A study from the University of Surrey highlights how cultural values impact consumer acceptance of mobile payment systems, revealing that only 25% of U.S. users adopted mobile payments in 2022 compared to higher rates in Asian countries. The researchers focused on individual cultural backgrounds rather than national averages, emphasizing the need for businesses to tailor marketing strategies accordingly. Ignoring these cultural nuances can lead to lost opportunities and impede the growth of mobile payment technology adoption across diverse demographics.
The research identified five key individual-level cultural values that can significantly influence consumer adoption of mobile payment technologies.
Traditional methods of analyzing consumer behavior often focus solely on national averages, neglecting the individual cultural backgrounds that shape decision-making processes.
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