The goal of this article is to investigate the role of perceived risk on customer loyalty. In so doing, the author also focuses on identifying the relationship between perceived risk and usage satisfaction, and on investigating the moderating effects of two players (manufacturers and communication service providers) on the relationship between perceived risk and usage satisfaction. The findings show that the effect of perceived risk (performance, financial, psychological, and time risk) as an antecedent of customer loyalty is insignificant. While performance, financial, and time risk have significant effects on usage satisfaction, the relationship between psychological risk and usage satisfaction is insignificant. The moderating effect of Smartphone manufacturer is only significant for the relationship between performance risk and usage satisfaction. Interestingly, there is no the moderating effect of service provider. Based on new research findings, the author discusses implications and provides further research limitations.