As mobile devices such as smart phones and tablet PC have become popular more and moreconsumers tend to be using the mobile internet in many places. Therefore, mobile commercialmarkets are becoming larger and marketing managers have been introducing diverse mobilecoupons that have the similar characteristics to traditional coupons. Furthermore, the firm’sspending on mobile coupons has increased. These are because rational consumers are seekingthe optimal price and utility through mobile coupons. Mobile coupons have a promising futurein terms of providing customized information and being combining with discount benefits. Previous paper coupon research elaborated on not only initial adoption but also the process bywhich social and psychological phenomena such as perceived saving benefits, feelings of smartshopper, susceptibility to social face and enjoyment would take place when consumers woulduse coupons. Financial, psychological and social benefits were addressed together. However, inmobile coupon research coupon users’ psychology-related constructs have not been dealt with indetail. Previous research on mobile coupons just focused on factors such as perceived ease ofacquisition and ease of use, that influence the adoption of mobile coupons based upon thetechnology acceptance model. Therefore, the structural relationships of mobile coupon-relatedpsychological constructs need to be delineated empirically. In fact, mobile coupons could reducepaper coupons’ inconveniences such as cutting, organizing and redeeming. Also mobile couponusage behavior could be different from paper coupon usage behavior. In the context of the above research needs, the purpose of this study is to reveal the structuralrelationships of mobile coupon-related psychological constructs on the basis of prior coupon-relatedconstructs like perceived ease of use and ease of acquisition, and to draw theoretical and managerialimplications from the results. Furthermore, the differences between mobile coupons and papercoupons are empirically tested in terms of feelings of smart shopper and susceptibility to socialface. In order to achieve these research goals, this research has suggested fifteen hypotheses. This study could theoretically and managerially give significant meanings to marketing scholarsand managers. This study conducts a survey to collect data from 20s through 30s coupon users. We contacted350 mobile coupon users and 350 paper coupon users. After unusable questionnaires are removed326 mobile coupon questionnaires and 318 paper coupon questionnaires are used for testinghypotheses. In order to test reliability and validity we use Cronbach a test, exploratory andconfirmatory factor analyses. Cronbach a’s values are above .7 and all items are loaded on theappropriate factor. All loadings are greater than .5. This shows an adequate level of convergentvalidity. Also the AVE (average value extracted) values for constructs are above .5 and greaterthan the shared variances of constructs. It means discriminant validity is acceptable. Basedupon this good measurement we estimate the theoretical model through the structural equationmodel. The results indicate that the overall fit of the model is good: Chi Square=46.26 on 7degrees of freedom, GFI=.96, CFI=.95 and SRMR=.067. With this good fit we test hypotheses. Except for H1, H8, H9 other hypotheses are accepted. Additionally we conduct an experimentto test that feelings of smart shopper and susceptibility to social face differ between mobilecoupons and paper coupons. According to the results the types of coupon media susceptibility tosocial face significantly decreases in mobile coupons whereas feelings of smart shopper don’tdiffer between mobile coupons and paper coupons. Therefore, H14, H15 are accepted. We can draw theoretical and managerial meanings and implications from the results. First,In the case of mobile coupons susceptibility to social face independently affects coupon usageintention without being significantly influenced by saving benefits and feelings of smart shopper. This means that other psychological constructs could be related to susceptibility to social faceof mobile coupon behavior. Second, mobile coupon users’ psychological constructs such as feelingsof susceptibility become weaker in mobile coupons than paper coupons.