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PurposeCOVID-19 and its measures such as physical distancing have shifted consumer payment behaviors toward cashless payment. Physical distancing is likely to remain a norm for some time to come and will be relevant in any future pandemics. This study aims to examine the impact of consumers' perceived value of cashless payment on their use intention in the physical distancing context, with the mediating role of psychological safety and the moderating role of trust propensity.Design/methodology/approachThis study used a survey method to obtain data from 690 consumers in an Asian emerging market, i.e. Vietnam. The data were analyzed using different statistical methods, including structural equation modeling.FindingsResults show that perceived value of cashless payment positively affects use intention, and this effect is mediated by psychological safety. Furthermore, trust propensity has a positive moderating effect on the link between perceived value and psychological safety.Practical implicationsThis study's findings provide implications for retailers and other stakeholders in implementing and promoting cashless payment systems, especially in the physical distancing context.Originality/valueThis study is among the first attempt to explain the relationships between consumers' perceptions, feelings of psychological safety and use intention toward cashless payment in the physical distancing context. The study's findings may also be relevant to any future pandemics.
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PurposeThis study aims to examine the factors influencing user satisfaction with unified payment interface (UPI)-based payment systems during the COVID-19 pandemic in India. The study also aimed to examine whether the user satisfaction with UPI-based payment systems during the COVID-19 pandemic will transform into their continuance intention post-COVID-19 pandemic.Design/methodology/approachThe study was performed in three phases, i.e. pre-testing (for developing questionnaire), pilot study (using exploratory factor analysis to ensure unidimensionality) and the main study. The main study was based on the feedback from a sample of 369 internet users who first used the UPI-based payment system during the COVID-19 pandemic. Data generated were analysed using the structural equation modelling approach.FindingsThe study findings suggest that the users who are satisfied with UPI-based transactions during the COVID-19 pandemic are likely to continue their use of this payment mode in future. Factors such as post-adoption perceived value, perceived usefulness and post-adoption perceived risk were observed to be key constructs in explaining user satisfaction and continued intention for UPI-based payment systems.Originality/valueThe study is one of the pioneering studies, in the sense that it investigated the continuance intention of UPI-based payment systems, which, surprisingly, did not gain much attention from past researchers.
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The aims of this research is to know the protection of float funds in the regulation of the payment system in Indonesia and how to optimize the protection of float funds in order to mitigate insolvency risk. This research will examine the regulation relating to float funds, which has seen tremendous expansion in recent years. However, until today, the float fund does not yet have an optimum protection to mitigate risk of insolvency. Therefore the urgency of the protection of float fund through an update of regulation should be of concern, that is the necessity of insured protection towards float fund, as well as regulation on the use of float funding investment returns. This research is descriptive analytic and uses normative juridical approach by prioritizing the analysis of secondary data in the form of primary source of law that is laws and regulations;secondary source of law such as journals and other previous research;and tertiary source of law. Next, the received data is analyzed qualitatively and juridical. The conclusion of this research are by regulation, the protection of float fund has not been conducted optimally, a concrete effort is needed from the regulator to optimize the protection of float fund to mitigate the risk of failure of payment due to insolvency by insurance protection, and regulation on the use of float fun investment returns.
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The policy of the electronification of regional payment transactions (ERPT) is one of the innovations implemented by Indonesia due to the COVID-19 pandemic so as to increase the economic activity and revenue. This study is aimed at increasing the understanding of smart governance, the contactless economy, and regional income in North Sumatra Province, Indonesia, and globally the new normal and the post-COVID-19 eras. This research study was carried out using the primary data obtained through questionnaires in 2021 applying the purposive sampling method and processed using the Structural Equation Model-Partial Least Square (SEM-PLS) models. Based on the six hypotheses proposed in this study, the results show that performance expectancy, the social influence, and the facilitating condition have a positive and significant impact on the behavioral use of the noncash payment transactions of taxes and levies in North Sumatra Province. On the other hand, the effort expectancy has no significant impact on the cashless transaction of paying taxes and levies in the North Sumatra Province.
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The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users' perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets' adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company's competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.
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PurposeFinancial technology (FinTech) is undergoing a transformation as a result of robotics and artificial intelligence. FinTech service providers are embracing contactless technology, including the development and widespread adoption of innovative payment service. Among the many types of contactless payment services, facial recognition payment (FRP) has gained in popularity. To capitalize on this rising popularity, comprehending the mechanisms underlying continuous usage intention toward FRP is essential. Drawing from the stimulus–organism–response (S-O-R) model, this study investigates how FRP attributes facilitate continuous usage intention.Design/methodology/approachIn total, 321 Chinese FRP users completed an online survey. Partial least squares structural equation modeling analyzed the results of the survey.FindingsThe results reveal that relative advantage and compatibility, user-interface attractiveness and perceived security (stimuli) promote performance expectancy, effort expectancy and positive emotion (organism), which in turn foster FRP continuous usage intention (response).Originality/valueThis research presents an S-O-R model that incorporates several attributes from DOI theory, the UTAUT model and the AIDUA framework to elucidate the antecedents of consumers' continuous usage intention toward FRP. The findings corroborate the significance of the S-O-R mechanism in FRP, setting the groundwork for the acceptance and development of biometric authentication technologies in service contacts and banks. In addition, the study highlights opportunities and essential aspects for FinTech service developers and providers to consider in terms of their practical significance.
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The state of Kerala has made remarkable progress in the field of financial inclusion. It was among the first states in India to be identified as a 'Total Banking State'. However, the progress achieved with respect to digital financial inclusion has not been proportionate to the success it achieved in terms of account opening. This is particularly important in the current Covid pandemic and the emphasis on cashless transactions. The current study uses the Delphi - AHP Integrated method to identify, prioritise and rank various barriers to digital financial inclusion in PSBs. Using this, the study develops an index for Digital Financial Inclusion barriers. The findings of the study revealed bank officials prioritised Access related barriers (0.387) highest, followed by Awareness & Knowledge related barriers (0.352) and lastly, Attitude barriers (0.261). Further, the study finds significant variability in the Digital Financial Inclusion Barrier level with respect to gender, age, education, income and SHG membership among customers of PSBs.
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Public safety, security and risk perception is an important aspect considered in opinion mining and sentiment analysis typically carried out on social networks. This involves considering each individual's opinion and determining a sense of what the public feels about an incident, event or place. In that sense, social networks play an important role in capturing the emotions of people. Security and safety managers can employ opinion mining and sentiment analysis as a tool to discover any unforeseen vulnerabilities in a precise manner and thereby plan and manage any associated risks. Furthermore, a continuous evaluation of risk perception can be carried out for timely and planned interventions in a seamless, effective manner to reduce or avoid any panic amongst communities. Without such advance techniques, safety and security of people, infrastructures and specific contexts can be easily compromised. Recent work in this direction has shown promising results in managing risks, especially during the COVID-19 pandemic. The purpose of the present work is to investigate the perception of risk associated with different payment systems, in Italy and the UK, during the COVID-19 pandemic, from 10 November 2020 to 13 May 2021, by means of the semantic analysis of the textual contents existing in Twitter. © 2022 WIT Press.
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All these factors led to disheartening headlines regarding health system losses, hospital closures, and even physicians leaving the profession.1 Additionally, as of November 2022, Becker's Hospital Review reported significant dips in cash on hand for multiple large health systems.2 Despite this decrease in cash, many large health systems still have healthy cash reserves. [...]there is some positive news for Medicare reimbursement through the final Outpatient Prospective Payment System (OPPS) rule released in late 2022. [...]one more item to monitor in 2023 will be the status of the Public Health Emergency (PHE) period declared during the COVID-19 pandemic.
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Last decade had been worst for humanity as it faced Covid-19. The pandemic invited many things unknown to humans such as lockdown, compulsory mask and no contact with other people or things. The 'No Contact' initiated much awaited progress in payment from being entity exchange to being digital. The digitization of payment became biggest transformation;every common citizen realized the use of digital payment. The evolution of cash payment to internet banking and internet banking to e-wallet has made transaction easier for all the services without exhibiting physical form. Payment Gateways, Digital Wallet, Internet Banking use has risen as being fast and instant. Though the recent payments are secure on theft front with the use of digital money by many users at many times online payment system might face problem on digital money transfer with issues such as wrong payment, link failure or single point failure. There might be more problems such as insider problem and transaction being transparent. For such situations more secure and private path towards security is needed as insufficiency will give rise to risk mitigation. The paper recommends a payment system which will be based on privacy and permission laid by blocks to blocks for use in financial sector. The architecture proposed integrates the digital wallet with different banks to give foundation of Blockchain for secure transactions. The peer to peer network will share transactions as well share load to minimize load on central banking system keep the load distributed and secure overall data centres. © 2022 IEEE.
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Purpose>The purpose of this study is to segment mobile wallet users using a finite mixture partial least squares (FIMIX-PLS) approach and evaluate the unobserved heterogeneity across segments.Design/methodology/approach>Partial least square structural equation modeling (PLS-SEM) using a convenience sample of 744 responses was used to analyze the measurement, structural model and hypotheses testing. To examine unobserved heterogeneity and identify user segments, FIMIX-PLS technique was employed. To generate more precise recommendations, importance-performance map analysis (IPMA) was performed with attitude as the target variable.Findings>A structural equation model revealed that except perceived ease of use (PEOU) all other dimensions, namely perceived usefulness (PU), lifestyle compatibility (LC), facilitating conditions (FC), trust and security significantly influences attitude which, in turn, determines intention. The FIMIX-PLS technique resulted in four segments – The Rationalist, Early Adopters, Late Adopters and The Innovators.Practical implications>The paper provides segment specific and between segment differences to derive implications. Identification of relevant predictors and segments will help academicians, marketing researchers and practitioners in gaining further understanding of the mobile wallet adoption. The findings of the paper can guide mobile wallet providers to frame appropriate strategies and offerings pertaining to the obtained segments.Originality/value>The paper builds upon Technology Acceptance Model (TAM) to propose an integrated model to explain adoption behaviors associated with mobile wallet. To the best of the authors' knowledge, this is one of the first empirical attempts using FIMIX-PLS technique to assess precursors of adoption and substantiates the perceived value-attitude-intention linkage to identify heterogeneity among mobile wallet users.
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In this research, we investigated the recent trend of the diffusion of cashless payment in Japan by using the survey data of students in our institute during 2018 and 2021. Cashless payment has achieved remarkable development with the wide usage of smartphones and the prevalence of consequent smartphone-based system. Before the bar code, either two- and single-dimensional, was introduced in the cashless system, the major technology that was used is a smart card or integrated circuit card-based system. We investigated the behavior of technology adoptions to cashless payment, which we called "Smart Payment System"in 2018[5]. Since 2018, we conducted surveys and found that the effect of COVID-19 resulted in the increase adoption to the cashless payment system among students and the increase usage of credit cards. The survey showed that the use of cashless payment system increased after 2020 in comparison to 2018 and 2019. Since the COVID-19 pandemic in spring of 2020, the usage of online shopping increased, and the usage of real stores decreased. Although we did not use big data, such as the log data of mobile phone usages, the results indicated that our observation of the use of cashless payment system among young users is consistent with the common sense. © 2021 ACM.
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[...]the BOT or one of the Councils may submit a report with recommendations for policy changes or actions. Council on Medical Services (CMS) Report #3 addressed how to prevent health care insurance losses after the COVID emergency ends. Council on Science and Public Health (CSPH) Report #2 advocated transformation of rural community public health through a number of initiatives, encouraging local physician involvement in such systems, and encouraging research to better define the needs of the rural community. [...]Resolution #505 called for restrictions on marketing of cannabidiol (CBD) oil.
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Purpose - Due to country-wise lockdown and state-wise curfews in COVID-19, people were not able to make offline payments (i.e. cash payments) during purchases in India. So, people are switching their payment behavior from offline to online mode. But, as per the central bank report, the rate of adoption through mobile payments is still slow. The paper focuses on identifying critical barriers to mobile payment systems (MPSs) adoption in India. Innovation resistance theory (IRT) has been used as a base model for barriers, despite the wide range of choices of barriers avail- able in the MPSs context. Additionally, three external variables which are out of the wider coverage of IRT constructs were incorporated in this paper. The study, on the other hand, adds to innova-tion resistance theory in the frame of reference of MPSs from a theoretical perspective. Interpretive structural modeling (ISM), together with MICMAC analysis is brought into play to analyse the direct and indirect relationship amongst the barriers.Research methodology - ISM approach has been used to establish the relationship among the eight (08) identified barriers, through literature and expert opinions. The key barriers to high driving power are then identified with the help of MICMAC analysis. Findings - The results reveal that value barrier (b2), image barrier (b5) and visibility barrier (b7) are the most significant variables. Interestingly, IRTs' risk barrier (b3) and privacy barrier (b6) from the literature fall in the lowest level of the ISM model. The majority of the barriers fall under quadrant III of MICMAC analysis, indicating the high driving and dependence power.Research limitations - The developed ISM model is based on the sentiments of five (05) experts, which could be biased and influence the structural model's final output. Due to COVID-19, data has been collected through online video conferencing mode, this may vary if data will be collected through an offline or face-to-face interview. The proposed model's key findings aim to assist in explaining the barriers that exist during MPS adoption.Originality/Value - This study is the first attempt to use the ISM approach in conjunction with IRT to detect barriers within MPSs. The result of this paper will guide and motivate the researcher to analyse more critical barriers with IRT to contribute to the theoretical development.
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Background: South Korea has utilized its National Health Insurance (NHI) system to adjust the medical fees payable for healthcare services, to financially support the frontline healthcare providers combating COVID-19. This study evaluated the composition of such adjustments to the medical fees-made to secure resource surge capacity against the pandemic-in South Korea. Methods: Descriptive statistics and schematization were employed to analyze 3,612,640 COVID-19-related NHI claims from January 1, 2020, to June 30, 2021. COVID-19 suspected and confirmed cases were evaluated based on the proportion of fees adjustment, classified into space, staff, or stuff (3S) using diagnosis codes. The proportion of fees adjustment was investigated in terms of the healthcare expenditure, number of patients, and number of healthcare services covered. Findings: First, in terms of cost, medical fee adjustments covered over 96% of the total costs arising from the increased demand for testing (stuff) and isolated spaces among patients suspected of having COVID-19. Second, medical fees were adjusted to cover over 80% of the cost attributable to COVID-19 confirmed cases, in relation to isolated spaces and medical staff support. Third, the adjustment of less than 10% of the various types of medical fees, if selected strategically, can effectively induce a surge in resource capacity. Interpretation: South Korea has improved its existing surge capacity by adjusting the medical fees payable through NHI to healthcare providers. Particularly, through the provider payment system of fee-for-service, the Korean government could prevent the spread of infection and protect the medical staff assigned to respond to COVID-19. However, additional studies on alternative payment systems are needed to control costs while maintaining an effective pandemic response system in the face of the prolonged COVID-19 outbreak.
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The digitalization process has been increasing rapidly worldwide today. There is various technologies developed and continue developing tremendously in the world, such as mobile payment systems. Such type of emerging technologies has made a very significant transformation in people lives everywhere. Technologies such as mobile devices facilitate people to finish their work in less time and effort required usually. That is why, these innovations and advancements in technologies led people to be more inclined toward their use. Furthermore, in the current scenario, mobile payments have become an integral part of the daily lives of people due to the impact of the novel coronavirus (COVID-19) disease on society. The presence of mobile payment systems can be considered for years, but the use of mobile payment systems has increased in the current situation of the COVID-19 pandemic, which is the core basis of this research paper. However, the user's acceptance of mobile payment systems is still low due to some pros and cons of this technology which are examined in this paper by applying a hybrid machine learning model. We collected primary data through Google Form from the institute in the Meerut region and other sources from India with a total of 222 respondents. In this study, the data is processed and applied on to the machine learning models. Data analysis and findings of the research showed that the proposed ensemble of classifier algorithms outperforms other exiting machine models in terms of accuracy, precision, recall and F1-score. The research and findings will help the organizations have a clear and correct analysis of the scenario of the adoption of mobile payments in India and also design better mobile payment systems to curb the situation like the COVID-19 pandemic.
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In a VUCA world, things are extremely unpredictable and the onset of the COVID-19 took every industry by storm. The banking industry is witnessing seismic shifts as traditional net banking banks are being challenged by new-age, digital-only wallets that focus on a hyper-personalized digital-first approach to replace the traditional net banking experience. This research aims to understand the shifts in millennial customer behaviour that have taken place as they progress from net banking to digital wallets for their day-to-day payments. This research is based on primary quantitative data along with an intensive analysis of research papers, articles, and journals. The findings suggest that millennial customers are willing to try out new digital wallet apps and consider them reliable and convenient, indicating high levels of acceptance. Three key factors were majorly responsible for the change in customer behaviour from net banking to digital wallets 1) Performance efficiency 2) social influence 3) Safety. Therefore, digital wallets need to focus on these factors to maximize their digital interactions and embrace innovation to help millennials in their day-to-day banking needs.
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With various technological innovation and digital payment system, customer expectations for the banking services has raised and these changes have paved a way for superior customer quality and satisfaction. The present study has utilized e-servqual modified model and format to evaluate the banking service satisfaction and retentions. The online survey has been distributed and collected among 167 people in Chennai city using a non-probability sampling technique. Furthermore the present study employed SPSS software to evaluate the banking service quality and satisfaction among the potential customers. As a result of e-servqual quality dimensions a positive association has been identified among potential retained customers.
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The gradual upsurge of the e.commerce sector of any country is characterized by a significant addendum of online transactions to the existing physical mode of carrying on business. Online payments lie at the core of this uprise in e.commerce transactions and the Indian subcontinent with its diverse resources has been moderately adaptive towards the same. However with the advent of Covid -19 there has been an inevitable change in online payments due to restrictions of social distancing in carrying on physical mode of business and the phenomenon is conclusively bound to affect Indian e-commerce sector along with the whole world. In this context this research paper tries to determine the impact of volume and value of digital payments (like NEFT, UPI, RTGS etc.) on the volume and value of e.commerce transactions in India during the last ten years. It also tries to make a comparative study of the trends in the growth of digital payments and e-commerce transactions. The purpose is also to point out the rationale behind the growth pattern of digital payments in e-commerce transactions in India.