Cashless payment systems for business transactions: Status, challenges, and viability among users

Abstract

The study aimed to determine the status, challenges, and viability of cashless payment systems for business transactions among users. A survey correlational research design was used, data were collected from 140 participants across different user types in Iloilo, Philippines. Quota sampling ensured diverse representation. The survey included questions on participants' profiles, utilization, challenges, and viability of cashless payment systems. The findings reveal that majority were female, young adults, urban residents, with varied user type and income levels. GCash was the most used cashless payment method. There was high acceptance of cashless payments, particularly among older individuals, higher income brackets, privately employed and self-employed (freelancer) users. However, significant challenges included security concerns, technological barriers, consumer education, and regulatory issues. Females and older adults reported higher difficulties, especially regarding security and education. Despite these challenges, cashless payment systems demonstrated high viability due to their efficiency, financial transparency, and convenience. Additionally, users appreciated the environmental benefits and the widespread acceptance of cashless payments. The study concludes that while cashless payment systems was highly accepted and hold significant potential for enhancing business transactions, addressing the identified challenges is crucial for their broader adoption and viability. This research provides valuable insights for users, businesses owners, cashless payment companies, financial institutions, the government, and future studies on enhancing cashless payment system and user experience.