As an innovative monetary payment method, mobile payment has become popular in developed economies, providing users with a convenient and efficient payment experience for economic activities. However, mobile payment in Malaysia remains at a critical development stage, and current studies have not fully unveiled the underlying pathway influencing its mobile usability. The objective of this study is to evaluate the key factors affecting mobile payment usability among Malaysian users. In the emerging field of mobile payment, the applicability of the Technology of Acceptance Model (TAM) is examined in specific scenarios of mobile payment. The methodology adopted for this research comprises a quantitative, cross-sectional study involving 280 Touch ’n Go users from Kuala Lumpur and Selangor. Data were collected via an online survey and were analyzed using SEM-AMOS. The results indicate that system quality, information quality, and service quality significantly positively affect mobile usability. Furthermore, the relationship between mobile usability, system quality, information quality, and service quality is mediated by perceived value. Additionally, perceived risk moderates the relationship between perceived value and mobile usability. The extended TAM constructed in this study was fully validated and consistent with the core logic of TAM and confirms the theoretical pathway that external variables (system quality, information quality, and service quality) influence technology acceptance outcomes (mobile usability) through the user perception (perceived value). This study offers original insights by extending the TAM to integrate system, information, and service quality with perceived value and perceived risk in explaining mobile payment usability among Malaysian users