Impact of consumption values on cashless society: influence of perceived costs

https://doi.org/10.35912/amor.v6i3.2090
Published: Feb 20, 2025

Abstract:

Purpose: This study aims to investigate the influence of consumption values (functional, social, emotional, epistemic, and conditional) on adopting a cashless society while examining the moderating effect of perceived cost and the mediating effect of cashless readiness.

Research Methodology: A quantitative research approach was employed, utilizing a convenience sampling method to collect data from 200 respondents through a survey. Statistical analysis techniques such as structural equation modeling (SEM) were likely used to analyze the data and test the hypothesized relationships.

Results: The study reveals that functional, epistemic, and conditional values significantly impact cashless readiness, which in turn affects the adoption of a cashless society. Perceived cost is identified as a significant moderator between cashless readiness and the adoption of a cashless society. Additionally, the findings indicate that cashless readiness partially mediates the relationship between functional, epistemic, and conditional values and the adoption of a cashless society.

Limitations: A potential limitation could be the use of a convenience sampling method, which may affect the generalizability of the findings to a larger population.

Contributions: The findings of this study could be valuable for mobile financial service providers, banking institutions, and governmental organizations in developing strategies to increase the adoption of digital payment systems. It contributes to the existing literature on consumer behavior and technology adoption, specifically in the context of cashless societies and mobile financial services.

Keywords:
1. Consumption values
2. mobile financial services
3. adoption of cashless society
4. cashless readiness
5. perceived cost
Authors:
1 . Moutusi Tanha
University of Canterbury, Christchurch, New Zealand
2 . Nayem Mahmud Bhuiyan
Army Institute of Business Administration, Bangladesh
3 . Sudipta Mukhopadhyay
Jahangirnagar University, Bangladesh
4 . Sayed Sajib Mannan
University of Dhaka, Bangladesh
5 . Subroto Deb Nath
University of Dhaka, Bangladesh
6 . Md. Nasirul Islam
University of Dhaka, Bangladesh
7 . Muhammad Al Amin
Jahangirnagar University, Bangladesh
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How to Cite
Tanha, M., Bhuiyan, N. M., Mukhopadhyay, S., Mannan, S. S., Nath , S. D., Islam , M. N., & Muhammad Al Amin. (2025). Impact of consumption values on cashless society: influence of perceived costs. Annals of Management and Organization Research, 6(3), 253–270. https://doi.org/10.35912/amor.v6i3.2090
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Issue & Section
Vol. 6 No. 3 (2025): February
Articles
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References

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    Baganzi, R., & Lau, A. K. (2017). Examining trust and risk in mobile money acceptance in Uganda. Sustainability, 9(12), 2233. https://doi.org/10.3390/su9122233.

    Baptista, G., & Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, 418-430. https://doi.org/10.1016/j.chb.2015.04.024.

    Bauer, H. H., Reichardt, T., Barnes, S. J., & Neumann, M. M. (2005). Driving consumer acceptance of mobile marketing: A theoretical framework and empirical study. Journal of Electronic Commerce Research, 6(3), 181.

    Chen, L.-d. (2008). A model of consumer acceptance of mobile payment. International journal of mobile communications, 6(1), 32-52. https://doi.org/10.1504/IJMC.2008.015997.

    Chuah, S. H.-W., Rauschnabel, P. A., Krey, N., Nguyen, B., Ramayah, T., & Lade, S. (2016). Wearable technologies: The role of usefulness and visibility in smartwatch adoption. Computers in Human Behavior, 65, 276-284. https://doi.org/10.1016/j.chb.2016.07.047.

    Chude, I. D., Chude, N. P., & Egbunike, C. F. (2022). Intellectual Capital and Financial Performance of Quoted Manufacturing Firms. Annals of Human Resource Management Research, 2(2), 147-160. https://doi.org/10.35912/ahrmr.v2i2.1251.

    Dahlberg, T., Mallat, N., Ondrus, J., & Zmijewska, A. (2008). Past, present and future of mobile payments research: A literature review. Electronic Commerce Research and Applications, 7(2), 165-181. https://doi.org/10.1016/j.elerap.2007.02.00.

    de Albuquerque, J. P., & Christ, M. (2015). The tension between business process modelling and flexibility: Revealing multiple dimensions with a sociomaterial approach. The Journal of Strategic Information Systems, 24(3), 189-202. https://doi.org/10.1016/j.jsis.2015.08.003.

    Didenko, A. N., Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). After Libra, Digital Yuan and COVID-19: Central Bank digital currencies and the new world of money and payment systems. http://dx.doi.org/10.2139/ssrn.3622311.

    Dieu, H. T. M., Al Mamun, A., Nguyen, T. L. H., & Naznen, F. (2023). Cashless Vietnam: a study on intention and adoption of cashless payment. Journal of Science and Technology Policy Management. doi:https://doi.org/10.1108/JSTPM-02-2022-0031

    Diniz, E. H., De Albuquerque, J. P., & Cernev, A. K. (2011). Mobile money and payment: A literature review based on academic and practitioner. Paper presented at the oriented publications (2001-2011). SIG GlobDev Fourth Annual Workshop. Shanghai, China December. http://dx.doi.org/10.2139/ssrn.2924669

    Dutot, V. (2015). Factors influencing near field communication (NFC) adoption: An extended TAM approach. The Journal of High Technology Management Research, 26(1), 45-57. https://doi.org/10.1016/j.hitech.2015.04.005.

    Islam, M. J., Hasan, S., & Fahim, A. Y. (2024). Influence of consumption values on adoption of cashless society in emerging economies: The mediating effect of cashless readiness. Journal of Financial Services Marketing, 1-13. doi:https://doi.org/10.1057/s41264-024-00273-9

    Jack, W., & Suri, T. (2014). Risk sharing and transactions costs: Evidence from Kenya's mobile money revolution. American Economic Review, 104(1), 183-223. https://doi.org/10.1257/aer.104.1.183.

    Jingnan, J., Teo, P.-C., Ho, T. C., & Hooi Ling, C. (2023). The behavioral intention of young Malaysians towards cashless society: Value-based adoption model. Cogent Business & Management, 10(2), 2244756. doi:https://doi.org/10.1080/23311975.2023.2244756

    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. doi:https://doi.org/10.3127/ajis.v25i0.2809

    Mohd Thas Thaker, H., Subramaniam, N. R., Qoyum, A., & Iqbal Hussain, H. (2023). Cashless society, e?wallets and continuous adoption. International Journal of Finance & Economics, 28(3), 3349-3369. doi:https://doi.org/10.1002/ijfe.2596

    Raj L, V., S, A., & K, A. (2021). Role of perceived countries’ advantages of cashless economy in behavioral intentions of using cashless transactions: an empirical analysis. Journal of Indian Business Research, 13(3), 413-433. doi:https://doi.org/10.1108/JIBR-06-2020-0186

    Sakib, M. N., Akter, M., Sahabuddin, M., & Fahlevi, M. (2024). An application of the extended UTAUT model to understand the adoption of cashless transactions: evidence from developing country. Journal of Science and Technology Policy Management. doi:https://doi.org/10.1108/JSTPM-09-2023-0156

    Sarker, B. K., Sarker, D. K., Shaha, S. R., Saha, D., & Sarker, S. (2024). Understanding Behavioral Intentions: How Customers Decide to Adopt Internet Banking in Bangladesh. Annals of Management and Organization Research, 6(2), 153-166. https://doi.org/10.35912/amor.v6i2.2402.

    Tanha, M., Bhuiyan, N. M., Mukhopadhyay, S., Mannan, S. S., Nath, S. D., Islam, M. N., & Al Amin, M. (2025). Impact of consumption values on cashless society: influence of perceived costs. Annals of Management and Organization Research, 6(3), 253-269. https://doi.org/10.35912/amor.v6i3.2090.

    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. https://doi.org/10.35912/amor.v4i1.1524.

    Van Klyton, A., Tavera-Mesias, J.-F., & Castano-Munoz, W. (2022). Value co-creation and co-destruction in the first cashless society in Colombia–a middle range theory approach. Information Technology & People, 35(4), 1298-1325. doi:https://doi.org/10.1108/ITP-05-2020-0273

    Wang, J., Nguyen, N., Jiang, X., Nguyen, H. V., & Saleem, M. A. (2023). Consumers’ perceived value and use intention of cashless payment in the physical distancing context: Evidence from an Asian emerging market. Asia Pacific Journal of Marketing and Logistics, 35(6), 1513-1531. doi:https://doi.org/10.1108/APJML-05-2022-0408

  1. Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99-110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002.
  2. Baganzi, R., & Lau, A. K. (2017). Examining trust and risk in mobile money acceptance in Uganda. Sustainability, 9(12), 2233. https://doi.org/10.3390/su9122233.
  3. Baptista, G., & Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, 418-430. https://doi.org/10.1016/j.chb.2015.04.024.
  4. Bauer, H. H., Reichardt, T., Barnes, S. J., & Neumann, M. M. (2005). Driving consumer acceptance of mobile marketing: A theoretical framework and empirical study. Journal of Electronic Commerce Research, 6(3), 181.
  5. Chen, L.-d. (2008). A model of consumer acceptance of mobile payment. International journal of mobile communications, 6(1), 32-52. https://doi.org/10.1504/IJMC.2008.015997.
  6. Chuah, S. H.-W., Rauschnabel, P. A., Krey, N., Nguyen, B., Ramayah, T., & Lade, S. (2016). Wearable technologies: The role of usefulness and visibility in smartwatch adoption. Computers in Human Behavior, 65, 276-284. https://doi.org/10.1016/j.chb.2016.07.047.
  7. Chude, I. D., Chude, N. P., & Egbunike, C. F. (2022). Intellectual Capital and Financial Performance of Quoted Manufacturing Firms. Annals of Human Resource Management Research, 2(2), 147-160. https://doi.org/10.35912/ahrmr.v2i2.1251.
  8. Dahlberg, T., Mallat, N., Ondrus, J., & Zmijewska, A. (2008). Past, present and future of mobile payments research: A literature review. Electronic Commerce Research and Applications, 7(2), 165-181. https://doi.org/10.1016/j.elerap.2007.02.00.
  9. de Albuquerque, J. P., & Christ, M. (2015). The tension between business process modelling and flexibility: Revealing multiple dimensions with a sociomaterial approach. The Journal of Strategic Information Systems, 24(3), 189-202. https://doi.org/10.1016/j.jsis.2015.08.003.
  10. Didenko, A. N., Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). After Libra, Digital Yuan and COVID-19: Central Bank digital currencies and the new world of money and payment systems. http://dx.doi.org/10.2139/ssrn.3622311.
  11. Dieu, H. T. M., Al Mamun, A., Nguyen, T. L. H., & Naznen, F. (2023). Cashless Vietnam: a study on intention and adoption of cashless payment. Journal of Science and Technology Policy Management. doi:https://doi.org/10.1108/JSTPM-02-2022-0031
  12. Diniz, E. H., De Albuquerque, J. P., & Cernev, A. K. (2011). Mobile money and payment: A literature review based on academic and practitioner. Paper presented at the oriented publications (2001-2011). SIG GlobDev Fourth Annual Workshop. Shanghai, China December. http://dx.doi.org/10.2139/ssrn.2924669
  13. Dutot, V. (2015). Factors influencing near field communication (NFC) adoption: An extended TAM approach. The Journal of High Technology Management Research, 26(1), 45-57. https://doi.org/10.1016/j.hitech.2015.04.005.
  14. Islam, M. J., Hasan, S., & Fahim, A. Y. (2024). Influence of consumption values on adoption of cashless society in emerging economies: The mediating effect of cashless readiness. Journal of Financial Services Marketing, 1-13. doi:https://doi.org/10.1057/s41264-024-00273-9
  15. Jack, W., & Suri, T. (2014). Risk sharing and transactions costs: Evidence from Kenya's mobile money revolution. American Economic Review, 104(1), 183-223. https://doi.org/10.1257/aer.104.1.183.
  16. Jingnan, J., Teo, P.-C., Ho, T. C., & Hooi Ling, C. (2023). The behavioral intention of young Malaysians towards cashless society: Value-based adoption model. Cogent Business & Management, 10(2), 2244756. doi:https://doi.org/10.1080/23311975.2023.2244756
  17. 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. doi:https://doi.org/10.3127/ajis.v25i0.2809
  18. Mohd Thas Thaker, H., Subramaniam, N. R., Qoyum, A., & Iqbal Hussain, H. (2023). Cashless society, e?wallets and continuous adoption. International Journal of Finance & Economics, 28(3), 3349-3369. doi:https://doi.org/10.1002/ijfe.2596
  19. Raj L, V., S, A., & K, A. (2021). Role of perceived countries’ advantages of cashless economy in behavioral intentions of using cashless transactions: an empirical analysis. Journal of Indian Business Research, 13(3), 413-433. doi:https://doi.org/10.1108/JIBR-06-2020-0186
  20. Sakib, M. N., Akter, M., Sahabuddin, M., & Fahlevi, M. (2024). An application of the extended UTAUT model to understand the adoption of cashless transactions: evidence from developing country. Journal of Science and Technology Policy Management. doi:https://doi.org/10.1108/JSTPM-09-2023-0156
  21. Sarker, B. K., Sarker, D. K., Shaha, S. R., Saha, D., & Sarker, S. (2024). Understanding Behavioral Intentions: How Customers Decide to Adopt Internet Banking in Bangladesh. Annals of Management and Organization Research, 6(2), 153-166. https://doi.org/10.35912/amor.v6i2.2402.
  22. Tanha, M., Bhuiyan, N. M., Mukhopadhyay, S., Mannan, S. S., Nath, S. D., Islam, M. N., & Al Amin, M. (2025). Impact of consumption values on cashless society: influence of perceived costs. Annals of Management and Organization Research, 6(3), 253-269. https://doi.org/10.35912/amor.v6i3.2090.
  23. 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. https://doi.org/10.35912/amor.v4i1.1524.
  24. Van Klyton, A., Tavera-Mesias, J.-F., & Castano-Munoz, W. (2022). Value co-creation and co-destruction in the first cashless society in Colombia–a middle range theory approach. Information Technology & People, 35(4), 1298-1325. doi:https://doi.org/10.1108/ITP-05-2020-0273
  25. Wang, J., Nguyen, N., Jiang, X., Nguyen, H. V., & Saleem, M. A. (2023). Consumers’ perceived value and use intention of cashless payment in the physical distancing context: Evidence from an Asian emerging market. Asia Pacific Journal of Marketing and Logistics, 35(6), 1513-1531. doi:https://doi.org/10.1108/APJML-05-2022-0408