This paper aims to extend the enhanced “unified theory of acceptance and use of technology (UTAUT)” model with pandemic precautionary measures (PPM) to examine the variables that influence the adoption of “cashless transactions (CLT)” during pandemic periods such as COVID-19. For this purpose, this research polled 363 people from 15 zones of Chennai City, India. Utilizing the responses, the relationship between components was explored using a PLS-SEM approach in two distinct research models to examine the influence of PPM in the enhanced UTAUT. The results indicate that the model with PPM (model 2) exhibited an improvement over the model without PPM (model 1) in the variance explained of behavioural intention from 77.3 to 82%. Further, in model 1, performance expectation is the most potent predictor of individuals’ intentions to use CLT, and in model 2, performance expectations deteriorated slightly in its ability and PPM became the most potent predictor. Furthermore, these findings reveal that the PPM-included enhanced UTAUT has significantly strengthened its ability to explain behavioural intent to adopt CLT. Thus, this research model has the potential to be of great use in investigating the adoption of CLT in any epidemic period.

This research intends to develop and validate a research model for the adoption of cashless transactions. For this purpose, this study was carried out using a two-stage approach. The first step in developing the conceptual framework for this study was undertaking an extensive evaluation of the prior research. Second, an empirical validation of the conceptual framework that was constructed in this research to investigate the use of cashless transactions was obtained. The study results reveal that twelve independent variables explained 84.7 percent of the variation in behavioural intention to adopt cashless transactions. In addition, performance expectancy is the strongest predictor of users' intentions to embrace cashless transactions, followed by perceptions of the economy's security and economic offence reduction, social influence, perceived trustworthiness, expected level of effort, and innovativeness. Further, in terms of impediments, perceived risk and cost are the negative influence factors influencing behavioral intention to adopt cashless transactions. Furthermore, this study's findings indicate that perceived economy's security (β = 0.279) was the second, and perceived economic offence reduction (β = 0.224) was the third most influential factor in adopting cashless transactions. These findings come from an evaluation of three new independent variables. Therefore, the CTAM has contributed to the literature by comprehensively explaining the user acceptability of cashless transactions. Consequently, this CTAM offers a more in-depth explanation than any other research for why individuals embrace cashless transaction systems.

PurposeThis study aims to construct an appropriate framework by incorporating essential components from the most renowned theories to investigate the variables that impact behavioural intentions towards embracing cashless transactions (CLT).Design/methodology/approachA survey was conducted to ascertain the users’ intention to adopt CLT in Chennai, Tamil Nadu, India. Further, this study used a “partial least squares-based structural equation modelling” technique to analyse the relationships between latent factors.FindingsThe results of the proposed model revealed that 11 independent variables together explain the intention to use CLT with a 60.5% explanatory power. Further, perceived usefulness is the most influential factor in predicting users’ willingness to adopt CLT, followed by social influence, perceived costs, attitude, trust and device barriers. Finally, the findings of moderator effects indicate that income and experience interact positively and strongly with behavioural intention to adopt CLT. It indicates that high-income, experienced users are more likely to convert their intentions into actions.Originality/valueThis study integrated critical elements from the major theories, such as Theory of Reasoned Action, Technology Acceptance Model, Decomposed Theory of Planned Behaviour, the unified theory of acceptance and use of technology (UTAUT) model and UTAUT2, to investigate the adoption of CLT. As a result, 11 crucial factors were identified from the existing literature that impacts CLT adoption without overlapping. Consequently, the model presented in this study provides a more profound understanding than previous research regarding why individuals adopt CLT systems. Accordingly, these results could aid policymakers in addressing people’s concerns and facilitating a seamless transition to a cashless society.

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