INTRODUCTION TO CASHLESS PAYMENT

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What are the different types of cashless payment methods? - First ...

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 credit cards, customers can store their physical card details or bank account number in the e-wallets for some payment actions (Ray, 2017). The use of e-wallet offers small-scale transactions which is very easy to operate (Punwatkar, 2018). Cashless payments do not only bring many benefits but also a key factor in the "new normal" and will help flatten the curve, as well as helping small and medium-sized enterprises to run their business. It has become a norm across digital wallets to see people make purchases of needed items when they are at home (Rohiman, 2020).

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SUMMARY OF RESEARCH

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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
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FINDINGS AND DISCUSSION

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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
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