Factors Influencing on User Acceptance of Mobile Payment Channels in Sri Lanka; with Special Reference to Virtual Wallet

This study explores the critical factors influencing user acceptance of mobile payment channels in Sri Lanka, with a special focus on mobile wallets backed by commercial banks. Leveraging the Technology Acceptance Model (TAM) and related theoretical frameworks, the research investigates the impact of perceived ease of use, perceived usefulness, perceived trust, and perceived mobility on the adoption of mobile wallets. Primary data were collected via a structured questionnaire from 128 active mobile wallet users representing diverse demographic characteristics. Quantitative analysis using multiple regression revealed that all four factors positively and significantly influence user acceptance, with perceived usefulness identified as the strongest predictor. The findings emphasize the importance of intuitive user interfaces, robust security measures, reliable network accessibility, and credible institutional backing in fostering greater acceptance of mobile payments in Sri Lanka. The study fills a notable gap in the literature by providing context-specific insights relevant to emerging economies. Practical recommendations are offered for mobile wallet providers and policymakers to enhance system usability, build consumer trust, and expand digital payment ecosystems, thereby supporting the broader transition toward a cashless economy and digital financial inclusion.