This study develops a mobile banking (hereafter M-banking) research model by adopting the concept of ‘perceived value’ which mediates the relationship between M-banking quality and M-banking attractiveness and usage. A questionnaire-based field survey was administered to M-banking users (n=273). Our findings revealed that the perceived value of M-banking services depends heavily on information quality, whereas system and service quality exert at least some influence on the M-banking value. We also found that monetary value and emotional value significantly affected M-banking attractiveness, while monetary value, functional value and M-banking attractiveness significantly influenced M-banking usage. Further, interesting differences between early and late adopters were found.