**5. The importance of trust and perceived risk**

0.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

33.11%

126 Smartphones from an Applied Research Perspective

18.54%

11.92%

**Figure 4.** Barriers to the adoption of mobile payments.

58.94%

14.57%

**Figure 5.** Drivers influencing the adoption of mobile payments.

9.27%

3.97%

10.60%

9.27%

5.96%

2.65%

7.95%

Users' lack of kwnoledge about the new

Linear (Users' lack of kwnoledge about

No real demand for this payment sys-

Convenience and speed

Security Higher turnover Other factors

tools

tem

the new tools)

technology Falta de seguridad Problemas tecnológicos

NS/NC

No detected barriers Trust in the payment system Cost of adoption of the new payment In the case of this research, both trust and perceived risk are significant drivers for merchant's adoption of mobile payment systems; thus they're thoroughly assessed.

In recent decades, research performed in the field of marketing has stressed the importance of trust among the different involved parties as a driver for the continuity and durability of a relationship. This is of great significance at a business level [22].

Trust was described by Singh and Sirdeshmukh [66] in the context of B2C e-commerce as "the psychological state leading to accept the vulnerability of a trustor, based on positive expectations of the trustee's actions." In this sense, Van Der Heijden et al. [73] reported that trust in the ambit of online purchasing could be defined as "the willingness of one of the parties (the purchaser) to be vulnerable to the actions of a virtual establishment, based on the expectations that this virtual establishment will carry out an important action for the customer or purchaser, regardless of his or her ability to conduct or control the virtual establishment."

Trust has traditionally involved two key dimensions: cognitive and behavioral. Dwyer et al. [20] approached the cognitive dimension of trust in order to describe it as "one party's expectation that the words or promises of the other party are reliable and that the other party will fulfill his or her obligations in a relational exchange." Regarding the cognitive approach, we detected in the extant literature three different moderating factors for beliefs: competence, integrity, and benevolence. These variables exhibit psychometric properties which are fit for the measurement scale approached [8]. On the other hand, Mayer et al. [48] and McKnight et al. [49] examined predictability (the capacity to predict someone else's behavior in any situation) as an additional moderating variable [52].

From a behavioral point of view, trust can be described as "the willingness of a trustor to be vulnerable to the actions of a trustee, based on the expectation that the trustee will perform a particular action important for the trustor, regardless of the capacity of the trustor to survey or control the trustee" [48], referring to the willingness to behave following a certain behavioral pattern. Multiple studies examine this variable in order to identify the acceptance success rate of new technologies [76] such as e-commerce.

Following a different approach, Bauer [4] carried out an analysis on perceived risk based on two different variables: Firstly, uncertainty, which can be defined as the lack of knowledge that consumers show when they are actually involved in the process of purchasing, and, secondly, the lack of information on the potential negative consequences of purchases. In this sense, this author also posited that consumer behavior is always connected to a certain risk; behavioral patterns involve effects that cannot be predicted with any certainty [4]. In this sense, Gupta and Kim [29] described perceived risk as "consumers' perception about the uncertainty and the adverse consequences of a transaction performed by a seller," while Gefen et al. [24] reported "the consequence of a decision reflecting the variation of its eventual results." Finally, the literature also includes the definition of perceived risk by Gerrard and Barton Cunningham [25], described as "the possibility that the use of an innovation could not be safe."
