Appl. However, 13 of the 15 method factor loadings (Rb) were not significant, with an average of 0.002. Deviations in the Contactless payment industry growth rate due to COVID-19 pandemic 4. The measurement items and their sources in the literature are summarized in Table 1. From smallpox to COVID: the medical inventions that have seen off infectious diseases over the past century, COVID-19 is no longer a global health emergency. ZD and ZG: data collection and editing. The increase in the average withdrawal value globally is probably driven, in part, by the public's desire to hold cash for precautionary reasons, as the value of coins and banknotes in circulation outside banks surged in many jurisdictions in 2020. Digital payments usage is robust, as about three-quarters of adults used an account to make or receive a digital payment. Top business leaders and trade officials explain why, These are the worlds biggest trading blocs, Cold War redux: this is why keeping the economy global is a good idea, Head of Digital Programmes, Chief Digital Office, United Nations Development Programme (UNDP), is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. 4.1. What does this mean for racial inequality? At this juncture, this paper examines the determinants of the adoption of mobile payment services among small and medium enterprises (SMEs) in China. Opportunities abound to increase account ownership broadly by digitalizing payments currently made in cash, including payments for agricultural products and private sector wages (about 20 million adults with no account in the region received private sector wages in cash, including 10 million in the Arab Republic of Egypt). 15 See ECB (2020). The same Mastercard study also found that 79% of survey respondents had transitioned to contactless payments, "citing safety and cleanliness as key drivers." Electronic payment surge Most signs point to Australia becoming a cashless society within years, or at least one where cash is a "niche" payment method. Willingness of Iranian young adults to eat organic foods: application of the health belief model. Fortunately, many banks, credit unions, other financial institutions, and credit card issuers have assistance programs for those who've been financially affected by the virus. Opportunities to increase account ownership in the region include digitalizing cash payments for the 65 million adults with no account receiving payments for agricultural products, and expanding mobile phone ownership, as lack of a phone is cited as a barrier to mobile money account adoption. A partial least squares latent variable modeling approach for measuring interaction effects: results from a Monte Carlo simulation study and an electronic-mail emotion/adoption study. The BIS's mission is to support central banks' pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks. Social support, belongingness, and value co-creation behaviors in online health communities. This commentary was written by Anneke Kosse and Robert Szemere. J. Individ. The American Rescue Plan (ARP) Act of 2021 created a Recovery Rebate Credit for tax year 2021 in March of that year. Moreover, Table 6 shows that all the effect size values (f2) range between 0.02 and 0.35, and that all the predictive relevance values (Q2) are above zero, confirming the high predictive relevancy of the research model. This study investigates how external interaction and the internal psychological process affect decision-making about QR code mobile payment usage. This website requires javascript for proper use, Ethics and conduct, risk management and internal audit, Sustainability & corporate responsibility, Administrative Tribunal of the BIS (ATBIS), Read more about ourresearch & publications, Committee on Payments and Market Infrastructures, Irving Fisher Committee on Central Bank Statistics, CGIDE task force on enabling open finance, Read more about BIS committees & associations, Implementation and evaluation of the Basel standards, RCAP on consistency: jurisdictional assessments, RCAP on consistency: thematic assessments, Other activities related to implementation and evaluation, Principles for Financial Market Infrastructures (PFMI), Payment, clearing and settlement in various countries, Historical Monetary and Financial Statistics (HMFS), Central bank and monetary authority websites, Regulatory authorities and supervisory agencies. Jul 3, 2020 COVID-19 may be the last nail in Cash's Coffin The coronavirus pandemic introduced numerous changes into our daily lives. According to the Centers for Disease Control and Prevention ( CDC ), by mid-March, all 50 states, the District of Columbia, and four U.S. territories had reported cases of COVID-19. The year 2020 witnessed the accelerated popularization of QR codes in response to the COVID-19 pandemic. NFC payment is based on radio frequency channel communication connecting payment devices and vending terminals without depending on mobile networks (Coskun et al., 2013). Emerging market and developing countries (EMDEs) refer to Argentina, Brazil, China, Hong Kong SAR, India, Indonesia, Korea, Mexico, Russia, Saudi Arabia, Singapore, South Africa and Turkey. Using a matched difference-in-differences setting on unique merchant card-sales transaction data, this study finds that merchants with contactless payment . doi: 10.1016/j.jsis.2007.08.001, Nakamoto, I., Wang, S., Guo, Y., and Zhuang, W. (2020). By investing in digital public infrastructure and technologies for payment and ID systems and updating regulations to foster innovation and protect consumers, governments can build on the progress reported in the Findex and expand access to financial services for all who need them.. 52:101910. doi: 10.1016/j.jretconser.2019.101910, Chen, A., Lu, Y., and Gupta, S. (2017a). Exploring consumer adoption of mobile payments A qualitative study. Specifically, this study addresses the following questions: (1) How does internal psychological appraisal (e.g., utilitarian benefit and health benefit) affect the adoption of QR code mobile payment? Thousand Oaks, CA: Sage Publications. Cons. Even in jurisdictions where the value of cash in circulation had been declining prior to the pandemic, the outstanding cash value grew further or stabilised in 2020 (Graph 3 left-hand panel). Amid the coronavirus crisis, Americans are abandoning cash almost entirely in favor of "tap and go" transactions and have finally embraced contactless and digital payment methods after years . Consum. Some companies leading the contactless revolution include Mastercard, Apple, Square, PayPal and Amazon. At the same time, and as in earlier stress episodes, the value of cash in circulation surged. A Primer on Partial Least Squares Structural Equation Modeling. Finally, this study examines the interaction between the external environment and the internal psychological appraisal of consumers to investigate the process of adoption of QR code mobile payment by applying and validating social learning theory in the mobile payment context. Can online wait be managed? Teo et al. doi: 10.4018/JGIM.2017010104, Chen, A., Lu, Y., and Wang, B. (2001). Health QR codes in China are officially authorized electronic certificates of personal health status; they have been used for contact tracing, exposure risk self-triage, self-updating of health status, healthcare appointments, and contact-free psychiatric consultations to curb the spread of COVID-19 (Nakamoto et al., 2020). In fact, according to the theory of social influence, support from important others may encourage adoption of a particular technology by consumers (Venkatesh et al., 2012). Here's what it means, New research shows the significant health harms of the pandemic, Philip Clarke, Jack Pollard and Mara Violato, Candida auris: What you need to know about the deadly fungus spreading through US hospitals, Understanding the impact of COVID-19 supply disruptions on exporters in global value chains, Laura Lebastard, Marco Matani and Roberta Serafini, The pandemic made us nicer and the change might be lasting, is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. Inform. As a means of payment, cash lost ground to digital and contactless methods of payment in 2020, while the demand for cash as a store of value rose precipitously. Accordingly, during the COVID-19 pandemic, people attempted to regulate their consumption behavior in order to avoid infection. J. Lifelong Educ. Perceived severity is defined as the perceived seriousness of a potential health problem (Ng et al., 2009). Globally, 59% of consumers prefer contactless payments over cash, chip- or pin-enabled cards or magnetic stripe cards. Fintech refers to technology-enabled innovation in financial services. (2021). 176:110781. doi: 10.1016/j.paid.2021.110781. The Covid-19 pandemic has boosted the use of digital and contactless payments. Based on social learning theory, this study models how external interaction with the environment has affected the . According to the health belief model, the perceived health benefit is defined as the perceived effectiveness of protective actions in reducing health risks (Janz and Becker, 1984). This study sheds light on how learning from the external environment affects the usage of QR code mobile payment of consumers. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How long coronavirus survives on surfaces - and what it means for handling money, food and more, West Africans are switching from cash to mobile money because of COVID-19. Previously, many potential users hesitated to apply for QR code mobile payment due to privacy concerns, financial security considerations, and the process being cumbersome. South-West University "Neofit Rilski", Bulgaria, Universiti Tun Hussein Onn Malaysia, Malaysia. 8 Data on contactless card payments have been collected since 2012 but for most countries in the sample, data are available only from 2014. J. Inf. (2015) to measure the impact of important others on the usage of QR code mobile payment. With the exception of payments made using a cheque or paper-based credit transfer, all non-cash payments are digital payments. With virtually every reputable consumer survey report on payments identifying cashless transactions as a lasting imprint of the pandemic, banks that hesitate in adopting no-touch technology or deploying multiple payment options at the POS are in danger of losing customers. Coskun, V., Ozdenizci, B., and Ok, K. (2013). The pandemic2 has made a marked impact on non-cash payments.3 In particular, the total value of non-paper-based or digital credit transfers grew strongly in both advanced economies (AEs) and emerging market and developing economies (EMDEs). doi: 10.1287/isre.14.2.189.16018, Chou, S. W. (2020). TheMiddle East and North Africaregion has made progress reducing the gender gap in account ownership from 17 percentage points in 2017 to 13 percentage points42% of women now have an account compared to 54% of men. Based on the evidence outlined above, we inferred that both utilitarian and health perceived benefits may have influenced the adoption of QR code mobile payment during the COVID-19 pandemic. The study was conducted from September to October 2022, engaging 1,000 Filipino respondents aged 18 to 65 years old. Inf. Although rigorous theoretical and methodological procedures were applied in our research model, this study is not without limitations. For example, scholars have called for closer attention to the health benefits of using QR codes during the COVID-19 pandemic (Yan et al., 2021). 47, 140149. Account usage has grown, however, driven by digital payments, as 34% of adults used their account to make or receive a payment, up from 28% in 2017. S. Pierre (Montral: IEEE Xplore), 2936. 22, 396406. Table 4. A survey on near field communication (NFC) technology. The perceived health benefit is widely used to evaluate food consumption, medication regimens, and computer security behavior (Ng et al., 2009). Such factors may provide more detailed insights into the usage of QR code mobile payment. Commer. A longitudinal investigation of personal computers in homes: adoption determinants and emerging challenges. Res. Can protection motivation theory predict pro-environmental behavior? Manag. doi: 10.1016/j.dss.2008.11.010, Oliveira, T., Thomas, M., Baptista, G., and Campos, F. (2016). 36, 157178. Perceived benefit is affected by external variables; for example, social influence has been shown to be positively related to mobile payment benefits (Slade et al., 2015). In addition, the perceived health benefit refers to the perceived effectiveness of specific behaviors in decreasing health risks (Janz and Becker, 1984). We further adopted perceived severity from Shafiei and Maleksaeidi (2020) to measure learning about the pandemic, utilitarian benefit from Chin et al. ECB (2020): "Study on the payment attitudes of consumers in the euro area (SPACE)", December. Adults in the region worry more about paying school fees than adults in other regions, suggesting opportunities for policy or products to enable education-oriented savings. Despite the advances, many adults around the world still lack a reliable source of emergency money. Why mobile payments fail? But since restrictions were imposed, online shopping quickly rose in popularity, as did cashless payment. The Covid-19 pandemic has boosted the use of digital and contactless payments. At the point of sale (PoS), consumers have increasingly migrated toward no-touch payments via near field communications (NFC) cards, phone apps and wearables. Furthermore, UB ( = 0.394, p < 0.001) and HB ( = 0.395, p < 0.001) were significantly associated with BI to adopt QR code mobile payment. No use, distribution or reproduction is permitted which does not comply with these terms. Pro-environmental behavior of university students: application of protection motivation theory. Q. Cash in circulation reached a decade high due to a surge in demand for high-value banknotes, suggesting that cash was increasingly held as a store of value rather than for making payments. Based on protection motivation theory (PMT), individuals evaluate the benefits of protective behavior based on their ability to judge severity (Bockarjova and Steg, 2014). While some stores are simply encouraging the use of . (2021) to measure attitude to mobile payment. J. Knowl. Change 28, 276288. Alternatively, consumers can show a QR code on the screen of their mobile phone to a store employee, who can then scan the code using a scanner or their own mobile phone. (2003) to measure the functionality of mobile payment in a transaction, health benefit from Hojjati et al. Serv. Download The Demographics of the Recipients of the First Economic Impact Payment [PDF - > 1MB] Starting in April 2020, the federal government began to distribute Economic Impact Payments (EIPs) in response to the health and economic crisis caused by COVID-19. 6 For example, in the United States, person-to-person and mobile payments increased by 6% and 8%, respectively, during 2020 and the first months of 2021 (Akana (2021)). This discovery adds to the literature on the benefit appraisal process and encourages further research examining the importance of the health utility provided by contactless payment tools. Although consumers have become increasingly apprehensive about interpersonal contact in physical stores, research on the methods they use to protect themselves in shopping areas is lacking. Telemat. Mobile money accounts drove a huge increase in financial inclusion in Sub-Saharan Africa. Human beings adapt their behavior to respond to threats from the external environment. 19 Pieces Of Expert Advice For Organizations Launching DevOps Programs, Mitigating Operational Risk In Healthcare With High-Performance Pharmacies, What Companies Should Know About Route Optimization Technology, How Enterprises Can Regulate The Development Of Generative AI, Quantifying Multi-Cloud Complexity Using Cloud Entropy, Cross-Industry Synergy In Electronics, Automotive And Aerospace, leads all original equipment manufacturers. Then, we applied social learning theory to mobile payment adoption behaviors. The external impact of perceived severity and social influence triggers the internal psychological process of appraising QR code mobile payment, which implies that the threat of environmental risks such as COVID-19 can be important antecedents to the uptake of mobile payment. Many central banks are exploring the potential of and need for a digital form of cash, a retail central bank digital currency (retail CBDC) that would provide consumers with the same protection as cash does today, while allowing them to make payments without carrying physical banknotes and coins. Finally, most respondents (71.3%) made QR code mobile payments more than 21 times per month during 2020. As a payment solution, the QR code enjoys both low cost and high popularity among customers and businesses. 14, 189217. Opinions expressed are those of the author. Serv. In particular, the demand for high-value denominations, which are typically held as a store of value, increased further, and more strongly than for other notes and coins (Graph 3 centre and right-hand panel). Results of the third BIS survey on central bank digital currency, Study on the payment attitudes of consumers in the euro area (SPACE), Policy response to Covid-19 Policy Tracker, Table: Contactless payment transaction limit increases around the world, Cash and crises: No surprises by the virus, The Visa Back to business study 2021 Outlook. doi: 10.2307/25148781, Libana-Cabanillas, F., Snchez-Fernndez, J., and Muoz-Leiva, F. (2014). Front. The results, shown in Table 5, reveal that the AVE square roots of all constructs are higher than their correlations, indicating that the constructs of the research model have sufficient discriminant validity. The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. The results indicate the support for all six hypotheses (Table 6). Estimates on exactly how much the 2017 Tax Cuts and Jobs Act affected the national debt vary, but none show a tally close to 25% of the national debt, which currently sits at $ 31.5 trillion . A growing number of consumers prefer to make payments via quick response (QR) codes scanned with their mobile phones over using cash or bank cards in physical stores. Soc. These findings also respond to calls from past studies (Yan et al., 2021). According to social learning theory, two processes combine to form social learning: external interaction and an internal psychological process (Illeris, 2003). Others 5. The 47th China Statistical Report on Internet Development. The Covid-19 pandemic accelerated the digitalisation of payments. Moreover, the COVID-19 pandemic raises the demand for cashless and online. (2009). Understanding the impact of COVID-19 supply disruptions on exporters in global value chains. Digital payments on the rise: The adoption of digital and contactless payments has seen significant growth all around the world, be it through websites, mobile phones or credit cards. .chakra .wef-facbof{display:inline;}@media screen and (min-width:56.5rem){.chakra .wef-facbof{display:block;}}You can unsubscribe at any time using the link in our emails. J. Commun. doi: 10.1016/j.gecco.2020.e00908, Slade, E. L., Dwivedi, Y. K., Piercy, N. C., and Williams, M. D. (2015). Published studies have explained how technology adoption results from perceived benefit. In terms of value, cash withdrawals were the lowest in Sweden and the Netherlands (3% and 4% of GDP, respectively) and highest in China and Russia (39% and 26%, respectively). People are adopting increasingly digital lifestyles, with innovations such as contactless cards and mobile payments increasingly accepted by merchants everywhere. Only about half of adults in low- and middle-income economies said they could access extra money during an emergency with little or no difficulty, and they commonly turn to unreliable sources of finance, including family and friends. Guttmann, R, C Pavlik, B Ung and G Wang (2021): "Cash demand during Covid-19", RBA Bulletin, March. As the ecosystem continues to evolve, more connected devices and the Internet of Things are going to create more user demand and an even greater need for constant innovation to build next-generation capability, helping to ensure that technology never outpaces trust.. Finally, we presented a questionnaire-based survey and a partial least squares structural equation modeling (PLS-SEM) method to empirically confirm our prediction of QR code mobile payment usage. InEurope and Central Asia, account ownership increased by 13 percentage points since 2017 to reach 78% of adults. For instance, the COVID-19 pandemic has changed the purchase behaviors of consumers, such as by forcing them to maintain a safe distance from others in physical stores, minimizing direct physical contact with products or people, and using contactless payment methods rather than cash or credit cards. We analyzed Square payments data to assess what impact the initial spread of COVID-19 in the U.S. had on the share of cashless businesses across the country. As of 2021, 76% of adults globally now have an account at a bank, other financial institution, or with a mobile money provider, up from 68% in 2017 and 51% in 2011. The internal psychological process includes the cognitive appraisal, which represents the understanding and ability to construct the meaning of learners. Utilitarian and health benefits are shown to be positively associated with behavioral intention to adopt QR code mobile payment, supporting hypotheses H5 and H6. The views expressed in this article are those of the author alone and not the World Economic Forum. R. H. Sprague (Honolulu, HI: IEEE Computer Society), 110. Virginia, and Maryland, stores are shifting toward cashless payment models to slow the spread of the virus. Manag. Retail. Based on beliefs and knowledge, cognitive appraisals are evaluations of the utility of specific actions to support the decision of whether to imitate those actions (Heijden, 2004; Lee et al., 2012). Mobile payment is defined as the use of a mobile device to complete an economic transaction (Libana-Cabanillas et al., 2014). J. Strateg. Hum. de Kerviler, G., Demoulin, N. T. M., and Zidda, P. (2016). NFCW (2021): "Table: Contactless payment transaction limit increases around the world", last updated on 27 August. The CARES Act calls these agreements "accommodations.". doi: 10.1016/j.jretconser.2018.11.015, Pham, T.-T. T., and Ho, J. C. (2015). Available online at: https://www.mpaypass.com.cn/download/202102/01173414.html (accessed February 1, 2021). Over 80 million adults with no account still receive government payments in cash digitalizing some of these payments could be cheaper and reduce corruption. 11 Chen et al (2021) demonstrate how some consumers try to minimise the time costs of withdrawing cash by making cash withdrawals opportunistically, eg on their commute to work. International trade: What you need to know this month, Countries must forge Global Blue Deal to protect the ocean: UNCTAD, Global Alliance for Trade Facilitation streamlines international trade, Regional integration is key to economic growth. You might find it difficult or impossible to keep up with your loan payments or credit card bills. People are used to learning from others, especially those with whom they are familiar. doi: 10.1002/mar.20823, Teo, A.-C., Tan, G. W.-H., Ooi, K.-B., Hew, T.-S., and Yew, K.-T. (2015). PwC . doi: 10.1016/j.ijid.2020.07.074, Shafiei, A., and Maleksaeidi, H. (2020). Expertise from Forbes Councils members, operated under license. Decis. In a recent study, Pew Research Center observed that nearly a third of young adults said that, on average, they never make cash purchases during the week. In 2020, on average, AE residents made close to twice as many cashless payments as residents of EMDEs. Learning from usage and/or recommendations of others, consumers acquire enough information to understand the utility or risk of a new technology. The data suggests that receiving a payment into an account instead of cash can kickstart peoples use of the formal financial system when people receive digital payments, 83% used their accounts to also make digital payments. Studying users computer security behavior: a health belief perspective. 31, 334344. H2. COVID-19 is changing the way people shop online, as well as how much shopping they're doing. Through the assessment of unrotated exploratory factor analysis, the largest factor explained 35.146% of the total variance without any single factor explaining most of the covariance of the variables. The perceived severity of COVID-19 positively affected the perceived health benefit of QR code mobile payment. COVID-19 has accelerated the digitization of the economy. Health Educ. In addition to the decline in cash payments, the growth in the number of card payments lost momentum or even declined in various jurisdictions (Graph 1 centre panel). Medical reports have appeared indicating that currency bills can carry and retain the novel coronavirus. These decisions and the degree and speed of adoption may differ among jurisdictions depending on their current payment infrastructures and instruments. The China UnionPay survey reported that the usage rate of NFC mobile payments was only 8% of all mobile payments in 2020 (CUP, 2021). As a result, the growth in total credit transfer usage was so strong that the share of non-cash payments in total GDP sharply increased across the globe (Graph 1 left-hand panel). This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). Thus, in the internal psychological process of social learning, we suggested the inclusion of health benefits in addition to utilitarian benefits. In the social-commercial scenario, consumers acquire knowledge from their interaction with online communities, reviews, and recommendations (Huang and Benyoucef, 2013). You can unsubscribe at any time using the link in our emails. DUBLIN, May 27, 2020 /PRNewswire/ -- The "COVID-19 Impact on Global E-Commerce & Online Payments - 2020" report has been added to ResearchAndMarkets.com's offering. (2012). We administered the survey online through professional research and modeling integrated data platform called Credamo1 from March 17 to April 16, 2021. Antecedents of the adoption of the new mobile payment systems: the moderating effect of age. Second, the sample size of this study constrains the generalizability of the research results. The pandemic has added to the motivations of central banks to develop central bank digital currencies (CBDCs). doi: 10.1016/j.techsoc.2015.05.004, Prasetyo, Y. T., Castillo, A. M., Salonga, L. J., Sia, J. Chen, H, M Stratheam and M Voia (2021): "Consumer cash withdrawal behaviour: branch networks and online financial innovation", Bank of Canada, Staff Working Papers, no 28, June. As the need for social distancing grew, digital payments, which used to be nice-to-have, transformed into a daily necessity in many countries. 3 Non-cash payments refer to payments made using a payment instrument other than cash, such as payment cards, credit transfers, direct debits and cheques. 11 March 2020. Finance As COVID-19 Spreads, Cashless Payments Increase for Some Fears of spreading the coronavirus have discouraged cash transactions and increased the number of card and online payments.. One in 10 Millennials today use their mobile wallets for every purchase, either online or at the POS. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Therefore, we recommend that future studies also explore the factors affecting usage intention from the perspective of the retailer. Therefore, CMB did not significantly affect the proposed model in this research. Click here for an interactive version of this graph. 71702063), Humanity and Social Science Youth Foundation of the Ministry of Education of China (Grant No. We adopted social influence from Slade et al. Manag. Int. Int. Valued at $1.05 trillion in 2019, contactless payment volumes hyper-charged by pandemic disruptions to consumer behavior are projected to reach $4.6 trillion by 2027, according to Precedence Research. Y202044572), and major projects of National Social Science Foundation of China Study and Explain the spirit of the Fifth Plenary Session of the 19th CPC Central Committee (Grant No. The world has a crucial opportunity to build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people,saidBill Gates, co-chair of the Bill and Melinda Gates Foundation, one of the supporters of the Global Findex database. MIS Quarterly 28, 695704. Support. Comp. To register for mobile payment using QR codes, individuals must connect their ID card and bank card to a third-party app (e.g., WeChat and Alipay) and complete an application. In addition, mobile payment is a useful tool with both utilitarian and health benefits; it was also officially recommended by WHO (2020) during the COVID-19 pandemic. Three quarters of adults now have a bank or mobile money account; gender gap in account ownership narrows. Table 6. Advanced economies (AEs) refer to Australia, Belgium, Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. For instance, companies or stores could persuade consumers to use mobile payment by labeling it a smart choice for your health.. The main reasons cited for increased drinking, according to one study, were stress (45.7 per cent), increased alcohol availability (34.4 per cent) and boredom (30.1 per cent). doi: 10.1080/02601370304837, Janz, N. K., and Becker, M. H. (1984). 36, 365394. Bandura, A. This report covers the. (2) What are the effects of the perceived severity of the COVID-19 pandemic on the internal psychological appraisal of QR code mobile payment of consumers? Social learning theory provides a structured approach to understand how individuals learn information or behaviors by observing the environment and imitating others (Bandura, 1978). Second, this study suggests that companies could include the health benefit of reducing interpersonal contact as an advantage when promoting QR code mobile payment. Sci. A weekly update of the most important issues driving the global agenda. Manag. But ultimately zoomers are primed to take the demand for alternative payment options to the next level as they emerge as a more engaged, mobile-first consumer segment. The apparent objective has now been solidified by the catastrophic impact of coronavirus, as with cashless payments people will be at less risk of contracting the virus as relatively compared to the conventional scan and pin methods. In low and middle-income economies (excluding China), over 40% of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic. As shown in Table 2, the sample comprised more male (59.3%) than female (40.7%) respondents. According to the literature on social learning, various information technology adoption behaviors derive from learning from others. Although cashless transactions may be the way of the future, the adoption growth rate of mobile payment via QR codes is still lower than expected. A weekly update of the most important issues driving the global agenda. Amid rising concerns of Covid-19 being transmitted via contaminated surfaces, global retail commerce has increasingly gone cashless. As of Jan. 31, $4.2 trillion had already been spent, according to the Government . Covid-19, cash, and the future of payments, Rise of the central bank digital currencies: drivers, approaches and technologies, Ready, steady, go? This study augments the literature on social learning theory by exploring the external interaction and internal psychological process associated with adopting QR code mobile payment during the COVID-19 pandemic. In the U.S., market research firm Dynata reported that contactless payment usage increased by 19% through July of last year. Table 2. (2021) demonstrated the impact of transaction factors, perceived usefulness, and personal factors on the adoption of QR code mobile payment. Int. Park et al. Syst. The data suggests that receiving a payment into an account instead of cash can kickstart people's use of the formal financial system - when people receive digital payments, 83% used their accounts to also make digital payments. This speaks largely to a generational shift. In the remainder of this study, we first reviewed prior literature on mobile payment adoption. Applying an extended Unified Theory of Acceptance and Use of Technology (UTAUT) model, Slade et al. While transaction convenience and transaction speed have been found to be important utility antecedents for QR code mobile payment usage (Yan et al., 2021), personal factors (e.g., optimism and innovativeness) should not be ignored. 21ZDA028). An empirical examination of factors influencing the intention to use mobile payment. In the case of missing observations, data are estimated using the average growth rate of all other countries. towards a dynamic and multi-perspective explanation, in HICSS 09: Proceedings of the 42nd Hawaii International Conference on System Sciences, 5-8 January 2009, Waikoloa, Big Island, ed. JMIR mHealth uHealth 8:e22321. Manag. Then, we elaborated on how people carry out the external interaction and internal psychological processes that drive them to use mobile payment. doi: 10.1108/jkm-12-2019-0683. For example, consumers can use the camera of their mobile phone to scan the QR code of the supermarket at the checkout to pay for goods. The effect of credit card versus mobile payment on convenience and consumers willingness to pay. 115, 311331. If the client does not have sufficient funds to make the QR code payment, the store will submit the payment claim later. Consumers also collect information through social media to assist with the cognitive appraisal before making a purchase (Hajli, 2012). doi: 10.1016/j.ijinfomgt.2017.05.001, Chin, W. W., Marcolin, B. L., and Newsted, P. R. (2003). InSouth Asia, 68% of adults have an account, a share that has not changed since 2017, though there is wide variation across the region. All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Most respondents (65.32%) were between 21 and 30 years old. The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. The empirical results reveal that perceived severity and social influence are positively related to utilitarian and health benefits, supporting hypotheses H1H4. doi: 10.1177/109019818401100101, Kim, C., Mirusmonov, M., and Lee, I. Consumers can observe and replicate the behaviors of other people. Wirel. Discriminant validity (Fornell and Larcker criterion). In India and Sri Lanka, for example, 78% and 89% of adults, respectively, have an account. MIS Q. Some of the growth factors in the global contactless payment market include private and public investments, a growing number of fintech organizations, increasing cases of cyber thefts, and others. Global data and statistics, research and publications, and topics in poverty and development, The World Banks digital platform for live-streaming, Environmental and Social Policies for Projects, International Development Association (IDA). *Correspondence: Lei Wu, usxwulei@163.com, Well-being and Work Motivation brought by Technological Changes, Coping and Adaptations During and Post COVID-19 Pandemic: Barriers and Opportunities, View all
doi: 10.1016/j.gloenvcha.2014.06.010, Boden, J., Maier, E., and Wilken, R. (2020). First, while previous studies have focused mainly on utilitarian factors (de Kerviler et al., 2016; Park et al., 2019; Yan et al., 2021), this study adds new knowledge to the literature on QR code mobile payment by emphasizing the appraisal of health benefits in the adoption process. Digital payments present an opportunity to increase both account ownership and usage, given the continued dominance of casheven among account ownersto make merchant payments. The widespread move to contactless, cashless payment systems raises concerns about the impact on low-income consumers, often mobile members, and members of minority groups who do not have. (2019) investigated multiple benefits (convenience, economy, enjoyment, and experiential) that positively influenced attitudes and adoption toward mobile payment among consumers in the United States. doi: 10.2307/3250959, Venkatesh, V., Thong, J., and Xin, X. There are three main types of mobile payment tools as follows: short message service (SMS), near-field communication (NFC), and QR codes. Verticals Affected Most . As the world opens back up, many of the transformations that Covid-19 accelerated are here to stay, and the digital payments industry is still growing. In order for smaller and less digitally progressive banks to get up to speed, they would be wise to consider partnering with digital-native fintechs. Since 2020, Chinese consumers have increasingly adopted QR code payment methods in order to satisfy the need for social distancing in public places. Here's how banks can make the leap if they havent already. The latter include (i) the worldwide migration to working-from-home; (ii) temporary shutdowns of shops, hotels and restaurants; (iii) some merchants refusing cash payments;4 (iv) the surge in e-commerce;5 (v) the growth in digital person-to-person payments;6 and (vi) the distribution of Covid-19 benefit payments by governments.7, In all jurisdictions from which the CPMI collects contactless card data, the share of contactless payments in total card transactions increased in 2020 at its highest rate since 2015 (Graph 1 right-hand panel).8 This may be explained by public fears of contagion9 and associated policy measures. 15 Articles, This article is part of the Research Topic, https://doi.org/10.3389/fpsyg.2021.798199, http://www.cac.gov.cn/2021-02/03/c_1613923423079314.htm, https://www.mpaypass.com.cn/download/202102/01173414.html, Creative Commons Attribution License (CC BY). In China, 89% of adults have an account, and 82% of adults used it to make digital merchant payments. The usage of tap-and-go credit and debit cards has been already at a growing stage, even before the pandemic struck. The gap narrowed from 7 to 4 percentage points globally and from 9 to 6 percentage points in low- and middle-income countries, since the last survey round in 2017. In Sub-Saharan Africa, for example, the lack of an identity document remains an important barrier holding back mobile money account ownership for 30% of adults with no account suggesting an opportunity for investing in accessible and trusted identification systems. Collecting multiple variable data from the same respondents via a questionnaire may incur common method bias (CMB). Inf. Results of the third BIS survey on central bank digital currency", BIS Papers, no 114, January. J. 2020 brought with it a rapid acceleration of digitization and reinforced the importance of digital solutions like contactless to help meet our everyday needs. Not so fast: demand for U.S. currency at home and abroad, 19902016", Conference Paper for International Cash Conference 2017 War on Cash: Is there a Future for Cash?, April. Scholars have identified four points of convenience for consumers who use mobile payment (Boden et al., 2020). Hajli, M. (2012). (2012). Cash in circulation reached a decade high due to a surge in demand for high-value banknotes, suggesting that cash was increasingly held as a store of value rather than for making payments. Transportation 4.4. An integrated model for e-commerce adoption at the customer level with the impact of social commerce. Third, the research model has important implications for social learning theory. Although prior research has focused on utilitarian benefits such as transaction speed and convenience (Yan et al., 2021), the proposed model in this study suggests that the perceived health benefit may also enhance the behavioral intention to use QR code mobile payment. Many experts believe that Covid-19 has accelerated a trend that was already underwaya shift to a cashless society. You may opt-out by. The findings in this study have several managerial implications for the extension of QR code mobile payment. In India, a poll conducted by Mastercard on digital payments revealed a 19% increase in the actual contactless cards issued in the first quarter of 2020, the . Therefore, we posited the following hypotheses: H5. However, the COVID-19 pandemic (henceforth "the pandemic"), and the measures imposed by governments to contain it, appear to have had a considerable impact on consumer payment behaviour. Social influence positively affected the perceived utilitarian benefit of QR code mobile payment during the COVID-19 pandemic. (2009). . Therefore, we concluded that our statistical results were unlikely to have been affected by CMB. Retail 4.2. 57:103195. doi: 10.1016/j.im.2019.103195, Mallat, N. (2007). MIS Q. Written informed consent for participation was not required for this study in accordance with the national legislation and the institutional requirements. InEast Asia and the Pacific, financial inclusion is a two-part story of what is happening in China versus the other economies of the region. CUP (2021). J. Glob. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. 17YJC630140), General Scientific Research Projects of Zhejiang Provincial Department of Education (Grant No. doi: 10.1016/j.foodqual.2014.11.012, Huang, Z., and Benyoucef, M. (2013). The QR code is linked to the credit or debit card of the client. (2017b). Importantly, growth in account ownership was evenly distributed across many more countries. "Contactless payments are up to 10 times faster than other in-person payment methods, enabling customers to get in and out of stores . The popularity of QR code payments in physical stores heralds a cashless future. The extant literature on mobile payment focuses primarily on its utilitarian function from the perspective of technological system adoption. Both NFC and QR codes are proximity systems. Mark. First, we employed Harmans single factor test to evaluate CMB. The BIS fosters dialogue, collaboration and knowledge-sharing among central banks and other authorities that are responsible for promoting financial stability. (2021) claimed that transaction speed and convenience were the main benefits offered by mobile payment. Although NFC payments are used in many scenarios, such as public transportation, their popularity is limited by the lack of devices due to the relatively high cost of NFC modules. No-touch payment technology is deployed via an embedded, integrated circuit chip and antenna that communicates with payment terminals either via NFC transmissions or through radio-frequency identification (RFID). Earlier research shows that the growth in cash holdings has slowed after a crisis or period of uncertainty had passed.16. Overall, this study not only provides a theoretical assessment of the adoption of QR code mobile payment during the COVID-19 pandemic but also has managerial implications for companies wishing to expand QR code mobile payment to respond to disease outbreaks. In terms of occupation, more than half of the respondents were employed by corporations (56.9%). Double-digit increases in account ownership were achieved in Cambodia, Myanmar, the Philippines, and Thailand, while the gender gap across the region remains low, at 3 percentage points, but the gap between poor and rich adults is 10 percentage points. A., and Seneta, J. The longer the pandemic will last, the more cashless-friendly the societies will become. (2007). 1 This commentary is based on the CPMI Red Book data published for 27 jurisdictions for the period 201220. The agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as suspend the debt limit until January 2025 past the next . Millennials, in particular the generation born between 1980 and 2000 are the generation charting the course of cashless commerce. Electron. However, the extent to which the coronavirus disease 2019 (COVID-19) pandemic accelerated the adoption of QR code mobile payment has not been sufficiently researched. Although it changed the public's payment behaviour, the pandemic does not appear to have affected the public's perception of cash being a safe haven. In the rest of the region, 59% of adults have an account and 23% of adults made digital merchant payments54% of which did so for the first time after the beginning of the COVID-19 pandemic. The increasing number of quick response (QR) code mobile payment users heralds the coming of a cashless society. Based on social learning theory, this study models how external interaction with the environment has affected the internal appraisal and behavioral intention to adopt QR code mobile payment during COVID-19. In the modern era of open banking and APIs, community banks and credit unions need to embrace a culture of innovation and collaboration. This study makes three significant contributions. Behav. Auer, R, J Frost, T Lammer, T Rice and A Wadsworth (2020b): "Inclusive payments for the post-pandemic world", SUERF Policy Note, no 193, September. During the COVID-19 pandemic, consumers were encouraged to use contactless payments. As per the WHO, the virus could stay on cash for days after exposure, so . Similarly, social learning theory can be employed to understand the diffusion process of an enterprise application in an organization (Lorenzo et al., 2012). We adopted two methods to check the extent of CMB. In addition, the ubiquity of health QR codes has spawned the spontaneous use of QR codes for mobile payment due to the demand for socially distanced, contact-free shopping. Glob. What is being done to bridge the financial gaps for unbanked Americans? An online survey from Amazons Mechanical Turk (MTurk) also showed that social influence positively affected the perceived benefits (e.g., convenience, economic, informational, enjoyment, experiential, and social benefits) of mobile payment of consumers (Park et al., 2019). (2015) determined that social influence was the strongest predictor of behavioral intention toward mobile payment in the United Kingdom. As impactful as social distancing, wearing masks and repeated hand washing were, they may not have the most significant long-lasting effect. Thus, social learning theory is appropriate to explain the adoption of QR code mobile payment. 49, 4757. Specifically, perceived severity and social influence were the stimuli from the external environment during the COVID-19 pandemic. Speeches by BIS Management and senior central bank officials, and access to media resources. J. The decline in the number of withdrawals might be due to fewer commuting and shopping trips 11 during the pandemic and a tendency to avoid the use of automated teller machines (ATMs) or to visit bank branches because of fear of being infected with the virus.12 However, country differences in withdrawals are large, with five annual withdrawals in China and India and 50 in Saudi Arabia (Graph 2 right-hand panel). Understanding relational virtual community members satisfaction from a social learning perspective. Social influence from others affects health-related behaviors. Empirical results from 248 respondents revealed that perceived severity and social influence positively affected the perception of utilitarian and health benefits of respondents, which in turn influenced the behavioral intention to use the QR code mobile payment. The digital revolution has catalyzed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow, and save,saidWorld Bank Group President David Malpass. 43, 159172. They also need to be cognizant of the transgenerational shifts that are increasingly redefining the modern depositor and banking consumer. Shifting people to formal modes of savings is another opportunity given that about 14 million adults with no account in regionincluding 7 million womensaved using semiformal methods. doi: 10.1016/j.jretconser.2016.04.011, Fragkaki, I., Maciejewski, D. F., Weijman, E. L., Feltes, J., and Cima, M. (2021). Did the pandemic further motivate the adoption of this form of payment? The original contributions presented in the study are included in the article/supplementary material, further inquiries can be directed to the corresponding author. A QR code is a storage system employing a dot matrix or two-dimensional bar code that can be printed on study or shown on a screen to provide information and is recognized by special devices. 25, 6691. This site uses cookies to optimize functionality and give you the best possible experience. The impact of Covid-19 on the Philippines' microseller economy. Serv. 31, 5987. In particular, the perceived severity of the COVID-19 pandemic positively relates to attitudes and behaviors geared toward protection (Prasetyo et al., 2020). 13 See, for example, Judson (2017) and Rsl and Seitz (2021). Res. This study aims to examine the increasing use of QR code mobile payment from a social learning theory perspective by considering the impacts of both external environment interaction and internal psychological appraisal. Utilitarian benefit refers to the functional value resulting from using a system (Venkatesh and Brown, 2001). PLS-SEM is a suitable method with high prediction accuracy in complex research models. Fourth, mobile payment protects consumers from counterfeit money (Teo et al., 2015). 61, 404414. (1978). Create a free account and access your personalized content collection with our latest publications and analyses. Data Syst. Amid rising concerns of Covid-19 being transmitted via contaminated surfaces, global retail commerce has increasingly gone cashless. Outcome of the structural model. Psychol. We are grateful to Ilaria Mattei and Ismail Mustafi for their excellent research assistance and we would like to thank Bilyana Bogdanova, Jenny Hancock, Stijn Claessens, Tara Rice and Takeshi Shirakami for their valuable comments. The perceived health benefit is an important factor in assessing specific behaviors such as food consumption, medication regimens, and computer security behavior (Ng et al., 2009). President Ferdinand Marcos Jr. has taken steps to increase public knowledge about cashless transactions as part of his campaign to fully digitize the country, Malacaang said on Friday. Third, mobile payment has some advantages in terms of economic transaction performance characteristics (e.g., speed) compared with traditional payment tools (Teo et al., 2015). The coronavirus disease 2019 (COVID-19) pandemic pushes people looking for shopping alternatives, seeking to avoid handling cash in favor of a safe and quick mobile payment. Based on the above considerations, we posited the following hypotheses: H1. . J. Infec. SMS mobile payments are remote systems that require a communication protocol enabling the exchange of short text messages between two mobile devices (Valcourt et al., 2005). COVID-19 has limited some people's ability to work and earn a paycheck. --- (2021): "Rise of the central bank digital currencies: drivers, approaches and technologies", updated data set, October. Similarly, Yan et al. CNNIC (2021). MIS Q. First, our findings suggest that companies can encourage the use of QR code mobile payment by reminding consumers of the pandemic. 37, 627638. (2016) explored the benefits (utility, hedonic, and social) and risks (financial and privacy-related) of in-store mobile payment. Dis. Advanced Issues in Partial Least Squares Structural Equation Modeling. Abstract. doi: 10.2196/22321, Ng, B. Y., Kankanhalli, A., and Xu, Y. Auer, R, G Cornelli and J Frost (2020a): "Covid-19, cash, and the future of payments", BIS Bulletin, no 3, April. We evaluated the convergent validity and discriminant validity of the measurement model. Behav. QR code mobile payment provides consumers with higher transaction efficiency and a contactless in-store experience, which decreases the risk of infection. InSub-Saharan Africa, mobile money adoption continued to rise, such that 33% of adults now have a mobile money accounta share three times larger than the 10% global average. The research focuses only on the first-round EIPs: payments of $1,200 per eligible individual and $500 per qualifying child established by the CARES Act and issued between April 2020 and December 2020. We employed a bootstrapping test with 5,000 resamples to estimate each hypothesis and its significance. Furthermore, the perception of utilitarian and health benefits to be gained from QR code mobile payment represents the internal psychological process. Posted March 31, 2021 It's 2021, and some people haven't touched cash in a year. Contactless technologies empower consumers to pay by tapping or hovering their card or device over compatible PoS terminals. IMF (2021): "Policy response to Covid-19 Policy Tracker", last updated on 2 July. Results of convergent validity tests. 9 According to ECB (2020), on average, 38% of respondents in the euro area avoided cash for fear of being infected with Covid-19 using banknotes and coins. The e-commerce conglomerate first debuted this technology at its Amazon Go stores in Seattle last September. Perceived benefit is defined as the degree to which consumers believe they will benefit from adopting technology systems (Ng et al., 2009). COVID-19 has accelerated online cash trasnfers. Similarly, a recent survey conducted by Visa showed that 65% of respondents planned to use contactless card payments as much or even more than before they were vaccinated, while 16% expected to revert to their previous payment habits (Visa (2021)). Examining the effects of social influence in pre-adoption phase and initial post-adoption phase in the healthcare context. In the context of QR code mobile payment, the learning behavior of consumers in the interaction with other people is the external interaction process. Creating an enabling policy environment, promoting the digitalization of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises.. These results imply that all constructs in the research model have good convergent validity (Hair et al., 2014). BIS research focuses on policy issues of core interest to the central bank and financial supervisory community. Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. But cash will never . Observing this trend, PayPal chief executive Dan Schulman told CNBC last December that he views contactless as a sign that digital payments are shifting from being a nice-to-have capability to a must-have essential service., Further validating this statement, Ajay Bhalla, president of cyber and intelligence at Mastercard, said in a January press release announcing enhanced contactless specifications: Contactless is the present and future of in-person payments. Specifically, the positive opinions of family members, relatives, friends, and superiors can encourage individuals to adopt mobile payment (Oliveira et al., 2016). The Future Of Digital Payment Trends. First, mobile payment eliminates spatial constraints on payment, enabling consumers to purchase products from a remote online shop (Slade et al., 2015). The digital payments market is forecast to grow at a compound annual growth rate of 13.7 percent between 2021 and 2026 according to ReportLinker - a demand driven by greater convenience, favourable government policies and evolving consumer behaviour, as well as COVID-19 disruption. 16 See, for example, Judson (2017) and Rsl and Seitz (2021). For the first time since the Global Findex database was started in 2011, the survey found that the gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money. On a macro-level, the demand for alternative payment options including contactless payments, mobile wallets and the ability to pay with points or other digital currencies has been giving way to the decline of cash, which was a visible trend even before the pandemic. Furthermore, nearly half of the respondents (45.56%) earned a monthly income in the range of CNY 5,0019,000, and nearly half (49.6%) spent 13 h/day on social networking services (SNS) such as WeChat. (2010). 11, 147. The increasing number of quick response (QR) code mobile payment users heralds the coming of a cashless society. This study uses a survey questionnaire to collect data. While larger Wall Street banks are already ahead of the curve, issuing NFC-powered chip cards and even cardless ATMs, smaller community financial institutions (FIs) and credit unions may have been slower off the block to integrate next-generation payment systems. COVID-19 has changed people's behavior and this change is likely to be permanent. Enhancing the decision quality through learning from the social commerce components. Non-cash payments refer to payments made using a payment instrument other than cash, such as payment cards, credit transfers, direct debits and cheques. For instance, physical stores could telecast news about COVID-19 worldwide to stimulate the appraisal of, and intention to adopt, mobile payment of consumers. Second, unlike prior research that has considered mobile payment merely as a transaction tool in the common consumption context (Teo et al., 2015), this study enriches the literature on mobile payment by investigating the adoption of QR code mobile payment of consumers in response to the threat of COVID-19. Just as the pandemic has given way to consumer demand for more payment options, it has also opened doors for payments innovation, so financial institutions can get the most bang out of tomorrow's inevitably contactless bucks. (2015) explored the antecedents (such as performance expectancy, social influence, innovativeness, and perceived risk) that significantly influenced behavioral intentions of non-users to use mobile payment in the United Kingdom. Mobile payment enables the purchase of either digital goods (e.g., music and games) or physical goods (e.g., books and consumer electronics) (Kim et al., 2010). (2015) discovered that effort expectancy (EE) and facilitating conditions (FC) positively affected behavioral intention to use mobile payment. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Supervisory community Policy response to the functional value resulting from using a cheque or paper-based credit transfer all! Utilitarian and health benefits, supporting hypotheses H1H4 from past studies ( et... Purchase ( Hajli, 2012 ) respondents were employed by corporations ( 56.9 % ) than (... Collection with our latest publications and analyses ( 2003 ) card versus payment. 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Code enjoys both low cost and high popularity among customers and businesses and other authorities that are responsible for financial!, Bulgaria, Universiti Tun Hussein Onn Malaysia, Malaysia investigates how external interaction with cognitive. The above considerations, we posited the following hypotheses: H5 this graph model e-commerce..., Marcolin, B., and personal factors on the above considerations, first! Bank and financial supervisory community the pursuit of financial stability at a growing,! Period 201220 ) claimed that transaction speed and convenience were the main benefits offered by mobile payment in..., Guo, Y., and Zidda, P. r. ( 2003 ) through social media to with! Written by Anneke Kosse and Robert Szemere and analyses ( 2020 ) an interactive of... Of CMB Forbes technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives year witnessed. 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Increase in financial inclusion in Sub-Saharan Africa published studies have explained how technology adoption results from perceived.... Or device over compatible PoS terminals: extending the Unified theory of and. ( Table 6 ), S., Guo, Y., and Maryland, are. X27 ; s behavior and this change is likely to be gained from QR code mobile payment users the... Online shopping quickly rose in popularity, as well as how much shopping they & # x27 ; microseller.. Libana-Cabanillas, F., Snchez-Fernndez, J., and Becker, M. ( 2013.. ( 1984 ) of age, F. ( 2016 ), Wang, B sufficient funds to make merchant. Payments over cash, chip- or pin-enabled cards or magnetic stripe cards Ozdenizci, B. L. and! Results reveal that perceived severity and social influence in pre-adoption phase and initial post-adoption phase in U.S.! Specifically, perceived severity and social influence positively affected behavioral intention to use mobile payment benefit Hojjati... And the internal psychological process and health benefits to be cognizant of the.. Via contaminated surfaces, global retail commerce has increasingly gone cashless P. r. 2003... Most significant long-lasting effect as in earlier stress episodes, the store will submit the payment claim later payment the... Statistical results were unlikely to have been affected by CMB & quot ; ( Grant no factors may more! Open banking and APIs, community banks and credit unions need to embrace a culture of and... Online, as did cashless payment models to slow the spread of the respondents were employed by (! Near field communication ( NFC ) technology: 10.4018/JGIM.2017010104, Chen,,... Yan et al., 2021 ): `` Policy response to the government,... Learning theory, this study sheds light on how people carry out the external interaction with the legislation. Impactful as social distancing in public places in Seattle last September as social distancing in public places to the! Last updated on 27 August for cashless and online 27 jurisdictions for the of., Chin, W. W., Marcolin, B. L., and Zidda impact of covid-19 on cashless payment P. ( 2016.! Teo et al., 2015 ) discovered that effort expectancy ( EE and!, AE residents made close to twice as many cashless payments as residents EMDEs. Stage, even before the pandemic struck posited the following hypotheses: H5 from September to October 2022 engaging... Consumers have increasingly adopted QR code mobile payments more than 21 times per during! Financial gaps for unbanked Americans have good convergent validity and discriminant validity of the alone. ( 2021 ) claimed that transaction speed and convenience were the main offered! A rapid acceleration of digitization and reinforced the importance of digital solutions like contactless help. Their behavior to respond to calls from past studies ( Yan et al., 2015 ) impact of covid-19 on cashless payment effort! Lack a reliable source of emergency money affect the proposed model in this study constrains the generalizability of new... Understanding relational virtual community members satisfaction from a social learning theory to mobile focuses! Perceived health benefit from Hojjati et al ( SPACE ) '', Bulgaria, Tun! Adults now have a bank or mobile money accounts drove a huge increase in inclusion., mobile payment threats from the same time, and Benyoucef, M., and Maryland, are! Use, distribution or reproduction is permitted which does not comply with these terms defined as the use of and... 10.2307/3250959, Venkatesh, V., Thong, J., and Ho, J., and access your content... The value of cash in circulation surged already underwaya shift to a society. Affected the perceived health benefit from Hojjati et al supporting hypotheses H1H4 the most significant effect! Have sufficient funds to make digital merchant payments banking and APIs, community banks and credit unions to... Enjoys both low cost and high popularity among customers and businesses further inquiries can directed... Information through social media to assist with the national legislation and the degree and speed of adoption may among... Libana-Cabanillas, F. ( 2014 ) Slade et al out the external environment during the COVID-19 pandemic has the. ) discovered that effort expectancy ( EE ) and Rsl and Seitz ( 2021 ) mobile account. Seriousness of a mobile device to complete an Economic transaction ( Libana-Cabanillas et al., )! Credamo1 from March 17 to April 16, 2021, C., Mirusmonov,,..., our findings suggest that companies can encourage the use of by CMB is defined as the use digital. This form of payment the pandemic has boosted the use of information technology adoption results perceived... Snchez-Fernndez, J., and Benyoucef, M. ( 2013 ) accommodations. & quot ; accommodations. & quot ; &...
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