Cosmos An International Journal of Management

A Refereed Research Journal

Vol 11 / No 1 / Jul-Dec 2021 ISSN: 2278-1218

A STUDY ON CUSTOMERS PERCEPTION ON CASHLESS

TRANSACTIONS IN FOOD SERVICE INDUSTRY
*
Angel C Dy-Tioco
Paper Received: 03.11.2021 / Paper Accepted: 01.12.2021 / Paper Published: 03.12.2021
Corresponding Author: Angel C Dy-Tioco; doi:10.46360/cosmos.mgt.420212009

Abstract
This paper is all about cashless payment or carrying out financial transactions without using physical currency

bills and coins. Cashless transactions allow buying or selling products and services using electronic forms or
gadgets instead of paper currency which also meant excluding cashconcept is being used by people and
organizations to cope with digitalization. This study focused on -based transactions. The current establishing

an understanding of how customers perceived the use of a cashless payment system as part of their usual
transactions in the food servithe study showed that there were people who are using cashless transactions
already and others are not that ce industry. The research utilized a quantitative method. Results of

familiar since it was not introduced to them but they were willing to learn the process of cashless transaction.
Lastly, the researchers suggested several recommendations to heighten the use of cashless payments for
customers of food service establishments and for the management for easier transactions.

Keywords: Cashless Transactions, Customers’ Perception, Food Service Industry.

or in a bank transfer account in absence of physical
cash. (Bellamy, 2000) Mobile wallets, online
Introduction payment providers, and near field communication
Technology changes and improves drastically every technology (NFC) is continuously innovating the
day. In just one swipe or tap, people can now pay way people transact using mostly “Tap-and-Go”
and buy what they want. Cashless transactions make payment solutions (Ahmed, 2016). Mobile
purchase and payment easier and more convenient transactions will continue to grow in 2017 as Apple-
through the mere swipe and tap gadgets. In the early pay, Google Wallet, Paymaya, Gcash and other
1900’s, the cashless mode of payment is far different companies continuously
from the early 1900’s where payment can be done *La Consolacion University, Philippines.
only through paper bills (Ahmed, 2016). advertise this method. In order for the customer to
use the cashless payment, they need to activate and
The concept of a cashless transaction system download the applications. The willingness of the
emerged in the nineteenth century through the public customers to adopt and use cashless payment allows
writings of Edward Bellamy. He described that the purchase of hospitality products which include
paper transactions will soon be replaced by credit- goods and services.
card based systems. Check cards or most known as
debit cards and credit cards made people’s lives Cashless payment eliminates several business risks
easier. With just one tap or swipe, you can already such as theft of cash by employees, counterfeit
pay your bills. (Cristobal et al., 2018). Cashless money and robbery. People need not carry cash.
transaction is one where the payment is made by They can opt for alternative ways of paying what
means other than physical cash (Gupta, 2017). The their purchases with the use of their phones and
rise of cashless transactions is due to emerging cards. Accepting credit cards and mobile payment
trends driven by consumer’s preference, apps is becoming more preferred as payments
convenience and efficiency in transacting, especially instead of physical cash because customers find it
due to the limitations set by the global pandemic. easy to use and convenient. Also, some of the users
Cashless transaction utilizes payment applications of the cashless payment applications check the
such as: GCash, Paymaya, and Paypal instead of history of their payments and receive confirmation
card or physical payment. Epayment is made for through messages, or even email responses with the
transferring electronic money regularly using cards detailed list of their purchases.
65
 will aid the people in everyday life. One of the
Literature Review innovations has led the way for the people to
The increased usage of digital communication discover a cashless payment system. Thus, different
technologies has transformed online engagement forms of payment have been widely available now in
into a key aspect of the modern customer experience the market.
in the hospitality industry. The flow theory is
especially important for understanding customer The World Payment Report shows that cashless
engagement in the online environment (Kim, 2019). transactions worldwide grew by 12% on average in
2017 and totaled 539 billion payments, 35% of
When in flow theory, the person is usually “in the which took place in developing markets. Credit and
zone”. They are fully immersed in an activity in this debit card payments have become the norm and
state, especially an activity that includes their cashless transactions outnumber cash-based ones at
creative abilities. They tend to pay full concentration most properties today (Mews, 2020).
in good experiences and not pay attention to
uncertainties, risks and unrelated thoughts. This describes how the cashless transaction grows
worldwide and becomes outnumbered. As the
The understanding of flow in a cashless payment cashless payment system emerged in progress,
system plays an important role. Flow functions as a individuals started to recognize this automation.
full mediator between perceived usefulness that was Slowly, people were incorporating the use of credit
associated with the behaviour and the buying and debit cards in their purchase transactions until it
decision of the customers specifically in the food became a norm. This proves that a cashless payment
service establishment. The people who tend to use system is a successful technological advancement.
cashless payment often perceive the ease of use thus
creating an enjoyment and satisfaction. Also, with Having global acceptance, online transactions are
the help of technology, patronizing a cashless the easiest and fastest growing mode of payments.
payment system makes them feel that everything is They are payments made with a real-time gross
seamless because it only consumes a little time to settlement; driving people to carry more plastic
complete a transaction and they don’t have to worry money (cards) in their wallets than having physical
that their cash on-hand is not enough or will be lost. cash (Fanawala, 2020).

It indicates that the intention to use mobile payment It shows that cashless payment is now widely
services is positively affected by perceived accepted by a large number of consumers in a way
usefulness, perceived compatibility, perceived that helps them to transact easily. Due to popular
personal innovativeness, and perceived social acceptance, the majority of the customers now
influence, but is negatively affected by perceived preferred transacting through cards instead of cash.
risk (Schmidthuber, 2020). In line with this, different enterprise sectors in the
food industry are slowly incorporating the cashless
In history, cashless societies existed since the time system in their mode of transaction to accommodate
when human societies were in their nascent stage. the demand.
Many exchange methods were prominent, namely
the well-known barter system (Gundaniya, 2019). Alongside the majority of retail stores, restaurants
are now starting to recognise this growing consumer
It points out the cashless system existed even as it behaviour. Fast food outlets have been the first to
changed as years passed by. There was no concept of catch on, with the speed and convenience of cashless
physical cash in earlier times. In order for people to payment naturally aligning with the kind of service
purchase something, they exchange the goods they offered. McDonalds has been rolling out digital
have in agreement. Technically, it is a cashless ordering technology in thousands of its restaurants,
system because there is no money involved to allowing consumers to order and pay for their food
purchase a good. As time went by, the concept of via card-only selfserve kiosks (Gilliland, 2017).
cash was being invented.
It indicates that the majority of the stores and
The development of technology led the way for the restaurants already adopted and recognized the use
introduction of a cashless payment system in the of the technology of cashless payment systems.
market. The evolution was further indicated by the Food establishments acknowledge that they have to
availability of digital wallets, a system that can be integrate this payment system for the people who
used to complete transactions through a computer or now prefer the cashless payment than paying with
a smartphone (Gundaniya, 2020). cash. Gradually, several fast food chains were doing
physical renovations to set up kiosks where people
The literature is implied to the study that as the years can already choose and pay in just a tap. It’s also a
pass by, different developments of technology way to minimize piling up lines on the counter area
helped the society. It generated a breakthrough that
66
as customers can already make orders for people who don't have supplementary documents
themselves. aside from having a valid ID. Aside from that, there
are already numerous stores such as convenience
In the Philippines, cashless transactions aren’t only stores, supermarkets, malls and even remittance
defined by credit card payments. The emergence of centers to cash in on your account making it more
mobile wallets made it inclusive for the diverse accessible to use. That’s why it's not surprising that
target market of the food industry. These mobile the number of users is growing by a large number.
wallet applications made it easier to be a verified
user. The mobile wallet apps only require the user to GCash’s main e-wallet competitor PayMaya, on the
have a registered mobile number and a valid ID to other hand, has gone with a slightly different
enjoy the full feature of the app. In addition, Ewallet marketing approach to increase its footprint in the
subscriptions often come with frequent discounts Filipino digital payments space. The digital
and cashback offers, especially when you use it to payments provider is collaborating with the City of
pay for your bills (Grit, 2019). Manila to deploy contactless payments via its
PayMaya QR method to the city’s newly-launched
Pointing out the cashless transaction may not only cashless stalls around the Manila City Hall and in
vary in debit/credit cards. As the country adapts to Divisoria, the city’s popular bargain shopping
the technological changes, cashless payment could market. The top quick service restaurants in the
also be defined as mobile wallet apps. Several country like Jollibee, McDonald’s, and KFC have all
mobile wallets appeared in the market backed by adopted PayMaya’s end-to-end digital payments
different giant companies in the Philippines. To solutions for enterprise comprising the devices for
ensure safety and security but ease of access, users in-store and drive-thru, PayMaya’s digital payment
have to validate their account to use its full feature gateway, as well as digital invoicing solutions to
where occasionally, the mobile wallet dispenses process online orders (Devanesan, 2020).
vouchers to use upon purchases.
Due to the full acceptance of the cashless payment
Joe Kleinwaechter, vice president of innovation and system by the consumer and different business
design at Worldpay US, a payment processing sectors, even the government is moderately taking a
company for small businesses, says in-app payments shift to this trend. They entered into partnerships
provide a huge opportunity for restaurants. “This not with mobile wallet companies to speed up the
only encourages customers to download the payment process on different government agencies.
restaurant’s app, but it’s a great way to reach A client could set an appointment alongside paying
customers with coupons, special offers and the bills without physically appearing on the
announcements, ultimately creating a stronger establishment. Different stalls were also given a QR
consumer connection” (Loria, 2018). code to present to buyers who will pay via mobile
wallets.
In association with the food industry and the
cashless payment system, building partnerships of The less time a customer spends lined up to pay for
these two different sectors helps the consumer and their items means a better customer experience.
business reach each other. By using the Moreover, the payment time is also reduced.
restaurantlinked mobile wallet applications, Customers no longer need to find change from their
potential customers could see available promotions wallets. Conversely, there will be no need for a large
and offers easily. In that way, business enterprises amount of petty cash to be stored in the cash box.
would build rapport with their buyers as they could According to statistics, plenty of customers leave the
use the app to gather feedback from users. line due to slow transactions. Having a cashless
payment system in place to accept payments can
Mobile wallets like GCash don’t operate based on a significantly improve your lineup much faster than
bank account. Cashing in can be done over the receiving bills (ELID Technology
counter in partner establishments. As to the number Intl. Inc.).
of Filipinos with mobile wallet accounts, 20 million
are supposedly enrolled with GCash while 8 million The fact that a cashless payment system has a lot of
have accounts with PayMaya. Both providers are help for every consumer in such a way of reducing
said to be the top two in the country while a carrying things together when going out and giving
significant number have accounts with BPI, Globe, them plenty of time to purchase without worrying
Coins (Coins Asia) and other online payment about their cash proves that it concerns the welfare
providers (First Circle, 2019). What’s interesting of the people. It alleviates the stress and irritation on
about this majority of mobile wallets, a user need long lines in the counter area. It improves the way of
not have a bank account to create one. They just living and it creates satisfaction.
have to verify their identity by submitting a single
valid identification (ID). Therefore, it already
crossed the gap between financial institutions and

67
Conceptual Model of The Study
Input Process Output
1. How may
demographic profile of
respondents be
described in terms of:
1.1 age
1.2 gender
1.3 occupation
1.4 educational
Proposed plan to
attainment.
2 . How may the present Research interview heighten appreciation
status of business
related in Food Survey questionnaire towards cashless
Service Industry
accepted the cashless payments and its
Data gathering
payments in terms of: proc edure positive impact to food
2.1 ty pe of
establishment service establishment
2.2 forms of payment
3 . How does the
establishment
implement the
cashless payment?

Figure 1: Conceptual Model of The Study

The researcher used survey questionnaires to
Methodology of The Study identify the Customer’s Acceptance on Cashless
Payment System in the Food Service Industry in
This part of the study gives an outline that provides
Bulacan. The questionnaire is divided into two parts
information on the participants. The instrument was
which is profiling and the perception of the
used also for data collection. The techniques adopted
customers. The researchers chose google forms to
in this research including the population and sample
distribute the survey questionnaires. The study is a
has generalized the characteristics needed to qualify
quantitative research, to know the exact answer of
in the sampling population. The researcher also
the respondents which are the customers and the
discusses the methods used to analyze the data and
management.
lastly the ethical issues that were followed in the
process.
Results and Discussions Profile of
The study used the descriptive research design. The the Respondents
researcher aims to accurately and systematically
answer the customers’ acceptance on the cashless This part of the survey shows the profile of the
payment system. In order to do that, the researcher respondents who are using e-payment methods.
used a survey to find out the answer through Table 1 shows that in terms of Age Profile, sixtyone
gathering and analyzing it. It also considered how e- (61) percent of the respondents were from age range
wallet works in the food service industry around of 18 to 21, and the other one (1) percent of the
Bulacan. The Researchers main goal in this study is respondents were from age range under 17 years old.
to give customers knowledge about how the cashless
payment method works.

The respondents of this study are the customers who

use cashless payment in ordering in food service
establishments such as dine in, take out or even in
delivery. This study will take place in food service
establishments around Bulacan that accept cashless
payment systems. The researcher distributes 70100
survey questionnaires through the use of google
forms. The researcher will not limit the age, gender
or any matters about the respondents as long as the
customers are using cashless payments.
68
 Table 1: Profile of The Respondents
Age Profile Frequency Percentage
Under 17 1 1.00%
18 - 216161.00% 22 - 27 23 23.00% above 28 15 15.00%
Total 100 100.00%
Gender Profile Frequency Percentage
Female 65 65.00%
Male 35 35.00%
Total 100 100.00%

Occupation Profile Frequency Percentage

Student 67 67.00%
Professional 21 21.00%
Not Working 12 12.00%
Total 100 100.00%
Type of Establishment Frequency Percentage

Fast Food Restaurants 67 67.00%

Family Restaurants 6 6.00%
Coffee/Milk Tea Shops 22 22.00%
Buffet Restaurants/ Eat-All-You-Can Resto
5 5.00%

Total 100 100.00%

According to Carrol (2018), Gen Z is leading the
way in mobile payments, 70% of them have made
in-app mobile payments in the past year, more than
any other generation. David Stillman, a generational
expert, a national speaker and author of Gen Z
@work: says that “This is a generation that expects
technology to make life easier for them when it
comes to finances and banking. Gen Z is the first
generation to come of age with smartphones, and
that has impacted how they make their payments
and save money”.

In terms of Gender Profile, the majority of the users

of the Cashless Payment System were females.
Based on the collected data, sixty-five (65) of the
respondents came from the group of females while
thirty-five (35) of the respondents were males. This
shows that women perceived the
ease of the use of cashless payments

In terms of Occupation Profile, this table also

determines that the majority of the people who use
cashless payment are students with sixty-seven (67)
respondents, followed by the professionals having
twenty-three (23) respondents and twelve (12) of
them are not working based on the data collected by
the researchers and the data support.
According to the data analysis conducted by
Cristobal, et. al. (2018), the study “A Research
Study on the Effects of Cashless Transactions on
People’s Spending Behavior” the respondents who
69
took the survey, thirty-five (35) students are single Soodan and Pandey, the customers’ positive attitude
having 58.3%. There were three (3) professors, to a product or service and their purchasing behavior
single, and seven (7) professors, married, garnering is directly related. The more positivity the consumers
5.0% and 11.7%, respectively. On the other hand, put in the product or service, the more will be more
out of fifteen (15) staffs and other employees, eleven purchased. Nowadays, there are also consumers that
(11) were single and four (4) were married, are having a harder time monitoring their money.
garnering 18.3% and 6.7%, respectively. Hence, there are some of them who are uneducated
in managing their financial assets, especially the
The table also shows that out of one hundred (100) youth. Some of them do not take into significance
respondents, sixty-seven (67) people chose the Fast the basics of financial skills, such as budgeting to
Food Restaurants where they usually transact using finance their needs especially in the long term plans
cashless payments among food service industry, (Pillai, et al., 2010). Robert and Jones (2001) even
followed by twenty-two (22) who use cashless said that students have been raised in a culture that
transactions on coffee/milk tea shops, while six (6) overspending is fine, and saving is disdain.
in family restaurants and five (5) for buffet
restaurants.

According to Gilliland (2017), restaurants and cafes

are focusing on cashless payment because the
strategy naturally aligns with other innovations in
digital technology. For example, restaurants are now
introducing new mobile apps that enable consumers

simultaneously accessing rewards and digital Customers’ Feeling When Using Cashless
ordering services. Payment

Table 2: Customer’s Feeling When Using Cashless Payment

Frequency Percentage
Happiness 20 20.00 %
Contentment 53 53.00%
Nervousness 19 19.00%

Afraid 3 3.00%
Others 5 5.00%

Total 100 100.00%

to choose faster payment options, while Table 2

shows the answer of the respondents on the question
of “What do you feel when you are using Cashless
Payment?”. The respondents’ feelings toward using
Cashless Payment. Based on the collected data,
Contentment has the most substantial percentage
among the answers with a fifty-three (53) percent,
followed by Happiness with a percentage of twenty
(20), while nineteen (19) percent of the respondents
were Nervousness, then five (5) percent came from
the others who has their own feelings towards
Cashless Payment and finally the least percentage or
the three (3) percent of the respondents were Afraid
to use it. The role of the consumers has increased in
this emerging era of marketing. Their attitudes are
being affected by the purchasing behavior,
especially if they collide with the forces that make
them purchase. In the study of

70
Positive Impacts of Cashless Payment System
Table 3 shows the answers for the “Positive Impacts
of Cashless Payment System”. The greatest
percentage came from Fast Transactions with forty-
eight (48) percent, followed by Convenient with the
percentage of forty-five (45) percent respondents,
while the five (5) percent of the respondent’s
answers are less worries and the least among the
percentage is two (2) percent which is Less Risk.
Mobile payments are due to convenience increasing
willingness to pay.

However, this is contingent on personal adaptation,

which in turn is dependent on the nation’s existing
adaptation system. The assumption is suggesting
that mobile phones don’t lower the pain of payment
but can distract the customers’ attention from the
pain of payment with its’ many entertaining and
attention seeking features.
Convenience is considered a reliable driver, and
if two payment options have the same pain of
payment, the more convenient one will be the one
with the highest willingness to pay (Boden, Maier
&Wilken, 2020).

71
 Perception on the Ease of

Payments

Table 4: Perception on the Ease of Use and Purchasing Monitoring of

Cashless Payments
_________________________________________________________________________
Frequency Percentage
_________________________________________________________________________
Yes 88 88.00%
No 12 12.00%
Total 100 100.00%

Table 4 shows the customers perceived ease of use payments showed that the knowledge of the
and purchase monitoring of customers transactions payment method had a greater effect on the
using cashless payment in different food service perceived usefulness and ease of use than the
establishments. This data help the researcher to compatibility of the payment 20 methods. It
identify if customers find that cashless payment is demonstrated that the characteristics had no effect
the easiest way to transact and monitor their on consumers, albeit, the mobility and reach ability
spending. factor impacted on the intention to use the payment
method.
In this table, it shows the “Customer’s perceived
ease of use and purchase monitoring”. The only Customers’ Acceptance on the Level
choices for the answer are Yes or No. Based on the
of Cashless Payment
data collected by the researchers, the biggest
Table 5 shows the customer's level of acceptance
number of percentage is eighty-eight (88) percent
which only pertains with Yes while the other twelve on cashless payment in terms of using it in different
(12) percent of the respondents picked No. food service establishments. The researchers want
A study conducted by Kim et al. (2010) using “The to know the numbers of customers who are into the
Technology Acceptance Model” on mobile cashless payment system.

Table 5: Customers’ Acceptance on the Level of Cashless Payment

___________________________________________________________________________
Level
(10 - highest, 1 - lowest) Frequency Percentage
___________________________________________________________________________
20 20.00%
24 24.00%
42 42.00%
9 9.00%
0 0.00%
4 4.00%
0 0.00%
0 0.00%
1 1.00%
0 0.00%

Total 100
100.00%

The largest percentage is forty-two (42) that largest is twenty-four (24) percent that leads to the pertains to the
level of eight (8), second to the level of nine (9), the third goes to twenty (20)
Use and Purchasing Monitoring
of Cashless
72
percent concerned with level of ten (10), while the Customer’s Preference on the Type
four (4) percent specify to the level of five (5), the of Cashless Payment is Easy to Use
remaining one (1) percent of the respondents were
indicated to the level of two (2) and the other level
has no frequency of vote. Therefore, the Customer’s
Acceptance Level of Cashless Payment is eight (8).

In the study conducted by Braga, Isabella, and

Mazzon (2013), it was mentioned that the level of
pain can affect the consumer decision in purchasing
goods and services. It says in their study that the
pain payment is a concept associated with the
“credit-card-effect” which tells us the instant pain
that every consumer experienced in purchasing.
Payment in cash gives the highest pain of payment
to a person compared to the other method of
payment because cash is something we can
physically see, touch and count. The researchers
also state that credit card has a lower pain of
payment, therefore, credit card disengage payments
from the benefits that make a person feel like using
“play money”. Moreover, credit cards give a desired
fulfilment to the users that make them not to
consider the cost and make them spend more. The
researchers also mentioned that digital wallets can
also create identical effects to a person’s spending
behavior, like the effects of credit cards.

73
Table 6 presents different types of e-payment
applications that can make customers transactions
easier. The researchers want to find out what
application in the cashless system is easiest to use.

Table 6: Customer’s Preference on the Type of Cashless Payment is Easy to

Use

Frequency Percentage
_________________________________________________________________________

GCash 75 75.00%

Lyka 1 1.00%

PayMaya 2 2.00%

ATM, Debit/Credit 19 19.00%

Bank Transfer 3 3.00%

Total 100 100.00%

This table shows how the respondents answer the such as G-Cash and PayMaya have given Filipino
question “Which type of Cashless payment is the easy access to contactless and online payments,
easiest to use?” Based on the collected data, GCash especially for those who don’t have access to a
has the highest percentage with seventy-five (75) debit and credit cards. Both services have also
percent, followed by the ATM, Debit/Credit card matured over the years - they let you transfer
with nineteen (19) percent, Bank transfer with three money to almost all banks, pay bills (electric,
(3) percent, Paymaya with two (2) percent and internet service and water), earn points, buy
lastly Lyka with one (1) percent. Therefore, GCash prepaid load, and more - all without leaving the app
is the easiest to use in Payment method. (Cañete, 2020)

Cash is still the most common way of transacting Available Mode of Payment in the
and paying for anything in the Philippines,
Establishment
however, Filipinos are willing to try contactless
Table 7 shows the modes of cashless payment that
payment options, thanks to its convenience and
can be used in the food service establishments.

speed and the fact that innovation is a way to move forward.

Popular E- wallet apps in the Philippines
Table 7: Available Mode of Payment in the Establishment

Available Mode Frequency Percentage

_________________________________________________________________________

GCash 58 58.00%
PayMaya 3 3.00%

74
 providing your customers with the option to pay by
Table 7 ATM or Debit/Credit Cards 39 39.00% using their
shows phone to scan
that out Total 100 100.00% a QR code
of one (that you can
hundred (100) respondents, fifty- eight (58) have post on your website or account as a picture) and
GCash, then thirty-nine (39) offer ATM or entering the exact amount - they don’t even need to
Debit/Credit Cards while three (3) provide PayMaya be in your store to settle the bill.
in the food service establishments they have been to. mybusinessacademy.ph (2021)

According to GCash’ Press Release Statement on PR Forms of Payment Establishments

Newswire (2020), GCash has over 26 million users
Offer
at present. More and more now Filipinos use GCash
Table 8 displays the available forms of payment that
as a partner in their daily lives, especially in the new
can be used by the respondents. The researchers
normal. GCash offers a multitude of digital financial
want to know what kind of cashless application or
services to Filipinos, helping them with the payment
technology is available in food service
of their bills, savings, sending money, and
establishments.
borrowing money, among others. In addition to that,
Table 8 presented the list of forms of payment
available in the food service establishments. Conclusion
Sixtynine (69) respondents stated that the food To conclude, the study shows that the level of
establishments they have been to accept mobile acceptance of the cashless payment system in food
wallet payment, while thirty-one (31) of them service industry is now a big thing to every
welcome ATM or Debit/Credit Cards. According to customer because of the perks that they are
the study of Bezhovski (2015), MEF’s third annual receiving in every transaction which they can also
Global Mobile Money report 2015 stated that monitor their spending and savings in just a span of
ecommerce and mobile banking continue to grow time.
with 69% of mobile users carrying out their banking
activity via mobile devices (Perelmuter, 2015). The
report conducted a study of 15,000 mobile users Proposed Plan of Action
across 15 different countries of the world. The The researchers conducted survey questionnaires to
report defined the term Mobile Money for the one hundred (100) respondents in order to get
services including in-store payments, carrier billing, answers to the study entitled “Customer’s
Table 8: Forms of Payment Establishments Offer

Form of Payments Frequency Percentage

_________________________________________________________________________

ATM or Debit/Credit Cards 31 31.00%

Mobile Wallets 69 69.00%
Total 100 100.00%

online payments, peer-to peer payments, and Acceptance on Cashless Payment System in the
payments via mobile wallets. Growing use of Foodservice Industry in Bulacan”. This table shows
mobile payment methods also encouraged the proposed plan based on the data collected by the
developed markets to install device penetration researchers. This will help the establishments and
systems and infrastructure that should support cashless payment system to improve the usage of the
mobile transactions in-store. In addition, contactless e-payment method and give more knowledge about
payment methods are also becoming popular with the said topic to every user.
their wearable technology (Sacco, 2015) that offers
fast, easy, and a secure way to pay at various places.

Issues and Activities Time Stakeholders Source of

Concerns Frame Funding

A. System -Regular maintenance check of All-year round Mobile Wallet Mobile Wallet
Glitch system Company, Banks Company,
Banks

75
 B. User -Accept the student ID as a valid ID All-year round Mobile Wallet Mobile Wallet
Verification on when verifying the mobile wallet Company, Users account. Include Company
Mobile Wallets it in the main options.

C. Safety and -Informative videos on how mobile All-year round Mobile Wallet Mobile Wallet
Security wallets implemented their rules and Company, Banks, regulations Company,
Issues as well as how they Users Banks
ensure the safety of every account against
hackers.
________________________________________________________________________________________
10. Gupta, R. Kapoor & C. Yadav, J., (2020).
References “(PDF) Acceptance Towards in Digital
1. Beñegas, G., (2020). “8 Best Mobile E-Wallets Payments and Improvements in Cashless
In The Philippines”, Retrieved from Payment Ecosystem”, Retrieved from
https://grit.ph/mobile-wallets/. https://ieeexplore.ieee.org/document/91540
2. Carroll, J., (2018). Retrieved 24/authors#authors.
from 11. Husain, A., (2018). “Cashless Transaction
https://www.tsys.com/newsinnovation/whatsne Systems: A Study of Paradigm Shift In Indian
w/Articles-and-Blogs/nGenuity-Journal/ Consumer Behaviour”, Retrieved from
theyoung-and-thecashless-say-hello- http://shodh.inflibnet.ac.in:8080/jspui/bitstrea
togeneration-z.html. m/123456789/4546/1/synopsis.pdf.
3. Davies, A., (2017). “To Study University 12. Kolandaisamy, R. and Subaramaniam, K.,
Students’ Perceptions Towards Their Cashless (2020). “(PDF) The Impact of EWallets for
Financial Transactions”, Retrieved from Current Generation”, Retrieved from
https://repository.cardiffmet.ac.uk/bitstream/ha https://www.researchgate.net/publication/3392
ndle/10369/8654/Davies%2C% 20Alice 36716_The_Impact_of_EWallets_for_Current
%20Elizabeth.pdf?sequence=1&isAllo wed=y. _Generation.
4. ELID Technology Intl., Inc. Ways a Cashless 13. Loria, Keith, (2018). “Restaurant Trend Toward
Payment System Increases Customer Cashless Payments” Retrieved from
Satisfaction. Retrieved from https://upserve.com/restaurant-insider/paytable-
https://elid.com.ph/blog/cashless- new-technology-impactspaymentchoices-
paymentsystem/. restaurants/.
5. Fanawala, M., (2020). “Cashless Payments in 14. M., Cristobal, M., Malayang, J. & Solina, M.,
Hotel: The What, Why, How?”, Retrieved from (n.d.). “A Research Study on the Effects of
https://www.ezeeabsolute.com/blog/cashlesspay Cashless Transactions on People's Spending
ments-in-hotels/. Behavior.docx”, Retrieved from
6. GCash, (2020). “GCash overtakes popular https://www.academia.edu/36409929/A_Resea
brands in local app rankings”, Retrieved from rch_Study_on_the_Effects_of_Cas
https://www.prnewswire.com/in/newsreleases/g hless_Transactions_on_Peoples_Spending_Be
cash-overtakespopular-brands-inlocal-app- havior_docx
rankings- 15. Pachpande, B. and Kamble., A., (2018). “(PDF)
883382092.html#:~:text=GCash has over 26 The Study of E-Wallet Awareness and its usage
million,and borrowing money, among others. in Mumbai”, Retrieved from
7. Gilliland, N., (2017). “Restaurants are going https://www.researchgate.net/publication/3245
Cashless, here’s the three reasons why”, 00578_Study_of_Ewallet_Awareness_and_its
Retrieved from https://econsultancy.com/ _Usage_in_Mumbai.
restaurants-are-goingcashless-here-s- 16. Shamsher, S., (2017). “Study of Consumer
threereasons-why/ Perception of Digital Payment Mode”,
8. Gundaniya, Nikuni, (2020). “Cashless Payment Retrieved from
System, the Proof of Technology Evolution”, https://www.icommercecentral.com/openaccess/
Retrieved from study-ofconsumer-perception-of-
https://customerthink.com/cashless- digitalpayment-mode.pdf.
paymentsystemthe-proof-of-technology-
evolution/
9. Gundaniya, Nikunj, (2021). “Moving towards a
Cashless Society: Types and major benefits”,
Retrieved from
https://www.digipay.guru/blog/towards-
acashlesssociety-major-benefits/

76