Following the rapid proliferation of mobile devices and the phenomenal advancements in mobile commerce, mobile advertising has since overtaken traditional advertising and seized the lead as the primary advertising channel for businesses. This research seeks to unveil the salient factors that affect the efficacy of mobile advertising in driving purchase intention by expanding the Web Advertising Model to include additional mobile advertising attributes (i.e., credibility and incentive) while considering the role of brand attitude in the process. A cross-sectional study was conducted with quantitative data obtained from 300 eligible respondents through an offline questionnaire survey. The empirical data were subsequently validated using the Structural Equation Modelling Artificial Neural Network (SEM-ANN) method to determine the non-compensatory non-linear relationships. All four ANN models show consistent results with the SEM analysis. The results indicate that consumer perceptions and expectations toward mobile advertising have shifted over time, such that the qualities of informativeness, irritation, and entertainment no longer play a critical role in determining mobile advertising value. On the other hand, the credibility and incentive of mobile advertising were found to be far more crucial in swaying such evaluations. Moreover, mobile advertising value was found to positively affect consumer attitudes towards the mobile advertisement and the advertised brand, which ultimately leads to purchase intention. This study offers an insightful overview of the modern mobile advertising environment that practitioners may use as a handy guide to optimise their mobile advertising strategies to suit the current perceptions and expectations of consumers.