EMPOWERING CASHLESS PAYMENT ADOPTION THROUGH TRUST IN FINANCIAL SERVICES: A QUANTITATIVE STUDY AMONG ONLINE PAYMENT USERS IN DIGOS CITY, PHILIPPINES

Mae Kyla M. Carvajal, Jorge Dovan T. Lerio, Vincent P. Suecano, Kathlene Mae B. Geloca

Abstract


Although cashless payments have been growing due to the development of digital financial technologies, users' willingness to adopt them still depends on trust levels. The factors that contribute to the acceptance of cashless payments are dispositional, institutional, and trust-related beliefs. The factors that contribute to the acceptance of cashless payments are uptake of cashless payments, confidence, voluntariness, favorable circumstances, hedonic incentive, and the neighbor effect. Data from 335 adult users were collected using a quantitative descriptive-correlational approach with an adapted Likert-scale questionnaire. Simple random sampling ensured equal and independent sampling possibilities, thus providing a representative and unbiased sample for fair and reliable conclusions. The results showed that cashless payment methodology was adopted at a high level and that trust in financial services was high. Among the trust aspects, institutional trust had the highest mean, and the most significant factor influencing the adoption of cashless payments was the voluntariness of use. Moreover, the study revealed a strong positive correlation between the use of cashless payment systems and trust in financial services, indicating that the higher the level of trust in financial services, the higher the level of adoption of cashless payment systems. These results emphasize how crucial it is to build confidence to promote the adoption of cashless payment methods further.

Keywords


cashless payment adoption, trust in financial services, online payment users, digital payments, financial technology

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References


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DOI: http://dx.doi.org/10.46827/ejefr.v10i6.2315

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