This work presents a comprehensive experimental study of users’ perceived security and frequency of use of a smartphone-based mobile payment app. Previous research work relied primarily on surveys to collect data of potential users’ expectations of and attitude towards mobile payment. It remained sketchy how users would react using a real app, and how mobile payment would be used in comparison with existing payment methods such as cash and payment cards. The design of the experiments was based on a generalizable taxonomy built for the purpose of use within the field of usable security. Five sets of experiments were conducted in which participants took part in a shopping experience. The security method used with the mobile payment app was varied (no security, PIN, fingerprint recognition) and "attacks" were simulated on the payment methods. Furthermore, important personality traits were determined by established questionnaires. The results of the experiments revealed relevant factors, which show an impact on perceived security and usage. It could be shown to what extent personality traits and other external factors are related to perceived security and usage. Additionally, perceived security and usage were modeled and two classificators were developed to distinguish between convenient and inconvenient security methods (for usage), and apps with and without security methods (for perceived security). Finally, the models were incorporated as a proof-of-concept into the tool MeMo for the simulation of user behavior. Overall, it was shown that personality traits have a moderate effect on perceived security and usage. Price, shopping environment, and attacks are also influential. Different security methods showed significant differences in evaluation and use of the app.
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