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

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.

Pages: 255-270

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Cash Recycling Machine (CRM) & its impact on customer satisfaction: A study on UCB PLC

Purpose: The primary purpose of this research is to explore Cash Recycling Machine (CRM) systems and determine customer satisfaction after using CRM services. Research Methodology: To collect data for this research, a questionnaire was created and a survey was conducted to assess user contentment with the Cash Recycling Machine (CRM) of the United Commercial Bank (UCB) PLC. During the investigation of the Cash Recycling Machine (CRM) system, a secondary data source was utilized. Results: An analysis indicates that Almost 97% of respondents regularly utilized CRM services while continuing to depend on conventional banking methods. Nevertheless, a significant proportion of participants (over 20%) frequently employed CRM systems. Specifically, 47% utilize these systems four to seven times each month. This study demonstrates that banks are implementing novel services to entice a larger clientele, while consumers are allowed to utilize the banks' fundamental services, such as making deposits and withdrawals. Limitations: Banks are restricted from accessing crucial information owing to data privacy concerns. Furthermore, the use of secondary data may not adequately reflect the perspective of UCB PLC, owing to scalability issues. Ultimately, the limited sample size is a result of clients' strong unwillingness to allocate time for research. Contribution: This study and its implications can be used for additional research in emerging economies to comprehensively examine the adoption of new technologies in the banking industry. Novelty: The core reaction of consumers to an emerging technology for rapid economic growth.