Influence of consumption values on adoption of cashless society in emerging economies: the mediating effect of cashless readiness

With the advancement of digitalization, mobile financial services have become increasingly popular as they offer convenient, accessible, and secure ways to manage finances. This trend is expected to continue because more people worldwide gain access to mobile technology and become comfortable with digital financial services. Thereby, this study explores the influence of consumption values, such as functional, social, and emotional values on the adoption of the cashless society, including the mediating effect of cashless readiness. Using a convenience sampling method, a total of 200 responses were collected through a quantitative research approach. The study reveals that functional, social, and emotional values significantly influence cashless readiness, which affects the adoption of a cashless society. Additionally, the research reveals that cashless readiness mediates the relationship between consumption values and the adoption of a cashless society. The findings can be useful for mobile financial service providers, banking institutions, and governmental organizations in formulating and designing strategies to increase the number of individuals using digital payment systems.