Open innovation dynamics and evolution in the mobile payment industry – comparative analysis among Daegu, Cardiff, and Nanjing

ABSTRACT

The understanding of smart payment industry in the financialization under digital transformation will be the clue to capture the future directions and dynamics of modern capitalism economy. Is there any differences in smart payment industry according to capitalist economy condition among Daegu, Cardiff, and Nanjing ? By answering to this research question through comparative analysis of 3 regions based on qualitative interview method, this study found out as follows. First, there are different payment industry context among 3 regions; Daegu, card payment majority; Cardiff, transition from card payment to smart payment; Nanjing, Smart payment majority. Second, Economic contexts of regions could give direct impacts of the development of mobile payment industry such as the lock in the card industry at Daegu in South Korea, or the well-developed smart delivery platform of E-commerce at Nanjing in China, or the long history of capitalist economy which had increased the labor condition of laborer at Cardiff in Wales. Third, from the qualitative interview researches on 3 regions, gave 2 additional grounded theories such as the future direction of smart payment industry, and the double locked-in the card industry at Daegu in South Korea.

KEYWORDS:

• Mobile or smart payment
• open innovation
• business model
• Daegu
• Cardiff
• Nanjing

Acknowledgements

This study received financial support on the research trip to UK from the research project “industrial technology R&D-regional R&D linkage increase, and regional innovation ecosystem activating oriented R&D project planning research” by KEIT (Korea Evaluation Institute of Industrial Technology).

Disclosure statement

No potential conflict of interest was reported by the author(s).

Correction Statement

This article has been corrected with minor changes. These changes do not impact the academic content of the article.

Additional information

Funding

This work was mainly (80%) supported by the DGIST(Daegu Gyeongbuk Institute of Science and Technology) 22-IT-10-02. Additionally (20%), this work supported by The Society of Open Innovation Research Fund (Reference; SOI202201).