Factors Shaping the Cashless Payment Ecosystem: Understanding the Role of Participating Actors

Abstract

Cashless payments have become increasingly popular around the world because of their numerous advantages. More so, the cashless payment adoption has been escalated during the Covid-19 pandemic. However, there is a lack of holistic studies on the adoption and contemporary practices of cashless payments. The purpose of this study is, therefore, to provide a comprehensive understanding by identifying the participating actors and their crucial role in the payment ecosystem. Thus, the paper aims to address two research questions: i) Who are the participating actors in the cashless payment ecosystem? and ii) What are the determinant factors for the actors to adopt the cashless payment ecosystem? Through scoping literature review of 63 articles published in the last seven years (2015-2021), six participating ecosystem actors are identified with their determinant factors. The study contributes towards addressing adoption issues and serves as a basis for future empirical investigation.