Technology in Society 65 (2021) 101554

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Technology in Society
journal homepage: http://www.elsevier.com/locate/techsoc

Drivers and inhibitors for digital payment adoption using the Cashless
Society Readiness-Adoption model in Malaysia
Vimala Balakrishnan *, Nor Liyana Mohd Shuib
Faculty of Computer Science and Information Technology, University of Malaya, 50603, Kuala Lumpur, Malaysia

A R T I C L E I N F O A B S T R A C T

Keywords: The paper investigated the relationship between readiness towards a cashless society and adoption of cashless
Cashless society applications among Malaysians. Specifically, drivers and inhibitors were explored and examined to assess their
Inhibitors direct and indirect effects through the development of the Cashless Society Readiness-Adoption model. The
Drivers
model was developed based on Unified Theory of Acceptance and Use of Technology 2 and Technology Readiness
Malaysia
Surveys
Index 2.0. Self-administered surveys were administered in online and offline modes, resulting in 258 valid re­
sponses (Mage = 34.5; SDage = 7.82). Structured equation modelling revealed Ease of Use, Usefulness, Innova­
tiveness, Optimism and Lack of awareness to directly affect users’ readiness in going cashless. Interestingly,
perceived readiness had no direct effect in the adoption of digital payment services, however, the effect was
found to be significant with the inclusion of risk and intrinsic motivation as the mediating factors. Similarities
and dissimilarities with existing studies are discussed in this paper. Results would be beneficial to respective
parties such as service providers, financial institutions and government agencies to develop and design strategies
to encourage more people to embrace digital payment services effectively.

1. Introduction
Cashless society is a financial technology (fintech) revolution in line
with the Fourth Industrial Revolution (IR 4.0), and refers to a society
that performs purchasing transactions using digital cards or electronic
gadgets. Unlike the Western countries, the adoption of digital payment
in Asian countries is slow, with India, Singapore and China leading the
pack. For example, the e-wallet (i.e. a way of carrying digital card in­
formation on a mobile device through mobile applications) industry was
observed to grow in the aftermath of the demonetization policy
announcement in India [1,2].
The payment mechanisms for products and services have undergone
tremendous changes over the past decades, with current demand for
digital and cashless transactions worldwide [3]. Evidences exist indi­
cating users’ preferences to technologies that are useful, convenient and
fast [4,5]. On the other hand, security concerns and privacy have been
cited as the main reasons for the low or slow uptake of digital payment
technologies [6–8].
A review of the literature revealed a vast majority of the studies on
digital payment technologies adopted the Technology Acceptance
Model (TAM) [9] model, with more recent studies extending the said
model by including more factors [10–15]. Others based their studies on
the Unified Theory of Acceptance and Use of Technology (UTAUT)
model [16] and its extended versions [17–20]. Some scholars investi­
gated the mediation and moderation effects of several underlying factors
[19,21–26].
For example, an Indonesian study found infrastructure, income level
and education to be significantly and positively associated with
perceived readiness (14.6%) in going cashless. Conversely, the authors
found age to significantly and negatively relate to readiness, further
implying that younger consumers are more open in using digital finan­
cial services/products as they may be more familiar with the said
technologies [21]. Scholars such as Oliveira et al. [22] found factors like
performance expectations, innovativeness, compatibility and social in­
fluence to have significant direct and indirect effects on mobile payment
adoption.
Insecurity, privacy and perceived risks are often cited as barriers in
technology adoptions, including digital payments [5,6], however, to the
best of our knowledge, risk has yet to be investigated in terms of its
mediating effect between being ready to go cashless and adopting digital
payment services. Similarly, intrinsic motivations including status, fun,
empowerment and enjoyment have been revealed to motivate the

* Corresponding author.
E-mail addresses: vimala.balakrishnan@um.edu.my (V. Balakrishnan), liyanashuib@um.edu.my (N.L.M. Shuib).

https://doi.org/10.1016/j.techsoc.2021.101554
Received 15 June 2020; Received in revised form 17 February 2021; Accepted 6 March 2021
Available online 21 March 2021
0160-791X/© 2021 Elsevier Ltd. All rights reserved.
V. Balakrishnan and N.L.M. Shuib
uptake of technologies such as smartphones [27,28], however, these
motives have yet to be fully investigated in digital payment studies.
The present study, therefore, aims to fulfil these gaps by developing a
Cashless Society Readiness-Adoption model in order to identify the
drivers and inhibitors that determine the readiness level of going cash­
less, and to examine the effect of risk and intrinsic motivation as
mediating factors between perceived readiness and the adoption of
digital payment services. The novelty of this study is twofold: first,
Technology Readiness Index (TRI) 2.0 [29] and UTAUT2 [16] were
adapted by including additional drivers/inhibitors from existing litera­
ture, and second, the mediating effects of perceived risk and intrinsic
motivation between perceived readiness and digital payment services
adoption were investigated.
The remaining of this paper is structured as follows: Section 2 pro­
vides a background overview of the cashless transaction services in
Malaysia and the theoretical implications and hypotheses, followed by
the research design in Section 3. The results and discussion are provided
in Section 4, and the paper is finally concluded in Section 5, along with
the implication of the study, limitations and future directions.
2. Background
2.1. Going cashless in Malaysia
Malaysia has the highest mobile and Internet penetration rate among
Southeast Asian countries, with an Internet usage rate of 87.4%, a mo­
bile phone penetration rate of 97.9% and 53.3% of online shoppers [30].
According to the Internet User Survey 2018 [30], approximately 54.2%
of Malaysians participated in online banking and financial activities in
2018 than 41.7% in 2016.
The adoption rate of digital payment services in the country is still
low, with the majority of the services being popular among the younger
users. This is particularly noted with the recent boom in online retailing
such as Lazada, Zalora and Fave, and services such as Grab (e-hailing
service) and FoodPanda (food delivery service), and the introduction of
e-wallets (e.g., JomPay, Boost etc.). In fact, MYR450 (USD 110) million
in e-cash was recently allocated to 15 million Malaysians by the gov­
ernment to promote and encourage the use of e-wallets [31].
2.2. Theoretical implications and hypotheses
2.2.1. Perceived ease of use and usefulness
TAM is regarded as one of the most influential models to explain
users’ technology adoption behaviour. It is based on only two variables,
namely, perceived usefulness and perceived ease of use [9]. Since its
inception, the model has been successfully employed in a myriad of
technology adoption studies such as cloud computing [32], telemedicine
[33] and e-learning [34]. In fact, TAM is regarded as a vital model in
exploring an individual’s intention towards rejecting or accepting new
technologies [35].
In the context of cashless transactions or e-payments, a vast majority
of the studies were based primarily on TAM, with additional constructs
such as security, cost, trust, mobility, expressiveness, convenience,
speed of transaction, social reference groups, the attractiveness of al­
ternatives, privacy, system quality and technology anxiety [10,11,13].
For example [13], investigated the adoption of mobile credit card (MCC)
by extending TAM with personal innovativeness, social influence,
perceived risk and perceived financial cost among 153 Malaysians. Their
model had a predictive power of 44.9%, with only perceived usefulness
and ease of use to be significantly correlated with the intention to adopt
MCC, in line with Kim et al. [12] in South Korea, Cao et al. [14] in
Vietnam, Mun et al. [15] in Malaysia and Matemba and Li [11] in South
Africa.
Another popular model used to measure intention to use or adopt
digital payment services is UTAUT [16], consisting of four main con­
structs: perceived usefulness, perceived ease of use, facilitating
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Technology in Society 65 (2021) 101554
conditions and social norms; which was then extended to UTAUT2 to
include innovativeness, perceived risk, attitude and social influence
[17]. Studies adopting UTAUT and UTAUT2 reported ease of use, use­
fulness, social influence and innovativeness to have significant impacts
on the adoption of e-wallets in India [18,19]. Similar observations were
noted in Thailand [4], Spain [36], Pakistan [37] and Lebanon [38]
whereby perceived usefulness was found to influence peer to peer mo­
bile payment acceptance. In fact, according to Phonthanukitithaworn
et al. [4], a user who perceives that a technology will simplify the pro­
cess of making payments will be more motivated to use it as it offers
benefits in saving time and effort. Considering perceived ease of use and
usefulness were often reported to be significant factors in intention to
use technologies, we posit that these factors could positively determine
users’ readiness in going cashless as well. The first two hypotheses in the
present study are given as follows:
H1. – Perceived ease of use has a direct positive effect on perceived
cashless readiness
H2. – Perceived usefulness has a direct positive effect on perceived
cashless readiness
2.2.2. Innovativeness
A term that is often used in assessing an entity’s inclination to
embrace, and the ability to use, relevant new technological assets is
technology readiness (TR), which eventually resulted in the Technology
Readiness Index (TRI) [29,39]. Higher TR levels are correlated with
higher adoption rates of cutting-edge technology, more intense usage of
technology, and greater perceived ease in doing so. TRI posits an in­
dividual’s personality as being central to their acceptance of technology,
and measures their readiness to use new technology in general using
four personality traits: optimism, innovativeness, discomfort and inse­
curity. Optimism and innovativeness are drivers of TR, while discomfort
and insecurity are inhibitors.
Personal innovativeness (i.e. inclination of an individual to try out
any new information systems) for example, has been shown to influence
the adoption of mobile payment services [6,12,18,40]. Kim et al. [12]
used an extended version of TAM to investigate m-payment services’
adoption in South Korea, and found the late adopters’ perceived ease of
use is influenced by personal innovativeness. The authors concluded
that this is probably due to the late adopters being more tech-savvy;
hence they are more confident in using the technologies compared to
the early adopters. On the other hand, Singh et al. [19] adopted inno­
vativeness from the Innovation Diffusion Theory and found it to have a
significant moderating effect on e-wallet users’ perceived satisfaction
and recommendation.
Previous studies generally suggest that innovativeness plays an
important role in technology readiness and adoption, and considering
going cashless with the use of digital payment services is still in its in­
fancy, particularly in Malaysia, the present study posits that the driver
will have a direct effect on perceived readiness. Hypothesis three is thus
formulated as follows:
H3. – Innovativeness has a direct positive effect on perceived cashless
readiness
2.2.3. Optimism
According to the TR model, optimism refers to the positive belief that
a product or service is able to fulfil a user’s need [29,38], with studies
indicating a higher level of optimism to be a driving factor in intention
to use technologies [12,41]. Scholars such as Carter and Bélanger [42]
and Carter and Schaupp [43] observed that optimistic users look for
controllable and convenient technologies, and are therefore more
receptive in adopting new technologies. A similar sentiment was re­
flected in Son and Han [44] where highly optimistic users were found to
utilize new technologies and their innovative functions more often.
Judging from these evidences, we formulate the fourth hypothesis as
V. Balakrishnan and N.L.M. Shuib
follows:
H4. – Optimism has a direct positive effect on perceived cashless
readiness
2.2.4. Lack of awareness
Awareness refers to the degree to which a user is aware of a new
technology and forms an overall consciousness of what it involves [45].
Lack of awareness about the existence of technologies and their use­
fulness has been reported as one of the inhibitors to go cashless, along
with lack of information about product usefulness and usage, resistance,
poor infrastructural support etc. [22]. A local research conducted in
Malaysia found the inhibitor to be the main motive for the low adoption
of e-payment systems [46]. Customer awareness of a technology is
deemed as a vital factor influencing their intentions to use the tech­
nology, and thus awareness acts as an antecedent in the formation of a
user’s attitude. A lack of awareness therefore can have a negative effect
on user adoption [45], hence hypothesis five is given as:
H5. - Lack of awareness has a direct negative effect on the perceived
cashless readiness
2.2.5. Perceived risk
One of the biggest barriers of technology adoption is perceived risk,
often having a negative impact on intention to use technologies. It
concerns security issues and potential harmful consequences of using
technologies, including digital payment services [4]. The impact of
perceived risk is deemed to be more important in a cashless environment
due to the lack of physical or face-to-face interactions [47]. Studies
particularly focusing on digital payment services have reported negative
impacts of perceived risk on users’ intention to adopt mobile payment
technologies. For example, a study in India extended UTAUT2 to
examine the intention to use mobile payment and found risk to have a
significant negative effect on its adoption [40], in line with the findings
reported in Ref. [10].
Similar observations were noted whereby risk was found to have the
highest influence on a user’s intention to use a mobile payment tech­
nology [5,6,8,36,38,45]. A study examining the mediating impact of
perceived risk between users’ awareness and Internet banking adoption
found the indirect impact of awareness on intention is stronger than the
direct impact, and thus implying risk to be an important mediator [48].
However, a recent study using UTAUT2 to examine users’ intention
and satisfaction in using mobile wallets in India found no significant
impact of risk on its intention to use. The authors surmised that this is
probably due to the sample being mostly youth, and therefore they
might have a high-risk awareness level associated with the technology,
in line with Wang et al. [49]. As the majority of the literature revealed
risk to be a negative barrier, the study hypothesizes that the factor may
have a negative mediating effect between perceived readiness and the
adoption of digital payment services, as shown in hypothesis six.
H6. – Perceived risk has a mediating negative effect between perceived
cashless readiness and adoption of digital payment services
2.2.6. Intrinsic motivation
When a person engages in behaviour simply because it is naturally
satisfying (i.e. internal rewards), he/she is considered to be intrinsically
motivated. Intrinsic motivation can be measured using various di­
mensions such as perceived enjoyment (i.e. fun or pleasure derived from
using a technology) that was introduced as hedonic motivation in
UTAUT2 [16]. Studies have often reported users’ intention to adopt a
technology increases when they enjoy using the technology [50].
Perceived enjoyment was revealed to be a significant predictor of users’
intention to use mobile applications [12] and mobile payment services
[51]. This is also true for those examining the mediating effect of
enjoyment between two variables, for instance, You and Kang [52] who
found a significant mediating effect of enjoyment on perceived academic
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Technology in Society 65 (2021) 101554
control and self-regulated learning.
Another factor that is considered to be an intrinsic motivation is
status, which encompasses motives in using a technology to improve
one’s social standing (e.g. using an iPhone), as a form of empowerment
and to look professional/cool. In fact, a qualitative study by Ref. [29]
found some of their participants felt empowered when they use digital
technologies, citing that it boosts their morale and self-esteem. To the
best of our knowledge, intrinsic motivation has yet to be fully explored
except for a few that has looked into the dimensions individually [12],
and thus the present study intends to examine the mediating role of
intrinsic motivation between perceived readiness and adoption of digital
payment services. Hypothesis seven is formulated as follows:
H7. – Intrinsic motivation has a mediating positive effect between
perceived cashless readiness and adoption of digital payment services
2.2.7. Readiness and adoption
Readiness is considered as a general mind-set and not as a measure
for competency of technology. It is defined as “people’s propensity to
embrace and use new technologies for accomplishing goals in home life
and at work” [39], and is therefore correlated with higher adoption rates
of technology. Previous studies have shown significant impacts of
technology readiness on the adoption of wireless technology [53] and
e-services [54]. In the context of a cashless society, perceived readiness
refers to the status of a society to migrate from cash to non-cash payment
procedures, and it is hypothesized to have a direct impact on adopting
digital payment services.
H8. - Perceived cashless readiness has a direct positive effect on the
adoption of digital payment services.
3. Methodology
The present study is part of a larger work that investigates the drivers
and inhibitors for Malaysian consumers’ readiness in going cashless, and
their intention to adopt digital payment services and technologies. A
small portion of the results focusing only on the socio-demographic
profiles (age, education and income levels) and variables (i.e., Conve­
nience, Privacy and Perceived Cost) can be found in Ref. [55].
3.1. Research model
The study intends to identify the factors that drive and inhibit the
perceived readiness towards going cashless and the adoption of digital
payment services through an updated framework of TRI 2.0 [29] and
UTAUT2 [17] in order to complement and validate the determinants of
digital payment services’ readiness and adoption in the country. Fig. 1
illustrates the Cashless Society Readiness-Adoption model along with
the dependent, independent and mediating factors with their respective
hypotheses.
The model consists of five drivers (i.e. Ease of Use, Usefulness,
Optimism, Innovativeness and Intrinsic motivation) and two inhibitors
(i.e. Lack of awareness and Risk). Both risk and intrinsic motivation are
deemed as mediating factors measuring users’ readiness and their
intention to adopt digital payment services. Both perceived cashless
society readiness and intention to adopt act as the dependent variables.
Table 1 provides the operational definitions for all the factors, redefined
to suit the proposed study.
3.2. Instrument
A self-reporting questionnaire comprising 22 items was developed
using the Cashless Society Readiness-Adoption model. The survey items
were adapted from TRI 2.0 [29], UTAUT2 [17] and related literature
reviews as indicated in Table 1.
The questionnaire comprised two parts. Part A focused on the re­
spondents’ demographic profiles, as follows:
V. Balakrishnan and N.L.M. Shuib Technology in Society 65 (2021) 101554

Fig. 1. Conceptualized framework for cashless readiness and adoption.

The questionnaire was reviewed and validated by a Faculty member

Table 1
who is experienced in quantitative analysis and financial technology.
Operational definitions for all the variables.
This process was iterated three times before the pilot study. The ques­
Factors Definition Reference/ tionnaire was piloted among 30 respondents (Mage = 24.2; SDage =
Model
0.88), and no major issues were observed. The overall Cronbach’s alpha
Drivers for the scale was established at 0.79, indicating a good reliability.
Ease of use The extent to which using a digital UTAUT2
payment service is considered easy
Usefulness The belief that a digital payment service UTAUT2
will make life easier due to its benefits 3.3. Respondents
Optimism The belief that digital payment services TRI 2.0
offer people increased control, flexibility The final survey questionnaire was disseminated online and also
and efficiency in their lives offline. Specifically, the link to the questionnaire survey was shared via
Innovativeness Inclination of an individual to try out new TRI 2.0
digital payment services
Google drive and Facebook. Approximately 200 responses were
Intrinsic motivation The extent to which digital payment UTAUT2 received, however, a preliminary investigation revealed the majority of
(mediator) services are used to enhance status and for the respondents to be below 35 years old. Considering that a cashless
enjoyment/fun society encompasses a wider age gap, the offline approach was adopted
Inhibitors whereby printed questionnaires were distributed to two local univer­
Perceived risk The subjective expectation of a loss or TRI 2.0 sities targeting the working adults. This resulted in a total of 260 re­
(mediator) sacrifice in using a risky technology such spondents. Two outliers were removed (i.e. both below the age of 16
as digital payment services
Lack of awareness The extent to which users are not aware of [22,69]
years), resulting in a final sample size of 258 between the ages of 18 and
the existing digital payment services and 64 (Mage = 34.5; SDage = 7.82).
their uses and benefits Table 2 shows the demographic profiles of the 258 respondents. It
Dependent variables can be observed that females outnumbered males (138 vs. 120), and a
Perceived Readiness The level of readiness to accept and adopt TRI 2.0 vast majority of the respondents to be between 25 and 50 years of age.
digital payment services The age segregation corresponds with the nation’s demographic as re­
Intention to adopt The level of intention to adopt digital UTAUT2
ported for the first quarter of 2020 [56], that is, a majority of 23 million
payment services in the near future
people fall between the ages of 15 and 64, followed by 7.53 million who
are less than 14 years old and the remaining 2.26 million to be elderlies.
• Gender – Male, Female In fact, according to the Internet User Survey 2018 [30], the largest
• Age – Continuous group of Internet users was also found to be between 20 and 50 years of
• Education – High school, tertiary, post-graduate age (i.e. 85.4%), as opposed to 8.1% below 20 years old and 6.5% above
• Income – Less than 3K MYR, 3K–10K MYR, more than 10K MYR 60.
• Use digital payment services – Yes, No Most of the respondents also had a good education background and
• Digital payment services used – Selection list (GrabPay, JomPay, an average income level, the latter of which is referred to as the M40
Boost, Maybank QR Pay, Others) group in Malaysia [56]. Three income groups exist in the country, where
• Frequency of use in a week – Less than 3, 4–9, more than 10 B40 represents the bottom 40% of income earners, M40 the middle 40%
and T20 the top 20% [56]. Looking at Table 2, it can be observed that
Part B measured respondents’ perceptions based on the drivers and approximately 28% of the respondents had an income level of below 3K
inhibitors using a four-point Likert scale (1 – Strongly disagree; 2; MYR (714 USD), with the majority of them being university/college
Disagree; 3 – Agree; 4 – Strongly agree). These are presented in Table 3, students. This is somewhat expected considering most of the students are
Section 4.1. pursuing their studies full-time or fresh graduates with few years of
working experience (i.e. lower income rank).

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V. Balakrishnan and N.L.M. Shuib Technology in Society 65 (2021) 101554

Table 2 line with local reports identifying GrabPay as the most popular e-wallet
Demographic profiles. service among Malaysians based on its usability and popularity [57].
Categories N/% Categories N
3.4. Data analysis
Gender Female 138/ Use digital No 46/
53.5 payment 17.8
Male 120/ Yes 212/ Descriptive statistics were administered to describe the sample, using
46.5 82.2 mean, standard deviation, frequency etc. using Statistical Package for
Age Less than 25 64/ Frequency 4 - 9 times 85/ Social Sciences (SPSS) 25. In order to validate the Cashless Society
24.8 (weekly) 32.9
25–50 171/ < 3 times 136/
Readiness-Adoption model, and to identify the significant drivers and
66.2 52.7 inhibitors, along with the mediating effects of perceived risk and
More than 51 23/ > 10 times 37/ intrinsic motivation, a Structural Equation Modelling (SEM) procedure
9.0 14.3 was performed using SmartPLS version 3.2.9. The Partial Least Square,
Education High school 2/0.8 Services GrabPay 134/
which is a multivariate technique to test structural models, was adopted
(apps) 51.9
Tertiary 172/ JomPay 101/ considering the small sample size (i.e. 258).
66.7 39.1 A series of preliminary analysis was first conducted to ensure reli­
Post-Graduate 84/ Maybank 117/ ability and validity of the proposed model. Common method bias (CMB),
32.6 QR Pay 45.3 which refers to “variance that is attributable to the measurement
Boost 61/
23.6
method rather than to the constructs the measure represents” [58] was
Income < 3000 (MYR) 73/ More than 130/ assessed using Harman’s single-factor test in SPSS. In simple terms, if a
levels (< 714 USD) 28.3 one 50.7 substantial amount of CMB is present, a factor analysis of all the data
3000–10,000 161/ Others 11/ will result in a single factor accounting for the majority of the covariance
(MYR) 62.4 4.60
in the variables (i.e. > 50%). An un-rotated principal component anal­
(714 – 2380
USD) ysis was performed with the largest variance being only 35.2%, hence
> 10,000 24/ CMB is not viewed as a threat in this study [58]. Further examination of
(MYR) 9.3 the correlation matrix revealed all the coefficients to have values of 0.5
(> 2380 USD) and above, and communalities values between the range of 0.527 and
0.838 (i.e. > 0.5), thus indicating the data to be free from problems of
singularity or multicollinearity [59].
Table 3 Reliability and validity assessments were administered using
Factor loadings and items. SmartPLS. To be specific, factor loadings were checked based on a
Factors Items Loading loading threshold of 0.7. Collinearity issue was checked based on the VIF
Ease of Use I find it easy to learn to use digital payments 0.407
values, with results indicating all the final items to have VIF of lesser
I find it easy to use digital payments 0.830 than 3.00. Cronbach’s alpha, Composite Reliability (CR) and Average
It is convenient to pay digitally 0.916 Variance Extracted (AVE) were also examined based on a cut-off point of
Usefulness I belief payments can be successfully completed 0.436 0.7 and 0.5 (for AVE). Finally, the Fornell-Larcker criterion, which ex­
using digital payments
amines the squared correlations between the measures of potentially
Digital payment enables me to make payment 0.725
efficiently overlapping constructs, was used to ensure discriminant validity [60,
Using digital payment would help me to manage my 0.845 61].
expenses better Consistent PLS calculation was administered to determine the path
Optimism My lifestyle fits digital payment 0.547 coefficients and the model’s predictive power, whereas consistent
I have the means to use digital payment (e.g. 0.784
smartphones, data enabled devices)
bootstrapping (Cases = 258; Resampling = 5000) was used to obtain the
I belief that digital payment provides flexibility in 0.874 statistical significance of path coefficients using a two-tailed t-test.
making payments
Innovativeness I don’t mind trying digital payment application 0.577 4. Results and discussion
that is new in the market
I am interested in keeping up with the latest digital 0.914
payment applications. This section presents the results and discussion, beginning with the
I am interested in using latest digital payment 0.865 reliability and validity evaluations, followed by evaluation of the pro­
applications posed model and its hypotheses.
Lack of I don’t know when I can use digital payment (e.g. 0.306
Awareness pay bills, service, transport)
I don’t know where I can use digital payments (e.g. 0.334
4.1. Reliability and validity
restaurant, airports)
I am not aware of digital payments applications 1.000 As indicated in Section 3.4, several measures were used to establish
available the reliability and validity of all the factors. Table 3 below shows all the
Intrinsic Digital payments enhances my status 0.626
items and their loadings. Items with loadings lower than 0.7 were dis­
motivation I find it cool using digital payment 0.701
I enjoy using digital payment application in my daily 0.838 carded, and thus seven of them were excluded from further analysis, as
life shown in bold in Table 3.
Risk I just don’t trust any online payment mechanism 0.626 Additional reliability and validity measures are provided in Table 4,
I feel insecure in using digital payment services 0.634
comprising of Cronbach’s alpha, CR, AVE and discriminant validity.
I am concerned about my online privacy 1.000
Cronbach’s alpha addresses the question of whether the indicators
Note – Items in bold were removed from the model. for latent variables display convergent validity and hence display reli­
ability. Table 4 shows that the computed alpha values ranged from
A huge number of respondents use digital payments (82.2%), with 0.740 to 1.00, which overall is greater than 0.7, and thus demonstrating
more than half of them (50.7%) using more than a service or apps. a high reliability of the data [62]. Similarly, all the CR values are greater
GrabPay emerged to be the most popular digital payment service among than 0.7, ranging from 0.746 to 1.00, reflecting that all measures are
the respondents, followed by Maybank QR Pay and JomPay. This is in reliable. Finally, the AVE for each factor was more than 0.5 (ranging
from 0.597 to 1.00), further establishing the validity of the factors.

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V. Balakrishnan and N.L.M. Shuib Technology in Society 65 (2021) 101554

Table 4
Construct reliability and discriminant validity.
Factors CA CR AVE EU UF OP IN LA RK IM

EU 0.864 0.866 0.764 0.874

UF 0.760 0.764 0.620 0.566 0.752
OP 0.813 0.816 0.689 0.798 0.712 0.830
IN 0.883 0.884 0.791 0.750 0.859 0.628 0.890
LA 1.000 1.000 1.000 − 0.302 − 0.289 − 0.173 − 0.21 1.000
RK 1.000 1.000 1.000 0.091 − 0.067 0.235 − 0.14 0.237 1.000
IM 0.740 0.746 0.597 0.579 0.691 0.739 0.736 − 0.055 − 0.152 0.773

Note: EU: Ease of Use; UF: Usefulness; OP: Optimism; IN: Innovativeness; LA: Lack of Awareness; RK: Risk; IM: Intrinsic motivation; CA: Cronbach Alpha; CR:
Composite reliability; AVE: Average variance extracted.

Finally, the Fornell-Larcker criterion was used to ensure discriminant

Table 5
validity [60]. According to the criterion, no indicator variable should
Hypothesis results.
have a higher correlation with another latent variable than with its own
latent variable (shown in bold diagonally in Table 4). If it does, the Hypothesis Relationship p-value T-statistics Remark

model is inappropriately specified. In this case, all correlations are H1 EU → RD 0.000 3.572 Support
deemed fit. H2 UF → RD 0.024 2.266 Support
H3 OP →RD 0.000 4.310 Support
H4 IN →RD 0.000 3.513 Support
4.2. Structured equation modeling for the cashless readiness – adoption H5 LA →RD 0.000 7.064 Support
H6 RD →RK →AD 0.001 3.342 Support
model H7 RD →IM →AD 0.001 3.185 Support
H8 RD →AD 0.312 1.010 Not supported
The outcome of the SEM along with the path coefficients and pre­
Note: EU: Ease of Use; UF: Usefulness; OP: Optimism; IN: Innovativeness; LA:
dictive powers for the Cashless Readiness – Adoption Model are illus­
Lack of Awareness; RK: Risk; IM: Intrinsic motivation.
trated in Fig. 2 below, followed by the hypotheses evaluation results in
Table 5.
well) are deemed to be more attractive to users if the systems are
Both Fig. 2 and Table 5 show that H1 – H5 are supported, and the
complex-free and not to mention beneficial. Considering a vast majority
effects were found to be significant. The emergence of significant effects
of the respondents in this study are educated and actively use digital
for Ease of Use and Usefulness were somewhat expected, in line with
payment services, they may have the necessary skill and confidence in
various other studies such as Mun et al. [15] in Malaysia, Cao et al. [14]
using the digital payment services. This probably explains the effect of
in Vietnam, Kim et al. [12] in South Korea, Matemba and Li in South
these two factors in users’ perceived readiness as they are already
Africa [11], Phonthanukitithaworn et al. [4] in Thailand and Singh et al.
equipped with the skill and knowledge.
[19] in India. It is understood that technological systems (and others as

Fig. 2. Cashless readiness – adoption model.

6
V. Balakrishnan and N.L.M. Shuib
The outcome of Optimism and Innovativeness are also in accordance
with previous studies [6,12,40], thus indicating to be vital driving fac­
tors in perceived readiness towards a cashless society. To reiterate to our
previous point, a large sample in this study is Millennial (defined to be
between 21 and 37 years old), hence they refer to a generation born into
a digital world. Not only are they quite adept in using technological
gadgets, but they are considered as game-changers in the digital world
as well, so much so that many online retailers such as Uniqlo and
Abercrombie and Fitch have adopted e-wallet payment to entice this
generation. According to the Payment Methods Report 2019, Millennial
are also regarded as leaders in crypto-currency adoption, significantly
outranking other generations [63]. The Millennial find completing
transactions using digital means to be clean, simple and fast.
Lack of awareness was found to have a significant negative impact on
perceived readiness towards going cashless. The results indicate that the
majority of the respondents agreed that a poor awareness on the exis­
tence, use and benefits of digital payment services affect users’
perceived readiness in going cashless. This makes sense as it is consid­
ered natural for human to abstain or refrain from using something if they
lack familiarity [64]. As other factors such as user resistance and
infrastructural condition [22] also affect the success of going digital,
respective authorities including the government should pay close
attention in promoting the digital payment services. This is particularly
true to users from “lesser-developed” areas or those lacking in education
or technological skill.
Interesting results were observed for the mediating effects of Risk
and Intrinsic motivation. Perceived readiness of going cashless did not
have any significant impact on the adoption of digital payment services
(H8), indicating that being ready does not necessarily translate to
adopting the technology. However, the effect was found to be significant
when Risk (H6) and Intrinsic motivation (H7) were introduced, clearly
showing that these driver and inhibitor have significant roles in influ­
encing the adoption of digital payment services among users who score
high on readiness. Concern about privacy issues have been reported by
many [65–67] and our results show that despite being ready to go
cashless, the majority of the respondents may not adopt digital payment
services due to privacy issues. This may be true among the older gen­
erations who lack the knowledge and confidence in using their com­
puters and smartphones to make online payment transactions, although
they have been reported to have slowly adopted other apps including
social media [68]. Authorities and also the younger generation can help
in educating the older users in the safe use of digital payment services,
and to improve their awareness levels. On the other hand, it is inter­
esting to know that users choose to adopt digital payment services for
simple personal reasons such as enjoyment and “being cool”, and thus
indicating the importance of intrinsic motivation in technology adoption
[10,51].
Finally, it can be observed that the overall predictive power of being
ready for a cashless society among this sample is 39.8%, better than the
variance reported by the Indonesian scholars, that is, 14.6% [21].
However, it is to note that the latter focused on education, income level
and infrastructure. The results nevertheless suggest that we are still
lagging behind in the move towards a cashless society, and thus
respective authorities will need to initiate and enhance current strate­
gies in promoting digital payments among Malaysians, across all age
groups.
5. Conclusion, implication, limitation and future work
This study aimed to identify the drivers and inhibitors affecting
users’ perceived readiness in going cashless, and to examine the medi­
ating effects of risk and intrinsic motivation between perceived readi­
ness and intention to adopt digital payment services. The Cashless
Society Readiness-Adoption model was devised based on two well-
known models, namely, UTAUT2 and TRI 2.0. Responses from 258
Malaysians between the ages of 18 and 64 were gathered using self-
7
Technology in Society 65 (2021) 101554
administered surveys. Results indicate that Ease of Use, Optimism,
Innovativeness, Usefulness and Lack of awareness have significant direct
effects on users’ perceived readiness in going cashless, with a predictive
power of 39.8%. Being cashless-ready however, does not necessarily
indicate adoption of digital payment services as shown by the insignif­
icant result between these two factors. However, the effect was found to
be significant with the introduction of Risk and Intrinsic motivation,
further suggesting that these two factors have influential roles in the
adoption of digital payment services.
5.1. Implications
The findings of this study have several implications: first, the
development of the Cashless Society Readiness-Adoption model, along
with the identification of the drivers and inhibitors towards a cashless
society will be beneficial to fellow researchers who are interested to
further explore and investigate this topic of research.
Second, the identification of the drivers and inhibitors will benefit
the digital payment service providers (e.g. GrabPay) tremendously as
more emphasis can be provided accordingly. For example, Lack of
awareness was found to have a significant direct effect on users’
perceived readiness in going cashless, therefore, strategies to educate
the public and to increase users’ awareness can be devised to encourage
more uptake of the services. This is especially important considering
findings show that perceived readiness does not translate to adoption of
the services, with perceived risks probably being a hindering factor.
Therefore, the service providers can work along with the relevant gov­
ernment agencies to conduct educational-based program to increase
users’ knowledge in terms of the risks involved in using digital payment
services, particularly to the older generation who may shy away from
the digital technologies due to many reasons [68].
5.2. Limitation and future directions
The study nevertheless has a number of limitations. Although the
respondents in this study ranged between 18 and 64 years old, they are
mostly urban-educated people. A cashless society aims to encompass a
wide majority of the population; therefore, future studies could replicate
the research design to include Malaysians from different social-strata,
specifically those from smaller towns or those with a lower education
level. In addition, more respondents from the B40 group should be
recruited as a low income level may be an obstacle in adopting digital
payment services. This may help the government to collaborate with the
service providers to offer more financial assistance in terms of pro­
motions or special packages to those from the lower income group.
Another limitation is associated with the use of self-administered
surveys, which may result in issues such as social desirability and false
reporting. Surveys provide a fast and convenient manner in which dig­
ital payment users’ perceptions can be gathered, however, to better
understand the drivers and inhibitors, focus group studies or interviews
could be administered. Face to face interactions with the respondents
especially those with lower education background are deemed to be
more effective in data collection as opposed to self-administered surveys
which provide no opportunities for one to clarify any doubts. In fact,
focus groups or interviews also provide opportunities to the researchers
to further explore the themes, or the drivers and inhibitors to better
understand the underlying motives behind the adoption or rejection of
the digital payment services.
Further, although the predictive power found for Readiness and
Adoption in this study is higher than some of the findings reported in
other studies [21], we believe it can be further improved by examining
other possible drivers and inhibitors. For instance, education and in­
come levels can be incorporated as part of the adoption model [21].
Moreover, drivers such as social and peer influence have been shown to
have significant direct effects on mobile payment adoption [22,69],
hence future studies could examine these potential drivers and
V. Balakrishnan and N.L.M. Shuib
inhibitors.
The present study involved respondents from Malaysia; hence the
findings may be used to a certain extent to generalize to other Asian
countries. However, generalization to Western countries requires
caution as cultural values differ. For example, studies focusing on cul­
ture (i.e. uncertainty avoidance) have reported mixed results whereby
the factor was found to significantly moderate mobile payment systems’
acceptance [70,71] whilst others found no significant effect [69,72].
As a final take-away, we believe that the adoption of digital payment
services has increased in the last two months in the country, and possibly
worldwide due to the on-going pandemic of corona virus. Countries such
as Malaysia have stepped up measures by enforcing movement control
order, and thus “forcing” people to stay at home. This has resulted in a
higher use of food and grocery delivery services, which helps to decrease
the chance of spreading the virus. Hopefully, this situation has encour­
aged the adoption of digital payment services such as e-wallets in the
future.
Author statement
Vimala Balakrishnan: Formal analysis; Funding acquisition; Project
administration; Roles/Writing – original draft; Writing – review &
editing. Nor Liyana Mohd Shuib: Roles/Writing – original draft; Writing
– review & editing.
Acknowledgment
The authors would like to extend their gratitude to the Ministry of
Higher Education of Malaysia for funding the study through the
Fundamental Research Grant Scheme 2018-1 [FP109-2018A; Reference
Code: FRGS/1/2018/ICT04/UM/02/11].
Appendix A. Supplementary data
Supplementary data to this article can be found online at https://doi.
org/10.1016/j.techsoc.2021.101554.
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Dr Vimala Balakrisnan is an Associate Professor affiliated with the Faculty of Computer
Science and Information Technology, University of Malaya. Her research interests include
Data Science and Analytics, particularly social media, sentiment analysis and natural
language processing.
Dr Nor Liyana Mohd Shuib is an Associate Professor affiliated with the Faculty of Com­
puter Science and Information Technology, University of Malaya. She works on data
mining, learning analytics and recommender systems.