Cardless Cash Adoption and Consumer Psychology in a Cashless Market

Structural Equation Model (SEM) Approach

Abstract

Several financial innovations are introduced in the cashless market but not all of them have either gained user acceptance, contributed to financial inclusion or development of Nigeria’s cashless market. The purpose of the study is to examine the determinants of cardless cash in cashless market using SEM approach. Cross-sectional survey and online questionnaire were used in the study. The analyses through structural equation model indicate that customisation is the most vital determinant amongst the variables influencing intention to use cardless cash. Theoretical and managerial implications were identified while it was recommended that further studies should adopt longitudinal survey and focus on integrative model and other unit of analysis such as business firms. It was also recommended that with the big impact of customisation, further studies should focus on dimensions of customisation which will help to ascertain the specific aspect of customisation that serves as the key determinant. The study further recommends technologists and software developers to focus on the customisation of cardless cash in ways that delivers functional value and relational value.