Research in the adoption of mobile banking (m-banking) has not offered a comprehensive explanation of low demand for the service. This paper proposes a theoretical model to account for the explanations of the consumer’s choice whether to adopt m-banking or not. The model underlies the cognitive processes of reasoning, referencing and contextualising, as postulated in the behavioural decision making. The proposed theoretical framework is based on a review of literature from services marketing, behavioural economics and information systems.