Demystification of Readiness, Security, and Technological Enhancements in the Adoption of a Cashless Economy
Heru Susanto,
Noor Tamtini,
Fahmi Ibrahim,
Alifya Kayla Shafa Susanto,
Desi Setiana,
Leu Fang Yie
Affiliations
Heru Susanto
School of Business, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei
Noor Tamtini
School of Business, University Technology Brunei, Bandar Seri Begawan BE1410, Brunei
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
Desi Setiana
Digital Psychology Research Group, Institute of Brunei Studies, University Brunei Darussalam, Bandar Seri Begawan BE1410, Brunei
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
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.
