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Demystification of Readiness, Security, and Technological Enhancements in the Adoption of a Cashless Economy

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  • Heru Susanto

    (School of Business, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei
    Center for International Research Collaboration of Graph Theory and Combinatory, Members: BRIN (National Research and Innovation Agency), Jakarta Pusat 10340, Indonesia; UTB (University of Technology Brunei), Jalan Tungku Link Gadong BE1410, Brunei; ITB (Institute of Technology Bandung), Bandung 40132, Indonesia; UI (University of Indonesia), Depok 16424, Indonesia; THU (Tunghai University), Taichung 40704, Taiwan; IOU (International Open University), Jakarta 12780, Indonesia
    Center for Artificial Intelligent and Cyber Security, National Research and Innovation Agency, Bandung 40135, Indonesia)

  • Noor Tamtini

    (School of Business, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei
    Center for International Research Collaboration of Graph Theory and Combinatory, Members: BRIN (National Research and Innovation Agency), Jakarta Pusat 10340, Indonesia; UTB (University of Technology Brunei), Jalan Tungku Link Gadong BE1410, Brunei; ITB (Institute of Technology Bandung), Bandung 40132, Indonesia; UI (University of Indonesia), Depok 16424, Indonesia; THU (Tunghai University), Taichung 40704, Taiwan; IOU (International Open University), Jakarta 12780, Indonesia)

  • Fahmi Ibrahim

    (School of Business, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei)

  • Alifya Kayla Shafa Susanto

    (Center for International Research Collaboration of Graph Theory and Combinatory, Members: BRIN (National Research and Innovation Agency), Jakarta Pusat 10340, Indonesia; UTB (University of Technology Brunei), Jalan Tungku Link Gadong BE1410, Brunei; ITB (Institute of Technology Bandung), Bandung 40132, Indonesia; UI (University of Indonesia), Depok 16424, Indonesia; THU (Tunghai University), Taichung 40704, Taiwan; IOU (International Open University), Jakarta 12780, Indonesia
    School of Computing and Informatics, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei)

  • Desi Setiana

    (Digital Psychology Research Group, Institute of Brunei Studies, University Brunei Darussalam, Bandar Seri Begawan BE1410, Brunei
    The Southern Correctional Center, BAPAS Jakarta Selatan, Ministry of Law and Human Rights, Jakarta 12940, Indonesia)

  • Leu Fang Yie

    (Center for International Research Collaboration of Graph Theory and Combinatory, Members: BRIN (National Research and Innovation Agency), Jakarta Pusat 10340, Indonesia; UTB (University of Technology Brunei), Jalan Tungku Link Gadong BE1410, Brunei; ITB (Institute of Technology Bandung), Bandung 40132, Indonesia; UI (University of Indonesia), Depok 16424, Indonesia; THU (Tunghai University), Taichung 40704, Taiwan; IOU (International Open University), Jakarta 12780, Indonesia
    Center for Artificial Intelligent and Cyber Security, National Research and Innovation Agency, Bandung 40135, Indonesia)

Abstract

The adoption of a cashless economy was accelerated globally by the devastating impact of the COVID-19 pandemic. Brunei Darussalam was not excluded from this trend, as pandemic-related restrictions were implemented to ensure the safety of its population. In light of the COVID-19 crisis, this research paper examines the factors influencing the readiness and acceptance of a cashless economy among working society in Brunei Darussalam. The integrated concepts of the Technology Acceptance Model (TAM) and Technology Readiness Index (TRI) are applied to examine perceptions impacting their acceptance and readiness to continue adopting a cashless economy. The methodology includes a literature review and the use of secondary data from government reports and industry publications. A quantitative approach is employed, utilizing an online survey to collect non-probability samples from 212respondents. The main instruments used in the survey are structured questionnaires. The study’s findings show that factors such as the assessment of payment modes, technological development, digital literacy, knowledge, regulatory policies, and security concerns significantly affect working society’s perceptions, readiness, and acceptance of a cashless economy. These results provide insights for policymakers and stakeholders on the key factors influencing continued cashlessness adoption and shaping societal behavior towards cashless payments.

Suggested Citation

  • Heru Susanto & Noor Tamtini & Fahmi Ibrahim & Alifya Kayla Shafa Susanto & Desi Setiana & Leu Fang Yie, 2024. "Demystification of Readiness, Security, and Technological Enhancements in the Adoption of a Cashless Economy," Economies, MDPI, vol. 12(11), pages 1-35, October.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:11:p:285-:d:1506102
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    References listed on IDEAS

    as
    1. Jeremy Srouji, 2020. "Digital Payments, the Cashless Economy, and Financial Inclusion in the United Arab Emirates: Why Is Everyone Still Transacting in Cash?," JRFM, MDPI, vol. 13(11), pages 1-10, October.
    2. Nurul-Ain Abdul-Halim & Ali Vafaei-Zadeh & Haniruzila Hanifah & Ai Ping Teoh & Khaled Nawaser, 2022. "Understanding the determinants of e-wallet continuance usage intention in Malaysia," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(5), pages 3413-3439, October.
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