Cashless Transactions Research Articles

Analysis of sustainable E-money usage in a developing country: Perspective from the development of the Philippines

Emerging technologies and their applications are steadily gaining traction and diversifying across various domains, including the financial sector. E-money represents one such extension, facilitating cashless transactions through mobile applications which has recently bloomed in the Philippines. This research sought to offer valuable insights into the role of digital currency in developing emerging economies by integrating the UTAUT2 model with the Sustainability Theory of Planned Behavior (STPB). This study aimed to assist developing nations in gauging their communities' attitudes towards e-money from a sustainability standpoint. The study involved the analysis of responses from 638 valid participants, employing Structural Equation Modeling (SEM). The outcomes revealed that effort expectancy (β: 0.398) significantly influenced e-money adoption, as per the integrated UTAUT2 and STPB framework, followed by other UTAUT2 domains. Subsequently, attitude (β: 0.368) and subjective norm (β: 0.273) followed in terms of their impact, alongside perceived behavioral control (β: 0.26) and the sustainability domains. These findings shed light on users' perception of e-money as a valuable addition to their daily lives, primarily due to its transactional convenience. Users also believe that e-money enhances their ability to achieve personal goals, giving them control over their time and convenience. As a result, these study findings are pertinent for comprehending user intentions, especially within the context of the continuous advancement of technology.

Enhancing Cashless Transactions: The Role and Benefits of Fingerprint Technology

In the modern times cashless transactions have become increasingly prevalent in today's digital economy and strong security measures are important to safeguard all the sensitive data related to finances. Fingerprint recognition emerges as a safe solution to upgrade the security and convenience of existing cashless systems. This research paper explores the utilization and benefits of fingerprint recognition./ The paper begins by understanding the basics of this technology, its advancement and uses. It then dives into the integration of cashless transactions with fingerprint recognition systems highlighting the potential benefits. Moreover, this paper also analyzes real- word scenarios and implementation across various industries and geographies. Furthermore, the technical considerations and challenges associated with implementation are also discussed which includes scalability, accuracy, accessibility of the technology. The strategies to make this technology more efficient and compliant are also discussed. In conclusion, this research accentuates the potential to revolutionize the landscape of cashless transactions using fingerprint recognition technology. By addressing and solving the challenges the full potential of biometric technology to upgrade digital payments can be unlocked.

Adoption of Cashless Payment Among Undergraduate Students: A Case Study

The increasing acceptance of cashless payment systems has led to a significant transformation in the global financial transaction landscape in recent years. As technology evolves and consumer preferences shift, digital payment methods are gradually taking the place of traditional cash transactions. This change not only facilitates financial transactions for individuals and businesses but also has significant implications for convenience, security, and financial inclusion. This paper investigates the key factors driving the transition to cashless transactions during this period, along with the benefits and drawbacks associated with society's growing embrace of this innovative approach to managing finances. The primary focus of research in this area revolves around the adoption and use of digital or cashless payment methods. A quantitative methodology was employed, and a questionnaire was administered to 113 participants. The data were analyzed using the Statistical Package for Social Science (SPSS) Version 27. The findings indicated that Performance Expectancy (PE) and Perceived Technology Security (PT) played significant roles in the adoption of cashless payments among undergraduate students while Facilitating Condition (FC) and Social Influence (SI) did not significantly affect their adoption of such payment methods. This study provides valuable insights into assessing individuals' willingness, intentions, or actual behaviors regarding various electronic transaction forms, including mobile wallets, credit/debit cards, online payments, and contactless methods. Additionally, researchers can utilize these variables to explore the factors that influence users' acceptance or rejection of cashless payment systems.

Communication dynamics: Fintech’s role in promoting sustainable cashless transactions

The integration of Fintech is revolutionizing global financial engagement, moving away from traditional payment systems. This study, thus, explores the interaction between communication dynamics, Fintech use, intentions, cashless transactions adoption, financial literacy, personal innovativeness, and socioeconomic development in Pakistan. The study employs a dual methodology, encompassing “PLS-SEM and Probit Model alongside Propensity Score Matching technique.” The survey targeted small business owners and individuals involved in informal sectors, encompassing roles such as fruit and vegetable vendors, small shop owners, taxi drivers, and auto rickshaw operators. A total of 394 responses were analyzed. The findings highlight the facilitating role of individuals’ intentions to use cashless transactions, acting as a mediator through which Fintech use fosters actual behavior. Moreover, the study finds financial literacy and personal innovativeness as critical moderating factors. Adopting cashless transactions emerges as a pathway to enhanced financial inclusion, particularly impactful for small business owners. The achieved financial inclusion has the potential for profound financial inclusion implications, as evidenced by its positive effects on sustainable livelihoods, living conditions, and social development among small business owners and individuals operating within the informal sector.

PROFITABILITY AND TURNOVER APPRAISAL OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

The study seeks to appraise the performance of deposit money banks in Nigeria, given the mounting pressure for cashless transactions and the increasing digitization and automation of financial services around the globe. Appropriately, the ex-post facto/casual comparative research design was adopted to obtain relevant and desirable secondary data from the Annual Bulletins of the Central Bank of Nigeria and E-payment Statistics Platforms from 2012 to 2020, to empirically appraise the profitability and turnover of all the 15 Nigerian deposit money banks quoted as at January 1, 2021, in the light of the non-bank led theory. Specifically, the study interrogates the effect of point of sale and online loans on the profitability and turnover of Nigerian deposit money banks, using Pearson Product Moment Correlation and Linear Regression Analysis. The conclusions from findings from E-View 9.0 (inferential) statistical results at 0.05 level of significance are that, while the increasing use and patronage of point-of-sale terminals significantly improves the profitability of Nigerian deposit money banks, it adversely affects their turnover insignificantly; and the flexibility of and increasing preference for online loan facilities adversely affect the profitability, but improves the turnover of deposit money banks in Nigeria. The study recommends that deposit money banks should be operationally flexible and competitive, and fully automate their financial products and services.

Design of an Intelligent Radio Frequency Identification (RFID) Based Cashless Vending Machine for Sales of Drinks

This study examines the evolution of vending machines, emphasizing their integration with RFID technology for cashless transactions. Vending machines have transformed human-machine interaction, offering convenient access to products and services. Transitioning from coin-operated to RFID-enabled systems has revolutionized the industry, enhancing security, reducing costs, and improving user experience. Through exploration of technical specifications and design objectives, the research highlights RFID vending machines' potential to reshape consumer behavior and optimize operations. Traditional cash-based vending machines face challenges such as limited storage, recognition issues, and security concerns. To address these, the paper proposes an intelligent RFID-based cashless vending machine for drink sales. The system incorporates RFID technology for payment, allowing users to swipe cards and select drinks without cash involvement. Prototype development involved software design, utilizing C-language for multiproduct vending. Comparatively, the RFID-based system outperforms cash-based counterparts in efficiency, security, and sales tracking, presenting a superior solution for drink sales.

A Study on Cashless Payments in Retail Businesses in Rural Areas of Kurnool District of Andhra Pradesh

Abstract: In India post demonetization, cashless transactions have emerged as a significant trend in the Indian economy. They are touted for their convenience, simplicity, and enhanced safety compared to cash transactions. This shift is notably affecting the spending habits of rural residents in Kurnool district, Andhra Pradesh. The purpose of this article is to explore rural attitudes towards cashless transactions. A study conducted among 100 respondents revealed that 65% of rural residents engage in cashless transactions, particularly those with higher education levels. However, 35% of respondents still do not use cashless methods. These findings underscore the need for education and awareness programs aimed at rural communities to promote cashless transactions. Such initiatives could play a crucial role in fostering economic development and transforming spending patterns in these areas.

The path to cashless transaction: A study of user intention and attitudes towards quick response mobile payments

This study explores the factors influencing users' behavioral intentions, attitudes and actual adoption of quick response (QR) mobile payment in the least developed country (LDC) of Bangladesh, by extending the original unified theory of acceptance and use of technology (UTAUT) model. The study conducts a mixed-methods investigation by combining the partial least squares (PLS) and focus group discussion (FGD) methods to empirically evaluate the research model and cross-validate the findings. Using purposive sampling, data were gathered from 412 respondents, followed by 10 respondents who took part in the FGD, who all met the sample criteria. The study findings indicate that performance expectancy, effort expectancy, and social influence significantly positively influence users' behavioral intention, while self-concept, perceived self-efficacy, and habit substantially influence their attitudes towards using QR mobile payments. The findings also confirm a positive effect of users’ attitudes toward using QR mobile payment on both behavioral intention and actual use, and a positive effect of behavioral intention on the actual use of QR mobile payments. These findings offer several important theoretical and managerial implications.

Cashless to classless: a case study of the role of technology and the state in E-payments at Lazada and Shopee in the Philippines

This paper is about how E-Payment systems in online marketplaces such as Shopee and Lazada contribute into the transition towards cashless transactions. Through these technological advances, it is seen to give greater availability for people at all social classes to access financial services such as online payment or transactions without the traditional maintaining fees that are seen in institutional banks. As for methodologies, the data gathering was proceeded with one-on-one interviews for consumers and MSMEs, while Focus Group Discussion is done for government offices with the usage of thematic analysis to treat the coded themes from interviews. Results showed greater access to financial services rendered support for all social classes in the case of the usage in LazadaWallet and ShopeePay and its intermediary medium GCash. One of the major challenges is technicalities within the apps associated and internet connection. Digital literacy also stood as a threat for respondents to fully understand and utilize the benefits that e-payment systems offer. The following data implied that the growth of e- payments to support and uplift the lives of lower social classes heavily relies on the development of technological infrastructure of e-payments and internet system providers. Integrated curriculums, programs, and seminars for technological education are also recommended so that persons of all ages can utilize the services. Multilateral agreements or talks must also be held if Shopee and Lazada sellers must be entitled to taxes as most of the products are also diverse of its origins.

Unlocking E-Payment Potential: Assessing Consumer Readiness in Eastern Uttar Pradesh

In recent years, India has seen a significant shift towards digital payments, with the government promoting cashless transactions under its flagship programme, Digital India. E-payment systems have the potential to transform the way transactions are conducted in the country. The government has taken various steps to promote the use of various digital payment systems, such as the introduction of UPI, QR payments, NEFT, RTGS, and Aadhaar-enabled payment systems. However, the adoption of e-payment systems is not uniform across the country, and there are variations in consumer readiness among individuals. This study analyses the readiness of consumers in Eastern Uttar Pradesh, India, towards e-payment services, which are becoming more popular in the country. The study relied on primary data collected from 250 respondents through questionnaires. The results showed that the level of consumer readiness for e-payment services in Eastern Uttar Pradesh is relatively low, with most people being reluctant to use these services due to issues related to security and trust. This study provides important insights that can guide policymakers and stakeholders in the e-payment industry on how to enhance consumer readiness and adoption of e-payment services in eastern Uttar Pradesh and India at large.

IMPACT OF CASHLESS PAYMENTS ON IMPULSE BUYING BEHAVIOUR OF GEN Z

This study investigates the effect of cashless payments on Generation Z's impulse buying behavior in Mumbai. With the growing ubiquity of digital payment methods, companies and governments must understand their impact on customer behaviour, particularly among young adults. The goal was to look at how the use of cashless payments influences impulse buying among Generation Z customers. The study included 122 individuals aged 16 to 26 years old, chosen using a stratified random selection procedure to guarantee representation across key demographic criteria such as gender and socioeconomic status. Data was gathered using structured surveys that focused on participants' use of digital payment methods and their proclivity for impulsive purchases. According to the findings, the ease and accessibility of cashless transactions have a substantial impact on Generation Z's willingness to make impulsive purchases. This study adds to the current literature by shedding light on the behavioral dynamics of young consumers in metropolitan settings in terms of digital payments and impulsive purchasing. The consequences include that firms and marketers should modify their tactics to fit Generation Z customers' tastes and behaviors affected by the proliferation of cashless payment technology in cities such as Mumbai.

A Comparative Study of Cashless Transaction Perception Among Generation X and Y in Sagar City of Madhya Pradesh

A Comparative Study of Cashless Transaction Perception Among Generation X and Y in Sagar City of Madhya Pradesh

Dimensions of Risk in the Effect of Customers’ Awareness and Knowledge on the Readiness to adopt Neobanks

The majority of conventional banks offer digital services during pandemics, while the government promotes cashless transactions in daily life. In India, the Neobanking industry is developing at an increasing rate. It’s a purely online bank with no physical branches; all transactions are made through mobile applications. The purpose of this study is to find out how aware consumers are about neobanks, as well as risk factors and readiness for neobank adoption. additionally, the study builds the SEM model from the survey data of 169 respondents that had access to online banking services. The findings indicates that while financial risk and security risk have no obvious association with knowledge, whereas awareness and social risk have a substantial link with knowledge that results in readiness to use neobanks. As a result, in order to boost client usage in the future, it is essential to raise knowledge about neobanks through media advertising and provide comprehensive information about the applications.

Enhancing Cashless Transactions: The Role and Benefits of Fingerprint Recognition Technology

Enhancing Cashless Transactions: The Role and Benefits of Fingerprint Recognition Technology

Factors influencing the development of the cashless payment system: Comprehending the function of the involved participants

Purpose: The prevalence of cashless payments has increased globally owing to their myriad benefits. Furthermore, the use of cashless payments has also increased. Nevertheless, there is a need for more comprehensive research on the acceptance and current methodologies of cashless transactions. This study aims to gain a thorough understanding by identifying the entities involved and their pivotal functions in the payment ecosystem. Research Methodology: This report seeks to answer two research questions: i) Which factors are involved in the cashless payment ecosystem? What key elements influence the players in adopting a cashless payment ecosystem? Six key ecosystem players and their influencing elements were identified by comprehensively evaluating 63 publications published between 2015 and 2021. Results: Several benefits are associated with cashless payments, which have led to their growing popularity worldwide. Furthermore, during the COVID-19 epidemic, there was a significant increase in the use of cashless payment methods. Limitations: On the other hand, more holistic studies on the widespread use of cashless payment methods and their respective modern behaviors are needed. Contribution: In addition to providing a foundation for further empirical research, this study contributes to resolving adoption-related concerns. Novelty: This study’s original approach to understanding the various elements driving cashless payment system development by focusing on participant roles and functions is unique. Unlike previous studies, this study examines human dynamics rather than technology or regulatory issues.

A Study on Cyber Frauds Post Digitalization in India

Abstract: In the modern era of Digitalization, Digital banking has become more relevant due to the latest demonetization happened in India. The digitization of banking has made financial transactions swift and brought luxurious banking from anywhere, anytime. Indian government is not only encouraging using the cashless transactions but also providing financial benefits on digital transactions. As the usage of digital banking transactions increased, it introduced differenttypes of cyber frauds and the rate of fraudulent practices also got amplified, therefore sound knowledge of usage of digitalisation services is requisite to prevent fraudulent practices. The present study depicts the types of frauds happening post digitalization in banking Industry and also tries to figure out the different reasons responsible for the happening of frauds in the IndianBanking Sector.

Impact of Cashless Payments on Retail Shops with Special Reference to Hyderabad City

Business crossing the boarders of Country and spreading throughout the Globe. There is vast development of technology new-a-days. Technology is showing a positive impact on Business. Businessmen and customers are most fascinated towards adapting new technology in Business related transactions. Especially in India, after demonetisation the importance for cashless transactions came into existence. Usage of Digital Wallet system often helps in easy and fast financial transaction between the customers and retailers. In this regard the present study focuses on analysing the demographic profile of the respondents, finding out the highest opted digital mode, analysing the uses and problems of cashless payments. The data is collected from various respondents residing in Hyderabad city and it is analysed by using different statistical tools like Spearmen’s rank Correlation and Kruskal Wallis test. It is found that Fear of Fraud is found as the most influencing problem faced by most of the Retailers.

Hybrid Machine Learning Approach for predicting E-wallet Adoption among Higher Education Students in Malaysia

In today’s digitised world, e-wallets have been sprouting thick and fast in Malaysia as they contribute significantly to expediting onlinetransactions. The E-wallet system is not only a mechanism for businesses to acquire profit but is also one of the most secure paymentoptions for customers, particularly during the COVID-19 pandemic. However, the adoption of e-wallets among higher education students remains unfavourable, eliciting only minimal response. This study aims to analyse higher education students’ adoption of e-wallets using a hybrid machine learning method, combining clustering and decision trees. This approach provides deep insights into user behaviour, improving prediction accuracy and enabling personalised strategies for enhanced user experiences. It profiles and classifies students based on demographics and traits such as age, year of study, gender, frequency of use, future use intention, lifestyle compatibility, perceived trust, risk perception, convenience, and security factors. The analysis reveals the segmentation of the dataset into four distinct clusters, each characterised by shared attributes. These clusters are subsequently labelled descriptively and incorporated into the dataset. The dataset, now enriched with cluster information, serves as the foundation for constructing a decision tree model. The outcome of the decision tree indicates that Cluster 2 and Cluster 3 are hesitant towards e-payment. In contrast, Cluster 1 and Cluster 4 are more receptive despite security concerns, as e-wallets offer convenience despite lacking full trust, with security being a prominent concern amidst rising cyber threats. This study helps the Malaysian government and service providers promote cashless transactions and shape students’ financial independence based on their traits.

Expansion of Cashless Transaction in Daily Life: A Case Study in Birbhum District of West Bengal

Cashless transactions refer to the exchange of money through electronic means, rather than using physical currency or traditional paper-based methods. It has become increasingly popular due to technological advancements, convenience, and the widespread use of the internet and mobile devices. Several forms of digital transactions exist, such as online banking, mobile banking, UPI, POS etc. The various types of activities performed by common citizens through cashless transactions in daily life. In rural India, different kinds of challenges exist to the adoption of digital transaction like digital literacy, internet connectivity. With the help of a linear regression analysis, it has been observed that demographic and technological factors play important role in spreading cashless transaction in everyday life.

Financial technology and economic growth nexus in the East African community states

PurposeThis paper aims to examine the causation linking financial technology to economic growth in the East African Community states from 1997 to 2019.Design/methodology/approachAutoregressive distributed lag is used. Gross domestic product per capita proxies economic growth, automated teller machines, point of sale, debit card ownership and mobile banking measure financial technology.FindingsThe results unveil a significant relationship between financial technology and economic growth. The findings show bidirectional causality between automated teller machine and economic growth, with unidirectional causation from economic growth to point of sales and internet banking, mobile banking and government effectiveness to economic growth. The error correction term is negatively significant, demonstrating a long-term convergence between Fintech measures and economic growth.Research limitations/implicationsThe governments should effectively enact and implement policies that protect investments in financial technologies to boost economic growth in the East African Community countries. The government should reduce taxes on financial technology equipment and related services. The use of automated teller machine, debit card ownership and internet banking should be encouraged through cashless transactions. Financial institutions should adopt cashless operation policies to encourage the use of financial technologies.Originality/valueResearch results on the bond between financial technology and economic growth are not conclusive. These studies demonstrate that technological innovations are double edged-swords, with both positive and negative sides. The results are conflicting; some reveal positive relationships, while others show negative links. Hence, research is required to fill the lacuna.