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Chapter 5
A JOURNEY TOWARDS A CASHLESS SOCIETY
Vishal Jain and Parul Jain
ABSTRACT

The last decade has witnessed a sharp rise of cashless transactions not only in the developed
countries but also in many of the developing countries. Markets are in a transition phase, from
grocery stores, hyper markets to electronic markets. Use of plastic cards, online shopping and
electronic payments are gathering momentum. Governments are also becoming hi-tech by
introducing online facilities to their citizens. In coordination with other institutions, governments
have been moving from cash-based to a cashless system in order to increase efficiency and decrease
costs. This has lead to the idea of a futuristic, cashless society. It took a considerable amount of
time to start and move towards this cashless society. Initially, it was not a substantial success but
ultimately it has emerged. Now, it is progressing because of the worldwide internet availability
with user-friendly software and hardware. This paper is an attempt to understand the theoretical
concept of a cashless society with the help of its SWOT analysis. Although cashless transactions
have numerous advantages, the journey towards a cashless society is not free of obstacles. An
empirical study was carried out in the Sultanate of Oman to identify the relationships of some
of the predictors, such as Easy, Fast, Secure, and Benefit with dependent variable Use of cashless
instruments. Results after Exploratory Factor Analysis (EFA) and Multiple Linear Regression (MLR)
show that Easy, Secure, and Benefits of cashless instruments are significant predictors but fast, is
not a significant predictor of the Use of cashless instruments, at 0.1 significance level.

Keywords: Cashless, E-transactions, SWOT, Factors

1. INTRODUCTION

Nowadays, money determines the Figure 1: Cash-based Instruments

social status of an individual. Was money
always a determinant? If we go back to the
primitive age of human history, people had
no money. They merely had some stone tools
for hunting and gathering food. As families
started settling down in villages, the need for
various commodities arose. Then the barter
system came into existence, where goods and
services were being exchanged. Whatever
one needed would be provided by the other
person in exchange of the goods and services Figure 1. Cash-based
that the other person would need. That was a content life, followed by the metallic age

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 62 Vishal Jain, Parul Jain

when the coins started to be minted. People Figure 2: Cashless Instruments

realized the importance of the shiny golden
coins. Currency notes were introduced by
China in the 7th century and thereafter these
were used all over the world. People no longer
needed to carry heavy bags of grains in case
they needed a pair of shoes. They simply had to
pay a few coins and notes. After the evolution
of a banking system, for many decades, coins,
notes and cheques were the key instruments
for money transactions among customers and Figure 1. Cashless
companies (Akinola, 2012). Usually, customers kept these physical currencies in their wallet,
although sometimes it was not feasible to keep all the money in their possession for an
expensive purchase.
Gradually money became a measure for everything. With money, one is a dragon; with
no money, a worm. Capitalism crept in and people started becoming a rich man’s opportunity.
Also, with physical currency (coins and notes), several evils arose. Burglery, robbery, bribery
and fraud are examples of misconduct and crime. To safeguard ourselves, neither can we
return to the barter system nor can we do away with money. How, then, can people protect
themselves in this digital age? The answer is ‘with the help of technology’, by developing a
‘Cashless Society’. We are all moving fast in the direction of a digital generation where ‘paper’
work will be obsolete. Oman is a good example of this, where more than 66.6 percent of data
is available online (United Nations, 2014). Here, every sort of organization, big or small, is
keenly motivating everybody to move towards living without cash.

2. Literature Review

In terms of goods and services, Papadopoulos

Figure 3: E- Transaction
(2007) proposes that cash is treated as a form of
goods, whereas a cashless transaction is perceived
Third Payer
as a service. Cole (2012) expresses that carrying hard Party
cash is a thing of the past. Infrastructure is being
developed and markets are preparing themselves
to accept and adopt ‘cashlessness’ around the world
(Thomas, 2013). Following these modernization
steps, Oman has established Master Card Internet Bankcard
Gateway Service (MiGS) in collaboration with Master Association
Card (Baqer, 2012). MiGS would provide government
and private sectors with an e-environment for faster
and secure public services for citizens of Oman. The
present generation, which has witnessed a significant
technological change from pen-paper to touch- Third
screen era, is motivated by government, banking and Party Payee

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 A JOURNEY TOWARDS A CASHLESS SOCIETY 63

retail sectors to shift from Figure 4: Percentage of Cashless Transaction

cash-based to cashless (Thomas, 2013)
transactions. Oman, 0 20 40 60 80 100 0 20 40 60 80 100
where 71.2 percent male Singapore 61 United Arab Emirates 8
Taiwan 6
and 59.8 percent female Netherlands 60
Italy 6
France 59
are using the internet, is Sweden 59
South Africa 6
Poland 5
moving fast towards a Canada 57 Russia 4
cashless society (ITU, Belgium 56 Mexico 4
United Kingdom 52 Greece 2
2015). 45
Colombia 2
USA
India 2
The concept of a Australia 35 Kenya 2
Germany 33
cashless society is based Thailand 2
Korea 29 Malaysia 2
on electronic transaction Spain 16 Saudi Arabia 1
Peru 1
(e-transaction). Generally, Brazil 15
Egypt 1
these cashless transactions Japan 14 Indonesia 0
China 10 Nigeria 0
are linked with a bank
and the banks have Advanced Tipping Point Transitioning Inception
adequate control over the
transactions. In a society where many individuals do not like to carry currency in their wallet,
people are thinking seriously about electronic payment (e-payment) through electronic money
(e-money) with the help of electronic cards (e-cards) and electronic banking (e-banking). The
first cashless payment was introduced in the 1950s, since then, various e-payment instruments
have been introduced. SMS payment, Plastic Cards (Debit, Credit and ATM Cards), Electronic
Transfer (e-transfer), Internet Banking, Virtual Wallet (Google Wallet) and Virtual Currency (Bitcoin)
are the key innovations of the past few decades which are contributing in the emergence of a
cashless society (Akinola, 2012). Technological revolution, especially in the fields of information
and communication, expedited the development and improvement of cashless applications and
instruments for both individuals and organizations. Rapid enhancement of smartphones, 3G/4G
networks, Wi-Fi, NFC and QR code are speeding up the flow of information around the globe. This
flow of information is not only becoming faster, easier and safer but also substantially cheaper.
Day by day e-transfer infrastructure is becoming more efficient and as a result everyone is getting
closer, shifting from cash-based to a cashless society (Papadopoulos, 2007). Now people may live
anywhere around the world, but when a family needs cash, money will reach them.
Recent trends show that the concept of ‘cashlessness’ is visible for large amounts of
transactions only. The real sense of a cashless society means that transactions not only of large
amounts but also of small amounts will be performed. Thomas (2013) suggests that availability
of affordable products, a competitive marketplace and dynamic business environment are critical
factors for the successful journey towards a cashless society. Oman is also showing its strong
presence in the cashless environment, having secured its place among the top 50 performers on
e-participation with index 0.7059 and Online Service Index (OSI) 0.7323 (United Nations, 2014).
A recent study shows that more than 60 percent of Omani are using the internet; mobile-phone
subscriptions are 159.25 per 100 people and wireless broadband connections are 50.94 per 100
people (United Nations, 2014). Research conducted in others countries has also shown positive
results. Cole (2012) highlights that 73 percent of Americans have accepted that they are moving
towards a cashless state, from cash-based transactions. Many countries, such as Canada and the
U.S., have successfully reduced the production expenditure of coins and currency.

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 64 Vishal Jain, Parul Jain

Fundamentally, for a successful cashless society, government plays an important

role. Therefore, e-government is an inherent facet of a cashless society. According to the
survey by United Nations (2014), the E-Government Development Index (EGDI) of Oman
is ‘High’, between 0.50 and 0.75 (0.6273). Supported by fast and secure internet, the role of
government is not limited to individuals only, but it is also applicable to family, society and
an entire country. Furthermore, it creates a transparent relationship followed by the trust
and association of the countries involved. For an effective and efficient cashless society, the
government needs to identify the basic requirements of its citizens and then use the features
of a cashless society to motivate them to adopt e-government. The government of Oman,
in line with Vision-2020, is in the process of creating Digital Oman (e-Oman) to empower
its citizens (Boulos, 2011). In the adoption process of e-government, Gilbert, Balestrini, &
Littleboy (2004) identify its advantages, such as confidential, easy to use, enjoyable, reliable,
safe and visually appealing. Correspondingly, disadvantages are lack of personal interaction,
control and convenience. Cost, personalization and time are additional factors. According to
Cook (2000), the most preferred cashless services are license renewal, parking, reservation,
registration, tax and other government amenities; also the issuing of birth, marriage and
death certificates.
The last decade has witnessed an enormous range of financial products and services
to support a cashless environment. An optimum equilibrium is required between all these
goods and services for effective and efficient introduction and growth of a convenient and
secured cashless system (Brønnum, Ford, Pardon, & Schuck, 2010).

2.1 E-BANKING

Banking has always been the backbone of any economy. It often works as a bridge
between customers and companies. In the past, the banking system was totally dependent
on human knowledge and skills to perform basic functions such as journal entries, ledger
posting and trial balance preparation. Earlier bank transactions were very slow due to the
manual systems and in order to improve operations, later on banks started the process of
computerization. However, it takes time to adapt oneself to a new environment and that is
what happened with bank employees (Bátiz-Lazo & Smith, 2015). In Oman, senior employees
had insufficient knowledge of computers and their uses, although today’s new employees
are sufficiently computer literate. With the latest technology, the present banking system has
become much more advanced and efficient and transactions are done in just a few clicks
(Nwankwo & Eze, 2013). These transactions are absolutely safe and secure when handled with
a little caution. According to Lawati (2016), e-banking channels are now equipped with a
fast, safe and secure environment for instant e-transfer of water, electricity or phone bills
24x7 from our homes. Omantel and Ooredoo are the two most preferred internet providers
in Oman. Consequently, most of the Omani banks are providing e-banking facilities for their
customers. According to ITU (2015), 82.9 percent of Omani households have computers,
24.6 percent have fixed-phones and 99.3 percent mobile phones. Therefore, the potential for
e-banking infrastructure is very strong in Oman.

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 A JOURNEY TOWARDS A CASHLESS SOCIETY 65

2.2 E-cards

It is said that necessity is the mother of invention. It is a well told story that the first
electronic card came into existence when the founder of the first e-card organization, unable
to pay his bills during a business meeting due to the loss of his wallet, then thought about
a substitute for cash. Payment by e-card, also known as plastic currency, is one of the most
preferred instruments in terms of volume used for cashless transactions (Chen, 2015). Among
all, e-card services are the best alternative for quick and easy payment instead of traditional
currency notes. The card can be used instantly everywhere, at a hypermarket or a cinema, for
payment of traffic offences, bills or for online shopping. Brønnum et al. (2010) suggest that
convenience and security are both equally important for e-card payments, therefore each
constituent of the e-card industry should work together in order to enhance not only the
advanced features but also safety features. Electronic card payments are regularly upgraded
by providing added value services to the end-users through use of the latest technology
(Papadopoulos, 2007). E-cards are basically of two types, prepaid (Debit card) and postpaid
(Credit card). These cards normally contain an integrated chip (IC) for better safety and
accessibility. MasterCard and Visa are the two main players in the e-card industry. Arabzadeh
& Aghaeian (2015) argue that use of credit cards affects lifestyles, purchasing behavior and
attitude toward debt of the cardholders. Loix, Pepermans, & Hove (2005) propose in their
study that age, sex, education, household size, employment and income of the cardholder
have diverse influence on the use of e-cards. In Oman, Bank Muscat, Oman Arab Bank, Bank
Dhofar and the National Bank of Oman are the most preferred banks in terms of e-cards
distribution and value added facilities for its users (Saifullah Sadi, Azad, & Noorudin, 2010)

2.3 E-money

People all over the world are migrating from one place to other to earn a living. The
e-money, also known as digital money, is the only solution for those individuals who send
money to their loved ones at home. All electronic exchange and transfer of money with the
help of electronic devices such as phone, computers and cards, is termed e-money (Wulandari
& Soseco, 2016). E-money is the newest entrant in the e-payment family to overcome the
limitation of small amount transactions. Generally, e-money is the physical (hard) money
stored on any electronic device. This form of transaction is suitable for all denominators
(small or large amount) which is a crucial requirement for the journey towards a cashless
society. E-money, equipped with state-of-the-art technologies, is appropriate for both card-
based and non-card-based transactions. Therefore, it may play an important role in reducing
the use of hard-cash for both offline and online shopping. E-money can be divided into two
forms: Single-purpose and Multi-Purpose. In single purpose, e-money is used for a specific
purpose including game cards, travel cards, mobile cards, and loyalty cards On the other hand,
multi-purpose e-money can be used for different transactions e.g. PayPal or Google Wallet.
According to Papadopoulos (2007), Multi-Purpose e-money is used for only 5 percent of total
e-transactions, and accounts for only 1 percent of its total value. Another form of unregulated
e-money, for example Bitcoin, also known as virtual money, is emerging. Typically, virtual

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 66 Vishal Jain, Parul Jain

currency is issued, distributed and managed by its creators, who may restrict the use and
users of this currency (Valdes-Benavides & Hernandez-Verme, 2014). To promote e-money in
Oman, the first phase of e-purse facility, initiated by the Royal Oman Police (ROP), can be used
at most of the government and ministrie POS. In the next phase, e-purse facility can be used
at other non-governmental POS (ITA, 2009).

3. SWOT Analysis

In today’s world, money transfer is one of the necessary activities for everyone
(Rehncrona, 2015). In this digital age, it is evident that people are introducing various
e-transaction tools and taking a step towards a cashless society. It becomes extremely
important to critically evaluate the feasibility of a cashless society concept in terms of
simplicity, comfort, speed, security and cost. Garcia-Swartz, Hahn, & Layne-Farrar (2004, 2006)
advocate that e-transactions should be examined in two different aspects: ‘Personal’ and
‘Social’. In the personal aspect a cost and benefit analysis of either payee or payer is carried out,
whereas, in the social aspect all parties to a transaction are included. Also, success in creating
a cashless country depends on the literacy rate of its citizens. Therefore, cashless activities are
more visible in developed nations rather than less developed countries. European countries
such as the Netherlands, France and Belgium, are among the top countries where cashless
transaction has surpassed 50 percent of all transactions (Thomas, 2013).

3.1 Strengths

A cashless society has many personal, social and economic strong points. In order to
identify various advantages of a cashless society, Hansen (2011), advocates that one of the
most important strengths is its ability to reduce crime. Provisions of cashless transactions
discourage people from carrying and using hard cash, subsequently helping in reducing the
crime rate; all transactions being electronically recorded, help to identify and resolve frauds.
Peer to peer transactions enable less dependency on intermediaries and hence improve
social interface. More transparent business activities not only develop positive relationships
but also increase healthy competition. Cole (2012) argues that many governments are keen
on shifting from a cash-based to a cashless society because printing and storage costs of
physical currencies are very high. The issue of fake currency is also a major challenge. A
cashless society also has an advantage in preventing illegal activities. Governments can
have better control and will be able to track most business deals, which will, in turn, help in
identifying tax defaulters.

3.2 Weaknesses

It is known that in some of the advanced countries cashless transactions have reached
up to 50 percent, even though globally, 85 percent of transactions are still based on cash
payments, due to lack of awareness, availability and accessibility of cashless environments
(Thomas, 2013). Although most people believe that e-transaction is an easy mode of payment

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 A JOURNEY TOWARDS A CASHLESS SOCIETY 67

they still do not trust its degree of security. Hacking, Stolen PIN and duplication of cards are
matters of grave concern in terms of safety and security issues. The management of cashless
transactions is another important issue for any individual. Sometimes people are unaware of
the remaining balance and consequently they are unable to use these facilities (Papadopoulos,
2007). In terms of cost, according to Garcia-Swartz et al. (2004), cashless societies are still
at an infant stage. The cost of a cashless transaction is higher than using cash, due to the
prerequisite of advanced technology. As far as convenience is concerned, there is no doubt
that e-payments are faster, but these are not within the reach of everybody. Normally, people
are interested but due to lack of knowledge and inability to perform these transactions, the
concept of cashless society is not progressing. As studied by Tajudeen, Ayinde, & Adeyemo
(2015), recent developments show that an ATM (Automated Teller Machine) is the most
preferred cashless instrument, whereas other instruments are not able to attract enough
users because of unavailability of proper internet connections and level of security.

3.3 Opportunities

Availability of low cost electronic gadgets (mobile, computer, laptop), easy accessibility
of internet and proliferation of state-of-the-art technology, are the key indicators of an
optimistic future for a cashless society (Hansen, 2011). Altogether, these developments offer
unlimited opportunities in terms of costs, security, and convenience. Also, education can bring
about a substantial change in the way people think about cashless societies. Developing a
cashless society will not only help in the growth of an individual but also help in making
society progressive. Individuals can pay money and make purchases anytime and anywhere.
Akinola (2012) suggests that in the presence of a cashless society, people can enjoy both
social and personal benefits. Certain crimes will be completely eradicated if a cashless society
emerges successfully. On the economic front, Thomas (2013) proposes that production of
hard currencies is a significant burden on national economies, accounting for as much as
1.5 percent of GDP. Hence, ‘cashlessness’ could be proven to enhance economic growth.
Also, countries are moving towards being cashless in order to change their status from less
developed to developed countries (Alao & Sorinola, 2015). Another vital benefit of no longer
using cash is in the field of Financial Inclusion (FI). With the help of FI, financial services can be
made available to low-income groups, where these services are currently either unavailable
or too costly (Jain, 2014).

3.4 Threats

Although the cashless society has paved the way for a revolutionary concept the
future is not isolated from challenges and risks. The focal concern with cashless societies is the
degree of awareness. The majority of the population is still unaware of the benefits of cashless
transactions. Other critical issues are availability, accessibility, ease of use, safety and speed.
Akinola (2012) recommends that all stakeholders of the society (governments, organizations,
financial institutions, and citizens) should come together and resolve technological,
behavioral, legal and security issues. Dagdemir & Sauer (2015) conclude that although the

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 68 Vishal Jain, Parul Jain

use of cashless instruments is increasing it does not mean that cash can be ignored. For low
value transactions, cash will remain the primary payment instrument. Subsequently, for low-
income group the idea of a life without cash is still a dream.

4. Research Methodology

The present research is both exploratory and descriptive in nature because it identifies
various factors and their influence on the decision to use cashless instruments. A survey was
conducted in Oman with the help of a questionnaire consisting of demographic variables
(Gender, Age, Education, Occupation) and 16 closed questions were asked, to recognize
factors on a 5-point Likert scale (1- Strongly Disagree to 5- Strongly Agree). The questionnaire
was piloted with the help of colleagues and further modified based on their suggestions.
Overall 200 questionnaires were circulated, out of that 145 were returned. After analysis,
139 were found to be error-free and suitable for analysis. Initial descriptive analysis finds that
most of the respondents are male (81.3%, Table-1), between 25 to 45 years old (44.6% +
35.5% = 80.1%, Table-2), Graduates or Post Graduates (27.3% + 28.1% = 55.4%, Table-3), and
Employees (Govt., Semi-Govt., Private) (10.1% + 12.9% + 30.9% = 53.9%, Table-4).
Factor analysis with Extraction Method (Principal Component Analysis) and Rotation
Method (Varimax with Kaiser Normalization) has been done, which provides useful
information for all factors (variables). Use of cashless instruments (Use) was recognized as
a dependent variable, whereas ease and comfort (Easy), speed (Fast), security and safety
(Secure) and cost-benefits of cashless transactions (Benefits) were accepted as independent
variables (predictors).
A reliability test was also carried out and the Cronbach Alpha (α) were measured for
overall model and each individual factor. The Cronbach Alpha for overall model is .914, for all
factors, ranging from .859 to .547 (Table-6). Kaiser-Meyer-Olkin (KMO) measure of sampling
adequacy is .893 (Table-5). These measures denote that the data collected is reliable and
sufficient for further analysis. The total variance explained is 73.41 percent (Table-6) which
signifies that the proposed theoretical model is well acceptable. Significance values (Table-6),
at 0.1 significance level, show that all factors are valid predictors for the model.
Finally, Multiple Linear Regression (MLR) analysis was performed between all variables.
In order to measure the relationships, following MLR equation is used;
Y = β0+ β1X1 + β2X2 + β3X3 + β4X4 + εi
where, Y is Use of cashless instruments (Use),
β0, β1,… β4 are parameters,
X1 is ease and comfort of cashless transactions (Easy),
X2 is speed of cashless transactions (Fast),
X3 is security and safety of cashless transactions (Secure),
X4 is cost-benefits of cashless transactions (Benefits),
and εi is statistical independent error.

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 A JOURNEY TOWARDS A CASHLESS SOCIETY 69

Model summary (Table-7) shows that the coefficient of determination (R2) is .617 and
Sig. F is .000, indicating a strong model fit among all factors. The beta values (Table-9) obtained
from MLR analysis at 0.1 level of significance illustrate that the most important predictor for
Use of cashless transaction is Easy (beta = .340, p = .000), followed by Benefit (beta = .296, p =
.000) and Secure (beta = .272, p = .000). The predictor Fast (beta = 0.036, p = .536) is not able
to significantly influence the proposed model.
*Refer to Appendix for all tables.

5. Discussion

The above analysis proposes that respondents are able to create a significant
relationship of the use of cashless instruments with ease/comfort, security/safety and cost-
benefits of the transactions. However, the speed of cashless transactions is not significantly
different between cash-based and cashless transactions. These results from the study
conducted in Oman, are mainly consistent with the previous findings mentioned in the
literature review.
At a glance, it could be concluded that a cashless society has been taking place in
Oman, where each adult citizen and expatriate has obtained a unified solitary Identity (ID) card
with maximum cashless facilities attached to it. Bank account operations, credit/debit card
uses, online/offline shopping, loyalty points, insurance, registration, tax payment, electricity/
water bill, mobile/phone recharge, government fines and any other benefit received from the
government are some of the major activities under the scope of any cashless society. Hence,
there is no doubt that a cashless society, with all its benefits and drawbacks, is definitely
emerging in Oman.

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Appendix

Table 1: Gender
Frequency Percent Valid Percent Cumulative Percent
Female 26 18.7 18.7 18.7
Valid Male 113 81.3 81.3 100.0
Total 139 100.0 100.0

Table 2: Age
Frequency Percent Valid Percent Cumulative Percent
15-25 22 15.8 15.8 15.8
25-35 62 44.6 44.6 60.4
Valid 35-45 48 34.5 34.5 95.0
45-55 7 5.0 5.0 100.0
Total 139 100.0 100.0

Table 3: Education
Frequency Percent Valid Percent Cumulative Percent
Diploma 23 16.5 16.5 16.5
Graduate 38 27.3 27.3 43.9
Junior School 18 12.9 12.9 56.8
Valid
Post Graduate 39 28.1 28.1 84.9
Senior School 21 15.1 15.1 100.0
Total 139 100.0 100.0

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 72 Vishal Jain, Parul Jain

Table 4: Occupation
Valid Cumulative
Frequency Percent Percent Percent
Business 29 20.9 20.9 20.9
Government Employee 14 10.1 10.1 30.9
Private Employee 43 30.9 30.9 61.9
Valid
Semi-Govt Employee 18 12.9 12.9 74.8
Student 35 25.2 25.2 100.0
Total 139 100.0 100.0
Table 5: KMO and Bartlett’s Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .893

Approx. Chi-Square 1221.926
Bartlett›s Test of Sphericity Df 120
Sig. .000

Table 6. Results of Reliability and Factor Analysis

Factor
Std. No of Eigen % of Cronbach’s
Factor Mean Loading F Sig
Dev. Item Value Variance Alpha
Range
USE 2.704 .9562 5 3.301 20.630 .819 - .538 .859 2.006 .092
EASY 2.793 1.1062 4 2.916 18.226 .817 - .518 .840 2.416 .066
FAST 2.082 .8863 3 2.213 13.830 .850 - .700 .755 7.480 .001
SECURE 2.878 1.1466 2 1.996 12.475 .841 - .666 .781 13.231 .000
BENEFITS 2.572 .9809 2 1.320 8.249 .799 - .509 .547 20.789 .000
OVER ALL 2.615 1.2227 16 11.746 70.410 .819 - .509 .914 15.321 .000

Table 7: Model Summary

Ad- Std. Error Change Statistics
Model R R Square justed R of the R Square F Sig. F
df1 df2
Square Estimate Change Change Change
1 .793a .628 .617 .5918 .628 56.589 4 134 .000
a. Predictors: (Constant), BENEFITS, FAST, SECURE, EASY

Table 8: ANOVAa
Model Sum of Squares Df Mean Square F Sig.
Regression 79.265 4 19.816 56.589 .000b
1 Residual 46.924 134 .350
Total 126.188 138
a. Dependent Variable: USE
b. Predictors: (Constant), BENEFITS, FAST, SECURE, EASY

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 A JOURNEY TOWARDS A CASHLESS SOCIETY 73

Table 9: Coefficientsa
Standardized
Model Unstandardized Coefficients
Coefficients T Sig.
B
Std. Error Beta
(Constant) .408 .173 2.366 .019
EASY .294 .066 .340 4.473 .000
1 FAST .039 .062 .036 .621 .536
SECURE .227 .061 .272 3.724 .000
BENEFITS .288 .068 .296 4.233 .000
a. Dependent Variable: USE
Table 10: Descriptive Statistics
Items Factor Mean S.D.
Cashless transaction is preferred over a cash-based transaction. Use 2.755 1.160
People are well aware of the functions of cashless transactions. Use 2.561 1.136
Accessibility of cashless transaction is changing purchasing
Use 2.676 1.098
behavior of the customer.
Affordable cashless transactions are emerging in the country. Use 2.705 1.230
Availability of different types of cashless instruments is attracting
Use 2.820 1.342
people to pay with it.
Cashless transaction is easier than a cash-based transaction. Easy 2.669 1.476
Carrying cashless instruments in the wallet is more convenient. Easy 2.878 1.386
No matter big or small transactions, cashless transaction is equally good. Easy 2.906 1.279
Various features of the cashless transaction are not very difficult to
Easy 2.719 1.228
understand.
Cashless transaction is faster than a cash-based transaction. Fast 2.079 1.057
A range of financial products and services is available for rapid
Fast 1.906 1.069
cashless transactions.
People naturally get attracted towards cashless transaction because
Fast 2.259 1.119
it is done in just a few clicks.
Cashless transaction is safer than a cash-based transaction. Secure 3.043 1.197
Improved knowledge about cashless transaction has a significant Se-
2.712 1.331
role in reducing crimes. cure
Cashless transaction is beneficial than a cash-based transaction. Benefit 2.317 1.097
Cashlessness is enhancing competition among organizations. Benefit 2.827 1.262

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