intention to use 0.76 0.94
(3) Device security 0.45 0.40 0.83
(4) Knowledge 0.32 0.36 0.36 0.91
(5) Network security 0.37 0.37 0.70 0.36 0.83
(6) Platform security 0.36 0.30 0.63 0.37 0.75 0.89
(7) Satisfaction 0.89 0.77 0.48 0.30 0.37 0.37 0.91
(8) Service security 0.35 0.38 0.60 0.33 0.70 0.76 0.40 0.89
(9) Usefulness 0.70 0.66 0.40 0.26 0.32 0.38 0.76 0.34 0.87
Note: The bold diagonal value is the square root of AVE

0.06
(1.24)
0.06
(1.71)
Confirmation
(R2=0.21)

0.64***
(10.09)
Fintech Perceived Continuous
0.42*** Satisfaction 0.62***
intention
Service Security (R2=.84) (7.18)
Knowledge
(4.90)
(2nd Order) (R2=0.61)
Usefulness 0.16*
(R2=0.51) (1.98)

* Significant at a 0.05 level,

Service Platform Network Device
** 0.01 level, and
Security Security Security Security
*** 0.001 level

Figure 4. Results.

satisfaction (β = 0.24, p < 0.01) and continuous intention to
use the services (β = 0.16, p < 0.05); the hypothesis H4a and
H4b are supported, respectively. Finally, user’s satisfaction
positively affects their continuous intention to use the services
(β = 0.62, p < 0.001), supporting the hypothesis H5.
In addition, we analyzed the influence of first-order vari-
ables through additional analysis of the impact of perceived
security, a second-order variable. The results show that the
first-order constructs such as service security (β = 0.24,
p < 0.001), platform security (β = 0.38, p < 0.001), network
security (β = 0.24, p < 0.001), and device security (β = 0.28,
p < 0.001) have a significant impact on the second-order
construct, perceived security. The R2 values represent the
explanatory power of the dependent constructs of the research
model. The results also show that the structural model
explains a reasonable amount of the variance in the dependent
constructs; it explains 61%, 21%, 51%, and 84% of the var-
iance in continuous intention, confirmation, usefulness, and
satisfaction, respectively.
Overall, the results of structural model analysis have
proved that the proposed research model is a suitable model
to explain users’ continuous intention to use Fintech services.
Table 4 summarized the results of hypothesis testing.
6. Discussion
Applying the Bhattacherjee’s (2001) post acceptance model
(PAM) as a theoretical framework, we proposed a research
model to explore the role of perceived security in continuous
intention to use the services, which is important for the
proliferation of the services. There are several findings of the
study. First, the results of this study confirm that perceived
security of Fintech services, the higher order construct of this
study, is well formulated by four first-order factors: service
security, network security, platform security, and device
security. We also find evidence of the relative importance of
perceived service security, network security, platform security
on perceived security in Fintech services. We expect that the
results provide a useful guideline for establishing a strategy in
response to the effect of perceive security on confirmation and
perceived usefulness. Therefore, service providers should
establish a diffusion strategy on the use of the services by
considering the relative importance of the factors.
Second, as an antecedent of perceived security of the ser-
vices, users’ knowledge has a significant influence on their
perceived security and in turn their perceived security has a
significant effect on the formation of their confirmation about
the services. These findings provide two important insights.
Like other financial services, Fintech services are contingent
on the approval of government authorities and then the
receipt of a secure financial transaction certificate. Since it is
relatively new, users’ knowledge that the services are safe and
reliable is important for the proliferation of the services.
Therefore, the service providers need to develop marketing
strategies to enhance customer knowledge and understanding
of the services.
 INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 9

Table 4. Result of PLS-SEM.

Hypothesis path coefficients t-statistics Results
(H1) knowledge → perceived security 0.42 4.90 *** Accepted
(H2a) perceived security → confirmation 0.46 7.24 *** Accepted
(H2b) perceived security → usefulness 0.14 2.51 * Accepted
(H2c) perceived security → satisfaction 0.06 1.71 Rejected
(H2d) perceived security → continual intention to use 0.06 1.24 Rejected
- device security → perceived security 0.24 11.71 *** Accepted
- service security → perceived security 0.38 24.18 *** Accepted
- network security → perceived security 0.24 18.97 *** Accepted
- platform security → perceived security 0.28 18.93 *** Accepted
(H3a) confirmation → usefulness 0.64 10.09 *** Accepted
(H3b) confirmation → satisfaction 0.70 9.57 *** Accepted
(H4a) usefulness → satisfaction 0.24 3.02 ** Accepted
(H4b) usefulness → continual intention to use 0.16 1.98* Accepted
(H5) satisfaction → continual intention to use 0.62 7.18 *** Accepted
Note: *, **, and *** significant at 0.05, 0.01 and 0.001 level, respectively

Third, the results show that perceived security affects use-
fulness of the services. Since Fintech services are multi-func-
tional financial services provided by various companies using
different emerging technologies such as near-field communi-
cation (NFC), radio frequency identification (RFID), IoT,
Blockchain, etc., it is crucial to consider security issues in
the use of Fintech services. As emphasized previously, security
protection including personal information and privacy in
financial transactions is crucial prerequisite for spreading the
use of Fintech services. Therefore, the service providers
should establish strategies to enhance users’ perceived useful-
ness of the services.
Finally, users’ perceived security does not show a direct
effect on their satisfaction and their continuous intention to
use the services, while it has an indirect influence through
confirmation and usefulness. In other words, perceived secur-
ity of the services sequentially affects confirmation, perceived
usefulness, and satisfaction. In turn, usefulness and satisfac-
tion affect continuous intention to use the services. Service
providers should be aware that users have intention on con-
tinuous use when they confirm their security perceptions in
terms of service, platform, network, and devices and the
services are useful and finally they are satisfied in the services,
in order.
Theoretical and practical contributions
This study makes several theoretical and practical contribu-
tions. First, although various Fintech services have been intro-
duced in recent years and users’ perceived security of the
services is important, there is little evidence of the role of
security in the context of Fintech services. In this study, based
on the classification of system security in banking services by
Hur and Lim (2017), we identified users’ perceived security of
Fintech services as a new higher order construct that consists
of four first-order factors: service security, network security,
platform security, and device security. The validity of second-
order construct is empirically tested. We expect that other
researchers could utilize this higher order construct for other
contexts in the future.
Second, as a part of post acceptance model (PAM) pro-
posed by Bhattacherjee (2001), this study empirically confirms
that the relationships among confirmation, perceived useful-
ness, satisfaction, and continuous intention to use are also
valid in the context of Fintech services. This result provides an
evidence of the strength of PAM as a background theory to
explain the continuous usage behavior of Fintech services.
Third, the study proposes the second-order perceived security
as an antecedent of PAM and empirically tests the role as an
extended part of PAM. The results show that perceived secur-
ity leads confirmation and perceived usefulness, which con-
tributes to the literature by extending PAM through the
consideration of perceived security as an antecedent.
In regard to practical implications, the results of this
study provide insights for Fintech service management
and marketing strategies on the key elements of security
and privacy protection. Users are quite sensitive to secur-
ity as they place a high value on their information and
privacy. For the successful diffusion of the Fintech services
as a part of online banking services, users should acknowl-
edge that the services are secure and useful. Therefore, to
attract potential users, Fintech service providers may
advertise their services highly focusing on security and
privacy protection side of the services to make sure that
the prospective users feel safe. In addition, the security
issues related to Fintech services are quite comprehensive
from a management perspective. To handle the security
issues in manageable size, we recommend to categorize
them into different sub-groups using the four first-order
factors: service, platform, network, and device securities.
Limitations and future research
This study has several limitations that should be addressed in
future research. The first limitation is related to the sample of
the study. Although most Fintech service users are younger
and highly educated individuals, currently Fintech services are
dispersed to various individuals including students, general
consumers, educators, professionals, and others. Students do
not represent all users of the services. Thus, it is cautious to
generalize the results of this study to overall Fintech service
users. Future research should conduct a survey covering a
variety of users of Fintech services.
Second, this study did not take into account various situa-
tional factors associated with the services in explaining con-
tinuous intention to use. For example, some factors such as
trust in service providers, perceived risk of Fintech transac-
tion, trustworthiness of the services, and others are not
10 S. H. LIM ET AL.
considered. Therefore, future research should consider var-
ious situational factors related to the services, service provi-
ders, and transactions.
Finally, different individuals have different personal dispo-
sition in new information technologies (Kim et al., 2008). For
example, users who have high preference of new technologies
such as Fintech technology, they can easily accept and use the
new technology. Although this study proposed a comprehen-
sive model on the continuous use of Fintech services, indivi-
dual tendency to continuously use the services was not
controlled. Future research should consider personal charac-
teristics (e.g. tendency, preference, skill, etc.) to check indivi-
dual differences.
Notes
1. Fintech service companies in Korea provide remittance services,
payment services, financial services, and e-commerce support ser-
vices. Representative FinTech service companies include Kakao Pay
(http://www.kakao.com/kakaopay/), a subsidiary of Kakao, and
Payco (http://www.payco.com/), a subsidiary of Naver.
2. https://www.mckinsey.com/industries/semiconductors/our-
insights/security-in-the-internet-of-things.
3. http://www.ey.com/gl/en/industries/financial-services/ey-fintech-
adoption-index.
4. U.S. Department of Commerce, International Trade
Administration, 2016 ITA FinTech Top Markets Report, 2016,
pp. 1–10. (http://trade.gov/topmarkets/pdf/Financial_
Technology_Executive_Summary.pdf).
5. http://www.ey.com/gl/en/industries/financial-services/ey-fintech-
adoption-index.
6. http://www.ey.com/gl/en/industries/financial-services/ey-fintech-
adoption-index.
7. https://thefinancialbrand.com/66384/fintech-digital-banking-
usage-trends/.
8. https://www.smartpls.com/smartpls2.
Acknowledgment
The research of second author has been supported by the National
Research Foundation of Korea Grant funded by the Korean
Government(NRF-2017S1A3A2066149).
References
Anderson, E. W., & Sullivan, M. W. (1993). The antecedents and con-
sequences of customer satisfaction for firms. Marketing Science, 12(2),
125–143. doi:10.1287/mksc.12.2.125
Bhattacherjee, A. (2001). Understanding information systems continu-
ance: An expectation -confirmation model. MIS Quarterly, 25(3), 351–
370. doi:10.2307/3250921
Chin, W. W., & Newsted, P. R. (1999). Structural equation modeling
analysis with small samples using partial least squares. In R. H. Hoyle
(Ed.), Statistical strategies for small sample research (pp. 307–341).
Thousand Oaks, CA: Sage.
Dabolkar, P. A., Shepard, C. D., & Thorpe, D. I. (2000). A comprehensive
framework for service quality: An investigation of critical conceptual
and measurement issues through a longitudinal study. Journal of
Retailing, 76(2), 139–173.
Davis, F. D. (1986). A technology acceptance model for empirically
testing new end-user information systems: Theory and results
(Diss.). Massachusetts Institute of Technology.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user
acceptance of information technology. MIS Quarterly, 13(3), 319–340.
doi:10.2307/249008
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of
computer technology: A comparison of two theoretical models.
Management Science, 35(8), 982–1003. doi:10.1287/mnsc.35.8.982
Finn, A., Wang, L., & Frank, T. (2009). Attribute perceptions, customer
satisfaction and intention to recommend E-services. Journal of
Interactive Marketing, 23(3), 209–220. doi:10.1016/j.
intmar.2009.04.006
Fornell, C., & Bookstein, F. (1982). Two structural equation models:
LISREL and PLS applied to consumer exit-voice theory. Journal of
Marketing Research, 18(1), 440–452. doi:10.2307/3151718
Fornell, C., & Larcker, D. (1981). Evaluating structural equation models
with unobservable variables and measurement error. Journal of
Marketing Research, 18(1), 39–50. doi:10.2307/3151312
Gefen, D., & Straub, D. (2005). A practical guide to factorial validity
using PLS-Graph: Tutorial and annotated example. Communications
of the Association for Information Systems, 16(1), 91–109.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R., & Tatham, R. L.
(2006). Multivariate data analysis (6th ed.). Upper Saddle River, NJ:
Prentice Hall.
Hair, J. F., Jr., Hult, G. T. M., Ringle, C. M., & Sartedt, M. (2013). A
primer on partial least squares structural equation modeling (PLS-
SEM). Thousand Oaks, California, USA: SEGE Publications, Inc.
Hulland, J. (1999). Use of partial least squares (PLS) in strategic manage-
ment research: A review of four recent studies. Strategic Management
Journal, 20(2), 195–204. doi:10.1002/(ISSN)1097-0266
Hur, Y., & Lim, S. H. (2017). An empirical study on the impact of the
perceived securities and trust to diffusion of IoT-based smart banking
services: Focusing on university students. Insurance Finance Review,
28(1), 37–65. (In Korean).
Kim, C., Mirusmonova, M., & Lee, I. (2010). An empirical examination
of factors influencing the intention to use mobile payment. Computers
in Human Behavior, 26(3), 310–322. doi:10.1016/j.chb.2009.10.013
Kim, D. J. (2008). Self-perception-based versus transference-based trust
determinants in computer-mediated transactions: A cross-cultural
comparison study. Journal of Management Information Systems, 24
(4), 13–45. doi:10.2753/MIS0742-1222240401
Kim, D. J. (2012). An investigation of the effect of online consumer trust
on expectation, satisfaction, and post-expectation. Information
Systems and E-Business Management, 10(2), 219–240. doi:10.1007/
s10257-010-0136-2
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer
decision-making model in electronic commerce: The role of trust,
risk, and their antecedents. Decision Support Systems, 44(2), 554–
564. doi:10.1016/j.dss.2007.07.001
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2009). Trust and satisfaction, the
two wheels for successful e-commerce transactions: A longitudinal
exploration. Information Systems Research, 20(2), 237–257.
doi:10.1287/isre.1080.0188
Kim, S., & Garrison, G. (2010). Understanding users’ behaviors regarding
supply chain technology: Determinants impacting the adoption and
implementation of rfid technology in south korea. International
Journal Of Information Management, 30(5), 388–398.
Lee, A. R., & An, Y. H. (2016). Fintech users’ information privacy
concerns and user resistance: Investigating the interaction effect
with regulatory focus. Journal of the Korea Institute of
Information Security & Cryptology, 26(1), 209–226. (In Korean).
doi:10.13089/JKIISC.2016.26.1.209
Lee, J. H. (2015). A literature review on security for internet of things in
Korea based on IoT S-P-N-D-Se ecosystem model. Journal of Security
Engineering, 12(4), 397–414. (In Korean).
Lee, M.-C. (2010). Explaining and predicting users’ continuance inten-
tion toward e-learning: An extension of the expectation-confirmation
model. Computers & Education, 54(2), 506–516. doi:10.1016/j.
compedu.2009.09.002
Lim, S. H. (2016). An investigation of the psychology of password
replacement by email users. Journal of the Korea Institute of

Information Security & Cryptology, 26(5), 1251–1258. (In Korean).
doi:10.13089/JKIISC.2016.26.5.1251
Lim, S. H., Cho, N. J., & Whang, J. H. (2012). Role of familiarity and
perceived behavioral control in adoption and continual use of RFID
services. Korea Logistics Review, 22(3), 5–25. (In Korean).
Lim, S. H., Park, H. J., Kim, Y. J., Ka, H. K., Lee, D. W., Jung, S. Y., &
Jung, J. S. (2017, May 10). Understanding of IoT business (1st ed.).
Seoul, Korea: Chungram Book Publishing. (In Korean).
Mansfield, E. R., & Helms, B. P. (1982). Detecting multicollinearity. The
American Statistician, 36(3a), 158–160.
Nicoletti, B. (2017). The future of FinTech: Integrating finance and tech-
nology in financial services. Cham, Switzerland: Springer.
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd ed.).
New York, NY: McGraw-Hill.
Oliver, R. L. (1981). Measurement and evaluation of satisfaction pro-
cesses in retail settings. Journal of Retailing, 57(3), 25–48.
Patterson, P. G., Johnson, L. W., & Spreng, R. A. (1997). Modeling the
determinants of customer satisfaction for business-to-business profes-
sional services. Journal of the Academy of Marketing Science, 25(1), 4–
17. doi:10.1007/BF02894505
Pavlou, P. A., & Gefen, D. (2005). Psychological contract violation in
online marketplaces: Antecedents, consequences, and moderating
role. Information Systems Research, 16(4), 372–399. doi:10.1287/
isre.1050.0065
Spreng, R. A., MacKenzie, S. B., & Olshavsky, R. W. (1996). A reexami-
nation of the determinants of consumer satisfaction. Journal of
Marketing, 60, 15–32. doi:10.2307/1251839
Swan, J. E., & Trawick, I. F. (1981). Disconfirmation of expectations
and satisfaction with a retail service. Journal of Retailing, 57(3), 49–
67.
Tasca, P., Aste, T., Pelizzon, L., & Perony, N. (2016). Banking beyond
banks and money. AG, Switzerland: Springer International
Publishing.
Venkatesh, V. (2000). Determinants of perceived ease of use: Integrating
perceived behavioral control, computer anxiety and enjoyment into
the technology acceptance model. Information Systems Research, 11
(4), 342–365. doi:10.1287/isre.11.4.342.11872
Venkatesh, V., & Bala, H. (2008). Technology Acceptance Model 3 and a
research agenda on interventions. Decision Sciences, 39(2), 273–315.
doi:10.1111/j.1540-5915.2008.00192.x
INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 11
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the
technology acceptance model: Four longitudinal field studies.
Management Science, 46(2), 186–204. doi:10.1287/
mnsc.46.2.186.11926
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User
acceptance of information technology: Toward a unified view. MIS
Quarterly, 27(3), 425–478. doi:10.2307/30036540
Yang, S., Lu, Y., Gupta, S., Cao, 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(1), 129–142. doi:10.1016/j.chb.2011.08.019
About the Authors
Se Hun Lim is a Professor of Department of Management Information
Systems at Sangji University. His research areas include Information
Technology applications in the field of logistics, IoT, FinTech, Brain
Computer Interface, and so on. He published papers in JCIS, IMDS,
ISM, Informatics for Health and Social Care, and so on.
Dan J. Kim is a professor of Information Technology and Decision
Sciences at University of North Texas. His research interests are in
multidisciplinary areas such as information security and privacy, infor-
mation assurance, and trust in electronic commerce. His research has
been published or is forthcoming in more than 150 articles in refereed
journals, including ISR, JMIS, JAIS, EJSI, CACM, DSS, and others.
Yeon Hur is a professor of School of Business at the Chung-ang
University. He received his Ph.D., in Insurance and risk management
from Temple University. He published papers in Journal of Computer
Information Systems, Korea Risk Management Journal, and so on. His
research areas include Information Technology applications in the field
of Finance and Risk Management, Insurance Technology and others.
Kunsu Park is an Assistant Professor of Accounting of Bang College of
Business at KIMEP University. He earned his Ph.D. in Business
Administration from the University of Hawaii at Manoa. His research
focuses on corporate finance, financial markets and institutions, and
financial accounting. He is also interested in the role of Fintech services
in capital markets.
12 S. H. LIM ET AL.

Appendices

Appendix A. Measurement Items

Items Sources
Continuous intention CUI1. I will continuously use the mobile Fintech service. Bhattacherjee (2001), Kim (2012)
CUI2. My intention is to continue use the mobile Fintech service rather than find any alternative
means (e.g., traditional payment services).
CUI3. I would like to use the mobile Fintech service in the near future.
CUI4. If I possible, I would rather not to use the mobile Fintech services (reverse coded). (dropped)
Confirmation CON1. My experience with the mobile Fintech service was better than what I expected. Bhattacherjee (2001)
CON2. The service level provided by the mobile Fintech service was better than what I expected.
CON3. Overall, most of my expectations about the mobile Fintech service were confirmed.
Satisfaction SES1. Overall, I am satisfied with the mobile Fintech service. Bhattacherjee (2001)
SES2. Using the mobile Fintech service gives me satisfaction in financial transactions.
SES3. Using the mobile Fintech service makes financial transactions more convenient.
Usefulness PU1. the mobile Fintech service provide real-life convenience in managing personal finances. Bhattacherjee (2001), Kim (2012),
PU2. the mobile Fintech service are useful in real-life management of personal finances. Hur and Lim (2017)
PU3. In general, the mobile Fintech service provide convenience in various personal financial fields.
PU4. In general, the mobile Fintech service are fast in managing personal finances.
PU5. In general, the mobile Fintech service are accurate in managing personal finances.
Perceived Service BSS1. Payment service security is guaranteed in the use of the mobile Fintech service. Hur and Lim (2017), Lee (2015)
Security BSS2. When I use the mobile Fintech service, the payment transaction process is secure.
BSS3. When I use the mobile Fintech service, the user authentication method is secure.
BSS4. In using the mobile Fintech service, the financial transaction authentication method is safe.
Platform BPS1. In using the mobile Fintech service, the platform is secure. Hur and Lim (2017), Lee (2015)
BPS2. When I use the mobile Fintech service, the operating system is safe.
BPS3. As I use the mobile Fintech service, the platform is being maintained and repaired periodically.
Network BNS1. Wired and wireless networks are safe in the mobile Fintech service. Hur and Lim (2017), Lee (2015)
BNS2. There is no communication problem when using the mobile Fintech service.
BNS3. As I use the mobile Fintech service, I will get an immediate response when a network failure
occurs.
Device BDS1. Devices for the mobile Fintech service are secure. Hur and Lim (2017), Lee (2015)
BDS2. Devices provide sufficient performance in financial transaction support for the use of the
mobile Fintech service.
BDS3.The devices used in the mobile Fintech service were supplied by a trusted vendor certified by a
specialized vendor.
Knowledge KNOW1. I have sufficient knowledge to use the mobile Fintech service. Lim (2016) Kim, Garrison, (2010),
KNOW2. I have sufficient knowledge to handle any problems that may arise during the use of the Kim et al. (2010)
mobile Fintech service.
KNOW3. I have sufficient knowledge to process a mobile Fintech transaction
KNOW4. I am well informed about how to deal with problems caused by using the mobile Fintech
service.
 INTERNATIONAL JOURNAL OF HUMAN-COMPUTER INTERACTION 13

Appendix B. Confirmative Factor Analysis

1. 2. 3. 4. 5. 6. 7. 8. 9.
Perceived Security 1. Device BDS1 0.72
BDS2 0.88
BDS3 0.82
2. Network BNS1 0.88
BNS2 0.86
BNS3 0.80
3. Platform BPS1 0.88
BPS2 0.95
BPS3 0.89
4. Service BSS1 0.87
BSS2 0.88
BSS3 0.91
BSS4 0.92
5. Knowledge know1 0.80
know2 0.92
know3 0.92
know4 0.85
6. Confirmation CON1 0.92
CON2 0.85
CON3 0.90
7. Usefulness PU1 0.89
PU2 0.91
PU3 0.90
PU4 0.83
PU5 0.76
8. Satisfaction SES1 0.88
SES2 0.91
SES3 0.91
9. Continuous CUI1 0.94
intention CUI2 0.88
CUI3 0.95
Note: Factor loadings less than 0.5 are not presented.