The rising need of mobility and convenience in payment processes has even forced traditional banking institutions to establish mobile payment (MP) applications in Germany. However, the breakthrough of this promising technology has not yet been realized. This raises the question about the negative effects of barriers, such as the companies’ storage and usage of personal data resulting in consumers’ privacy concerns. As research on MP calls for the integration of new models, this study aims to be the first to establish an APCO-model for the field of MP, thereby filling an essential research gap. Consequently, our model empirically validates privacy concerns and investigates its antecedents and predictive power to explain the intention to use MP systems. We additionally examined the barely studied effects of privacy concerns on risks as well as benefits. To give target-oriented recommendations, we included the theory of the diffusion of innovation and the factor “gadget loving” in our model. The results of our investigation underline the vital role of privacy concerns in the acceptance of MP and imply recommendations for the design of further research as well as an appropriate marketing communication of MP solutions.