This study builds a comprehensive model on user’s mobile payment willingness from the double perspectives of both hygiene and motivation based on the exchange theory and two-factor theory, and uses the structural equation model to conduct an empirical analysis for 321 valid data collected. The results show that the effectiveness of privacy policy, as a hygiene factor, has a positive effect on user’s mobile payment willingness by reducing user’s perceived risk. Monetary incentives and information quality, as motivators, have positive effects on user’s mobile payment willingness by improving user’s perceived benefits. Moreover, company’s reputation and perceived enjoyment, as hygiene-motivator factors, also have significant effects on user’s mobile payment willingness by reducing the perceived risk and improving the perceived benefits.