Exploring Older Adults' Adoption of We Chat Pay: A Cognitive Lock-In Perspective

Mobile payment has become increasingly popular worldwide, especially during the COVID-19 pandemic. However, older adults have more difficulties in adapting to mobile payments than others. To understand the reasons behind this phenomenon, we explore cognitive lock-in and its antecedents in adopting WeChat Pay based on the status quo bias theory. We use the PLS-SEM technique with survey data from Chinese older adults over the age of 50. The results show that the cognitive lock-in of older adults is significantly affected by technology anxiety, habit, regret avoidance, and uncertainty costs. Moreover, older adults' intention to adopt WeChat Pay is positively associated with social influence and self-actualization, while cognitive lock-in is a significant negative determinant. This study can help us better understand the underlying mechanism behind older adults' adoption of mobile payment from a cognitive lock-in perspective. Furthermore, this study steers the discussion about improving older adults' digital literacy and optimizing age-appropriate services for mobile payments.