A Study on the Adoption of Cashless Payment after COVID-19

Cashless payment can be defined simply as an economic concept or state in which all financial transactions occur through digital information transfers rather than physical banknotes or coins. The term “e-wallet” is a form of digital wallet that allows an individual to link their debit or credit cards to digital wallet in order to make any transactions (Digital Wallet, 2019). The coronavirus pandemic has a huge impact on society and industry all over the world. Since the outbreak of coronavirus and movement control order implemented in Malaysia, most of the payments are being done by using electronic wallet payment systems. Devesh Kuwadekar, vice-president and head of market development, Mastercard Malaysia stated that online payments in the country and even across South East Asia were already rising before the pandemic.  According to Mastercard, Malaysia is one of Asia-Pacific's fastest growing countries in terms of contactless penetration. In addition to the electronic debit or

Cashless payment has always played a prominent role in society for doing daily transactions between one another regardless of wherever they are. However, this method of payment has grown into extreme heights especially during this global pandemic of the COVID-19. Hence, this study aims to investigate factors which are affecting the users’ adoption of cashless payment after COVID-19. In this present study, focus was given to understand the factors that influenced the adoption of cashless payment in respect with the rewards, convenience and security. The data was collected by a convenient sampling method through the distribution of online questionnaires that we have prepared through google forms which was then distributed through various online platforms such as Whatsapp, Facebook, Twitter and Instagram with a total of 320 respondents. Our findings indicate that rewards, convenience and security have a positive relationship between the adoption of cashless payment towards users after th

3 theory that previous researchers used      Technology accepted model Theory Technology Acceptance Model Technology Acceptance Model (TAM; Davis, 1989) has been one of the foremost persuasive models of technology acceptance, with two essential factors impacting an individual’s intention to utilize new technology. the purpose of this this model is to predict the acceptability of a tool and identify the changes which must be brought to the system in order to make it useful to everyone. Diffusion of Innovation (DOI) Diffusion of Innovation (DOI) Theory, created by E.M. Rogers in 1962, is one of the oldest social science theories. It begun in communication to clarify how, over time, an idea or item gains momentum and diffuses (or spreads) through a particular population or social system. The conclusion result of this diffusion is that individuals, as portion of a social system, embrace a new idea, behavior, or product. Adoption implies that a individual does something in an unexpected wa

  What is our experience in doing this research?      There's so much experience and knowledge that we gained when doing this research. Firstly, this is our first time experiencing an ongoing global pandemic COVID-19 which affect and change everything, this pandemic affect globally not only put the lives of people in risk but economically too, but that's not all, a lot of country was on lock down as the outbreak spread exponentially and a strict standard operating procedure(SOP) was executed to minimize the risk of pandemic to spread. It affect the way of our study as we always rely on physical class but now with the current pandemic,  Unikl business school  had to executed virtual learning which the lecturer will be teaching only through Microsoft Teams software, it does took a lot of times for us to actually adapt to the current changes. but still, this wont put us down even though there's a barriers to communicate with each other,  as we are always try to communicate wit

Figure 1: Theoretical Framework for convenience, security and rewards towards adoption of cashless Hypothesis H1: Convenience has a positive relationship with the adoption of cashless payment. H2: Security has a positive relationship with the adoption of cashless payment. H3: Reward has a posith the adoption of cashless payment. 

Summary of Demographic data Demographic Factors Categories Frequency Percentage (%) Gender Male 167 52.2 Female 153 47.8 Total 320 100 Age 18-30 101 31.6 31-40 124 38.8 41-50 63 19.7 51-above 32 10 Total 320 100 Occupation Student 63 19.7 Employed 123 38.4 Unemployed 31 9.7 Self-employed 81 25.3 Retired 22 6.9 Total 320 100 Do you consider yourself to be an active user of e-payment? Yes 261 81.6 No 59 18.4 Total 320 100 How often do you use e-payment in a month? Only once 55 17.2 5 to 10 times 112 35 More than 10 times 153 47.8 Total 320 100 Reliability Test No. Variable Cronbach's Alpha N of Items Interpretation 1. Rewards 0.910 5 Very good reliability 2. Convenience 0.934 6 Very good reliability 3. Se