Awareness of People of the Cashless System in Davao City

Awareness of People of the Cashless System in Davao City

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The Banking industry has no doubt has witnessed advancement technology just like any other sector; adoption of e-banking that affects banking operations entirely. The continuous advance in technology characterize by a complex and competitive environment. Growth in electronic payments surpassed not only general economic growth but also growth in financial sectors. Using cards for transactions provide a chance to consumers for satisfying their buying desires.

Consumer paying their expenses by credit card are the once who tend to make additional purchase which increase the amount of spending (Lo and Harvey, 2011). Cardholders are the once paying/spending much compared to cash users due to availability to purchase. Due to an abundance of cost-saving and revenue generating benefits consumers adopt cashless payment systems, which are proven to increase spend per head depending on the event with fast transaction times they offer speedy and convenient way to spend.

Denmark is one of the world’s innovative countries, the companies Danse Bank, IBM, Cellpoint mobile and Net Denmark are working together on developing concepts of cashless society(CFIR, 2011).Finance IT of Copenhagen deals with developing a new, cashless payment system for all Danish citizens(Finansforbundet, 2010).Cashless society increased competition, convenience in payment and better transactions .

In the Philippines, Bankard, Inc., known for its innovative products, introduced in 1996 its own version of digital currency, Bankard E-cash, bringing in the age of cashless shopping to the country. Since its market launch as the country's first electronic reloadable cash card, Bankard E-cash has enjoyed quite a following from people looking for convenience and flexibility in making small everyday purchases at Rustan's Supermarket, gasoline stations, selected outlets of Mercury Drug and National Book Store and moviehouses. It is now gaining acceptance at corporate canteens in industrial parks.(Cosgrove,James C.2000)

In the local setting, one of the biggest and oldest taxi fleet operations in Davao paying taxi with ATM or debit card. China bank, Bancnet and Mabuhay taxi have teamed to pioneer to meet customer satisfaction in providing passenger’s comfort, security and convenience in using cashless system (business.inquirer.net).

The result of this research points out competitive advantage and evaluation of consumers in using cashless transactions .It provide prospective understanding in the cashless system, this will also enable customer’s suggestions and comments in improving services, and strategies for its market survival, competitive advantage and profitability. To Understand and engage new ways in payment means by gaining the insight of those who adapt cashless system.

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Statement of the Problem

This study aims the awareness of people about cashless system in Davao City. This study sought the following questions:

1. What is the profile of the respondent in terms of:
Sex
Age
Civil Status
Educational Background
Income Level

2. What is the level of awareness of cashless system in terms of:
Safety
Convenience
Transaction efficiency?

3. Is there a significant difference in the level of awareness when respondents were grouped according to income level?







Hypothesis of the Study

This research has the following hypothesis:
Ho1: There is no significant difference in the level of awareness when respondents were grouped according to their income level.
Ho2: There is no significant relationships between the level of awareness and cashless payment system.




















MODERATOR






INDICATORS










Figure1. Conceptual Framework



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