Do perceived risk and perceived value impact the adoption of cashless system?
Keywords:
Cashless, Fintech, Perceived Risk, Perceived Value, UTAUTAbstract
For the modernization of society, the adoption of technology is needed. It is very important to understand the factors that influence society's behavior toward accepting cashless system technology. People make risks and benefits as decision-making materials. In this study, we use internal factors from the UTAUT model and the influence of perceived risk and perceived value as intervening variables on the intention to use cashless systems. To collect data, we distributed questionnaires online, resulting in 119 samples that we used for further tests. The results of this study indicate that effort expectancy and perceived value have a direct influence on the intention to use cashless systems, while performance expectancy and perceived risk do not. The results of the Sobel test show that performance expectancy and effort expectancy have an influence on the intention to use cashless systems with perceived value as an intervening variable. From these results, cashless system technology providers maximize benefits, especially in ease of use. The disadvantage of this study is that the number of samples is not too large.
References
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Salim, B. (2012). An Application of UTAUT Model for Acceptance of Social Media in Egypt: A Statistical Study. International Journal of Information Science, 2(6), 92–105. https://doi.org/10.5923/j.ijis.20120206.05
Sirdeshmukh, D., Singh, J., & Sabol, B. (2002). Consumer Trust, Value, and Loyalty in Relational Exchanges. Journal of Marketing, 66(1), 15–37. https://doi.org/10.1509/jmkg.66.1.15.18449
Srouji, J., & Torre, D. (2022). The Global Pandemic, Laboratory of the Cashless Economy? International Journal of Financial Studies, 10(4). https://doi.org/10.3390/ijfs10040109
Venkatesh, Morris, Davis, & Davis. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425. https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y. L., & Xin Xu. (2012). Consumer Sebuah Ceptance dan Use Of saya Informasi Technology : Extending The Unified Theory. MIS Quarterly, 36(1), 157–178.
Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding fintech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893–1911. https://doi.org/10.3390/jtaer16050106
Yang, C.-C., Liu, C., & Wang, Y.-S. (2023). The acceptance and use of smartphones among older adults: differences in UTAUT determinants before and after training. Library Hi Tech, 41(5), 1357–1375. https://doi.org/10.1108/LHT-12-2021-0432
Yousef, F., & Albattat, A. (2023). The use of UTAUT to investigate the Intention to use E-Voting System in Jordan mediated by Perceived Value. February.
Zeithaml, V. A. (1988). Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence. Journal of Marketing, 52(3), 2–22. https://doi.org/10.1177/002224298805200302
Baptista, G., & Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50(December), 418–430. https://doi.org/10.1016/j.chb.2015.04.024
Bemby, F. A. W., & Qomariyah, A. (2023). Does Financial Literacy Matter in Cashless Payment Usage? Jurnal Akuntansi Dan Keuangan, 25(2), 117–128. https://doi.org/10.9744/jak.25.2.117-128
Bhuiyan, M. R. I., Akter, M. S., & Islam, S. (2024). How does digital payment transform society as a cashless society? An empirical study in the developing economy. Journal of Science and Technology Policy Management, April. https://doi.org/10.1108/JSTPM-10-2023-0170
Chan, R., Troshani, I., Rao Hill, S., & Hoffmann, A. (2022). Towards an understanding of consumers’ FinTech adoption: the case of Open Banking. International Journal of Bank Marketing, 40(4), 886–917. https://doi.org/10.1108/IJBM-08-2021-0397
Gordon, R., Dibb, S., Magee, C., Cooper, P., & Waitt, G. (2018). Empirically testing the concept of value-in-behavior and its relevance for social marketing. Journal of Business Research, 82, 56–67. https://doi.org/10.1016/j.jbusres.2017.08.035
Juniwati. (2014). Influence of Perceived Usefulness, Ease of Use, Risk on Attitude and Intention to Shop Online. European Journal of Business and Management, 6(27), 218–229.
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544–564. https://doi.org/10.1016/j.dss.2007.07.001
Kim, H.-W., Chan, H. C., & Gupta, S. (2007). Value-based Adoption of Mobile Internet: An empirical investigation. Decision Support Systems, 43(1), 111–126. https://doi.org/10.1016/j.dss.2005.05.009
Kumala, D. C., Pranata, J. W., & Thio, S. (2020). Pengaruh Perceived Usefulness, Perceived Ease of Use, Trust, Dan Security Terhadap Minat Penggunaan Gopay Pada Generasi X Di Surabaya. Jurnal Manajemen Perhotelan, 6(1), 19–29. https://doi.org/10.9744/jmp.6.1.19-29
Kumari, A., & Devi, N. C. (2022). Determinants of user’s behavioural intention to use blockchain technology in the digital banking services. International Journal of Electronic Finance, 11(2), 159–174. https://doi.org/10.1504/IJEF.2022.122181
Liébana-Cabanillas, F., Japutra, A., Molinillo, S., Singh, N., & Sinha, N. (2020). Assessment of mobile technology use in the emerging market: Analyzing intention to use m-payment services in India. Telecommunications Policy, 44(9). https://doi.org/10.1016/j.telpol.2020.102009
Malini, H. (2021). The Influence of Beauty Vloggers, Brand Image, and Product Quality on Lipstick Purchase Decisions. KELUWIH: Jurnal Sosial Dan Humaniora, 2(2), 58–68. https://doi.org/10.24123/soshum.v2i2.4698
Marafon, D. L., Basso, K., Espartel, L. B., de Barcellos, M. D., & Rech, E. (2018). Perceived risk and intention to use internet banking: The effects of self-confidence and risk acceptance. International Journal of Bank Marketing, 36(2), 277–289. https://doi.org/10.1108/IJBM-11-2016-0166
Mirwan, S. H., Anwar, A. I., & Nurbayani, S. U. (2023). Analysis of Community Behavior in the Cashless Era of the Non-Cash Payment System in Makassar City. Jurnal Ekonomi, 12(03), 1304–1310. https://www.ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1364%0Ahttps://www.ejournal.seaninstitute.or.id/index.php/Ekonomi/article/download/1364/1101
Nabila, E. Y., Listiana, E., Purmono, B. B., Fahruna, Y., & Rosnani, T. (2023). Determinants of Repurchase Intention: A Study on Ease of Use, Trust and E-Satisfaction Construct in Shopee Marketplace. East African Scholars Journal of Economics, Business and Management, 6(1), 29–36. https://doi.org/10.36349/easjebm.2023.v06i01.004
Ng, D., Kauffman, R. J., Griffin, P., & Hedman, J. (2021). Can we classify cashless payment solution implementations at the country level? Electronic Commerce Research and Applications, 46, 101018. https://doi.org/10.1016/j.elerap.2020.101018
Nguyen, T. D., & Huynh, P. A. (2018). The roles of perceived risk and trust on E–payment adoption. Studies in Computational Intelligence, 760, 926–940. https://doi.org/10.1007/978-3-319-73150-6_68
Noer, L. R., Fadhilah, J., Prihananto, P., & Noer, B. A. (2023). Exploring the Impact of Trust, Perceived Utility, Ease of Use Perception, and Social Influence on E-Payment Adoption. Jurnal Sosial Humaniora, 16(1), 1. https://doi.org/10.12962/j24433527.v16i1.18667
Rahadi, R. A., Nainggolan, Y. A., Afgani, K. F., Yusliza, M. Y., Faezah, J. N., Ramayah, T., Saputra, J., Muhammad, Z., Farooq, K., & Angelina, C. (2022). Towards a cashless society: Use of electronic payment devices among generation z. International Journal of Data and Network Science, 6(1), 137–146. https://doi.org/10.5267/J.IJDNS.2021.9.014
Raj L., V., Amilan, S., & Aparna, K. (2024). Factors influencing the adoption of cashless transactions: toward a unified view. South Asian Journal of Marketing, 5(1), 74–90. https://doi.org/10.1108/sajm-11-2022-0071
Salim, B. (2012). An Application of UTAUT Model for Acceptance of Social Media in Egypt: A Statistical Study. International Journal of Information Science, 2(6), 92–105. https://doi.org/10.5923/j.ijis.20120206.05
Sirdeshmukh, D., Singh, J., & Sabol, B. (2002). Consumer Trust, Value, and Loyalty in Relational Exchanges. Journal of Marketing, 66(1), 15–37. https://doi.org/10.1509/jmkg.66.1.15.18449
Srouji, J., & Torre, D. (2022). The Global Pandemic, Laboratory of the Cashless Economy? International Journal of Financial Studies, 10(4). https://doi.org/10.3390/ijfs10040109
Venkatesh, Morris, Davis, & Davis. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425. https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y. L., & Xin Xu. (2012). Consumer Sebuah Ceptance dan Use Of saya Informasi Technology : Extending The Unified Theory. MIS Quarterly, 36(1), 157–178.
Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding fintech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893–1911. https://doi.org/10.3390/jtaer16050106
Yang, C.-C., Liu, C., & Wang, Y.-S. (2023). The acceptance and use of smartphones among older adults: differences in UTAUT determinants before and after training. Library Hi Tech, 41(5), 1357–1375. https://doi.org/10.1108/LHT-12-2021-0432
Yousef, F., & Albattat, A. (2023). The use of UTAUT to investigate the Intention to use E-Voting System in Jordan mediated by Perceived Value. February.
Zeithaml, V. A. (1988). Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence. Journal of Marketing, 52(3), 2–22. https://doi.org/10.1177/002224298805200302
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Published
2025-01-10
How to Cite
Salomo, O., Giriati, G., Syahputri, A., Malini, H., & Azazi, A. (2025). Do perceived risk and perceived value impact the adoption of cashless system?. Journal of Management Science (JMAS), 8(1), 208–214. Retrieved from https://exsys.iocspublisher.org/index.php/JMAS/article/view/592
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