FACTORS THAT INFLUENCE THE ADOPTION OF CASHLESS

TRANSACTIONS OF AB ECONOMICS STUDENTS AT TARLAC

AGRICULTURAL UNIVERSITY

RYAN B. BARLAAN
Bachelor of Arts in Economics

Republic of the Philippines

TARLAC AGRICULTURAL UNIVERSITY
Camiling, Tarlac
August 2023

Page | 1
 CHAPTER 1

PROBLEMS AND ITS BACKGROUND

INTRODUCTION

In the Philippines, the widespread adoption of cashless transactions faces several

notable challenges that significantly impact various segments of the population. A

primary obstacle lies in the inadequate access to digital infrastructure, particularly in

rural areas and smaller cities. The absence of reliable internet access and the necessary

infrastructure pose formidable barriers to the seamless integration of digital payment

systems. This limitation not only hampers individuals but also impedes businesses from

fully embracing digital transactions, creating a dichotomy in the financial landscape.

Also, a critical impediment is the low level of digital financial literacy prevalent across

the Filipino population. This challenge is especially pronounced among older

generations and lower-income families, where individuals may lack awareness and

understanding of digital payment systems.

The absence of comprehensive knowledge and education about the advantages,

applications, and security measures associated with cashless transactions contributes to a

pervasive reluctance to adopt these digital payment methods. As a result, there persists a

considerable reliance on cash transactions, perpetuating a dual financial ecosystem in the

Philippines. Despite these challenges, there has been a notable shift towards cashless

payments, as evidenced by findings from Visa's Consumer Payment Attitudes Study

(SEADS, 2022). The study revealed that 60% of Filipinos carried less cash in their

wallets, and an impressive 84% had tried going cashless in 2021. This growing trend

Page | 2
underscores a changing mindset among Filipinos, reflecting increased confidence in

navigating daily transactions without physical currency. Notably, over half of the

participants expressed confidence in managing their financial needs for a week or longer

solely through cashless payment options, signaling a gradual acceptance of digital

financial solutions. Furthermore, the restrictions and safety concerns imposed by the

pandemic accelerated the adoption of e-commerce apps, with more consumers venturing

into online shopping for the first time. This shift not only reflects the adaptability of the

Filipino consumer but also underscores the transformative power of external factors,

such as a global health crisis, in reshaping financial behaviors and preferences. In essence,

while challenges persist in terms of digital infrastructure and financial literacy, the

Philippines is experiencing a notable evolution towards cashless transactions. The

gradual acceptance, coupled with changing consumer behaviors influenced by external

factors, paints a complex and dynamic picture of the financial landscape in the country.

As the nation navigates these challenges and opportunities, understanding the nuanced

interplay of factors influencing the adoption of cashless transactions becomes imperative

for policymakers, businesses, and individuals alike.

In the ever-evolving landscape of financial transactions, the adoption of cashless

payment methods has emerged as a pivotal and transformative aspect of modern

economic interactions. The pervasive adoption of cashless transactions represents a

significant paradigm shift in the way we engage with financial systems, marking a

transformative era where convenience, efficiency, and technological integration converge.

This shift is more than just a passing trend; it has become a fundamental aspect of daily

interactions and economic activities. Digital payment methods, such as mobile wallets,

contactless cards, and a plethora of digital platforms, have seamlessly woven into the

fabric of students' routines. This integration offers a myriad of benefits, from the

Page | 3
elimination of the need to carry physical currency to the facilitation of swift and secure

transactions with just a tap or click. One of the most notable advantages of cashless

transactions lies in the streamlined and frictionless nature of financial exchanges. The

speed and ease with which digital payments occur have reshaped consumer expectations,

fostering a culture where instantaneous transactions are the norm. Moreover, the

inherent transparency of these transactions contributes to a reduction in cash-related

illicit activities, offering a traceable and accountable financial ecosystem. Beyond mere

convenience, the adoption of cashless transactions has played a pivotal role in promoting

financial inclusion. For individuals who may not have easy access to traditional banking

services, digital payment methods provide a viable solution, enabling them to participate

more actively in economic activities. This inclusive approach aligns with broader goals

of creating accessible financial systems that cater to a diverse range of users. Based on

the study of Tee and Ong (2016), a cashless payment removes the usage of money as a

medium of exchange for goods and services by allowing electronic transfer payments.

Adopting cashless payment has abundant advantages. Unlike traditional cash

transactions, cashless payments discourage robbery and other cash related crimes

(Armey et al., 2014). When people select for other alternative modes of payment, they

tend to hold less physical cash when they shop. Thus, it eliminates the incentive for

robbers to commit cash related crimes. Students of this generation are more likely to use

cashless forms of purchasing. In fact, a recent study demonstrated that 53% of Gen Z

consumers prefer to shop in stores that take contactless payments. Transitioning campus

into a cashless experience permits to meet students’ expectations and presents an

opportunity on the administrative side. (Transact Holdings Inc., 2023)

In Tarlac Agricultural University, AB Economic students use cashless

transactions, specifically e-wallets. In this study, the researcher will be tested on the AB

Page | 4
Economics student’s behavior by the use of a questionnaire. This research may help to

understand the significance of using e-wallets as medium of transaction and how it

affects the behavior. Additionally, this study aims to examine the factors that influence

the adoption of cashless transactions among economics students at Tarlac Agricultural

University. Specifically, the study seeks to identify the factors that motivate the students

to use cashless payment systems, as well as the obstacles, and challenges that hinder

them from fully adopting such systems. With this information, the study hopes to

provide solutions that can enhance the adoption of cashless transactions among AB

Economics students at Tarlac Agricultural University, and possibly to other academic

institutions as well.

STATEMENT OF THE PROBLEM

The main objective of this study is to assess how Tarlac Agricultural University's

AB Economics students interact while adopting cashless transactions. Specifically, it

sought to answer the following;

1. What is the socio-demographic profile of the AB Economics students?

1.1 Age

1.2 Gender

1.3 Year Level

1.4 Household Size

1.5 Household Income

Page | 5
 1.6 Source of Income

1.7 Daily Allowance

2. What e-money platforms are commonly used by AB Economics

students?

3. What is the level of usage and the type of cashless transactions by AB Economics

students?

4. What are the factors that influence the adaptation of cashless transactions among

AB Economics students?

5. What are the potential benefits and risks associated with the use of cashless

transactions among AB Economics students?

6. What are the primary constraints faced by individuals in the Philippines when

engaging in cashless transactions through e-wallets?

OBJECTIVES OF THE STUDY

This study aims to evaluate the behavior of the AB Economics students of Tarlac

Agricultural University using cashless transactions. Specifically, the research sought:

1. To examine the socio-demographic profile of the AB Economics students in

terms of the following:

1.1 Age

1.2 Gender

1.3 Year Level

Page | 6
 1.4 Household Size

1.5 Household Income

1.6 Source of Income

1.7 Daily Allowance

2. To determine the e-money platforms that are commonly used by AB Economics

students.

3. To determine the level of usage of cashless transactions in terms of

following;

4. To determine the effect that influences the adoption of cashless transactions

among AB Economics students at Tarlac Agricultural University.

5. To examine the potential benefits and risks associated with the use of cashless

transactions among AB Economics students at Tarlac Agricultural University.

6. To identify the primary constraints faced by individuals in the Philippines when

engaging in cashless transactions through e-wallets

SIGNIFICANCE OF THE STUDY:

The result of the study may be beneficial to the following readers:

Academic (TAU): This study will contribute to the existing body of knowledge on
cashless transactions by examining the factors that influence the adoption of cashless
transactions among AB Economics students at Tarlac Agricultural University. The
results of this study will give insight into how young individuals view cashless
transactions and their experiences with them, which can help regulators and marketers
build effective campaigns to promote their use.

Page | 7
Business Community: This study will be useful for financial service providers, such as
banks and payment service providers, who are interested in expanding their reach to
young adults. The findings of this study can help these providers to identify the factors
that influence the adoption of cashless transactions, and tailor their marketing strategies
to address the specific needs and preferences of young adults.

Society: This study will contribute to the broader societal goal of promoting financial
inclusion and digitalization, which has the potential to improve access to financial
services, enhance financial literacy, and promote economic growth. By promoting the
adoption of cashless transactions among young adults, this study can contribute to a
more inclusive and resilient economy.

Future Researcher: This study can serve as a foundation or reference for future studies
that use any of the variables mentioned. It will fill gaps in the literature for future
research on the subject.

Students: They are the major beneficiaries of the study, and it will help them recognize
the importance of adopting cashless transactions.

SCOPE AND DELIMITATION:

This study will focus on the factors that influence the adoption of cashless
transactions among AB Economics students at Tarlac Agricultural University. The study
will involve a survey of AB Economics students, who are currently enrolled in the
university and have experience using cashless transactions. The survey will cover topics
such as the students' perceptions, attitudes, and experiences related to cashless
transactions, as well as their socio-demographic characteristics.

The study will be limited to AB Economics students at Tarlac Agricultural

University, and the findings may not be generalizable to other student populations or the
general population. The use of a self-reported survey, which may be subject to response
bias or social desirability bias. The study will not cover the technical or operational
aspects of cashless transactions, such as the security and reliability of payment systems,

Page | 8
or the legal and regulatory frameworks that govern them. The study will also not cover
the impact of cashless transactions on financial inclusion or digitalization more broadly.

DEFINITION OF TERMS

For a clear and thorough understanding of this study, the following terms were hereby
defined:

Cashless transactions - refers to payments made using electronic methods, such as credit
cards, debit cards, mobile payments, and online transfers, without the use of physical
cash.

Financial inclusion - refers to the access of individuals and businesses to a range of

financial services, such as savings, credit, insurance, and payments, that are affordable
and appropriate to their needs.

Perceptions - refers to the way individuals interpret and make sense of information and
experiences related to cashless transactions.

Attitudes - refers to the overall evaluation or feeling that individuals have towards
cashless transactions, which may influence their willingness to adopt them.

Experiences - refers to the actual use of cashless transactions by individuals, which may
shape their perceptions and attitudes towards them.

Payment service providers - refers to companies that provide payment processing

services, such as credit card processing, online payments, and mobile payments.

Page | 9
CONCEPTUAL FRAMEWORK:

The Input-Process-Output system analysis was established as the conceptual

framework paradigm for this study, serving as a guiding framework to accomplish its
goals.

The Input-Process-Output Model

PROCESS OUTPUT

Socio-
demographic
profile of the
student.

E-money
platforms that
are commonly
used by
Analysis of the factors that
students.
influenced the adoption of
Research Survey,
cashless transaction of
Factors that Questionnaire
economic students at Tarlac
influence the Statistical Analysis Agricultural University.
adoption of
cashless
transactions
among students

Level of usage of
cashless
transactions of
the students.

Figure 1 Conceptual Framework

Page | 10
 CHAPTER 2

REVIEW OF RELATED LITERATURE

This section outlines previous studies and articles about cashless transaction and
the essence of conducting this study. The need to reevaluate these learnings and claims is
necessary to make available guidance in conducting this research.

The world financial system that exists today is the result of the development and
evolution a few centuries ago. Technological development has an impact on all aspects
of life including changes to the existing payment system. The result shows that Cashless
Transaction has a significant effect on Consumer Behavior partially. Lifestyle and
money attitude have a significant effect to purchase decision simultaneously. Cash
Transaction has the most significant influence on the Consumer Behavior of customer at
Megamall Manado. (Soputan et.al,2021)

In the study of Emmanuel J. Dotong in 2019, cashless as a mode of payment in

the Philippine supermarket particularly in Metro Manila provides satisfaction to
consumers from different age groups, employment status, and gender. With the result of
satisfactory in terms of cashless transactions, supermarkets need to improve more the
quality of service they provide to their consumers. Findings revealed that males are more
satisfied in terms of cashless security transaction than female consumers. Hence,
supermarkets should create a strategy to convince the consumers that cashless payment
method is safe.

A research was conducted to investigate the factors affecting the intention to use
e-wallet among university students especially during the COVID-19 pandemic in
Malaysia. The study clearly demonstrates students’ perceptions on the intentions to use
e-wallet. As a result, mobile learning developers can attract an equal number by making
mobile learning systems that are more user-friendly and publicizing their benefits to
students. (Chelvarayan et.al,2022)

In recent decades, day-to-day lifestyle requires online payments as easy and

simple solutions to several financial transactions, which makes the concept of Electronic
Payment Systems very popular in the growth of a cashless society. In fact, cashless
transactions through simple mobile apps are not merely a concept anymore rather are

Page | 11
implemented robustly and being used extensively. On the dark side, obvious financial
benefits are making these apps vulnerable to being attacked, which can be successful
through security breaches. These cybersecurity issues need to be traced out and resolved
to make the financial transactions through an app secure and trustworthy. (Moon et.al,
2022)

Based on the study of Mikrajuddin Abdullah in year 2022 it stated that the
Effective Medium Approximation (EMA) method is commonly used to estimate the
effective conductivity development in composites containing two types of materials:
conductors and insulators. The effective conductivity is a global parameter that measures
how easily the composite conducts electric current. Currently, financial transactions in
society take place in cash or cashless, and, in the cashless transactions the money flows
faster than in the cash transactions.

Over the last decade, the Philippine government and private sector have
spearheaded several cashless initiatives in part to address the structural deficiencies of the
country’s economy, such as its poor financial inclusion levels and its heavy reliance on
remittances. This paper will provide an assessment of the non-cash payment industry in
the Philippines. It will argue that while structural challenges have spurred the country’s
most cutting-edge cashless initiatives, they have simultaneously impeded the full
integration of cashless transactions into Philippine society. The Philippines will only
achieve its goal of transition to a “cash-lite” country if the central bank, Bangko Sentral
ng Pilipinas (BSP), and the private sector are able to coordinate efforts to address the
financial system’s limitations. (V. Nair ,2016) Alyssa Cacas in 2022 study that over the
years, financial services have constantly evolved from cash to card to digital transactions.
The usage of cashless transactions in the Philippines is not as high in developed countries.
The trajectory of generation X’s behavioral intention to adopt GCash was popularized
during this pandemic crisis. Currently, there are limited information on the influencing
factors that impacts this behavioral intention on the adoption of the untapped target
market. The results present a positive effect on generation X's behavioral intention to
adopt GCash and a significant relationship between the influencing factors and
behavioral intention.

E-payment system is increasingly becoming a daring means of payments in

today’s business world. This is due to its efficiency, convenience, and timeliness. It is a

Page | 12
payment system that is continuously being embraced and adopted in the financial system
of both developed and developing countries with a view to simplify and ease payments
in business transactions. As a result, many studies were conducted around the globe by
scholars on epayment adoption. (Ahmi, A, 2015). Thus Digital Payment Methods
(DPMs) are evolving fast but they are yet to be widely adopted particularly in the
developing countries. An initial review of literature suggests that several studies have
already been conducted on this topic for understanding antecedents of digital payments
adoption. However, only few studies have examined this emerging topic in the context
of developing countries. (Dwivedi et.al, 2017)

The mobile wallet has been defined by Shin (2009) as a form of payment that
enables users to conduct payment electronically via use of a mobile device, replacing the
physical wallet so that payment transactions can be completed at the merchant‫׳‬s location.
It not only stores payment data, but loyalty cards and coupons can also be incorporated,
allowing consumers to benefit if they choose, from SP discounts.

CHAPTER 3

METHODOLOGY

Data Analysis

The research will employ regression analysis as a robust statistical tool that proves

invaluable in investigating relationships between variables and, in this case, can

significantly contribute to comprehending the factors influencing the adoption of

cashless transactions among AB Economics students at Tarlac Agricultural University.

This analytical method allows researchers to examine the strength and direction of

relationships between the dependent variable, which is the adoption of cashless

transactions, and various independent variables, representing potential influencing

factors. It aims to unveil the nuanced interplay of diverse elements that either motivate

Page | 13
or hinder students from embracing cashless payment systems. The independent variables

may encompass factors such as awareness, convenience, security, peer influence, and

financial literacy. Through the regression analysis, the study can discern which factors

hold more substantial influence over the adoption of cashless transactions, providing a

nuanced understanding of the dynamics at play.

Moreover, regression analysis is well-suited for examining the impact of multiple

variables simultaneously, allowing researchers to disentangle the complex web of factors

shaping students' behavior towards cashless transactions. The results derived from this

statistical approach can illuminate the relative significance of each variable, shedding

light on the most influential drivers or obstacles. To implement regression analysis, the

Statistical Package for the Social Sciences (SPSS) app becomes an indispensable tool.

SPSS streamlines the entire process, from data input to statistical interpretation. It

facilitates the generation of regression models, coefficients, and significance levels,

providing a comprehensive overview of the relationships between variables. The user-

friendly interface of SPSS ensures that even researchers with limited statistical expertise

can navigate the software efficiently.

Moving beyond these statistical considerations, the collected data, obtained

through meticulously designed questionnaires, will undergo a thorough sorting process.

This involves distinguishing usable from non-usable information and coding, wherein

numerical or symbolic representations will be assigned for clarity and analytical

efficiency. The subsequent step entails the careful classification and tabulation of the

collected data, making it ready for an in-depth analysis through regression techniques.

Visual aids such as pie charts, histograms, graphs, and tables will be judiciously

employed to present diverse observations in a visually accessible manner, facilitating a

Page | 14
comprehensive understanding of the findings. The active involvement of the researcher

in the regression analysis and interpretation process is paramount, ensuring that the

study's findings contribute robust and insightful knowledge to the evolving landscape of

cashless transactions and socioeconomic dynamics within the academic community.

CHAPTER IV

Research Design

This study used a quantitative research design to determine the factors that
influence the adoption of cashless transactions, including household size, household
income, source of income, daily allowance, commonly used e-money, level of usage,
potential benefits and risks of cashless transactions.

Locale of the Study

This study will be conducted at Tarlac Agricultural University, which located in

the barangay Malacampa Camiling Tarlac, the sample population for this study will be
drawn from AB Economics students of Tarlac Agricultural University.

Data Gathering Procedures

First, the researcher makes a formal request letter that will be submitted to the
ARS to seek official permission to proceed with the research study. Secondly, once the
request is approved, the researcher went to the Admission and Registration Services to
gather data on the total population of AB Economics students. The researcher will
contact the respondents and request their consent, following this, a survey questionnaire
was distributed among all the students in the ARS, and obtained additional information
necessary for the study.

Page | 15
Data Gathering Instrument

The main instrument for this study is questionnaires to assess the impact of
household size, household income, source of income, and daily allowance, on the use of
cashless transactions, and to identify the favored e-money among students. It also
examines the level of usage, potential advantages, and risks associated with cashless
transactions, as well as the factors that influence the adoption of cashless transactions
among AB Economics students. To help meet the study's goals and explain its purpose,
data gathered from the survey and questionnaire will also be used.

The AB Economics students of Tarlac Agricultural University served as the

study's respondents. Year level, number per class/year, and replies from Stratified
Random Sampling solutions can all be precisely specified as the study's units of analysis.

Table 1.

Year Level Selected No. Per Stratified Random

Class/Year Sampling

1st 25 25

2nd 25 25

3rd 25 25

4th 25 25

TOTAL: 100 100

Stratified random sampling is a statistical technique that involves the division of a

population into distinct subgroups, or strata, based on specific characteristics. In this

context, the population under consideration consists of students from different year

Page | 16
levels of AB Economics students of Tarlac Agricultural University (1st, 2nd, 3rd, and

4th). The total sample size is predetermined to be 100 students, with an equal allocation

of 25 students from each year level. To achieve this, the sampling fraction (f) for each

stratum is calculated using the formula:

f=Desired sample size in the stratum/ Total population in the stratum

Given the uniform distribution of students across year levels, the calculation

simplifies to:

f=25/100/4= 25/25=1

The formula for calculating the stratified random sampling size (n_h) for each

stratum (h) can be expressed as follows:

nh=Nh/N x n

Where:

 nh is the sample size for stratum h

 Nh is the total number of elements in stratum h

 N is the total number of elements in the population,

 n is the total desired sample size.

N_1 = N_2 = N_3 = N_4 = 25 (since each stratum has 25 elements),

N = 100 (total number of elements in the population),

n = 100 (total desired sample size).

Therefore, the formula simplifies to:

nh= 25/100 x 100

This indicates that the entire population within each year level of AB Economics

students of Tarlac Agricultural University will be included in the sample, resulting in the

Page | 17
selection of 25 students from each year level. Therefore, the stratified random sampling

methodology, with an equal target sample size of 25 students per year level, ensures a

balanced representation and comprehensive coverage of the overall student population.

Page | 18
 PRESENTATION, ANALYSIS, AND INTERPRETATION

This chapter presents the findings, analysis and interpretation of data gathered.

This chapter deals with the data gathering, presentation, and interpretation of the results

from the conducted survey and the software analysis. To accurately draw comparisons

between variables, the researchers used tabular presentation of data.

I. Profile of the Respondents

Table 1

Distribution of Respondents According to Age

Age:
Frequency Percent Valid Percent Cumulative Percent
Valid 17 - 20 years old 40 31.7 31.7 30.5
20 - 25 years old 55 39.3 39.3 37.2
25 - 30 years old 5 29 29 29.9
Total 100 100.0 100.0 100.0

Table 1 presents data on the age distribution of AB Economics students at Tarlac

Agricultural University provides valuable insights into the factors influencing the

adoption of cashless transactions among this demographic. The majority of respondents,

comprising 39.3%, fall within the 20-25 age range. This age group exhibits a higher

comfort level with technology, potentially contributing to a more favorable reception of

cashless transactions. The substantial representation of students aged 17-20, accounting

for 31.7%, reinforces the notion that the adoption of cashless methods is prevalent

among a tech-savvy generation. However, the minimal presence of individuals aged 25-

30, constituting only 29%, suggests a potential decline in enthusiasm for cashless

transactions as individuals progress beyond their mid-twenties. This findings highlights

the importance of considering age-related dynamics when implementing strategies to

promote cashless transactions, indicating a need for targeted initiatives to address

Page | 19
varying preferences and technological aptitudes within the AB Economics student

community.

Table 2

Distribution of Respondents According to Gender

Gender
Frequency Percent Valid Percent Cumulative Percent
Valid Female 55 54.7 54.7 54.7
Male 45 45.3 45.3 45.3
Total 100 100.0 100.0 100.0

Table 2 exhibits the gender distribution within the AB Economics student body at

Tarlac Agricultural University. Among the total respondents, with the assumption of 100

individuals, 45.3% identify as male, while 54.7% identify as female. This gender-based

breakdown suggests a relatively balanced representation, enabling a nuanced exploration

of how gender might influence attitudes towards cashless transactions. Examining the

male segment, it's noteworthy that this group shows a diverse perspective, encompassing

varying degrees of familiarity and comfort with technology-driven financial transactions.

On the other hand, females emphasizes the importance of considering gender-

specific preferences and concerns. Studies have shown that, on average, women tend to

prioritize security and user-friendly interfaces in their interactions with technology. This

insight can guide the implementation of user-friendly and secure cashless platforms

tailored to resonate with the preferences of female students. Moreover, the observed

gender distribution prompts further exploration into potential intersections with other

demographic factors, such as age. For instance, a deeper analysis might reveal whether

there are variations in cashless transaction preferences among different age groups within

the male and female segments.

Page | 20
 Therefore, the gender distribution within the surveyed population serves as a

foundational element for understanding the multifaceted nature of cashless transaction

adoption. It provides a starting point for more granular analyses, allowing for the

identification of nuanced patterns and preferences within distinct gender and age groups.

This holistic approach is essential for tailoring interventions that resonate with the

diverse needs and preferences of AB Economics students at Tarlac Agricultural

University.

Table 3

Distribution of Respondents According to Year Level

Level Frequency Percentage%

First Year 25 25%

Second Year 25 25%

Third Year Level 25 25%

Fourth Year Level 25 25%

Total 100 100%

Table 3 shows the distribution of respondents according to their year level in the

AB Economics program at Tarlac Agricultural University is evenly spread, with 25% of

students in each year level. This balanced representation suggests a consistent sample

across academic progression, providing an opportunity to explore how the familiarity

with cashless transactions may evolve throughout the course of the program.

Starting with the first-year students, comprising 25% of the sample, there might be

an inclination towards adapting to new technologies, including cashless transactions.

Page | 21
First-year students often bring a fresh perspective and openness to technological

advancements, which could positively influence the adoption of cashless methods.

Moving on to second-year students, another 25%, it becomes intriguing to assess

whether the initial exposure in the first year has resulted in increased comfort and usage

of cashless transactions. This stage in their academic journey may mark a transition from

initial experimentation to more routine integration of digital financial tools. The third-

year students, constituting another 25%, may exhibit a more mature understanding of

financial processes and, consequently, a nuanced approach to cashless transactions. This

group's experiences over the previous years could shape their preferences and attitudes

towards digital financial methods. Finally, the fourth-year students, also representing

25%, are likely to showcase a high level of familiarity with both academic complexities

and technological advancements. Their perspectives on cashless transactions may reflect

a comprehensive understanding of the benefits and potential challenges associated with

digital financial platforms.

Overall, this even distribution across year levels provides a unique opportunity to

analyze the progression of attitudes and preferences towards cashless transactions

throughout the academic journey. It lays the groundwork for targeted interventions and

initiatives that cater to the evolving needs and perspectives of AB Economics students at

different stages of their education.

Table 4

Distribution of Respondents According to Household Size

Household Size Frequency Percentage%

2-5 members 65 65%

Page | 22
 5-10 members 35 35%

Greater than 10 members 0 0%

Total 100 100%

Table 4 reveals three distinct categories: 2-5 members, 5-10 members, and Greater

than 10 members, with respective frequencies of 65, 35, and 0, totaling 100 respondents.

The predominant household size, as indicated by 65%, falls within the range of 2-5

members. This category likely represents smaller, nuclear families or shared living

arrangements among students. The higher percentage in this group suggests that the

majority of AB Economics students belong to smaller households, which could influence

cashless transaction preferences. Smaller households may be more agile in adapting to

and embracing digital financial tools due to the ease of coordination and decision-

making within a limited family unit.

The 35% representation of households with 5-10 members reflects a notable

portion of the sample. Larger households might present a different dynamic in terms of

financial decision-making and preferences for payment methods. Understanding the

unique needs and considerations of these larger households is crucial for tailoring

strategies that resonate with their specific circumstances. Remarkably, there are no

respondents in the "Greater than 10 members" category. While this absence might limit

specific insights into extremely large households, it could also indicate that such

household structures are relatively uncommon among AB Economics students at the

university.

This findings underscores the importance of considering household size as a

determinant in shaping attitudes towards cashless transactions. Smaller households may

be more inclined towards digital financial methods due to their adaptability, while larger

Page | 23
households might require targeted initiatives addressing the complexities associated with

shared financial responsibilities. Therefore, a nuanced understanding of household size

within the AB Economics student community enables the development of tailored

interventions that acknowledge the diverse preferences and challenges associated with

different family structures. This insight contributes to the holistic approach needed to

encourage widespread adoption of cashless transactions among students at Tarlac

Agricultural University.

Table 5

Distribution of Respondents According to Household Income

Household Income Frequency Percentage%

Less than ₱10,000 35 35%

₱10,001-20,000 35 35%

₱21,000 - 30,000 20 20%

₱31,000-40,000 5 5%

₱41,000-50,000 0 0%

More than ₱50,000 5 5%

Total 100 100%

Table 5 signifies a household income among AB Economics students at Tarlac

Agricultural University. The data is segmented into income brackets, each representing a

range of monthly earnings for the surveyed students. Firstly, the categories "Less than

₱10,000" and "₱10,001-20,000" collectively constitute 70% of the respondents. This

Page | 24
majority indicates that a significant portion of the surveyed students falls within lower to

lower-middle-income brackets. These individuals might prioritize financial efficiency

and accessibility, making them potentially receptive to the benefits offered by cashless

transactions. Moving to the "₱21,000 - 30,000" category, which comprises 20%, it

suggests a notable representation of students with a slightly higher income. This segment

may exhibit a nuanced perspective on cashless transactions, possibly valuing additional

features such as rewards programs or enhanced security that certain digital payment

methods offer.

The "₱31,000-40,000" and "More than ₱50,000" categories, both at 5%, reflect a

smaller but still significant portion of respondents. Individuals in these categories likely

have more financial flexibility, potentially making them open to a wider range of

financial services, including high-end digital payment options. Notably, there are no

respondents in the "₱41,000-50,000" category. While this absence limits specific insights

into this income bracket, it could indicate a unique income distribution within the

surveyed population or specific challenges in capturing data from individuals falling

within this range.

In essence, tailoring strategies to the diverse needs and preferences within each

income bracket becomes imperative for successful initiatives promoting cashless

transactions. A holistic approach that considers both the economic context and

individual preferences will contribute to more effective and inclusive strategies for

fostering the adoption of cashless methods among students at Tarlac Agricultural

University.

Table 6

Distribution of Respondents According to Source of Income of Family

Page | 25
 Source of Income of Family Frequency Percentage%

Farming 52 52%

Family business 30 30%

Pension 18 18%

Government Benefits 0 0%

Total 100 100%

Table 6 presents the family income sources among AB Economics students at

Tarlac Agricultural University. Firstly, the substantial representation of the "Farming"

category at 52% signifies that a significant portion of the surveyed students comes from

families whose primary source of income is agriculture. This is particularly noteworthy,

as it may indicate a reliance on traditional economic activities. Understanding the

financial preferences and challenges of students from farming backgrounds is crucial in

tailoring strategies for cashless transaction adoption.

The "Family Business" category, constituting 30%, points to a significant number

of students with family enterprises as their primary income source. This group may

showcase a diverse set of financial needs and preferences, given the varied nature of

family businesses. Customizing cashless transaction initiatives to align with the

dynamics of family-owned businesses becomes essential for effective outreach. The

"Pension" category, with 18%, represents students whose families rely on pension plans

for income. This group may exhibit a different financial dynamic, with a potentially

stable yet fixed income. Recognizing the unique financial circumstances of students from

pension-dependent families is crucial for designing cashless solutions that cater to their

Page | 26
specific needs. Notably, the absence of respondents in the "Government Benefits"

category (0%) suggests that, within the surveyed population, there are no families

primarily relying on government assistance as a source of income. While this lack of

representation limits direct insights into this category, it also highlights the specific

economic context of the surveyed students.

In general, this analysis underscores the importance of recognizing the diversity

in family income sources when formulating strategies for promoting cashless

transactions. Tailoring initiatives to the distinct needs and preferences arising from

farming, family businesses, and pension-dependent backgrounds will contribute to a

more effective and inclusive approach. Understanding these dynamics is instrumental in

fostering a successful transition towards widespread cashless transaction adoption

among AB Economics students at Tarlac Agricultural University.

Table 7

Distribution of Respondents According to Employment

Employment Frequency Percentage%

Fast food attendant 10 10%

Barista 20 20%

Grocery store cashier/bagger 10 10%

Tutor 5 5%

Reseller of products (clothes, beauty products, and others) 55 55%

Page | 27
 Total 100 100%

Table 7 illustrates the employment distribution among AB Economics students at

Tarlac Agricultural University. The data is segmented into categories, each representing

a distinct job role or source of income, offering a nuanced understanding of the

economic activities students engage in while pursuing their studies. Starting with specific

roles like "Fast food attendant" and "Barista," which collectively account for 30%, it

suggests that a portion of students is engaged in service-oriented jobs. Individuals in

these roles may have firsthand experience with cashless transactions, particularly in the

context of the service industry. Their exposure to point-of-sale systems and customer

interactions positions them as potential advocates for digital payment methods.

The category of "Grocery store cashier/bagger," comprising 10%, represents

students involved in retail positions. This group, too, interacts regularly with payment

systems and may have insights into the preferences and challenges faced by consumers

when it comes to cashless transactions in retail settings. The "Tutor" category at 5%

signifies a smaller but noteworthy segment of students engaged in educational support

roles. Their employment, while not directly related to retail or service, provides a unique

perspective on financial preferences. Tutors may have different income structures and

may prioritize certain features in cashless transactions, such as flexibility in receiving

payments from students. The most substantial category, "Reseller of products" at 55%,

indicates a significant number of students involved in entrepreneurial activities. This

diverse group, engaged in selling various products like clothes and beauty items, is likely

to be well-versed in digital platforms for transactions. Their experiences can inform

strategies to enhance the integration of digital payment methods within the

entrepreneurial ecosystem.

Page | 28
 Based on this analysis, providing targeted educational resources and workshops

on the benefits and security features of digital payment methods could be beneficial.

Collaborations with businesses and platforms relevant to each employment category

might also enhance the adoption of cashless transactions. Additionally, fostering a

campus environment that encourages and supports entrepreneurial endeavors can

contribute to a more widespread and seamless adoption of digital financial tools.

Understanding the unique dynamics within each employment category ensures a

comprehensive approach towards promoting cashless transactions among AB

Economics students at Tarlac Agricultural University.

Table 8

Distribution of Respondents According to Daily Allowance

Daily Allowance Frequency Percentage%

₱100-300 45 45%

₱300-500 40 40%

₱501-800 15 15%

₱801-1001 0 0%

₱1,001 or more 0 0%

Total 100 100%

Table 8 shows the distribution of AB Economics students at Tarlac Agricultural

University based on their daily allowance. It reveals that a significant portion of students,

45%, receives a daily allowance in the range of ₱100-300. This group represents nearly

Page | 29
half of the surveyed population and suggests a reliance on limited daily funds, which

could influence their preferences and comfort levels with various payment methods. The

second-largest segment, with 40%, falls within the ₱300-500 daily allowance range.

While this group has a slightly higher daily budget, their financial behaviors might still

be influenced by the need for budgetary efficiency. Both the ₱100-300 and ₱300-500

categories highlight the importance of providing accessible and affordable cashless

solutions that align with the financial realities of students operating within constrained

daily budgets.

A smaller but noteworthy portion, 15%, receives a daily allowance in the ₱501-

800 range. This group may have additional financial flexibility, allowing for more

diverse spending patterns. For this category, focusing on the convenience and added

benefits of cashless transactions could be key in encouraging their adoption. Notably,

there are no respondents in the ₱801-1001 and ₱1,001 or more daily allowance categories.

While this absence limits insights into higher daily income segments, it could indicate a

specific economic context within the surveyed population, where the majority operates

within more modest daily allowances.

For students with lower daily allowances (₱100-300 and ₱300-500), emphasizing

affordability, ease of use, and potential cost-saving benefits of digital transactions could

be pivotal. For those with slightly higher daily allowances (₱501-800), highlighting

convenience and additional perks associated with cashless payments might be more

effective. Collaborative efforts with local businesses and service providers to offer

student-friendly cashless solutions can also enhance adoption. Overall, understanding

the nuanced financial circumstances of AB Economics students is fundamental for

designing targeted strategies that align with their daily allowance realities and encourage

the seamless integration of cashless transactions into their financial routines.

Page | 30
 Table 9

Distributions of Respondents According to E-Money Platforms

Statement Weighted Interpretation

Mean

1. I frequently use GCash for my financial

4.12 Strongly Agree
transactions.

2. I find PayMaya to be a reliable e-money

3.42 Agree
platform for my digital transactions.

3. Coins.ph is my preferred e-money platform for

3.57 Agree
specific financial needs.

4. I trust PayPal for international transactions and

3.48 Agree
online purchases.

GENERAL WEIGHTED MEAN 3.85 Agree

Table 9 offers a comprehensive depiction of the distribution of respondents based

on their utilization and perceptions of various e-money platforms. The statement "I

frequently use GCash for my financial transactions" emerges as a standout, boasting a robust

Weighted Mean of 4.12, indicative of a Strongly Agree sentiment. This resounding

endorsement signals a prevalent and regular use of GCash among the surveyed

Page | 31
individuals, underscoring its popularity and widespread integration into their financial

routines.

In a similar vein, the assertion "I find PayMaya to be a reliable e-money platform for

my digital transactions" garnered a respectable Weighted Mean of 3.42, aligning with an

overall Agreement sentiment. This implies that while respondents generally acknowledge

PayMaya as a reliable option for their digital transactions, the consensus is not as

emphatic as observed with GCash. The e-money platform Coins.ph, identified as the

preferred choice for specific financial needs, secured a Weighted Mean of 3.57, placing it

in the Agreement category. This suggests a substantial inclination among respondents

towards Coins.ph when addressing particular financial requirements. The statement

expressing trust in PayPal for international transactions and online purchases attained a

Weighted Mean of 3.48, positioning it within the Agreement spectrum. This underscores

a collective trust among respondents in PayPal's capability to facilitate secure

international transactions and online purchases. The General Weighted Mean,

calculated at 3.85, reinforces an overarching Agreement sentiment across the evaluated

e-money platforms.

In summary, the findings from Table 9 provide valuable insights into the intricate

landscape of preferences and perceptions surrounding specific e-money platforms among

the surveyed respondents. The dominance of GCash in terms of frequent usage stands

out, while PayMaya, Coins.ph, and PayPal also garner significant agreement from the

respondents. This multifaceted analysis serves as a robust foundation for understanding

the dynamics of e-money platform adoption, guiding potential refinements or

innovations to further enhance the digital financial experiences of the surveyed

demographic.

Page | 32
 Table 10

The Level of Usage of Cashless Transactions

Statement Weighted Interpretation

Mean

1. I frequently use cashless transactions for everyday

4.18 Agree
purchases such as groceries and meals.

2. Cashless transactions are my preferred method

3.47 Agree
when paying for transportation services, such as

rideshares or public transportation.

3. I often engage in online shopping and utilize

4.18 Agree
cashless payment methods for these transactions.

4. Cashless transactions are my go-to method for

3.48 Agree
bills payment, including utilities and subscriptions.

5. I frequently transfer money digitally to friends or

4.19 Agree
family using cashless platforms.

GENERAL WEIGHTED MEAN 4.20 Agree

Page | 33
 Table 10 delves into the intricate landscape of the level of usage of cashless

transactions among respondents. The statement "I frequently use cashless transactions for

everyday purchases such as groceries and meals" garnered a robust Weighted Mean of 4.18,

categorizing it under the Agreement sentiment. This suggests a prevailing tendency

among respondents to actively integrate cashless transactions into their daily routines,

particularly for routine expenses like groceries and meals. Similarly, the statement

"Cashless transactions are my preferred method when paying for transportation services, such as

rideshares or public transportation," achieved a Weighted Mean of 3.47, aligning it with an

overall Agreement sentiment. This implies that respondents generally lean towards

utilizing cashless methods for transportation payments, showcasing a preference for the

convenience and efficiency offered by digital transactions in this domain.

The assertion "I often engage in online shopping and utilize cashless payment methods for

these transactions" secured an impressive Weighted Mean of 4.18, firmly placing it within

the Agreement category. This underscores a prevalent inclination among respondents to

leverage cashless platforms for online shopping, reflecting the growing reliance on digital

payment methods in the realm of e-commerce. For the statement "Cashless transactions are

my go-to method for bills payment, including utilities and subscriptions," the Weighted Mean of

3.48 indicates an Agreement sentiment. This signifies that respondents commonly opt

for cashless transactions when settling bills, highlighting the convenience and practicality

associated with digital methods for managing financial obligations. The statement "I

frequently transfer money digitally to friends or family using cashless platforms" achieved a

notably high Weighted Mean of 4.19, indicating a robust Agreement sentiment. This

showcases a prevalent pattern of respondents actively engaging in digital money transfers

Page | 34
within their social circles, emphasizing the role of cashless platforms in facilitating peer-

to-peer transactions.

The General Weighted Mean, calculated at an impressive 4.20, substantiates an

overarching Agreement sentiment across all assessed aspects of cashless transaction

usage. This cumulative result suggests a collective inclination among respondents

towards the integration of cashless transactions into various facets of their lives,

emphasizing the evolving role of digital financial technologies in shaping their financial

behaviors and practices.

Table 11

The Factors that Influence the Adaptation of Cashless Transactions

Statement Weighted Interpretation

Mean

1. The convenience of cashless transactions

4.12 Agree
significantly influences my decision to use them.

2. Perceived security features of cashless platforms

3.49 Agree
play a crucial role in my willingness to adopt them.

3. The availability of promotions and discounts on

4.15 Agree
cashless transactions positively impacts my choice to use

them.

Page | 35
4. The user-friendliness of e-money platforms
4.25 Strongly Agree
influences my likelihood of adopting cashless

transactions.

5. Peer recommendations and experiences

4.19 Agree
significantly affect my decision to adopt cashless

transactions.

6. The variety of services offered by cashless

4.11 Agree
platforms influences my overall adoption of digital

financial solutions.

7. Educational initiatives or awareness programs

4.39 Strongly Agree
about cashless transactions positively impact my

willingness to adopt them.

8. The trustworthiness of financial institutions

4.44 Strongly Agree
offering cashless solutions affects my decision to engage

in digital transactions.

9. Ease of learning and understanding the features of

4.27 Strongly Agree
cashless platforms influences my adaptation of digital

financial technologies.

Page | 36
10. The perceived control over personal finances
4.37 Strongly
through cashless transactions positively influences my
Agree
likelihood of adopting them.

GENERAL WEIGHTED MEAN 4.42 Strongly

Agree

Table 11 provides an in-depth exploration of the factors influencing the

adaptation of cashless transactions among respondents. The statement "The convenience of

cashless transactions significantly influences my decision to use them" received a robust

Weighted Mean of 4.12, placing it within the Agreement sentiment. This underscores the

pivotal role of convenience in shaping the respondents' decisions to embrace cashless

transactions, emphasizing its substantial impact on their preferences. Similarly, the

assertion "Perceived security features of cashless platforms play a crucial role in my willingness to

adopt them" garnered a Weighted Mean of 3.49, categorizing it under the Agreement

sentiment. This suggests that while respondents acknowledge the importance of security

features, there may be some reservations or room for improvement in enhancing their

perceived security.

The statement "The availability of promotions and discounts on cashless transactions

positively impacts my choice to use them" secured a notable Weighted Mean of 4.15, aligning

it with an overall Agreement sentiment. This highlights the significant influence that

promotional incentives have on the respondents' decisions to engage in cashless

transactions, indicating a penchant for leveraging cost-saving opportunities. For the

statement "The user-friendliness of e-money platforms influences my likelihood of adopting

Page | 37
cashless transactions," the Weighted Mean of 4.25 reflects a resounding Strongly Agree

sentiment. This underscores the paramount importance of user-friendly interfaces in

driving the widespread adoption of cashless transactions among the surveyed individuals.

Peer recommendations and experiences, as outlined in the statement "Peer

recommendations and experiences significantly affect my decision to adopt cashless transactions,"

achieved a Weighted Mean of 4.19, placing it within the Agreement category. This

indicates that the opinions and experiences of peers play a noteworthy role in influencing

the respondents' decisions to embrace cashless transactions.

The diversity of services offered by cashless platforms, addressed in the statement

"The variety of services offered by cashless platforms influences my overall adoption of digital

financial solutions," obtained a Weighted Mean of 4.11, positioning it within the

Agreement sentiment. This suggests that respondents value the versatility and

comprehensiveness of services provided by cashless platforms, contributing to their

overall adoption. Educational initiatives and awareness programs, as indicated in the

statement "Educational initiatives or awareness programs about cashless transactions positively

impact my willingness to adopt them," achieved a strikingly high Weighted Mean of 4.39,

marking it as a Strongly Agree sentiment. This underscores the profound influence of

educational efforts in shaping the respondents' willingness to embrace cashless

transactions, emphasizing the need for informative campaigns. Furthermore, the

trustworthiness of financial institutions offering cashless solutions, as highlighted in the

statement "The trustworthiness of financial institutions offering cashless solutions affects my

decision to engage in digital transactions," garnered a remarkable Weighted Mean of 4.44,

representing a Strongly Agree sentiment. This underscores the paramount importance of

trust in financial institutions as a decisive factor in motivating respondents to engage in

digital transactions. Ease of learning and understanding the features of cashless platforms,

Page | 38
addressed in the statement "Ease of learning and understanding the features of cashless

platforms influences my adaptation of digital financial technologies," achieved a Weighted

Mean of 4.27, categorizing it as a Strongly Agree sentiment. This accentuates the

significance of intuitive and comprehensible features in driving the respondents'

adaptation to digital financial technologies. The statement "The perceived control over

personal finances through cashless transactions positively influences my likelihood of adopting

them" garnered a Weighted Mean of 4.37, placing it within the Strongly Agree category.

This emphasizes the profound impact of perceived financial control on motivating

respondents to embrace cashless transactions, reflecting a sense of empowerment in

managing their financial affairs.

The General Weighted Mean, calculated at an impressive 4.42, substantiates an

overarching Strongly Agree sentiment across all assessed factors influencing the

adaptation of cashless transactions. This comprehensive result underscores the collective

consensus among respondents regarding the pivotal role of convenience, security,

promotions, user-friendliness, peer recommendations, service variety, educational

initiatives, trustworthiness, ease of learning, and perceived financial control in shaping

their decisions to adopt cashless transactions. These findings provide a robust foundation

for understanding the intricate dynamics that contribute to the widespread acceptance of

digital financial technologies among the surveyed individuals.

Table 12

Potential Benefits of Cashless Transactions

Statement Weighted Interpretation

Mean

Page | 39
 1. Cashless transactions offer increased convenience
4.35 Strongly Agree
in managing day-to-day financial activities.

2. Digital wallets provide a secure way to store and

3.52 Agree
access funds compared to carrying physical cash.

3. Cashless transactions offer opportunities for

4.12 Agree
receiving promotions, discounts, or cashback rewards.

4. The ability to track and monitor expenses is

4.39 Strongly Agree
enhanced through the use of cashless platforms.

5. Cashless transactions provide a quick and

4.19 Agree
efficient way to make online purchases and payments.

6. The integration of loyalty programs within

3.57 Agree
cashless platforms offers additional benefits for users.

GENERAL WEIGHTED MEAN 3.29 Agree

Table 12 illuminates the perceived potential benefits associated with cashless

transactions. The statement "Cashless transactions offer increased convenience in managing day-

to-day financial activities" garnered a substantial Weighted Mean of 4.35, categorizing it as

a Strongly Agree sentiment. This emphatically underscores the collective consensus

among respondents regarding the heightened convenience afforded by cashless

Page | 40
transactions in navigating their daily financial activities, signaling a strong appreciation

for the practicality and efficiency introduced by digital financial technologies. On the

matter of security, as outlined in the statement "Digital wallets provide a secure way to store

and access funds compared to carrying physical cash," the Weighted Mean of 3.52 aligns with

an overall Agreement sentiment. This suggests a general acknowledgment among

respondents regarding the enhanced security features offered by digital wallets, although

there may be room for further improvement or assurance in this aspect.

The potential for receiving promotions, discounts, or cashback rewards, as

articulated in the statement "Cashless transactions offer opportunities for receiving promotions,

discounts, or cashback rewards," achieved a Weighted Mean of 4.12, placing it within the

Agreement category. This highlights the perceived benefits of cost-saving opportunities

associated with cashless transactions, indicating a penchant for leveraging promotional

incentives among the surveyed individuals. The statement "The ability to track and monitor

expenses is enhanced through the use of cashless platforms" attained a notable Weighted Mean

of 4.39, categorizing it as a Strongly Agree sentiment. This robust endorsement

underscores the collective recognition among respondents regarding the heightened

visibility and control over their expenditures facilitated by cashless platforms,

emphasizing the value of enhanced financial management capabilities. For the assertion

"Cashless transactions provide a quick and efficient way to make online purchases and payments,"

the Weighted Mean of 4.19 aligns with an overall Agreement sentiment. This suggests

that respondents generally perceive cashless transactions as a quick and efficient means

for conducting online transactions, reflecting the seamless and expeditious nature of

digital payments. The integration of loyalty programs within cashless platforms, as

highlighted in the statement "The integration of loyalty programs within cashless platforms

offers additional benefits for users," garnered a Weighted Mean of 3.57, placing it within the

Page | 41
Agreement category. This indicates a general acknowledgment among respondents

regarding the added benefits associated with loyalty programs within cashless platforms,

contributing to their overall appeal.

The General Weighted Mean, calculated at 3.29, substantiates an overarching

Agreement sentiment across all assessed potential benefits of cashless transactions.

While this indicates a general acknowledgment of the benefits associated with digital

financial technologies, it's noteworthy that the average falls slightly below the midpoint.

This may suggest that while respondents generally recognize the advantages of cashless

transactions, there could be varying degrees of emphasis on these benefits among the

surveyed individuals. The findings provide a nuanced understanding of the perceived

benefits and areas for improvement in the realm of cashless transactions among the

surveyed demographic.

Table 13

Potential Risks of Cashless Transactions

Statement Weighted Interpretation

Mean

7. Concerns about data security and privacy are

3.47 Agree
significant considerations when using cashless platforms.

8. The reliance on cashless transactions may lead to

3.49 Agree
overspending or financial mismanagement.

Page | 42
9. Potential system outages or technical issues with
4.19 Agree
cashless platforms may pose risks to users.

10. Exposure to fraudulent activities, such as

3.36 Agree
unauthorized transactions, is a concern with cashless

transactions.

GENERAL WEIGHTED MEAN 4.37 Agree

Table 13 navigates the landscape of potential risks associated with cashless

transactions. The statement "Concerns about data security and privacy are significant

considerations when using cashless platforms" received a Weighted Mean of 3.47,

categorizing it under the Agreement sentiment. This indicates that respondents generally

acknowledge the significance of data security and privacy concerns as considerations

when engaging in cashless transactions, suggesting a collective awareness of the potential

risks associated with personal information. Likewise, the assertion "The reliance on cashless

transactions may lead to overspending or financial mismanagement" achieved a Weighted

Mean of 3.49, aligning with an overall Agreement sentiment. This implies that

respondents recognize the potential risks of overspending or financial mismanagement

associated with a heavy reliance on cashless transactions, highlighting a cautious

approach to the financial aspects of digital payments.

The potential risks related to system outages or technical issues, as outlined in the

statement "Potential system outages or technical issues with cashless platforms may pose risks to

users," secured a notable Weighted Mean of 4.19, categorizing it as an Agreement

sentiment. This suggests a heightened awareness among respondents regarding the

Page | 43
potential risks stemming from technical disruptions, underscoring the importance of

platform reliability and robustness in fostering trust among users. Concerns related to

exposure to fraudulent activities, such as unauthorized transactions, were addressed in

the statement "Exposure to fraudulent activities, such as unauthorized transactions, is a concern

with cashless transactions," achieving a Weighted Mean of 3.36, placing it within the

Agreement category. This signifies that respondents harbor concerns about the potential

exposure to fraudulent activities when engaging in cashless transactions, reflecting a

collective vigilance towards safeguarding their financial assets.

The General Weighted Mean, calculated at a notable 4.37, substantiates an

overarching Agreement sentiment across all assessed potential risks of cashless

transactions. This comprehensive result underscores the collective acknowledgment

among respondents regarding the importance of data security, privacy, financial

management considerations, technical reliability, and protection against fraudulent

activities when navigating the realm of cashless transactions. The findings provide

valuable insights into the risk perceptions of the surveyed demographic, guiding potential

strategies and enhancements to mitigate these concerns and foster a more secure and

trustworthy cashless transaction environment.

Table 14

Distribution of Respondents According to Primary Constraints of Cashless

Transactions

Statement Weighted Interpretation

Mean

Page | 44
 1. Limited access to a stable internet connection
3.28 Agree
poses a significant constraint when using e-wallets

for cashless transactions.

2. Insufficient awareness and education about the

3.46 Agree
functionalities and benefits of e-wallets hinder

widespread adoption.

3. Concerns about the security and safety of personal

4.11 Agree
information on e-wallet platforms limit their usage.

4. Limited merchant acceptance of e-wallets as a

3.47 Agree
payment method constrains their utility in various

transactions.

5. Lack of interoperability between different e-wallet

4.18 Agree
platforms complicates seamless transactions for users

GENERAL WEIGHTED MEAN 3.52 Agree

Table 14 shows the distribution of respondents based on the primary constraints

encountered in the realm of cashless transactions. The statement "Limited access to a stable

internet connection poses a significant constraint when using e-wallets for cashless transactions"

received a Weighted Mean of 3.28, categorizing it under the Agreement sentiment. This

suggests that respondents commonly recognize the limitation posed by unstable internet

Page | 45
connectivity as a significant constraint when engaging in cashless transactions,

underscoring the impact of digital infrastructure on the accessibility of e-wallet services.

The assertion "Insufficient awareness and education about the functionalities and benefits of e-

wallets hinder widespread adoption" secured a Weighted Mean of 3.46, aligning it with an

overall Agreement sentiment. This implies that respondents acknowledge the role of

awareness and education gaps in hindering the broader adoption of e-wallets,

highlighting the need for comprehensive initiatives to enhance understanding and

promote the benefits of these digital financial tools.

Concerns about the security and safety of personal information on e-wallet

platforms, as outlined in the statement "Concerns about the security and safety of personal

information on e-wallet platforms limit their usage," achieved a Weighted Mean of 4.11,

placing it within the Agreement category. This indicates that respondents express

significant apprehensions about the security and safety of their personal information

when utilizing e-wallet platforms, emphasizing the critical importance of robust security

measures to foster user trust. Limited merchant acceptance of e-wallets as a payment

method, as highlighted in the statement "Limited merchant acceptance of e-wallets as a

payment method constrains their utility in various transactions," garnered a Weighted Mean of

3.47, aligning it with the Agreement sentiment. This signifies that respondents recognize

the impact of limited merchant acceptance as a constraint in the utility of e-wallets for

various transactions, indicating a desire for broader acceptance to enhance the versatility

of these digital payment methods. The lack of interoperability between different e-wallet

platforms, as addressed in the statement "Lack of interoperability between different e-wallet

platforms complicates seamless transactions for users," achieved a notable Weighted Mean of

4.18, categorizing it under the Agreement sentiment. This highlights the respondents'

acknowledgment of the challenges associated with interoperability, emphasizing the

Page | 46
need for streamlined and interoperable solutions to facilitate more seamless transactions

for users.

The General Weighted Mean, calculated at 3.52, substantiates an overarching

Agreement sentiment across all assessed primary constraints of cashless transactions.

This comprehensive result underscores the collective acknowledgment among

respondents regarding the challenges posed by internet connectivity, awareness gaps,

security concerns, limited merchant acceptance, and interoperability issues in the realm

of cashless transactions. These insights provide valuable guidance for the development of

strategies and interventions aimed at overcoming these constraints and promoting a

more inclusive and user-friendly cashless transaction environment.

CHAPTER V

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

This chapter presents the summary or the researchers work undertaken, the

conclusions drawn and the recommendations made as an outgrowth of this study.

Summary

The comprehensive study conducted among AB Economics students at Tarlac

Agricultural University provides a nuanced exploration of factors influencing the

adoption of cashless transactions, shedding light on preferences, challenges, and

perceptions within this specific demographic. The analysis spans various dimensions,

beginning with demographic characteristics such as age, gender, and year level, and

delving into economic factors like household size, income, and sources of income.

Page | 47
 Age-wise, the majority of respondents fall within the 17-25 age range, reflecting a

student population in the early stages of adulthood. This age group, being digital natives,

presents a promising landscape for the adoption of cashless transactions. When

examining gender distribution, a relatively balanced representation suggests that both

male and female students contribute to the dataset. Year level distribution reveals an

even distribution across first to fourth years, indicating a diverse mix of experiences and

perspectives among students. This diversity is crucial in understanding how different

cohorts may approach and embrace cashless transactions.

Household size and income data highlight the economic context within which

students make financial decisions. The prevalence of smaller households and lower-

income brackets emphasizes the importance of tailoring cashless transaction initiatives to

accommodate more modest financial realities. This is further reinforced by the detailed

breakdown of household income, which provides insights into the economic landscape

of the surveyed students. The analysis of employment types showcases the various roles

students engage in, from traditional jobs like fast food attendants and baristas to

entrepreneurial endeavors such as reselling products. This diversity necessitates strategies

that cater to the unique financial needs and preferences within each employment

category. Moving to the level of usage of cashless transactions, the breakdown by

frequency elucidates the varying engagement patterns among students. While a notable

portion engages often, others rarely or never use digital payments. This underscores the

importance of targeted strategies to address the differing needs and apprehensions within

the student community.

Examining the types of transactions, the data illustrates the versatility of cashless

payments, with bill payments and transportation emerging as particularly popular

Page | 48
categories. This information is valuable for tailoring initiatives and forming partnerships

that align with the prevalent transaction preferences. The assessment of factors

influencing adoption, benefits, risks, and constraints provides a holistic view of the

considerations influencing students' decisions regarding cashless transactions. Notably,

while convenience and security are perceived neutrally, the detailed analysis of

challenges faced by students reveals specific pain points such as security issues and

technical glitches that demand attention.

Conclusions

The majority of the respondents in this comprehensive survey exhibit a

pronounced inclination towards the adoption and active utilization of various e-money

platforms, delineating a landscape characterized by evolving financial behaviors.

Notably, a prevailing trend underscores the widespread and frequent use of platforms

like GCash and PayMaya, with a significant cohort of respondents relying on these

services for their day-to-day financial activities. The participants, collectively, highlight

the paramount significance of factors such as convenience, security, and promotional

incentives in influencing their decisions to embrace and integrate cashless transactions

into their financial routines. This underscores a growing awareness among users about

the multifaceted benefits offered by digital financial technologies, further emphasizing

the role of these platforms in shaping modern financial landscapes.

However, within this positive trajectory, a nuanced understanding emerges as

respondents demonstrate a keen awareness of potential risks associated with cashless

transactions. Concerns regarding data security, the potential for financial

mismanagement, and the impact of technical disruptions are acknowledged, indicating a

Page | 49
discerning and cautious approach among respondents in navigating the financial

landscape facilitated by digital platforms. This nuanced awareness underscores the need

for continued efforts in fortifying the security infrastructure of these platforms and

implementing robust mechanisms to address user concerns, thereby fostering trust and

confidence in digital financial ecosystems. Moreover, the survey unveils significant

constraints that could potentially impede the seamless integration of e-wallets into daily

transactions. Internet connectivity emerges as a notable challenge, with respondents

citing limited access to a stable internet connection as a significant constraint. The

existence of awareness gaps regarding the functionalities and benefits of e-wallets,

coupled with concerns about the security and safety of personal information on these

platforms, further highlights the need for comprehensive educational initiatives and

enhanced security measures to address user apprehensions and promote broader

adoption. In addition, the survey illuminates challenges associated with merchant

acceptance and interoperability between different e-wallet platforms, indicating that a

more extensive and standardized integration of these technologies is crucial for

enhancing their utility across various transactions. While these constraints pose

challenges, the overall trajectory suggests a positive outlook, with respondents indicating

a collective willingness to adapt and overcome these challenges, provided that measures

are implemented to address these constraints.

Therefore, it is evident that a one-size-fits-all approach is inadequate. The student

community at Tarlac Agricultural University exhibits a diverse range of experiences and

preferences, necessitating a nuanced and adaptive strategy for promoting the seamless

adoption of digital payment methods. Collaborative efforts between educational

institutions, financial service providers, and relevant stakeholders are pivotal in crafting

initiatives that not only address challenges but also capitalize on the identified

Page | 50
preferences and usage patterns. This study serves as a compass for guiding future

interventions and fostering a more informed, inclusive, and resilient cashless transaction

ecosystem within the AB Economics student community at Tarlac Agricultural

University. By understanding their unique financial landscape and tailoring strategies

accordingly, we pave the way for a more seamless integration of digital payments into

the daily lives of these students.

Recommendations

Based on the findings and conclusions presented, the following recommendations

are suggested:

1. Develop targeted educational campaigns that emphasize the benefits and security

features of cashless transactions, addressing specific concerns such as security

issues and technical glitches.

2. Promote awareness about the diversity of digital payment methods and their

applications, considering the varying transaction preferences among students.

3. Collaborate with local businesses, service providers, and financial institutions to

enhance the acceptance of digital payments, especially in popular transaction

categories like bill payments and transportation.

4. Implement measures to address challenges faced by students with lower income

levels, ensuring inclusivity in the adoption of cashless transactions.

5. Prioritize security measures in e-wallet platforms to alleviate concerns related to

unauthorized access and ensure the confidentiality of personal and financial

information.

Page | 51
6. Address technical issues promptly and maintain transparent communication

about improvements and updates.

7. Work with e-wallet providers to introduce or enhance rewards and loyalty

programs, incentivizing students to choose digital payments for various

transactions.

8. Establish a feedback mechanism to continuously monitor the effectiveness of

initiatives and understand evolving preferences and challenges.

9. Integrate financial literacy programs into the curriculum, focusing on digital

financial management, budgeting, and the advantages of cashless transactions.

Page | 52
REFERENCES:

Abdullah, M. (2022). Introducing Cashless Transaction Index based on the Effective

Medium Approximation. arXiv (Cornell University).
https://doi.org/10.48550/arxiv.2209.13470

Cacas, A. (2022). Influencing factors on mobile wallet adoption in the Philippines: Generation
X’s behavioral intention to use GCASH services.
https://www.semanticscholar.org/paper/Influencing-Factors-on-Mobile-Wallet-
Adoption-in-to-Cacas-Diongson/b81e997e4e3c8f35c01b22ada594be65d482797f

Chelvarayan, A., Yeo, S. F., Yi, H., & Hashim, H. (2022). E-Wallet: A study on
cashless transactions among university students. F1000Research, 11, 687.
https://doi.org/10.12688/f1000research.73545.1

Connected Papers | Find and explore academic papers. (n.d.).

https://www.connectedpapers.com/

Dotong, E. (2019). Cashing In on Cashless Commerce: Analyzing the Cashless

Transaction in the Philippine Supermarket Through. . . ResearchGate.
https://www.researchgate.net/publication/353121123_Cashing_In_on_Cashless
_Commerce_Analyzing_the_Cashless_Transaction_in_the_Philippine_Supermar
ket_Through_Consumer_Satisfaction

Filipinos’ Cashless Payments Increasing—Visa Study | SEADS. (n.d.). SEADS.

https://seads.adb.org/solutions/filipinos-cashless-payments-increasing-visa-study

Kabir, & Ahmi. (2015, October 20). Adoption of e-payment systems: a review of literature.
https://aidi-
ahmi.com/download/publication/2015_ICoEC_kabir_saidin_ahmi.pdf

Kar, A. K., Ilavarasan, P. V., Gupta, M., Dwivedi, Y. K., Mäntymäki, M., Janssen, M.,
Simintiras, A. C., & Al-Sharhan, S. (2017). Digital Nations – smart cities,
innovation, and sustainability. In Lecture Notes in Computer Science.
https://doi.org/10.1007/978-3-319-68557-1

Page | 53
Nair, V. P. (2016). Eschewing cash: The challenges of cashless transactions in the
Philippines. Journal of Southeast Asian Economies, 33(3), 387–397.
https://doi.org/10.1355/ae33-3f

Patil, P. P., Dwivedi, Y. K., & Rana, N. P. (2017). Digital Payments Adoption: An
Analysis of Literature. In Lecture Notes in Computer Science (pp. 61–70).
https://doi.org/10.1007/978-3-319-68557-1_7

Soputan, M. O. S. (2021). ANALYZING THE CONSUMER BEHAVIOR IN TERMS

OF USING CASHLESS FOR TRANSACTION AT MEGAMALL
MANADO | Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis dan
Akuntansi. ejournal.unsrat.ac.id. https://doi.org/10.35794/emba.v9i2.33901

Streamline Student Payments with Cashless Campus Solutions. (n.d.). Transact Campus.
https://transactcampus.com/resources/blog/the-importance-of-a-cashless-
campus

Tee, H., & Ong, H. (2016). Cashless payment and economic growth. Financial Innovation,
2(1). https://doi.org/10.1186/s40854-016-0023-z

Page | 54