Determining Factors that Influence Consumer Behaviour Intention to Use Cashless Payment in Malaysia

Qing Zhi Goh () and Lan Thi Phuong Nguyen ()
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Qing Zhi Goh: Multimedia University, Faculty of Management
Lan Thi Phuong Nguyen: Multimedia University, Faculty of Management

A chapter in Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022), 2022, pp 31-51 from Springer

Abstract: Abstract With the outbreak of the COVID-19 pandemics and the aggression in promoting Malaysia to be a cashless society by the Malaysian Government, the cashless payment is expected to grow and become the preferred method of payment in the future. This paper aims to explore factors influencing consumer behavioral intention to use cashless payment in Malaysia. The study model adopts constructs proposed by the Unified Theory of Acceptance and Use of Technology (UTAUT), an additional independent variable - trust and three moderating variables - age, gender and education level. A multiple regression analysis has been employed in this study. Two hundred sets of self-administered online questionnaires were distributed to cashless payment users aged 18 and above between 1 February to 30 March 2022. Performance expectancy, effort expectancy and trust were found to have a significant positive influence on the adoption of cashless payment. Performance expectancy has the strongest influence compared to effort expectancy and trust. However, facilitating conditions and social influence were found insignificant in this study. These findings are believed to be meaningful for the merchants, service providers or Government to understand the consumer needs and concerns in transforming Malaysia into a cashless society and advancing the country by the year 2030.

Keywords: Consumer Behavior; Cashless Payment; UTAUT; Fintech Adoption; Intention to Use Cashless Payment (search for similar items in EconPapers)
Date: 2022
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DOI: 10.2991/978-94-6463-080-0_4

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