Professional Documents
Culture Documents
Leng 10
Leng 10
Leng 10
Introduction
Electronic payment, often abbreviated as e-payment which refers to any transaction that is conducted
electronically, typically over the internet or through electronic devices such as smartphones or computer.
This form of payment allows individuals to transfer money digitally without the need for physical cash or
checks. Common examples e-payment methods include credit card transactions, online banking transfer,
E-payment systems were introduced to streamline financial transaction, improve efficiency and
accommodate the growing trend toward digital commerce. By enabling secure and convenient electronic
transaction, e-payment methods aim to facilitate economic activities, enhance consumer experiences, and
promote financial inclusion. Governments around the world have embraced e-payment as a means of
fostering innovation, reducing costs and expanding access to financial services, ultimately driving economic
Going cashless can speed up the transaction process and improve the efficiency for the users. Some users
discovered that the Electronic Payment System (EPS) was easier, faster and more accurate (Harris, Guru &
Avarri, 2011). Other than that, it was also found out that social influences had an impact on the acceptance
and recommendation of cashless payment system and the right to perform transaction from any location at
any time, quicker, safe and reducing physical contact during pandemic is among other factors behind the
However, despite of its numerous benefits e-payment have many concerns such as potential for security
breaches and cyber-attacks, which could comprises personal and financial data. Moreover, not everyone
has access to the technology required for e-payment, leading to a digital divide that may exclude certain
individuals or communities from participating fully in the economy (Cheng, Khim & Thai, 2018).
Nevertheless, In 2000 in recognition of the role of information technology in nation-building, the government
enacted Republic Act (RA) No. 8792, otherwise known as the “Electronic Commerce Act”, to promote the
universal use of electronic transaction in the government and general public, among others.
Due to smartphone technology, the use of mobile payments in performing cashless transactions has risen
rapidly and become the norm in countries such as China, Japan and South Korea (Miao & Jayakar, 2016).
Cashless payments have now become one of the most essential aspects of the global economy, and they
are regarded as key determinants to economic growth. Recent studies reported that users among young
generations from various age groups are tremendously growing in some countries. The active users are
Gen Z who is in the age range of 5 to 21 years old and Gen Y aged from 22 to 38 years (Haroon, 2020).
Young generations are most exposed to e-commerce platforms and ready to use cashless payment
system. According to survey, mobile banking system are the most preferred method to payment, with 69
percent of Malaysian respondents us from more frequently during the pandemic (Azman, 2020).
According to recent research conducted by Visa, Cashless Transactions has paved the path for making the
transaction simple unto the consumer. Well-known international financial services companies, 63 percent of
Filipinos are highly aware of contactless payment or cashless transactions, based on the survey of over
2000 respondents from Southeast Asian nation. However, two out of every ten Filipinos will employ this
approach due to misconceptions regarding contactless payments and Filipinos are concerned about their
In line with that, the Philippine has a Section 20 of Article Xꟾꟾ of the Philippine Constitution and Section 59 of
RA 87913, and Ra 76534. Also, Section 7 of RA 8792 recognizes electronic documents as having the legal
effects, validity or enforceability as any other document or legal writing, and that for evidentiary purposes,
an electronic purpose, and electronic document shall be functional equivalent of a written document under
existing law.
Through the several efforts of the government by issuing law about the e-payment, cashless society is now
making way in the Philippines to reduce the use of cash in the economy by promoting a Cashless Economy
in which all types of transactions are carried out through digital means (Raon, 2016).
Cashless transaction Economy does not mean shortage of cash rather it indicates a culture of people
settling transactions digitally. In modern economy, money moves electronically. Hence, the spread of digital
payment culture along with the expansion of infrastructure facilities is needed to achieve the goal both
banking system transaction played the main roles in this big changes. It includes e-banking (mobile banking
or banking through computers), debit or credit cards, card-swipe or point of sales (POS) machines and
digital wallets underwent convenience of managing all your financial all your financial affairs electronically
Online shopping has been around for years. However, now we make payments for online shopping with
money out of checking accounts, without writing a check or even using a debit card. In the same way you
can safely receive payments from individuals through private online e-payment services such as PayPal,
the most familiar online payment services as of this printing, provides an online alternative to using credit
cards for customer making online purchase or depositing funds received (Garcia 2014) .
This example tries to throw light on the rising trend of digital transactions in the Philippines being carried out
in various cashless modes over the years but simultaneously being ourselves making alert of the negative
impact of going cashless thereby showing downside of the Philippine (Lawrence 2015).The people of
Philippine espicifically here in Tabuk City they are showing amazing response toward digitalization because
currently right now most of the people have now a smartphones and it have a big indicators that our City is
There has been research about the implementation of a cashless society in the Philippine, but it only
focuses on adoption, impact, issues, and awareness of implementing cashless society. More recent,
researchers will now conduct their research to see the benefits of the implementation a cashless society in
universities.
The purpose of the research is to find out the benefits of the implementation of a cashless society for the
students by providing information regarding the benefits of implementing a cashless society and also
helping them understand the benefits of implementing a cashless society for them.
Research Objectives/Problems
This qualitative research aims to know what are the benefits of the implementation of cashless society for
the student.
1. To uncover the benefits of the implementation of cashless society for the students
2. 2. To explore the benefits of implementation of cashless society for all the users of smartphones
The focus of this study is to investigate research focusing on the benefits of the implementation of a
cashless society for the students and to establish an understanding among the students of TCNHS of the
benefits of implementation of cashless society for the students. The research will be conducted from March
to May 2024.
Definition of Terms
Cashless Society- a state where financial transactions are conducted digitally or electronically, with little to
Mobile Wallets- application on smartphones or other mobile devices that enable users to store financial
Digital Payment- transactions are made using electronic means such as credit/debit card, mobile wallets, or
Contactless payments- transactions made by tapping or waving a mobile device or card often facilitated by
e-wallets.
Convenience- the ease and speed of making transactions without the need to carry physical cash, leading
them to smoother and more efficient payment experiences for students in various setting.
Transactions- a financial activity or exchange involving the transfer of funds or asset between parties,
typically facilitated by electronic or digital means in a cashless society it includes payments, transfer,
TCNHS Students-In this study, this term is used as the participants of the study.