Consumer Perceptions and Behaviors on Digital Payment Adoption Among Older Generation Z and Younger Millennials in Phnom Penh, Cambodia

Abstract

Purpose:  The study's goal is to better understand how older and younger generations in Phnom Penh, Cambodia, behave when it comes to using digital payments. Investigating the choice of mobile payment application in the Phnom Penh region is another objective of this study. Here, it is also investigated how usage, economic situation, and adoption of mobile payments are related.
  
 Theoretical framework:  One of the most well-known research models on consumer behavior among younger and older generations and the adoption of new technical systems emphasizes the influence of geography, socioeconomic status, and specific traits on consumer acceptance. The concept considers factors including social effects, credibility requirements, effort expectations, and performance requirements when determining the best digital payment application.
  
 Design/Methodology/Approach: The Unified Theory of Acceptance and Use of Technology (UTAUT) model and K-mean clustering for distance and economic status studies were used in this research paper to select 150 locals in Phnom Penh from the target population in order to study consumer behavioral intention to accept digital payment method and application.
  
 Findings:  The result we aimed to show and analyses the Digital payment methods, payments sharing, receiving, storing evidences, that older generation started understanding the digital payment by Khmer language and accepting the digital transactions from known customers. The current generation using Sathapana application and English Language in wide ranges through the Phom Penh region. The study also trying to exhibit the purpose of the digital payment systems in and across the e-commerce activities, through the older and younger generation.
  
 Research, Practical & Social implications:  The elder generation Z handled digital payments for regional transactions like banking, home tasks, loan repayment, peer lending, travel, and local marketplaces in Khmer. The subsequent generations of millennials also incorporated cross-border payments in English and Khmer.
  
 Originality/Value:  Bringing up a Digital Platform shall make a positive change in economy and circulation of economy to the people and country. Unless the people trust the digital payments, they cant share their money for the business or basic operations to run the government. Thy the Digital Payment applications shall understand the behavior of the customers and share the services through the digital payment systems.