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

https://doi.org/10.35912/amor.v5i4.1959
Published: May 3, 2024

Abstract:

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.

Keywords:
1. Cashless payment
2. factors
3. adoption factors
4. ecosystem
5. scoping review
Authors:
1 . Moutusi Tanha
University of Canterbury, Christchurch, New Zealand
2 . Md. Mohibul Alam Dolon
University of Global Village (UGV), Barishal & University of Dhaka, Bangladesh
https://orcid.org/0000-0002-3859-8912
3 . Al-Amin Al-Amin
University of Dhaka, Bangladesh
https://orcid.org/0009-0001-1464-9631
4 . Nusrat Afrin Nadi
University of Dhaka, Bangladesh
https://orcid.org/0009-0007-6057-6182
5 . Md. Monirul Islam
Jahangirnagar University, Bangladesh
https://orcid.org/0009-0009-2071-7889
6 . Md. Hazrat Ali
University of Dhaka, Bangladesh
https://orcid.org/0009-0009-2071-7889
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How to Cite
Tanha, M., Dolon, M. M. A., Al-Amin, A.-A., Nadi, N. A., Islam, M. M., & Ali, M. H. (2024). Factors influencing the development of the cashless payment system: Comprehending the function of the involved participants. Annals of Management and Organization Research, 5(4), 255–270. https://doi.org/10.35912/amor.v5i4.1959
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Issue & Section
Vol. 5 No. 4 (2024): May
Articles
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References

    Abbas, A. E. (2017). Literature review of a cashless society in Indonesia: evaluating the progress. International Journal of Innovation, Management and Technology, 8(3), 193-196.

    Abdullah, N., Redzuan, F., & Daud, N. A. (2020). E-wallet: Factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74.

    Achord, S., Chan, J., Collier, I., Nardani, S., & Rochemont, S. (2017). A Cashless Society: Benefits, Risks and Issues (Interim Paper).

    Berkimbayeva, A. (2019). Transition to a Cashless Society: Impact on Economic Activity.

    Chike, N. K., Mbamalu, E. I., Oguanobi, C. A., & Egbunike, C. F. (2023). Big Data Analytics and market competitiveness of selected firms in Lagos State, Nigeria. Annals of Management and Organization Research, 4(4), 251-269.

    Chow, T. W., & Singh, H. (2022). Cultivating emerging leadership competencies for individual and organizational success. Annals of Management and Organization Research, 4(2), 129-145.

    Datta, R. K. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. International Journal of Science and Business, 5(7), 21-32.

    DiFranco, F. (2008). The cashless revolution. Seced, 2008(4).

    Ebole, A., Kuyoro, S., & Aremu, I. (2016). Intelligent GSM Based Prepaid Energy Meter in a Cashless Economy. International Journal of Science and Research, 5(1).

    Fabris, N. (2019). Cashless society–the future of money or a utopia. Journal of Central Banking Theory and Practice, 8(1), 53-66.

    Fachrudin, K. A., & Silalahi, A. S. (2022). A Study of the Use of Cashless Payments in Relation to Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia. Paper presented at the Second International Conference on Public Policy, Social Computing and Development (ICOPOSDEV 2021).

    Fahim, A. Y., Al Mamun, A., Hossain, A., Chakma, T., & Hassan, E. M. (2022). Unpacking Brand Imperialism in Bangladesh: Emerging Market Perspective. International Journal of Financial, Accounting, and Management, 4(2), 219-239.

    Goel, R., Sahai, S., Vinaik, A., & Garg, V. (2019). Moving From Cash to Cashless Economy: A Study of Consumer Perception Towards Digital Transactions. International Journal of Recent Technology and Engineering (IJRTE), 8(1).

    Hidayah, N., Waspada, I., & Sari, M. (2023). The Dynamics Of Cashless Society: A Systematic Review. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(15).

    Lai, P. C., & Liew, E. J. (2021). Towards a cashless society: The effects of perceived convenience and security on gamified mobile payment platform adoption. Australasian Journal of Information Systems, 25.

    Mahmod, S. (2022). Demystifying work-related outcomes and life satisfaction of Bangladeshi working women during the COVID-19 pandemic. Annals of Management and Organization Research, 4(2), 109-127.

    Mashizha, M., Gumbo, L., & Chimwe, E. (2023). Addressing Barriers to entry into international trade by SMEs in Zimbabwe. Annals of Management and Organization Research, 4(4), 309-323.

    Obinabo, C. R. (2017). Cashless economic policy: An analysis of financial intermediation in the pre and post cashless policy periods. Journal of Policy and Development Studies, 11(2), 1-12.

    Ong, H.-B., & Chong, L.-L. (2023). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178-188.

    Ravi, P. (2018). A Study Of Cashless System And Cashless Society: Its Advantages And Disadvantages. Indian Journal of Applied Research.

    Reddy, M. S., Indraja, S., & Nikhil, L. (2017). Implementation Of Neural Network For Cashless Transactions In Credit Card Transactions. International Journal of Recent Trends in Engineering & Research, 1-13.

    Rozanna, M. (2023). What is strategic management research? Annals of Management and Organization Research, 4(4), 271-280.

    Srouji, J., & Torre, D. (2022). The global pandemic, laboratory of the cashless economy? International Journal of Financial Studies, 10(4), 109.

    Tanha, M., Fahim, A. Y., Tasnim, S., Raju, M. A. R., Islam, W., Shawn, F., . . . Islam, M. J. (2022). Different dimensions of conspicuous consumption in the emerging market of Bangladesh. Annals of Management and Organization Research, 4(1), 65-87.

    Uddin, M. S., & Akhi, A. Y. (2014). E-wallet system for Bangladesh an electronic payment system. International Journal of Modeling and Optimization, 4(3), 216.

    Zahedi, M. R., & Piri, M. (2023). Evaluation chain management model with emphasis on intellectual capital using blockchain technology. Annals of Management and Organization Research, 4(4), 281-295.

  1. Abbas, A. E. (2017). Literature review of a cashless society in Indonesia: evaluating the progress. International Journal of Innovation, Management and Technology, 8(3), 193-196.
  2. Abdullah, N., Redzuan, F., & Daud, N. A. (2020). E-wallet: Factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74.
  3. Achord, S., Chan, J., Collier, I., Nardani, S., & Rochemont, S. (2017). A Cashless Society: Benefits, Risks and Issues (Interim Paper).
  4. Berkimbayeva, A. (2019). Transition to a Cashless Society: Impact on Economic Activity.
  5. Chike, N. K., Mbamalu, E. I., Oguanobi, C. A., & Egbunike, C. F. (2023). Big Data Analytics and market competitiveness of selected firms in Lagos State, Nigeria. Annals of Management and Organization Research, 4(4), 251-269.
  6. Chow, T. W., & Singh, H. (2022). Cultivating emerging leadership competencies for individual and organizational success. Annals of Management and Organization Research, 4(2), 129-145.
  7. Datta, R. K. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. International Journal of Science and Business, 5(7), 21-32.
  8. DiFranco, F. (2008). The cashless revolution. Seced, 2008(4).
  9. Ebole, A., Kuyoro, S., & Aremu, I. (2016). Intelligent GSM Based Prepaid Energy Meter in a Cashless Economy. International Journal of Science and Research, 5(1).
  10. Fabris, N. (2019). Cashless society–the future of money or a utopia. Journal of Central Banking Theory and Practice, 8(1), 53-66.
  11. Fachrudin, K. A., & Silalahi, A. S. (2022). A Study of the Use of Cashless Payments in Relation to Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia. Paper presented at the Second International Conference on Public Policy, Social Computing and Development (ICOPOSDEV 2021).
  12. Fahim, A. Y., Al Mamun, A., Hossain, A., Chakma, T., & Hassan, E. M. (2022). Unpacking Brand Imperialism in Bangladesh: Emerging Market Perspective. International Journal of Financial, Accounting, and Management, 4(2), 219-239.
  13. Goel, R., Sahai, S., Vinaik, A., & Garg, V. (2019). Moving From Cash to Cashless Economy: A Study of Consumer Perception Towards Digital Transactions. International Journal of Recent Technology and Engineering (IJRTE), 8(1).
  14. Hidayah, N., Waspada, I., & Sari, M. (2023). The Dynamics Of Cashless Society: A Systematic Review. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(15).
  15. Lai, P. C., & Liew, E. J. (2021). Towards a cashless society: The effects of perceived convenience and security on gamified mobile payment platform adoption. Australasian Journal of Information Systems, 25.
  16. Mahmod, S. (2022). Demystifying work-related outcomes and life satisfaction of Bangladeshi working women during the COVID-19 pandemic. Annals of Management and Organization Research, 4(2), 109-127.
  17. Mashizha, M., Gumbo, L., & Chimwe, E. (2023). Addressing Barriers to entry into international trade by SMEs in Zimbabwe. Annals of Management and Organization Research, 4(4), 309-323.
  18. Obinabo, C. R. (2017). Cashless economic policy: An analysis of financial intermediation in the pre and post cashless policy periods. Journal of Policy and Development Studies, 11(2), 1-12.
  19. Ong, H.-B., & Chong, L.-L. (2023). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178-188.
  20. Ravi, P. (2018). A Study Of Cashless System And Cashless Society: Its Advantages And Disadvantages. Indian Journal of Applied Research.
  21. Reddy, M. S., Indraja, S., & Nikhil, L. (2017). Implementation Of Neural Network For Cashless Transactions In Credit Card Transactions. International Journal of Recent Trends in Engineering & Research, 1-13.
  22. Rozanna, M. (2023). What is strategic management research? Annals of Management and Organization Research, 4(4), 271-280.
  23. Srouji, J., & Torre, D. (2022). The global pandemic, laboratory of the cashless economy? International Journal of Financial Studies, 10(4), 109.
  24. Tanha, M., Fahim, A. Y., Tasnim, S., Raju, M. A. R., Islam, W., Shawn, F., . . . Islam, M. J. (2022). Different dimensions of conspicuous consumption in the emerging market of Bangladesh. Annals of Management and Organization Research, 4(1), 65-87.
  25. Uddin, M. S., & Akhi, A. Y. (2014). E-wallet system for Bangladesh an electronic payment system. International Journal of Modeling and Optimization, 4(3), 216.
  26. Zahedi, M. R., & Piri, M. (2023). Evaluation chain management model with emphasis on intellectual capital using blockchain technology. Annals of Management and Organization Research, 4(4), 281-295.