The Key Factors Influencing the Differentiation Strategy of Digital Payment Systems From the Perspective of Consumers

DOI

10.2991/aebmr.k.201211.108How to use a DOI?

Keywords

Digital Payment, e-Business, e-Commerce, block-chain, digital strategy

Abstract

Digital payment can be classified as browser-based e-commerce and ‘in-app’ purchases. The growing popularity of e-commerce in general digital checkout solutions is contributing to the overall trend of payments toward digitisation. Therefore, understanding customer satisfaction is a critical factor in adopting digital payment systems. It is an area that has grown rapidly in recent years. In this paper, five interviews were conducted with managers of different companies or with suppliers of digital payment systems and a questionnaire survey was carried out to collect data from 787 respondents from the Business School at the University of Birmingham. Multiple regression analysis was used to test the relationship between digital strategies and customer performance. The study identified five factors related to digital strategies. Timing strategy was found to be the most significant factor for consumer switching cost. Fast payment, which belongs to block-chain key success factors in product strategy, was found to be the most significant factor of consumer satisfaction and retention. Qualitative content analysis was used to interpret the content of the interviews. The outcome of this analysis confirms the results of the questionnaire survey and re-emphasises the importance of security and customer orientation. The results also confirm the advantages of block-chain technology and suggest that technology strategy is indispensable. This paper can be used by suppliers to better understand the needs of customers and to improve the quality of digital payment systems, thereby satisfying customers. To improve product differentiation, suppliers should concentrate on improving the quality and function of their digital payment system in terms of its security and convenience.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Wenhan Zhang
PY  - 2020
DA  - 2020/12/14
TI  - The Key Factors Influencing the Differentiation Strategy of Digital Payment Systems From the Perspective of Consumers
BT  - Proceedings of the Fifth International Conference on Economic and Business Management (FEBM 2020)
PB  - Atlantis Press
SP  - 619
EP  - 631
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201211.108
DO  - 10.2991/aebmr.k.201211.108
ID  - Zhang2020
ER  -