Physical Currency Research Articles

Bibliometric Analysis on Digital Payment Using Lens.org and Vosviewers: A Comparison of Research Between Malaysia and Poland

An unprecedented surge in digital payments has had a profound effect on the economic development of developing nations. This transition has enabled greater financial inclusion through the provision of banking services to populations that were previously marginalised. In addition, it has reduced reliance on physical currency, thereby improving security and transparency. This bibliometric analysis examines the research on digital payments in Malaysia and Poland, providing a comparative perspective on research patterns and contributions in these two countries. Furthermore, this study offers a comprehensive examination of the research environment in Malaysia and Poland, elucidating the distinct approaches, methodology, and areas of emphasis in each nation. These findings provide useful insights for those interested in championing digital payment initiatives, as well as contributing to a more robust and resilient digital payment framework. As digital payment ecosystems mature, their significance in altering the economic landscape of emerging countries is likely to become more evident in facilitating cross-border knowledge exchange and collaboration.

Factors Influencing Customer Satisfaction with Cashless-Payment Services at Restaurants in Malaysia

Cashless payment is gradually replacing physical currencies in almost every financial transaction worldwide. Since the growth of technology is inevitable, the use of cashless-payment services has increased, especially in the hospitality industry. However, due to the existence of numerous types of cashless-payment systems in the marketplace, consumer acceptance of electronic payment has still been challenging. The use of cashless-payment services has even now remained a barrier for most Malaysian customers due to a lack of information and understanding about how to use such systems. Thus, the purpose of this study is to determine factors that lead to customer satisfaction with cashless-payment services at restaurants in Malaysia and discover the most influence factor leading to customer satisfaction with the cashless-payment services. There are three factors, which are perceived usefulness, perceived ease of use, and perceived risk. 385 complete samples have been collected online, with SPSS used for data analysis. The findings reveal that all the three factors significantly predict customers satisfaction with the cashless-payment services at the restaurants in Malaysia. Among these three factors, the most significant one influencing customer satisfaction is perceived risk. Based on the study’s findings, the pleasure of using cashless-payment services has turned out to be a sense of motivation and willingness for the customers to use them in the future. Consequently, the intention of the customers to engage in electronic-payment transactions is extremely high.

Currency Evolution: A Comparative Study Between Central Bank Digital Currencies And Physical Currencies In Modern Monetary Systems

Technology and innovation are the keys used to unlock the impossible imagination to become possible to achieve the unforeseen goals of individuals and organizations. This study focuses on the role of an unprecedented phenomenon called central bank digital currency (CBDC) over physical currency. This study uses a descriptive research method with a quantitative approach. This study is a literature review study aimed at describing the phenomenon. This study assesses the role of CBDC based on three parameters such as features, perceived benefits and challenges of CBDC and Physical Currency. It also reveals that CBDC can replace the use of physical currency only depending on how people, businesses perceive the features, benefits (better allocation, accessibility, interest bearing, convertibility and reduced costs) and possible challenges (opposite of benefits) associated with CBDC compared to its counterpart.

Cashless gambling: Qualitative analysis of consumer perspectives regarding the harm minimization potential of digital payment systems for electronic gaming machines.

Land-based gambling venues remain predominantly cash-based despite broader consumer trends toward digital payments. Little prior literature directly investigates the role of payment methods in gambling; however, digital payment systems offer a key intervention point for gambling harm minimization. This study explores the perspectives of electronic gaming machine (EGM) gamblers regarding the concept of cashless gambling-the ability to gamble without using physical currency. Twenty-six Australian EGM gamblers (10 females, 16 males; aged 24-76 years) participated in four online focus group discussions. Using content analysis and a pragmatic approach, data were organized thematically in relation to consumer perceptions about the benefits and risks of cashless gambling, factors potentially influencing uptake of cashless gambling, and recommendations about harm reduction features that could be incorporated into the system. Cashless gambling was perceived to present important opportunities for more useful and meaningful harm reduction measures based on the ability to track a user's complete gambling activity. However, participants reported reluctance toward adoption of cashless gambling, tending to perceive such systems as being overly restrictive and invasive, and potentially facilitating (over)spending, depending on design and implementation. Participants commonly perceived systems as offering little value to individuals who gamble without experiencing significant harms. Perceived irrelevance and privacy concerns appear to be major barriers to adoption of a cashless gambling system with strong harm reduction features. Our findings provide insights for policy makers considering the optimal design, implementation, and marketing of cashless gambling from a harm reduction perspective. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Revolutionizing Payment Ease: Unleashing the Power of Central Bank Digital Currency (CBDC) in India

Digital currencies, or cryptocurrencies, are gaining popularity. Some national central banks are contemplating digital currencies to address these issues and accelerate the cashless society transition. A Central Bank Digital Currency (CBDC) is a nation's official currency and central bank liabilities in digital form. Nine companies appear to be working with the Reserve Bank of India (RBI) on the Central Bank Digital Currency pilot plan. You may recognise IDFC First Bank, HDFC Bank, State Bank of India, and ICICI Bank. Indian digital currency, the Digital Rupee, will be tested by the Reserve Bank of India on November 1, 2022. On October 31, 2022, the government agency in charge of the project stated that this pilot endeavour will facilitate secondary market transactions involving government securities. The RBI has chosen nine financial institutions to pilot the Digital Rupee. Bank of Baroda, State Bank of India, Union Bank of India, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IDFC First Bank, YES Bank, and HSBC are notable financial institutions. This study seeks to understand the growth of Central Bank Digital Currency (CBDC) in India, taking into account its global adoption to speed up transactions, improve security, and reduce physical currency production costs.

The Influence of Trust, Perception of Usefulness, Quality of Service on Interest in Using Credit Cards with Customer Satisfaction as an Intervening Variable at Bank Mandiri Regional Credit Card Arief Rate Makassar

Indonesia offers two primary payment methods: cash and non-cash. Cash transactions involve physical currency, whereas non-cash transactions rely on financial institutions facilitating inter-bank and intra-bank transfers through internal networks. Among the non-cash options, credit cards stand out, enabling users to access funds seamlessly. The attractiveness and practicality of credit card services spark customer interest. This study seeks to explore how trust, perceived usefulness, and service quality impact customer inclination towards credit card usage, with satisfaction acting as a mediator. Employing a quantitative approach, data collection includes observation, literature review, documentation analysis, and questionnaire distribution. The study involves a sample of 100 credit card users at Bank Mandiri Regional Credit Card Arief Rate Makassar. Analysis methods encompass descriptive statistics, classical assumption tests, and path analysis. Findings reveal that trust, perceived usefulness, and service quality positively and significantly influence both customer satisfaction and interest in credit card usage. Furthermore, customer satisfaction mediates the relationship between trust, perceived usefulness, service quality, and customer interest in credit card utilization at Bank Mandiri Regional Credit Card Arief Rate Makassar.

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.

Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana

Investigating the correlation between digital financial services, mobile money usage, and money velocity in Ghana, the study analysed time series data spanning from 1992 to 2022. A composite index was constructed by principal component analysis using data extracted from the world development indicators, with the components mobile money usage, digital financial services, and velocity of money. The estimation utilised an impulse response function and vector error correction model; the results indicated that mobile money, digital financial services, and money velocity are related in both the short and long term. Furthermore, the application of a standard deviation innovation to the velocity of money produced increases of both positive and negative magnitude for all the variables. This suggests that mobile money, digital banking services, and velocity of money in Ghana are interdependent in an asymmetric manner. In order to facilitate an increase in the velocity of money, the research concluded that policymakers should guarantee that a greater proportion of the population has access to mobile money and digital banking services. In addition to promoting mobile money, online banking services, and digital payment methods on purpose, the government should reduce reliance on physical currency and expedite the circulation of money. It is recommended that future longitudinal studies involving African nations employ diverse estimation techniques.

Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update

In principle, physical currency should be disappearing: payments are increasingly electronic, with new technologies emerging rapidly, and governments increasingly restrict large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for U.S. banknotes continues to grow, and consistently increases at times of crisis both within and outside the United States because dollar banknotes remain a desirable store of value and medium of exchange when local currency or bank deposits are inferior. Most recently, the COVID crisis resulted in historic increases in currency demand. After allowing for the effect of crises, U.S. banknote demand appears to be driven by the usual factors determining money demand, with no discernible downward trend. In this work, I review developments in demand for U.S. currency over the past few decades with a focus on developments since early 2020. In addition, I revisit the question of international demand: I present the raw data available for measuring international banknote flows and updates on indirect methods of estimating the stock of currency held abroad. These methods continue to indicate that a large share of U.S. currency is held abroad, especially in the $100 denomination. As shown earlier (Judson 2012, 2017), once a country or region begins using dollars, subsequent crises result in additional inflows: the dominant sources of international demand over recent decades are the countries and regions that were already heavy dollar users in the early to mid-1990s. While international demand for U.S. currency eased during the early 2000s as financial conditions improved, the abrupt return to strong international demand that began with the collapse of Lehman Brothers in 2008 has not slowed and reached new heights over 2020 and 2021. In contrast, however, the growth rate of demand for smaller denominations is slowing, perhaps indicating the first signs of declining domestic cash demand.

Enhancing Financial Transaction Security With Blockchain Technology

Background: Cryptocurrency represents a modern digital payment system that operates independently of traditional banking institutions. Instead of physical currency, cryptocurrencies exist as digital entries within a virtual ledger, facilitating transactions globally without geographical constraints. The emergence of cryptocurrency has revolutionized how transactions are conduct-ed, with a growing number of businesses—over 2,300 in the US alone—accepting Bitcoin and other digital assets for various purposes, including in-vestments and operational transactions. This shift underscores the potential of cryptocurrencies and blockchain technology to reshape financial and opera-tional practices across sectors. Methodology: This research explores the integration of blockchain technolo-gy and cryptographic techniques in enhancing digital transaction security and operational efficiency. Specifically, we investigate the application of blockchain in sectors such as real estate, where it has been used to develop smarter con-tracts. Our study employs cryptographic hash functions to protect sensitive information. BLAKE2b-512 is utilized for hashing user identities, providing robust security due to its resistance to reverse engineering. Additionally, MD5 is used for hashing passwords, ensuring that even in the event of a database breach, user credentials remain secure. Findings: The adoption of blockchain and cryptographic hashing techniques has shown significant improvements in transaction security and data protec-tion. By storing hashed values instead of plaintext information, the risk of sen-sitive data being compromised is substantially reduced. Our findings highlight that while BLAKE2b-512 offers strong protection for user identities, the use of MD5 for password hashing presents a layered approach to safeguarding sensi-tive information. The study demonstrates that integrating these technologies not only enhances security but also fosters trust and efficiency in digital trans-actions and business operations.

Electronic Money, Digital Cloud Payments, Banknote Redesign Policies and Currency in Circulation: Relevance of Cashless System and Technology Acceptance Theory in Nigeria

The electronic money, digital cloud payments, banknote redesign policies and currency in circulation vis-à-vis relevance of cashless system and technology acceptance theory in Nigeria is a rarely covered topic. Design policies are used by central banks to give direction to the design process of banknotes. The study of the banknote design policies of the past century shows that ‘technology-centred policies’ are gaining popularity. Even cryptocurrencies such as Bitcoin, Ethereum, Facebook’s Diem, Corda, Fabric and Ripple are competing for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement (Chapman, 2021; (Shao et al., 2021; Zhang & Huang, 2021). The sole aim of introducing digital currency is to reduce the volume of physical currency in circulation which in turn destabilizes socioeconomic development of a country (Barontini & Holden, 2019). It is well-known fact that many people and businesses don’t accept innovations especially the ones caused by technology. Finally, from the literatures reviewed, the redesigning of the Naira is for economic reasons which is not limited to reducing inflation, combating counterfeiting, checking financial insecurity and reducing the money in circulation. There has been a wide acceptance of electronic banking in Nigerian banks and technology has become more popular as service offering to customers have become more convenient, thereby, leading to an increase in competitiveness and profitability. There is a swift variation in the method of conducting business globally and in Nigeria, particularly which is borne from advancement in e-banking. Awolusi and Aduaka (2020) has said that it is becoming progressively difficult to satisfy customer expectations. The cashless economy does not imply an outright end to the circulation of cash (or money) in the economy but that of the operation of a banking system that keeps cash transactions to

The Effect of e-Wallet Among Youth in Penang

In the 21st century, cashless transactions are made feasible by the widespread use of the internet, which is a result of the technological advancements that have occurred since the internet's inception. The e-wallet system is furnished with one-of-a-kind payment features that enable buyers to conduct online transactions without using physical currency and with a single tap on their mobile device. Therefore, this study is carried out to determine the effects of e-Wallet among youths in Penang, Malaysia. The population for this research involved below 18 to 24 and above years old individuals from Penang that have or had use e-Wallet in their daily life. Total 380 respondents were selected for this research using random sampling techniques from various races, occupations, and background to enrich the data of this research in Penang. The method used in this research is quantitative method with a set of questionnaires using platform “Google Form” to collect research data from the respondents. The analysis used in this research is descriptive analysis and correlation analysis. The result shows that the main factors respondents use the e-wallect is because they use it to pay the utilities. For the effect of e-Wallet usage, the respondents highly rely on their phone when making payment, so that they can track all their expenses easily. This study suggests that future researchers can identify the factors to develop a more personalized e-Wallet application for smartphone users.

Unlocking the Cashless Revolution: Understanding its Pros and Cons in Transforming University Transactions

Universities worldwide are actively working towards establishing a cashless society through the implementation of cashless payment systems. The objective is to reduce reliance on physical currency and promote digital transactions as the primary mode of payment. This transition offers numerous advantages to individuals and organizations. However, it also presents challenges, including the need for widespread access to digital payment infrastructure and addressing data privacy concerns. This article aims to emphasize the benefits, challenges, and strategies necessary for successful implementation of cashless transactions in universities. Understanding these advantages and disadvantages is crucial for developing effective strategies that maximize benefits while mitigating risks and challenges. By implementing these strategies, universities can create an inclusive, secure, and technologically advanced environment that encourages student acceptance and integration of cashless transaction systems.

PENGARUH E-MONEY, GDP DAN INFLASI TERHADAP PERMINTAAN UANG KARTAL

This study analyzes the impact of electronic money, GDP and inflation on the demand for banknotes in Indonesia. Since 2014, Bank Indonesia has introduced the National Non-Cash Movement (GNNT) with the aim of reducing currency circulation and adapting the payment system in Indonesia to digital technology. Although GNNT has been implemented in the long run, physical currency is still widely used in everyday transactions. The data used in this study consisted of secondary data processed by time series from 2009 to 2021. This analysis uses the Error Correction Model (ECM) for short-term and long-term evaluation. The results showed a positive correlation between electronic money, GDP and inflation with demand for banknotes in both short-term and long-term scenarios. The policy implications of this study suggest that monetary policy should consider the development of e-money use in society. This is to ensure that changes in demand for electronic money do not disrupt the balance of the money market. In addition, maintaining price stability and ensuring that the supply of goods and services can meet consumer demand can contribute to GDP stability and inflation.

An Analysis on the Performance of Electronic Payments Systems in India Using the TOPSIS Method

In recent years, India's electronic payment systems have undergone a substantial expansion and transformation. Digital payments are now more common in the nation because to a number of government programmers and technology developments. This introduction gives a summary of how well India's electronic payment systems perform while underlining the major elements that have contributed to their success. The implementation of programmers like demonetization in 2016, which aimed to lessen the reliance on physical currency and boost digital transactions, has expedited India's transition to a cashless economy. Economic Impact: A nation's economy is greatly influenced by the use of electronic payment systems. Examining their success in India offers information about the development and uptake of digital transactions, the transition to a cashless society, and the effects on financial inclusion. Such study aids informing financial policy and strategy decisions by regulators, economists, and industry professionals about the economic effects of electronic payments. Financial Inclusion: A key element of inclusive economic development is access to financial services and goods. Examining how electronic payment systems operate in India can help determine how effective they are at promoting financial inclusion, especially for underprivileged people. Targeted actions and legislative changes to close the financial gap can result from an understanding of the challenges and opportunities associated with digital payments.The process for examining the effectiveness of electronic payment systems in India might include a number of processes and research techniques. Here is a recommended approach. Decide on a clear study objective, such as assessing the effectiveness, uptake, or effects of electronic payment systems in India. Gather pertinent “data from a variety of sources, such as government reports, business magazines, academic journals, and financial organizations”. Data can contain user demographics, transaction volumes, values, trends, and technological infrastructure.“E-payment systems,ATM, Mobile Money, Net Banking, Credit (Debit)card”.“Reliability, Ease of use, Responsiveness. Security, Usefulness, Cost”.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.by using TOPSIS method we obtained ranks for the performance of e payments system in India.

CENTRAL BANK DIGITAL CURRENCY – APARADIGMSHIFTINMONETARYARCHITECT

Money was a centre of economic gravity from its incepƟ on. It evolved from gold to fi at currency, and now we face a new era of monetary evoluƟ on. Every step of development gives him new power to infl uence society by reaching more and more aspects of social life. With its infl uence were unknown risks and concerns to-ward monetary systems fl exibility and sustainability.Using a promise to pay as money (banknote) has several criƟ cal legal and technical inconsistencies with the token-based CBDC system. One signifi cant limitaƟ on is that promissory notes may not have a unique serial num-ber like physical currency printed by central banks. In the modern hybrid monetary system where only cash has a unique serial number and banks’ electronic payments work on an account-based approach, the incompaƟ bility of promise to pay with real money is not visible widely. Overall, the role of fracƟ onal reserve banking and the money mulƟ plier in a token-based CBDC system will play a diff erent role than in tradiƟ onal banking systems, given the unique characterisƟ cs of digital tokens and the role of central banks in issuing and controlling them. By analysing these key aspects, this paper aims to provide a comprehensive understanding of the potenƟ al eff ects of CBDCs on fracƟ onal reserve banking. The fi ndings of this research will contribute to the ongoing discus-sions and debates surrounding the adopƟ on and implementaƟ on of CBDCs, enabling policymakers, regulators, and banking insƟ tuƟ ons to make informed decisions in this challenging era of digital currencies.

Motivating mobile payment adoption during global pandemic: insights from protection motivation and theory of planned behavior

Purpose The COVID-19 pandemic has had far-reaching effects on society and will continue to be a subject of study for researchers in the years to come. Businesses have implemented technologies that reduce reliance on physical currencies, such as e-commerce sites and contactless payments. This study aims to examine the users’ attitudes and behaviors toward mobile payments. The focus is on identifying the most effective techniques and approaches that businesses can use to encourage user adoption of mobile payments. Design/methodology/approach This study uses survey data from 396 active mobile payment users across the mid-west region of the USA to test the proposed hypothesis. The snowball sampling approach is used to sample the participants for the data collection. This study uses partial least squares structural equation modeling to test the ten hypotheses proposed in this study. Findings This study finds that organizational commitment and privacy customization can significantly overcome users’ protective attitudes toward mobile payments during the pandemic. In addition, providing users with privacy customization options can significantly encourage self-disclosure, which is crucial for transaction authentication and fraud detection. Originality/value Envisioned in the backdrop of the COVID pandemic, this is one of the earliest studies investigating the role of privacy customization, self-disclosure and organizational commitment on mobile payment adoption.

The properties of contemporary money

AbstractThe properties of money commonly referenced in the economics literature were originally identified by Jevons and Menger in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many non‐physical currencies have either entered circulation or are under development, including demand deposits, cryptocurrencies, stablecoins, central bank digital currencies, in‐game currencies, and quantum money. These forms of money have novel properties that have not been studied extensively within the economics literature, but may ultimately determine which currencies prevail in the forthcoming era of currency competition. This review makes the first exhaustive attempt to identify and organize all properties of physical and digital forms of money. It examines both the economics and computer science literatures and categorizes properties within an expanded version of the canonical Jevons–Menger framework.

Improving the Prediction Accuracy in Deep Learning-based Cryptocurrency Price Prediction

Cryptocurrencies are popular today even though they do not have a physical form with their high profit rates and increasing usage day by day. However, the volatility of cryptocurrencies is higher than physical currencies. These volatilities change with the effect of social media rather than changes in exchange rates of physical currencies. For this reason, in this study, using Twitter data, one of the most widely used social media tools, real-time analysis on the values of four cryptocurrencies with the highest market value and the change in the estimated success compared to classical approaches were examined. The basic steps of this study: Obtaining Twitter data and financial data, performing sentiment analysis using Twitter data, making predictions on MM-LSTM architecture. The approach is aimed to be a predictive method open to online learning. Various filter steps were applied to remove the effect of bot users on Twitter that could prevent the prediction performance on the created data set, and the effect of the method on accuracy rate was tried to be reduced by eliminating the activity of bot accounts.

Cashless economy – the nexus of COVID-19 and E-wallet usage intentions: a multi-group analysis between formal and informal sector workers in Ghana

PurposeThe purpose of this study is to offer a conceptual model that bridges gaps in the current research by combining constructs from the health belief model (HBM) and theory of planned behaviour (TPB). Furthermore, the researchers applied the constructed model to analyse the determinants of workers’ intentions to use e-wallet payment options for business transactions rather than physical currency during the ongoing COVID-19 pandemic. Finally, the paper examines whether there are any significant variations in the usage intentions of Ghanaian workers in the formal and informal sectors.Design/methodology/approachThe non-probability convenience sampling technique was used to compile the primary respondents among Ghanaian users of e-wallets. Based on constructs derived from the HBM and TPB, an online survey involving the use of a questionnaire was administered to collect quantitative data from 285 formal and informal sector workers in Ghana. Data collected was analysed using the partial least squares-structural equation modelling approach involving the measurement, structural model tests, hypothesis tests and multi-group analysis (MGA) tests.FindingsThis study reveals that workers’ attitudes, subjective norms and perceived susceptibility as the main determinants of intentions to use e-wallets, as the analysis of data lends support to hypotheses involving these constructs. Perceived behavioural control was however not supported by the data analysis as a determinant of workers’ intention. Finally, there were no significant differences between e-wallet usage intentions of formal and informal sector workers in Ghana.Research limitations/implicationsGiven the ongoing pandemic, the study recommends that governments of emerging economies should formulate policies that promote the use of e-wallets, to reduce the spread of COVID-19 and at the same time contribute to the quest for a cashless economy. However, the results of the study are only based on data collected from workers in Ghana. Therefore, practitioners should apply the recommendations with discretion and make modifications where necessary. The results of the study also provide evidence from the context of a developing country that can support future academic pursuits.Practical implicationsThis study provides evidence that influences practitioners’ decisions and practices regarding the design and implementation of e-wallet services and innovations among workers in the formal and informal sectors of the economy.Originality/valueThis study provides useful business insights to user acquisition managers, marketing managers and business development managers during the formulation of policies, strategies and approaches for their mobile wallet subscriber base. Moreover, to the best of the authors’ knowledge, this study is one of the first to apply the constructs of the HBM (mainly applied in health research) to the study of workers’ intentions to use e-wallets. It, therefore, makes a significant contribution to the existing literature by examining the combined effects of the constructs of the HBM and the TPB on workers’ intention to use e-wallets.