ISSN: 2222-6990
Open access
This study examines the adoption of cashless payment systems in society, focusing on a comparative analysis between China and Malaysia. Many developed countries have effectively integrated cashless payment systems into their societies, thereby establishing cashless payments as a prominent alternative to traditional methods such as cash. Nevertheless, it is important to emphasise that the implementation of cashless payment systems will vary across nations owing to a multitude of distinct factors. We have proposed various determinants that potentially influence the acceptance and utilisation of cashless payment methods. These determinants encompass convenience, safety and security, as well as the cultivation of good spending habits. Based on our analysis of the data obtained from questionnaire surveys, it has been ascertained that in Malaysia, the adoption of cashless payments is positively influenced by factors such as convenience, lowered risks, and enhanced security associated with such transactions. The adoption of cashless payments in China is expected to be enhanced by several factors, including convenience, reduced risks and enhanced security, as well as the cultivation of positive spending habits. This comparative study has revealed discernible variations in the adoption of cashless payment systems across the two distinct countries.
Armey, L. E., Lipow, J., & Webb, N. J. (2014). The impact of electronic financial payments on crime. Information Economics and Policy, 29, 46-57.
Baganzi, R., Makanga, B., Kincoco, R.I. (2021). Acceptance of the Bank of Uganda Internet Banking System Framework. Open Journal of Business and Management, 9(6), 2894 2916.
Chang, W. L., Chen, L. M., & Hashimoto, T. (2021). Cashless Japan: unlocking influential risk on mobile payment service. Information Systems Frontiers, 1-14.
Humbani, M., & Wiese, M. (2018). A cashless society for all: Determining consumers’ readiness to adopt mobile payment services. Journal of African Business, 19(3), 409-429.
Jain, V., & Jain, P. (2017). A journey towards a cashless society. Banking Sector in Oman: Strategic Issues, Challenges and Future Scenarios, 61-72.
James, B. (2017). How has the adoption of contactless payment affected UK students’ Spending Habits? Doctoral dissertation, Cardiff Metropolitan University.
Kan, M. P. H., & Fabrigar, L. R. (2017). Theory of planned behavior. Encyclopedia of personality and individual differences, 1-8.
Kee, D. M. H., Hisam, N. N. B. N., Abd Rashid, N. H. B., Aziz, N. S. B. A., Mazlan, N. A. B., & Mahadi, N. A. Z. B. (2021). The impact of using cashless payment during the covid-19 pandemic: A case study of Maybank. International Journal of Accounting & Finance in Asia Pasific (IJAFAP), 4(2), 107-117.
Kennedyd, S. I., Yunzhi, G., Ziyuan, F., & Liu, K. (2020). The Cashless Society Has Arrived: How Mobile Phone Payment Dominance Emerged in China. International Journal of Electronic Government Research (IJEGR), 16(4), 94-112.
Mohd, S., & Pal, R. (2020). Moving from Cash to Cashless: A Study of Consumer Perception towards Digital Transactions. PRAGATI: Journal of Indian Economy, 7(1), 1-13.
Ng, D., Kauffman, R. J., Griffin, P., & Hedman, J. (2021). Can we classify cashless payment solution implementations at the country level?. Electronic Commerce Research and Applications, 46, 101018.
Podile, V., & Rajesh, P. (2017). Public perception on cashless transactions in India. Asian Journal of Research in Banking and Finance, 7(7), 63-77.
Rahman, M., Ismail, I., & Bahri, S. (2020). Analysing consumer adoption of cashless payment in Malaysia. Digital Business, 1(1), 100004.
Ramya, N., Sivasakthi, D., & Nandhini, M. (2017). Cashless transaction: Modes, advantages and disadvantages. International Journal of Applied Research, 3(1), 122-125.
World Payments Report. (2020). Non-cash payments volume. Retrieved March 11, 2022, from https://worldpaymentsreport.com/non-cash-payments- volume-2
Sunarjo, W.A., Nurhayati, S., Muhardono, A. (2021). Consumer Behaviour Toward Adoption of Mobile Payment: A Case Study in Indonesia During the COVID-19 Pandemic. Journal of Asian Finance, Economics and Business. 8(4), 0581-0590
Taasim, S. I., & Yusoff, R. (2018). An Instruments Developing Cashless in Malaysia. Shirkah. Journal of Economics and Business, 2(2).
Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial innovation, 2(1), 1-9.
Zandi, M., Koropeckyj, S., Singh, V., & Matsiras, P. (2016). The Impact of Electronic Payments on Economic Growth, Moodys Analytics.
N/A
Copyright: © 2023 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode