A Comparative Study on the Adoption of Cashless Payment: Malaysia and China

Abstract

This study examines the adoption of cashless payment systems in society, focusing on a comparative analysis between China and Malaysia. Many developed countries have effectively integrated cashless payment systems into their societies, thereby establishing cashless payments as a prominent alternative to traditional methods such as cash. Nevertheless, it is important to emphasise that the implementation of cashless payment systems will vary across nations owing to a multitude of distinct factors. We have proposed various determinants that potentially influence the acceptance and utilisation of cashless payment methods. These determinants encompass convenience, safety and security, as well as the cultivation of good spending habits. Based on our analysis of the data obtained from questionnaire surveys, it has been ascertained that in Malaysia, the adoption of cashless payments is positively influenced by factors such as convenience, lowered risks, and enhanced security associated with such transactions. The adoption of cashless payments in China is expected to be enhanced by several factors, including convenience, reduced risks and enhanced security, as well as the cultivation of positive spending habits. This comparative study has revealed discernible variations in the adoption of cashless payment systems across the two distinct countries.