Republic of the Philippines

PALAWAN STATE UNIVERSITY

Laboratory Senior High School

Willingness of Palawan State University-Operated Business Enterprises

to Adopt a Cashless Payment System

Submitted in Partial Completion of the

requirements for Research and Daily Life 2

Carbonell, Curtney Leigh P.

Galon, Marc Aaron D.

Maraguinot, Mathieu A.

Quejano, Allaysa Mae C.

Poblador, Princess Erika L.

Ompad, Tanya Kaye S.

Villaroza, Jemellah Jazzmine T.

Cheryl Timbancaya Villamor

Research Teacher
 APPROVAL FORM

PSU-LSHS | PAGE I
 ABSTRACT

Cashless payment systems (CPS) are software applications that allow for the quick and easy

imbursement and sending of money digitally between parties. With their low barrier-to-entry, CPS

apps have become a popular means of conducting fund transfers, seeing use for transfers between

individuals and as well for payments on commercial transactions, with business owners and

operators integrating them into their operations in pursuit of operational and financial benefits that

the usage of such systems yield. However, despite the increasing adoption and usage of CPSs,

particularly among businesses, many are still unaware or are reluctant with integrating them into

their operations. To evaluate why that is so, this study assessed the state and condition of cashless

payment systems and their usage in the Philippines especially among business owners and

operators, analyzed what factors could influence one's perception and attitude towards new and

emerging technology, cashless payment systems in particular, and with these put into consideration

canvassed several businesses operating within the main campus of the Palawan State University at

Tiniguiban Heights, Puerto Princesa City to evaluate their respective attitudes and perceptions of

cashless payment systems and the role that they play in being a tool in business operations and

which factors incentivize or disincentivize their adoption of it as a payment medium.

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 ACKNOWLEDGEMENT

The researchers would like to extend the deepest gratitude to the individuals and institutions who

have contributed to the completion of this research.

First, they are deeply thankful to God for providing them with strength, wisdom, and

perseverance throughout this research journey.

They also extend their heartfelt gratitude to their parents for their financial support, patience, and

encouragement. Their understanding and belief in the researchers have been a great source of

motivation.

A special thanks go to their Research Project Teacher, Ms. Cheryl, for her patience, guidance,

and valuable feedback. Her insights helped improve this study and develop the researchers’ skills.

The researchers also express their gratitude to their research adviser, Mrs. Floredel Galon, for

her time, expertise, and supervision, which played a vital role in shaping this research.

The researchers also extend their gratitude to Dr. Angie Melea Juanich, Principal of Palawan

State University-Laboratory Senior High School, for permitting them to conduct this study and

supporting their research efforts.

Lastly, they appreciate each team member’s dedication, effort, and teamwork. The late nights,

discussions, and hard work have all contributed to completing this study.

To everyone who supported them in any way, the researchers are truly grateful.

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 TABLE OF CONTENTS

Approval Form ...................................................................................................................... I

Abstract ..................................................................................................................................II
Acknowledgement ................................................................................................................ III
Table of Contents ................................................................................................................... V

Chapter 1 - INTRODUCTION
Background of the Study................................................................................. 1
Statement of the Problem ............................................................................... 5
Research Questions ........................................................................................ 6
Hypotheses ..................................................................................................... 7
Significance of the Study ............................................................................... 8
Scope and Delimitations ............................................................................... 10
Definition of Terms ...................................................................................... 11

Chapter 2 – REVIEW OF RELATED LITERATURE

Review of Related Literature ........................................................................ 13
Synthesis .......................................................................................................27
Theoretical Framework …………………………………………………….29
Conceptual Framework………………………………………...…………...37

Chapter 3 – METHODOLOGY
Research Design ............................................................................................ 39
Population and Sampling ............................................................................... 42
Validation of Research Instrument ................................................................. 43
Data Gathering Procedure .............................................................................. 44
Statistical Treatment........................................................................................46
Ethical Considerations ..................................................................................... 47

Chapter 4 – RESULTS AND DISCUSSION ......................................................................49

Chapter 5 – CONCLUSION AND RECOMMENDATION

Summary ........................................................................................................ 59
Conclusion ...................................................................................................... 62
Recommendations ......................................................................................... 64

REFERENCES ..................................................................................................................... 66

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APPENDICES
Appendix A: Photo Documentation and Instrument ............................................................. 73
Appendix B: Letters and Other Communications ................................................................. 76
Appendix C: Forms such as Protocols, Certifications, and Clearances ................................ 77
Appendix D: Curriculum Vitae ............................................................................................. 78

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 CHAPTER I

INTRODUCTION

The first chapter aims to explain the topic introduced in this paper. This part of the research is

determined to thoroughly discuss the following parts: the background of the study, the statement of the

problem, the research questions, the hypothesis, the significance of the study, the scope and delimitations

of the study, and the definition of terms.

1.1 Background of the Study

In today's digital age, technology influences almost every aspect of human life, including

financial transactions (Manibog & Alvarez, 2022). One significant development is the rise of cashless

payment systems, which provide a convenient alternative to traditional cash transactions. According to

Pedraza (2021), Micro and Small Enterprises are businesses with Micro enterprises that typically have

fewer than 10 employees and low annual turnover or assets, while small enterprises usually employ 10

to 50 people with moderate turnover or assets.

In Puerto Princesa City (PPC), some MSEs have already adopted cashless payment systems.

Notable examples include Balay Ni Mayang and Kalui Restaurant, where customers use digital wallets

like GCash and PayMaya for quick and hassle-free transactions. Similarly, food vendors and student

cafés near the Palawan State University (PSU) Main Campus have integrated cashless payments,

catering to students who prefer digital transactions. Even small event organizers within the university

community utilize cashless methods for registration and ticket sales, reflecting the increasing reliance

on digital payments. These instances reflect the expanding trend of cashless purchases among local small

businesses near PSU that serve the requirements and preferences of the student body.

The study by Alano et al. (2019) states that every facet of life, including the development of

payment systems, has been impacted by technological advancements. Consumers have now an

alternative for their payment method in acquiring products or services. Credit and debit cards, mobile
PSU-LSHS | PAGE 1
payments, and internet platforms enable cashless transactions more efficiently, securely, and

conveniently than traditional cash transactions (Lau et al., 2023). At present, digital payments have

become possible with the access of the internet and mobile phones to almost all corners of the world

(Khando, 2022). This wide-scale adoption of digital and cashless payment systems was a result of

technological advances, making electronic transactions more convenient and affordable than

maintaining a bank account (Souter et al., 2019). Moreover, according to Pritchard (2024), since there

is less money in circulation, there are fewer bank robberies, burglaries, and acts of corruption. This is

one of the main advantages of cashless transactions. Digital currencies can be swiftly deleted if needed,

and they are more difficult for thieves to use. But despite that, the cashless payment system also has

disadvantages, he also stated that consumers might struggle to control spending without physical cash,

making budgeting essential, while small businesses could face challenges from high transaction fees. In

addition to his study, the vulnerability of cashless systems to natural disasters or cyberattacks raises

concerns about access to funds, making physical cash seem more reliable.

The Palawan State University (PSU) in Puerto Princesa City is a non-profit public higher

education institution located in the urban setting of the small city of Puerto Princesa City. According to

PSU (2022), its student population increased by 126.501% in the last 10 years, from approximately

11,479 students in 2014 to 26,000 students in the recent update. With this increasing number of students,

services that promote the welfare and well-being of the students were improved and the

operationalization of university-operated micro-small scale enterprises within the campus was revived

to support the needs of the growing number of students. Some of the MSEs operated within the PSU

Main Campus include several student-run businesses that respond to the requirements of the university

community by providing goods and services. For example, the cafeterias located around campus, as well

as retail stores like Bookstore and the Entrepreneur Business Enterprise (EBE) that sell school supplies

and merchandise, and the student cafés and food stalls that offer affordable meals and snacks, are a few

PSU-LSHS | PAGE 2
examples of small-scale enterprises within the campus. Some of these MSEs have adopted cashless

payment methods, allowing customers to pay using mobile payment apps like GCash. Students who

would rather not carry cash may find purchases made easier with the change to cashless transactions

(Brundiers, 2022). The demands of the university community have an impact on them, with an emphasis

on convenience and affordability. These businesses adjust as cashless payment methods become more

common to satisfy the needs of tech-savvy pupils. In addition, a lot of MSEs strive for sustainability,

boosting the local economy and providing students with opportunities for real-world learning (Hong

Mei et al., 2020). Overall, by readily offering necessities, these small businesses not only boost the

campus economy but also the entire experience of students.

Even with the emergence of digital payment systems in the Philippines, cash transactions remain

prevalent (Raon et al., 2021). The cashless payment systems mostly do not require a bank account and

can be easily accessible using mobile phones. Systems such as GCash and PayMaya are examples of

digital payment platforms in the country. However, despite the global trend toward cashless transactions,

many local business companies still rely on traditional, cash transactions systems (Alano et al., 2024).

The report of Bangko Sentral ng Pilipinas (2020) states that even though the Philippines has seen a

significant increase in the digitalization of payments, data on the use of digital financial services still

shows that a large percentage of the population of the Philippines finds it hard to completely transition

into cashless payment systems. These difficulties could include not having access to the required

equipment, being worried about transaction costs, not knowing much about digital payment possibilities,

and being afraid of the security of these kinds of systems. Bagale et al. (2021) highlighted that digital

payment is primarily influenced by consumer demand, perceived benefits such as improved transaction

quality, and keeping up with market trends. They emphasized that transitioning to digital payments can

improve business efficiency, elevate service quality, and position enterprises to compete more

effectively in a digitally evolving market.

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 Given these trends and challenges, this study examined the willingness of PalSU-operated MSEs

to adopt cashless payment systems, and identified factors that influenced their decisions and potential

barriers to implementation.

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1.2 Statement of the Problem

Payment methods play a very crucial role in the efficiency and accessibility of business

operations. With the rise in today's economy, digital payment systems have taken a higher pedestal with

mobile payments, QR codes, and online bank transfers becoming mainstream in an economy that is fast

moving toward a cashless system, which is increasingly convenient, safe, and economical (Manibog &

Alvarez, 2022; Pedraza, 2021). However, these systems come with enormous benefits, although they

are often accompanied by certain challenges such as technological barriers, privacy concerns, and

financial risks, especially among small businesses that lack digital tool access (Alano et al.).

Business enterprises operating at Palawan State University Main Campus (PalSU) are utilizing

different payment methods; however, their preparedness towards utilizing cashless transactions remains

unexamined. There is therefore a need to explore the readiness of business enterprises in making this

transition, the challenges experienced, and the possible benefits and risks against using cashless payment

systems in supporting the move of the university into modernizing its financial practices.

The research study aims at assessing the available payment systems by businesses operated under

PalSU and their readiness to adopt cashless payment options. Furthermore, the research will establish

what factors influence this readiness and what effect such an adoption would have on operational

efficiency, customer satisfaction, and competitiveness in a marketplace that is very much technology-

driven.

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1.3 Research Questions

The purpose of this study is to ascertain the condition of the payment systems now in use by

PalSu-Main Campus businesses, the difficulties they have in implementing or maintaining these

systems, and their inclination to embrace cashless payment options. This study specifically aims to

respond to the following questions:

1.3.1 What are the existing payment systems of business enterprises operating within Palawan

State University Main Campus?

1.3.2 What are the possible challenges and risks associated with implementing a cashless

payment method?

1.3.3 What is the level of willingness of Palawan State University-operated business

enterprises to adopt a cashless payment system?

1.3.4 What factors influence the willingness of Palawan State University-operated business

enterprises to adopt a cashless payment system?

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1.4 Hypothesis

In accordance with the research questions stated prior, the paper then presents the following

hypotheses:

H1: There is no significant difference between the different payment systems used by business

enterprises operating within the Palawan State University Main Campus.

H2: There is no significant relationship between the perceived challenges and risks associated with

implementing a cashless payment method with a business’ willingness to adopt a cashless payment

system.

H3: There is no significant difference between the characteristics of the establishments and their

respective operator(s) in determining the willingness of the businesses to adopt a cashless payment

system.

H4: There is no significant relationship between identified factors that influence the willingness of

Palawan State University-operating businesses to adopt a cashless payment system with the businesses’

actual willingness to adopt one.

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1.5 Significance of the Study

This study aims to understand the factors influencing the adoption of cashless payment systems

by the businesses operated by Palawan State University. The researchers believe that this study will

yield data that will be helpful to the following groups and fields.

University

University-operated businesses will benefit from this study by gaining knowledge about the

factors influencing cashless payment adoption. These insights can help guide data informed choices that

improve consumer satisfaction, improve systems, and update payment methods. By adopting cashless

systems, these enterprises can potentially reduce expenses, attract more customers, and maintain a

competitive advantage in a technology focused market.

Businesses

University-operated businesses will benefit from this study by gaining knowledge about the

factors influencing cashless payment adoption. These insights can help guide data-driven choices that

improve consumer satisfaction, improve systems, and update payment methods. By adopting cashless

systems, these enterprises can potentially reduce expenses, attract more customers, and maintain a

competitive advantage in a technology-driven market.

Students

This study is significant to students as a cashless payment system could enhance the

convenience, safety, and efficiency of payments on campus. It allows quick, secure transactions without

cash, reduces waiting times, supports sustainable practices, and helps students prepare for a technology

oriented financial world.

Faculty and Teachers

This study can help faculty and teachers by promoting financial transactions, improving security,

providing convenience, generating data focused insights, and aligning with global trends. By

PSU-LSHS | PAGE 8
understanding the factors influencing cashless payment adoption, the university can implement systems

that streamline payments, reduce cash handling risks, and offer faculty and staff convenient, modern

ways to manage transactions on campus.

Community

This study can benefit the local community by promoting cashless payments in university-

operated businesses, making financial services more accessible and secure. By understanding factors

that support cashless adoption, the university can help increase financial inclusion and reduce the risks

associated with handling cash, contributing to a safer and more connected community.

Future Research

This study can be used as a reference by future researchers and policymakers who are interested

in studying technological implementation in educational settings that will allow them to develop targeted

policies and execute plans. Lastly, this study can also be used as a reference for creating more in-depth

studies.

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1.6 Scope and Delimitations

This research study will be conducted at the Palawan State University with the intent of

examining the willingness of small-scale business managers, owners, and key personnel in charge of

financial and operational decision-making to adopt digital payment technologies, perceived benefits and

challenges, and to transition from traditional cash-based transactions to cashless payment systems. The

data will be gathered from one representative per PSU-SSE business, including employees, managers,

or owners, using survey questionnaires prepared by the researchers.

The study is exclusive to small scale enterprises (SSEs) within PSU. According to the U.S.

Census Bureau (2021), SSEs are businesses that operate on a scale compared to large corporations, often

defined based on a business’ size, revenue, and number of employees. In this paper, delimitation of

inquiry to campus-based businesses will be restricted to establishments that meet the following

employment quantities of businesses falling under that of "Micro", which employ from a minimum of

one (1) person up to nine (9) persons; and "Small" establishments, which employ from ten (10) up to

ninety-nine (99). The study does not include independent businesses or external suppliers that operate

on or near university grounds but inside the PSU main campus’ ground. The emphasis is solely on SSEs

run by PSU, such as food outlets, stable enterprises that run the business for more than three months,

bookstores, and service units.

The duration of the study will be conducted by the researcher within the school year 2024-2025.

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1.7 Definition of Terms

The following terminologies are defined in the context of this research for a better understanding

of this study:

Banko Sentral ng Pilipinas (BSP) - is the central bank of the Philippines. It is responsible for

regulating the country's monetary and banking system.

Business enterprise - A commercial organization engaged in the production, distribution, or

sale of goods and services.

Cashless economy - A society where most transactions are done by electronic payment

transactions.

Cashless payment system - A method of electronic payment that does not involve the exchange

of physical currency, such as credit cards, debit cards, mobile wallets, and online banking.

Digital payment - A type of transaction that uses electronic devices and networks to transfer

funds, such as online payments and mobile payments.

Financial inclusion - The ability of individuals and businesses to access financial services, such

as savings, loans, and insurance.

Financial technology (fintech) - A combination of financial services and technology, including

mobile banking, and cryptocurrency.

Gcash and Paymaya - are two of the most popular mobile wallet platforms in the Philippines.

They offer a wide range of financial services, making it easier for Filipinos to manage their money and

conduct transactions digitally.

Palawan State University (PalSU) - A state-funded university located in Palawan, Philippines,

with various campuses and business enterprises operating within its premises

Micro and Small Enterprises (MSEs) - are typically defined based on criteria such as the

number of employees, annual turnover, and total assets. Micro Enterprises have fewer than 10

PSU-LSHS | PAGE 11
employees and a low annual turnover or assets while Small Enterprises usually employ 10-50 people

with a moderate annual turnover or assets.

Transaction - An exchange of goods or services for money, can be conducted using cash, credit

cards, debit cards, or digital payment methods.

University-operated business enterprises - A business entity managed by the university

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 CHAPTER II

REVIEW OF RELATED LITERATURE

This section provides an overview of the research topic, the related key concepts, and the findings

of the relevant existing literature, which will offer important perspectives and insights to elucidate the

topic better. Moreover, a comprehensive conceptual and theoretical framework will be presented in this

chapter. Lastly, gaps or areas where inconsistencies exist, or empirical evidence is lacking will be

identified to justify the purpose of addressing the problem and research questions of this study as well

as the synthesis.

2.1 Conceptual Literature

2.1.1 Micro Small Scale Enterprises

Micro and Small Enterprises (MSEs) are independently owned and operated entities that are not

dominant in their field, with a limited number of total assets and employees (Hait, 2021). While

businesses organized as corporations are generally considered larger, sole proprietorships or

partnerships often fall under the “small” category. The specific criteria for defining a small business

vary by industry but generally include firms with fewer than 500 employees. MSEs are critical drivers

of sustainable and social development, contributing to employment stability and income for informal,

vulnerable, and disadvantaged groups (Bai et al., 2021, as cited in Oppong et al., 2014; Blankson &

Nukpezah, 2019). They also enhance national economies by creating job opportunities, fostering

innovation, stimulating regional markets, and promoting market competitiveness through diverse goods

and services (Husin & Haron, 2020). However, MSEs often struggle to access essential financial

services, such as insurance, which are crucial for risk management and ensuring business continuity.

In the Philippines, the 2022 List of Establishments (LE) by the Philippine Statistics Authority

(PSA) recorded 1,109,684 enterprises, with approximately 90.49% (1,004,195) classified as Micro

Enterprises. MSEs contribute significantly to the labor market, generating 65.10% of the country’s total

PSU-LSHS | PAGE 13
employment (Department of Trade and Industry, 2023). Notably, micro enterprises alone accounted for

35.69% of this employment share. Despite their economic impact, MSEs face significant challenges,

particularly in the export sector. Bautista and Manzano (2018) found that only 60% of exporting SMEs

in the Philippines survive their first year, and their survival rate drops to below 40% by the end of the

fourth year.

MSEs are generally defined based on the number of employees, annual turnover, and total assets.

Micro Enterprises typically have fewer than 10 employees and maintain a low annual turnover or assets,

whereas Small Enterprises usually employ between 10 to 50 people and have a moderate annual turnover

or assets (Mundaca et al.). These classifications highlight the diversity within the MSE sector and

underscore the varying support and resources needed to sustain these enterprises.

2.1.2 Cashless Payment Systems

The procedure of receiving and making payments has evolved with the development of mobile

wallets and online payment methods (Chaturvedi, 2021). According to Huang (2021), digital technology

is transforming personal lives and business practices, particularly in payment systems. In 2019, FinTech

accounted for 77% of global transaction value. It also offers emerging economies the chance to

modernize financial systems affordably. Moreover, FinTechSpace (2019) further discusses that MSEs

represent the largest (52%) user segments in fintech payments (as cited by Huang, 2021, p.133).

Charles (2021) highlights several benefits and challenges of adopting a cashless payment system.

On the positive side, cashless transactions enhance transparency, conviction, and accountability,

reducing dodging of taxes as all transactions are digitally traceable, thus increasing government revenue.

Additionally, it suppresses the flow of black money, a fund earned illegally on the black market, by

making illegal transactions difficult to sustain. However, challenges can still arise, such as low digital

literacy, especially in rural areas, where many are unfamiliar with digital payment systems. Furthermore,

worries about cybersecurity lead to questions regarding the security of electronic transactions, as

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demonstrated by previous instances of debit card compromises.

The Philippine government and private sector have launched several cashless initiatives over the

past decade to address issues like low financial inclusion and dependence on remittances. Moreover,

cashless payment systems have the potential to break down financial barriers within the archipelago as

well as enable the transfer of money to the most remote areas of the Philippines. In 2015, The Bangko

Sentral ng Pilipinas (BSP) promoted the National Strategy for Financial Inclusion giving importance to

technology and innovation by aiming to transition the country to a "cash-lite" society within the next

twenty years. Factors such as increasing prosperity, a vibrant tourism sector, and the rise of online

shopping among urban youth have contributed to the growth of cashless transactions (Nair, 2016).

2.1.3 Factors Influencing Adoption of Cashless Payment System

According to Chaturvedi (2021), cashless transaction (CLT) refers to the purchase or sale of

goods or services or any transactions related to money, which are done without using physical cash.

Moreover, their study mentioned that customers prefer adopting cashless payment modes for

convenience, as it allows them to make purchases from home without carrying cash, making transactions

faster. Additionally, it was examined that usefulness, ease of use, risk, security, trust, privacy are the

factors that influence perception of customers (Roy and Sinha, 2017, as cited by Chaturvedi, 2021).

Furthermore, Amilan (2023) stated that perceived usefulness is the most influential factor in predicting

users’ willingness to adopt CLT.

Although factors like convenience encourage adoption, some barriers remain. Raj (2023)

revealed in his research that the rising cost of gadgets, the internet, and transaction fees can hinder the

uptake of cashless transactions. This implies that people's decision to switch to cashless transactions is

largely influenced by cost. Additionally, other concerns that make individuals unsure about adopting

these cashless transactions include fear of fraud, identity theft, abuse of personal information,

cybercrime, complexity, requirement for a bank account, expense, and trust (Chaturvedi, 2021). Raj

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(2023) suggests that prospective CLT system users are aware of the risks involved with the payment

method and are less inclined to use it if they believe the risks are high. This emphasizes the necessity

for service providers to actively seek out user feedback in order to identify and address the most pressing

user concerns.

2.1.4 Challenges and Risks of Adopting Cashless Payment System

One of the main concerns of adopting a cashless payment system (CPS) is the accessibility

towards its users since not everyone has the ability to access cashless payment methods such as cards

and digital payment applications (Hensley, 2023). This could lead to the exclusion of some classes that

are not yet or does not have an access to cashless payment system. Payments are one of the fundamentals

of a business, therefore, it is important that businesses allow accessible and inclusive payment systems

towards their consumers. Another example of risks of adopting a cashless payment system is data

privacy and cybersecurity threats (Dinescu, Olomelehin, Pun, & Samvelain, 2024). Since cashless

payment systems rely on databases and servers, it is vulnerable to cyber attacks such as hacking and

identity theft. In addition, the widespread scamming incidents are also one of the cybersecurity threats

that most users of cashless payment methods are facing. Other than that, data privacy concerns from the

users are also heightened since transactions with the use cashless payment systems can be detected by

the server it is connected to, compared to the traditional cash payment basis, where consumers pay

anonymously. In addition to the risks and challenges of adopting cashless payment is system failures

and dependency. Since cashless payments are technology-based, they are vulnerable to system failures

such as power outages, which could lead to the halt of economic activity and could have a significant

impact to the economy. Aside from the following mentioned, some of the factors can also be considered

such as the cost of setting up and maintaining cashless infrastructures, government regulations in order

to protect consumers and businesses, the impact of cashless payment society on the environment and its

social and cultural implications of the cashless payment system.

PSU-LSHS | PAGE 16
2.2 Foreign Literature

In 2010, Bank Negara Malaysia (BNM) launched the Financial Sector Blueprint which aims to

roll out policy initiatives from 2011 until 2020 in order to increase cashless transactions in Malaysia

(Taasim & Yusoff, 2017). Their recent initiative was the introduction of the Real-Time Retail Payments

Platform system which allows customers the ability to make fund transfers via mobile devices using a

proxy address (instead of banking information) which became a way for Malaysia to become a cashless

society. In adoption of cashless payment, consumers’ use of technology through cashless payment needs

to be approached subjectively (Lee Zailani, & Rahman, 2020). The cashless exchange system has

transcended all the boundaries of the currency exchange where consumers can buy their necessities and

pay bills on their smartphones (Narasimhaiah & Sam, 2015). Meanwhile, consumers’ perception of

monetary value is changing due to various factors such as: advanced innovativeness, perceived

technology security, social influence, hedonic motivation, facilities, and performance expectancy.

Additionally, the use of data-based transmission and electricity are also one of the essential support

systems required in order to improve the security of the personal data of consumers using e-commerce

(Yang, Mamun, Mohiuddin,Nawi, & Zainol, 2021) in order to improve consumers’ satisfaction with the

use of e-Wallets.

Cashless payment modes for small payments such as Near Field Communication (NFC)

technology, are found to be able to reduce queuing and the need to carry cash for high-volume and low-

volume transactions. A recent study by Kilay, Simamora, & Putra shows that the supply chain

performance of micro-small, and medium enterprises in Indonesia is directly correlated with the use of

e-payment services. In addition, a study by Mohamad and Kassim argued that the adoption of e-payment

services by micro-entrepreneurs (which make up more than 70% of the SME sector) could enhance their

financial inclusion, as they tend to be seen as an unprofitable community. One of the ways to increase

the adoption of cashless payment systems within the retail industry is through point-of-sale (POS)

PSU-LSHS | PAGE 17
terminals. Their employment within small businesses can transform the retail experience in Malaysia

(Rahman, Izmail, Bahri, & Rahman, 2022).

The growth of the Internet in Indonesia has driven e-commerce from 2013 to 2020. The number

of e-commerce users in Indonesia increased from 34% of the total population in 2015 to 53% in 2020.

Indonesian consumers are very receptive towards new products within the digital economy sector. The

growth of the market for fintech products in Indonesia has displayed an upward trend. Recent data

revealed that digital payment transactions for the last three years exhibited an escalating trend with

Indonesian Rupiah (Rp) with Rp 56 trillion in 2019, Rp 47 trillion in 2018, and Rp 12 trillion in 2017.

E-money or e-wallet payments are the most popular form of fintech services in Indonesia, followed by

web-based investment, and pay-later services. Indonesia’s e-money transaction retail market rose by

173% in January 2020 from the previous year due as a result of rapid adoption of a cashless payment

system. E-money transactions hit Rp 15.8 trillion remarkably in January 2020 alone.

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2.3 Local Literature

Businesses are increasingly adopting cashless payment systems as they strive to adapt to the

modern business landscape. Implementing this system can offer a competitive advantage, as many

consumers now prefer cashless transactions for convenience. However, while it offers benefits, there are

also challenges that could affect the perception and reputation of cashless payments. In this study, the

researchers will explore the intricacies of this system in greater detail.

In the Philippines, e-payment systems are widely accessible and typically do not require users to

have a bank account, making them easily available through mobile phones. Platforms like GCash and

PayMaya have made it simpler for Filipinos to engage in digital transactions. Given the low banking

penetration in the country, the accessibility of e-payment systems holds significant potential. Most

previous studies on e-payment adoption have utilized the Technology Acceptance Model (TAM) as a

framework. However, TAM falls short in fully capturing consumer attitudes. This study integrates TAM

and the Theory of Reasoned Action (TRA) to provide a more comprehensive understanding of the

factors influencing e-payment system adoption.

According to Bangko Sentral ng Pilipinas (BSP) data, more Filipinos were adopting e-wallets

and e-payment systems over credit cards in 2018. This indicates a growing number of citizens opting

for more convenient transaction methods. Moreover, Visa (2019) indicated that there is an increase in

numbers of Filipinos gaining awareness about contactless payment and its benefits. Despite the

widespread knowledge and adoption of this system, the accounts in e-wallets dropped significantly in

2018 based on the BSP’s Financial Inclusion Survey.

Cruz (2019) emphasizes that cashless payment systems can enhance customer satisfaction and

streamline operational efficiency, making them a valuable tool for businesses. Gonzales (2021) further

notes that the growing preference for digital transactions is particularly evident among younger

consumers, reflecting a shift toward more convenient and tech-driven payment methods. This trend

PSU-LSHS | PAGE 19
highlights the mutual benefits of cashless payment systems, offering ease and efficiency for consumers

while enabling businesses to modernize their operations and improve service delivery. In a low-banking

environment like the Philippines, e-payment platforms such as GCash and PayMaya play a crucial role

in promoting financial inclusion and providing growth opportunities for small enterprises (Banzon,

2020).

PSU-LSHS | PAGE 20
2.4 Foreign Studies

Digital payments, and the manners or methods in which such systems or means of transaction

are facilitated, came into mainstream notoriety proportionally alongside the increased availability and

access to smartphones and mobile networking technology. With this, channels in which purchases are

able to be done through also became broadened for both on the ends of consumers and business owners,

big or small; with a substantial scope of the populace being able to participate with little barriers to act

as hindrance.

According to Klein (2020), in a study of cashless payments in China, the adoption and attitude

of cashless payment systems among small business is influenced by numerous factors, particularly: the

monetary and technical hurdles presented by digital payments done through traditional banks and

financial entities, the relative ease of setting up app-based cashless payment systems, the increased used

of smartphones in the country, and the concurrent adoption of cashless payment apps and digital wallets

among consumers in China. Although many major Chinese banks have digital wings or services which

allow for cashless payments and fund transfers, many small business have shown reluctance towards

implementing cashless payments methods through such means primarily due to the high transfer costs

that is shouldered on the vendor and the technical prerequisites for business owners to set up point-of-

sale systems and terminals, and card readers (p. 2). This limitation in the market gave the opportunity

for the rise if smartphone-based digital wallet services, namely Alibaba and WeChat, which seek to

provide an alternative way of upholding cashless transactions, taking advantage of the sporadic increase

in smartphone usage in China and attracting business owners to adopt such services with the absence of

transfer fees and the relative ease of setting such payment means up. Transfers through these digital

payment services are often facilitated via QR code which directs to the vendor's digital wallet which

customers can then send their payments to; the vendor does not need to be connected to the internet in

order to receive payments (pp. 3-6). These factors and terms combined, supported by the concurrent

PSU-LSHS | PAGE 21
adoption of such services by consumers, led to the mass adoption and implementation of cashless

payments as a transaction medium for many small businesses giving credence to the influence that easy

onboarding and financial incentives have on the attitude and perceptions of business owners towards

cashless payment systems (pp. 7-11).

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2.5 Local Studies

The rise of GCash, a mobile wallet introduced by Globe Telecom through its fintech company

Mynt in 2004, marked a dramatic shift in the Philippines from cash-based transactions to digital payment

systems. Initially established as a simple SMS-based service for money transfers, GCash has evolved

into the leading financial app in the country, facilitating a variety of transactions such as buying prepaid

airtime, paying bills, sending and receiving money, and online shopping (Bunye, 2022; GCash, n.d.).

According to Susilo and Dizon (2023), GCash is a major participant in the Philippines'

significant transition from traditional cash transactions to digital payment systems. They note that the

rapid growth of digital payments is fueled by a number of reasons, such as rising smartphone usage,

better internet access, and government programs that support financial literacy. In addition to improving

customer service, the rise of technology is encouraging previously unbanked groups to participate in

economic activity.

The COVID-19 pandemic has accelerated the adoption of digital payment systems, with GCash

playing a crucial role. According to Cacas et al. (2022), the pandemic has underscored the necessity of

mobile wallets as a safe and efficient means of conducting financial transactions. According to their

research, GCash services have demonstrated a significant behavioral intention to be adopted by

Generation X in particular, emphasizing the app's significance in simplifying the shift to digital

transactions at a time of increased health concerns and social exclusion.

Yang et al. (2021) conducted a study on the factors influencing the intention to adopt e-wallets

as a means of facilitating cashless transactions. Important factors such as customer behavior, expected

usefulness, expected ease of use, and trust in technology were discovered by the researchers. According

to the study's theoretical framework, these characteristics have a major influence on customers' readiness

to use digital wallets. The results highlight how crucial it is to improve user experience and trust in order

to encourage the usage of e-wallets and aid in the general shift to a cashless economy.

PSU-LSHS | PAGE 23
 Kristensen and Solvoll (2019) examined the impact of digitalization on payment systems and its

implications for a digital generation. They argue that digitalization is rapidly transforming industries by

shifting value from physical products to digital content and disrupting traditional systems. The authors

highlight how younger consumers, who are more accustomed to digital interactions, prefer smooth and

efficient payment solutions. They further discuss the role of social media and mobile applications in

shaping payment behaviors, noting that these platforms influence consumer preferences and

expectations regarding payment methods. By analyzing these trends, the study provides insight into the

changing landscape of digital payments and the necessity for businesses to adapt to these evolving

consumer demands.

According to Quimba, Barral & Carlos (2021), the adoption and usage of cashless payments

systems or applications in the Philippines has seen a consistent increase from 2010 up to 2020. In 2017,

the annual value of transactions amounted to ₱963 billion pesos, and in 2019, it increased to about

₱1.485 trillion. This rise in the volume and value of transactions also coincided with the increase of

created user accounts for such services, from 2 million in 2017, to 8.8 million in 2019 (p. 37). The rapid

growth in the digital payments sector was influenced by various factors, among the most prominent

being the concurrent increase in accessibility and adoption of smartphones by Filipinos across all

demographic brackets, increased access of he populace to the internet (pp. 40-42), and the push of the

Bangko Sentral ng Pilipinas to propagate the usage and adoption of cashless or digital payments amongst

Filipinos with the goal of increased financial inclusion for the Philippine populace (p. 37). Despite

gradually increasing growth and adoption however, there are still numerous issues hindering faster

continued adoption of cashless payment systems among Filipinos. One is that, although smartphone

adoption and usage among Filipinos has seen a constant upward increase, many have still attested that

they were not aware that their devices could be used to facilitate financial transactions. Other commonly

cited issues involving the increased adoption of cashless payment systems are the lack of trust towards

PSU-LSHS | PAGE 24
such services, and having weak and unstable internet connectivity all while internet subscription costs

remain expensive (pp. 41-43).

Jacob (2024) investigates the adoption of cashless payment methods among retail enterprises in

Legazpi City, focusing on the types of payment methods used and the factors influencing their

acceptance of these payment methods. The research identifies mobile wallets, particularly GCash, as the

primary choice among retailers, followed by debit and credit cards and online banking. The study shows

that ease of use, trust, security, and social influence are critical factors driving retailers’ decisions to

adopt these cashless payment systems, as they seek to enhance customer experience and easier

transactions.

Although cashless payments are becoming more and more popular, the study identifies a number

of challenges that prevent them from becoming more common. One major obstacle is technological

complexity, particularly for smaller businesses with less technical knowledge. The adoption process is

made more difficult by different customer expectations regarding payment alternatives, as shops need

to adjust to a wide range of consumer preferences. These difficulties increase by the financial expenses

of switching to cashless systems, especially for small enterprises.

The findings suggest improved infrastructure development and more assistance from financial

institutions and governments in order to remove these obstacles and promote a more accessible cashless

economy. To make the shift to cashless systems simpler, efforts like financial literacy programs,

technology adoption incentives, and user-friendly regulations are needed. All things considered, Jacob's

study emphasizes how crucial it is for stakeholders to work together to build a strong cashless payment

environment that benefits Legazpi City's retailers and customers.

Cervantes et al. (2024) investigate the link between the use of digital payment systems and

customer satisfaction among employees of the Department of Education (DepEd) in Digos City, with a

focus on GCash services. which allowed them to analyze the relationship between how frequently

PSU-LSHS | PAGE 25
employees use digital payment methods and their overall satisfaction with these services. The results

show a strong correlation between consumer happiness and the frequency of using digital payments.

Overall, the employees reported a positive opinion of digital payment methods. The

effectiveness of transactions, showing that payments are processed effectively and smoothly, and the

security procedures in place to protect customers' financial data were significant factors that affected

their level of satisfaction. The study highlights the importance of ongoing improvements to digital

payment systems in light of these findings. As more colleges and universities incorporate digital

payment systems into their operations, these enhancements are essential to provide a better customer

experience.

This study emphasizes how important it is to understand consumer satisfaction in the context of

digital finance, particularly in public sectors like education where the use of digital systems is growing

in popularity.

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2.6 Synthesis

The literature examining cashless payment adoption among small enterprises, especially within

the context of Palawan State University (PSU), sheds light on several factors that shape the openness of

these businesses to shift from cash-based transactions to digital payment methods. Key themes include

the defining characteristics of small-scale enterprises, the evolution and benefits of cashless payment

systems, and the various factors—both encouraging and inhibiting—that influence adoption.

Micro and Small Enterprises (MSEs) characterized by having fewer than 10 employees and low

annual turnover or assets, play a crucial role in economic development and job creation. Despite their

contributions, micro enterprises often face challenges in accessing financial services, particularly in

developing economies where they form a significant part of the business sector.

For many of these enterprises, adopting digital payment infrastructure can be constrained by high

costs and limited digital literacy, which pose challenges for ensuring consistent access to financial

resources and maintaining business resilience.

Cashless payment systems, driven by advances in digital technology, offer a compelling

alternative, providing benefits like greater transparency, faster transactions, and a reduction in tax

evasion opportunities (Charles, 2021). In the Philippines, both government and private sector initiatives

have worked toward expanding cashless options to enhance financial accessibility, especially in remote

and underserved areas. Notably, the Bangko Sentral ng Pilipinas (BSP) has introduced the National

Strategy for Financial Inclusion with a vision of creating a “cash-lite” society, beneficial in a

geographically dispersed nation where cashless systems allow for financial transactions across rural

regions.

While the advantages of cashless systems are clear, certain barriers prevent broader adoption.

Digital literacy, cybersecurity, and trust in digital transactions remain significant challenges, particularly

in areas where individuals have limited familiarity with digital payment platforms. Research by

PSU-LSHS | PAGE 27
Chaturvedi et al. (2021) points to factors like security, ease of use, and trust as essential drivers for

consumers considering cashless options. Meanwhile, the associated costs—such as those for mobile

devices and transaction fees—can dissuade smaller enterprises from adopting these systems,

highlighting a need for cost-sensitive strategies tailored to their needs. International case studies from

Malaysia and China provide comparative insights, showing how accessible infrastructure and low-cost

platforms drive cashless adoption among small businesses. In Malaysia, mobile e-wallets have proven

instrumental in enabling efficient and convenient consumer transactions (Taasim & Yusoff, 2017).

Similarly, in China, the widespread use of smartphone-based digital wallets demonstrates how

streamlined, cost-effective options can reduce dependency on traditional banking structures, like point-

of-sale systems, by facilitating direct and cost-effective transactions, ultimately broadening adoption.

The literature points to several factors that could encourage the adoption of cashless systems

within PSU’s small-scale enterprises. The growing use of digital wallets, like GCash in the Philippines,

highlights how easy-to-use and accessible platforms can appeal to consumers, especially younger

demographics who increasingly prefer digital transactions (Gonzales, 2021). Addressing the unique

challenges these enterprises face—such as trust, cost concerns, and the need for digital skills—could

create a favorable environment that supports the transition to cashless payments, enhancing financial

inclusion and operational efficiency within PSU’s business ecosystem.

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2.7 Theoretical Framework

According to Chaturvedi et al. (2021), the term "cashless transaction" (CLT) describes any

financial transaction, including the buying or selling of products or services, that is carried out without

the use of actual cash. With the advent of internet payment systems and mobile wallets, the process for

receiving and sending money has changed. However, the adoption of such systems is influenced by

various factors, which can be better understood through established theoretical frameworks.

Upon further investigation and exploration of comprehensive models, the researcher identified

two relevant theories that provide a strong foundation for examining the adoption of cashless payment

systems. This study aligns itself with two prominent theories: the Diffusion of Innovation (DOI) Theory

and the Unified Theory of Acceptance and Use of Technology (UTAUT). Businesses, or any other

comparable decision-making units, for that matter’ reactions to certain technology and applications, as

well as their likelihood of adopting them, may be evaluated using two theories: the Diffusion of

Innovations model of Everette M. Rogers, which has since had several editions from the first, published

in 1962, up to latest, published in 2003; with four other editions being published in-between, and the

Unified Theory of Acceptance and Use of Technology (UTAUT), a comprehensive framework

developed by Venkatesh et al. (2003) that provides an understanding for user intentions to adopt

technology and predicting their subsequent behavior in utilizing that technology.

The purpose of utilizing the DOI Theory and UTAUT in this study is to create a comprehensive

understanding of the key concepts and variables influencing the willingness of business enterprises to

adopt cashless payment systems. By integrating these frameworks, the researcher aims to create a strong

theoretical foundation that will allow for a more significant analysis of the factors that shape the

willingness of small-scale enterprises to adopt cashless payment systems, including psychological and

environmental influences.

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 2.7.1 Diffusion of Innovation

Despite the breadth of the DOI development however, much of its foundational concepts still

stand across its various editions and still essentially pertain to process in which a decision making unit

or entity may become knowledgeable of a technology and the subsequent procedures which said unit

may undergo up to the point they may then choose to fully adopt or reject the technology, with a

particular focus towards the innovativeness of the decision-maker in regards to the preliminary

discovery of the technology and their reception towards it. The Diffusion of Innovations model is

imputed for its practicability in assessing how a newly-emerging applicable phenomenon may develop

an increased volume of utility and patronage from a small, insignificant figure of a populace to a much

larger portion of it (García-Avilés, 2020).

Rogers (as cited by Sahin, 2006; Rogers 1995) devised the "innovation-decision" process as the

definitive manner in which a decision making unit - in the context of the study at hand, let's say a small

business - develops a perception towards certain innovations - recently developed technologies and

practices, say, digital or cashless payment mediums and their implementation - and how said entities

then come to fully incorporate or reject said innovation into or from the regular operations of the

potential adopter's concern. This is represented through a usually linear, multi-step or stage process,

these are: knowledge, persuasion, decision, implementation, and confirmation stage. These stages may

also be affected by other factors, like the channel of communication in which this process is related to a

certain unit. The model presents two general categories of sources or channels of communication, each

with their own perks and potential in streamlining, or even hindering the process depending on certain

individual factors to be discussed later. These channels are: local (e.g. interpersonal) and cosmopolite

(e.g. mass media). Cosmopolite channels are often better for disseminating preliminary and basic

knowledge of an innovation, but local channels are better for persuasion and eventually adoption due to

being more personal and contextualized.

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 Figure 1: DOI Model (Rogers, 2003)

This study applies the Diffusion of Innovation Theory (DOI) to examine Palawan State

University’s adoption of cashless payment systems. According to Roger’s DOI Model, the rate of

adoption is influenced by several factors: perceived attributes of the innovation, the type of decision-

making involved, communication channels, characteristics of the social system, and the role of change

agents. These elements collectively shape how quickly innovations like cashless payments are

embraced. Additionally, for PSU enterprises, specific factors within the DOI framework—such as

trialability, observability, complexity, compatibility, and relative advantage—can illuminate the

variables that influence their willingness to adopt a cashless payment system.

Innovation Attributes

The DOI Theory emphasizes how an innovation's adoption is affected by its key characteristics.

The complexity, trialability, observability, perceived advantages, and compatibility with current

procedures of cashless payment systems at Palawan State University will all be evaluated in this study.

By assessing how these attributes align with the university’s operational and financial processes, the

study seeks to identify key factors that support or challenge the adoption of cashless payments, and to

determine adoption factors and barriers by understanding how these characteristics impact user
PSU-LSHS | PAGE 31
perspectives.

Perceived Attributes

It focuses on the relative advantage, compatibility with current university, practices, complexity,

trialability, and observability of cashless payment systems. Through an analysis of these attributes, the

researcher hopes to determine how these elements affect people's propensity to use cashless

technologies.

Communication Channels

These constitute a necessity for educating and influencing prospective users. While mass media

may offer broad information, local, face-to-face channels are crucial for tailored persuasion, which

enhances the effectiveness of the adoption process through contextualized communication.

Social System

The University’s social system, including its relationships, organizational culture,and norms,

will also be investigated in order to determine the factors that encourage and hinder the adoption of

cashless payment technology in this learning environment.

Efforts of Change Agents

By analyzing the strategies used by those actively promoting cashless payment adoption to

engage and influence students, staff, and enterprises, this study aims to examine how change agents

impact perceptions of cashless payments, reduce resistance, accelerate adoption, and influence decision-

making among students and staff.

2.7.3 Unified Theory of Acceptance and Use of Technology (UTAUT)

Over the years, as understanding the factors that influence technology adoption has gained its

significance, digital solutions have paved its way to various sectors. In exploring the factors that

influence the adoption of cashless payment systems at Palawan State University, this study employs

the Additionally, UTAUT presents four moderating factors that may affect the strength of the

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relationships between the fundamental components and technology adoption: age, gender, experience,

and voluntariness of use. For instance, younger users might be more affected by performance

expectations, but less experienced users may be more affected by enabling conditions. These moderators

take into consideration the variety of users and assist in evaluating the potential effects of contextual or

demographic factors on adoption behaviors across a variety of user groups.

At the core of UTAUT, there are four key constructs that determine users’ behavioral intentions

and actual use: performance expectancy, effort expectancy, social influence, and facilitating conditions.

"Performance expectancy is the belief that using a system will improve an individual’s job performance

(Venkatesh et al., 2003)”. In a cashless payment context, performance expectancy would relate to how

students or staff at Palawan State University perceive the benefits of using cashless payments.

Meanwhile, effort expectancy (EE) is the degree to which there’s an ease associated with using

the system. This construct would assess how easy these enterprises find the cashless payment system to

understand and use.

Social Influence (SI) refers to how much people feel influenced by the opinions of those around

them. Here, social influence might include how university administrators, peers, market trends, or even

marketing campaigns encourage staff to adopt the cashless payment option. This factor explores how

social pressure or perceived expectations from others can lead to adoption.

Facilitating Conditions (FC) refers to the extent to which a person believes that there is a

technical and organizational infrastructure in place that allows the adoption of the technology. This

would include making certain that consumers have access to credible mobile devices, internet, and

support if they encounter issues while using the system. Facilitating conditions reflect the practical and

infrastructural support available to use the system effectively.

PSU-LSHS | PAGE 33
 Figure 2: UTAUT Model (Venkatesh et al., 2003)

Being the cashless payment environment in the Philippines, regional research and particular

difficulties can be incorporated in the model of UTAUT.

Trust and Security Issues

User acceptance is likely to be constrained by fraud and privacy concerns, data security, thus

trust in digital payment platforms is called for. Imagine this construct as being a sub-factor under Effort

Expectancy and Performance Expectancy.

Digital Literacy

The quantity of knowledge that a person possesses and his capability to operate the digital

technology would considerably affect Effort Expectancy and Social Influence. In general, higher levels

of digital literacy make cashless adoption and usage easier and easier to access.

Cost and Availability

Total Facilitating Conditions might be sensitive to financial implications of implementing

cashless-payment options because these encompass all charges associated with transactions but

PSU-LSHS | PAGE 34
primarily also the existence or non-existence of devices considering present economic conditions.

Perceived Usefulness

This variable, following the Performance Expectancy line, represents how much cashless

payment systems better their financial transactions according to what the users think (Amilan et al.,

2023). It points toward the supposed benefits that push people toward these systems.

User Experience

Refers to the consumer's satisfaction variable that describes the satisfaction level of consumers

concerning overall usability and functionality of cashless payment systems (Cervantes et al., 2024).

Positive user experience correlates to a higher adoption and raises the perceived ease of use.

Consumer Behavior

This variable has examined the preferences and purchasing behavior of diverse demographic

segments, particularly younger customers. This variable is also believed to be related to social

influence. Social norms for cashless transactions, therefore, can be determined by closer observation of

consumer behavior.

Economic Conditions

It is an important variable while determining the environment for cashless payment systems,

although it was not mentioned by the original UTAUT framework. It shows that the state of the economy

impacts the readiness of people towards digital payment methods (Banzon, 2020).

It connects to the variable that states the dependability and the accessibility of internet services

supporting digital transactions, and then it relates to the element of Facilitating Conditions-Jacob, 2024.

In cashless systems, there must be some strong network connectivity to successfully operate.

Additionally, this research supports the objective of identifying critical readiness factors, as

findings demonstrate that early exposure to digital tools within PalSU’s environment contributes

positively to awareness and openness toward cashless payments. Moreover, ease of implementation and

PSU-LSHS | PAGE 35
alignment with current operations were shown to be instrumental in building willingness, aligning

closely with the DOI’s stages of Persuasion and Decision. Finally, in meeting the objective of evaluating

perceived benefits, findings underscore that cashless systems could enhance operational efficiency and

customer satisfaction for PalSU-operated businesses, reinforcing the UTAUT’s focus on Performance

and Effort Expectancy as determinants of adoption success.

PSU-LSHS | PAGE 36
2.8 Conceptual Framework

Figure 3: Conceptual Model of the Study

Figure 3 shows the conceptual model of the study on the willingness of small business enterprises

in Palawan State University main campus to adopt a cashless payment system. Cashless payment

systems are shown as an independent variable which is expected to have an impact on the willingness

of small businesses within the Palawan State University Main Campus to adopt a cashless payment

system. This indicates that there is a direct relationship between cashless payment systems and small-

scale enterprises. Micro-small scale enterprises' MSEs) features, such as size, products and services, and

resources, which are variables that may partially explain the relationship between the independent and

dependent variable, may all have an impact on adoption. Furthermore, the presence of hurdles and

hazards such as reluctance to change, safety concerns, and technical obstacles can influence MSEs'

readiness to implement cashless payment systems.

External factors, such as cultural views, market trends, and consumer behavior, may affect the

strength of the connection between the independent and dependent variables, which can affect the
PSU-LSHS | PAGE 37
adoption of cashless payment technologies by MSEs.

This framework aims to understand the relationship and the factors that may affect the adoption

of cashless payment system(s) of PalSU-operated MSEs. In addition, it seeks to identify the key factors

and barriers that may have an impact on acquiring cashless payment systems, as well as other potential

factors that may influence the willingness of MSEs to adopt cashless payment technologies.

Furthermore, this framework aims to understand what may drive or inhibit the adoption of cashless

payment methods by small-scale enterprises within PalSU.

PSU-LSHS | PAGE 38
 CHAPTER III

METHODOLOGY

The research methods and procedures used in the study "Willingness of Palawan State

University-Operated Business Enterprises to Adopt a Cashless Payment System" are described in this

chapter. This section offers a clear framework to ensure the validity and reliability of the study, outlining

the procedures for data collection and analysis as well as the research's locale and the respondents.

3.1 Research Design

This study employs a qualitative-quantitative descriptive research design, which is well-suited

for assessing the willingness of Palawan State University-operated business enterprises to adopt a

cashless payment system.

A quantitative descriptive research design is appropriate for this study because it enables the

systematic collection and analysis of numerical data to describe a population or phenomenon (Unimrkt,

n.d.). By using this approach, the researchers can measure and quantify the level of willingness of PSU-

operated businesses to adopt digital payment systems.

In addition, the descriptive character of the study allows trends, behavior, and factors influencing the

implementation of cashless payment systems to be identified and described. Through combining

quantitative information (e.g., numerical scores, frequencies, statistical values) with qualitative

information (e.g., underlying motivations behind willingness or hesitation), the research guarantees a

broad and balanced consideration of the phenomenon in question.

This methodological design strengthens the capacity of the study to come up with valid

conclusions and guide the concerned stakeholders about the viability and implications of adopting digital

payments within the university context.

PSU-LSHS | PAGE 39
3.2 Research Instrument

The collection of data or responses in this study will be done primarily through survey

questionnaires to be answered by the study's intended participants: the managers, proprietors, or

essential personnel responsible for financial and operational decision-making in small-scale businesses.

The answers from the questionnaires are to be subsequently supplemented by the conducting of

interviews with the respondents in order to affirm and reinforce the fidelity of answers given and

reflected in each select respondents' questionnaire prior, while also seeking to attain clarification

regarding ambiguous or unclear responses which the researchers may not be able to easily infer without

further consultation to the respondent and contextualization, if ever such circumstances may arise. The

follow-up interviews will also be conducted for the intent of further understanding the particularities

and nuances that certain businesses have and bear, and also for identifying any latent insights which

may be brought into light as a result of an inquiry through this method.

PSU-LSHS | PAGE 40
3.3 Research Locale

The research will be conducted at Palawan State University (PSU) focusing on small-scale

enterprises (SSEs) within the campus. Data will be collected from employees, managers, and owners of

these SSEs through survey questionnaires.

PSU-LSHS | PAGE 41
3.4 Population and Sampling

The participants in the study are small-scale enterprises located at Palawan State University Main

Campus in Brgy. Tiniguiban, Puerto Princesa City. The included respondents will comprise only of the

owners and/or operators of various businesses operating within campus grounds, and is intended to

involve the participation of a partial amount of the total number of personnel working in businesses

operating in the campus.

This paper will implement purposive sampling in order to collect sufficient data for the study. A

purposive sample is a type of nonprobability sampling wherein participants are selected based on a

specific characteristics, experience, and the objective of the study.

PSU-LSHS | PAGE 42
3.5 Validation of Research Instrument

This research investigates the willingness of Palawan State University (PSU) - Operated

Business Enterprises to adopt a cashless payment system. The researchers designed the research

instrument to reflect key variables identified in the study’s framework and literature review. Insights

from studies cited in Chapter 2, such as Chaturvedi et al. (2021) on factors influencing cashless

transaction adoption and Charles (2021) on the benefits and challenges of digital payment systems,

informed the development of the questionnaire. The instrument captures critical aspects, including

perceived usefulness, convenience, challenges, and readiness for cashless payment adoption.

To ensure the content validity of the instrument, it was aligned with the objectives and research

questions. The survey questions were designed to investigate existing payment systems (aligned with

Section 1.3.1), the challenges and risks associated with adopting cashless systems (Section 1.3.2), and

the level of willingness among PSU-operated enterprises to transition to these systems (Section 1.3.3).

Furthermore, themes from Chapter 2, such as digital literacy (Raj et al., 2023), accessibility (Hensley,

2023), and consumer trust in digital payments (Loyola et al., 2017), were incorporated to ensure

relevance.

PSU-LSHS | PAGE 43
3.6 Data Gathering Procedure

The first step in the research's data collection process will involve sending out a letter of consent

to the research instructor and securing the necessary authorizations from the university administration

to conduct the study within PSU-operated business enterprises located on the main campus in Brgy.

Tiniguiban, Puerto Princesa. To ensure the reliability and relevance of the data, a purposive sampling

technique will be used to select respondents based on their alignment with the study's objectives—

specifically, small-scale enterprises operating within the campus premises.

The primary data collection tool will be a semi-structured questionnaire, carefully developed by

the researchers. The questionnaire was designed to address the study's objectives of assessing the

willingness of PSU-operated business enterprises to adopt cashless payment systems. It was formulated

based on an extensive review of related literature and the theoretical framework of the study, integrating

key variables such as perceived usefulness, trust and security, digital literacy, facilitating conditions,

and perceived challenges. To ensure its validity and accuracy, the questionnaire will undergo validation

by experts, including the research adviser.

To secure its accuracy, the instrument will be subjected to pilot testing with a small group of

respondents who share similar traits with the main respondents, such as operating small-scale businesses

outside PSU. The feedback gathered from the pilot testing will be used to refine the questionnaire,

addressing any obscurities, adjusting response options, and ensuring relevance to the study’s objectives.

The final validated version will then be administered to the target respondents, consisting of operators

of PSU-operated enterprises within the campus.

Once finalized, the researchers will personally administer the surveys to facilitate clear

communication. Additionally, it will include closed-ended questions for quantitative analysis and a

section for optional follow-up interviews to explore significant trends or insights. All collected data will

PSU-LSHS | PAGE 44
be securely stored and analyzed to provide a comprehensive understanding of the factors influencing the

adoption of cashless payment systems.

PSU-LSHS | PAGE 45
3.7 Statistical Treatment

In this study, descriptive statistics will be used to analyze the data collected from respondents

regarding their perceptions of cashless payment systems. The statistical measures to be applied include

the mean, standard deviation, and variance to summarize and interpret the responses effectively. The

mean will be used to determine the average response for each statement, providing insight into the

general tendency of participants' opinions. Meanwhile, the standard deviation will measure the

dispersion of responses, indicating the consistency or variability in participants' answers. Additionally,

the variance will further quantify the extent of variation within the data set. These statistical treatments

will allow for a clear and systematic analysis of the respondents' perspectives on cashless payment

adoption, reliability, and potential challenges.

PSU-LSHS | PAGE 46
3.8 Ethical Considerations

1. Social Value

The purpose of this study is to evaluate the readiness of businesses run by Palawan State

University to implement a cashless payment system. The results are intended to offer insights that can

raise customer comfort, increase operational effectiveness, and bring university businesses into line with

contemporary financial technology trends. The goal of the research is to promote larger financial

inclusion objectives while also benefiting the university community.

2. Academic Approval for Research

The Palawan State University Research Ethics Committee will be formally consulted before the

study is carried out. This guarantees that the study complies with ethical norms and institutional rules

for research involving human subjects.

3. Informed Consent

The goals, methods, and anticipated results of the study will be thoroughly explained to each

participant. Participants' rights, the fact that participation is optional, and the guarantee that there are no

risks will all be covered in consent forms. Prior to the start of data collection, participants will give their

verbal or written consent.

4. Privacy and Confidentiality

Strict confidentiality will be maintained for all acquired personal information, including

participant comments and university business operational details. To avoid unwanted access, responses

will be anonymised and safely kept. Only this study will use the data, which will be deleted once the

investigation is over.

PSU-LSHS | PAGE 47
 5. Voluntary Participation

Participants will be free to decline or withdraw from the study at any time without facing any

repercussions because participation will be completely voluntary. This will be made clear both during

the hiring process and before consent is obtained.

PSU-LSHS | PAGE 48
 CHAPTER IV

RESULTS AND DISCUSSION

This chapter presents, analyzes, and interprets the data gathered to address the specific research

questions posed in this study. The findings are systematically organized and presented using tables,

charts, and graphs to highlight key patterns and trends. Through critical analysis and interpretation, the

results are examined in relation to existing literature and theoretical frameworks, providing deeper

insights into the research problem.

Question #1: What are the existing payment systems of business enterprises operating within Palawan

State University Main Campus?

Level of awareness of PSU-operated business enterprises in cashless payment systems.

Table 1. Shows the extent of awareness among PSU-operated business enterprises regarding

cashless payment systems.

The table shows the level of awareness of PSU-operated business enterprises regarding cashless

payment systems, based on a 5-point Likert scale. The results indicate that respondents are generally

familiar with how cashless systems work (mean = 3.600) and have observed other businesses

successfully using them (mean = 4.000). This aligns with Chaturvedi et al.’s (2021) definition of cashless

transactions (CLT) as money-related exchanges conducted without physical cash. Respondents also

PSU-LSHS | PAGE 49
believe that adopting such systems could increase their sales (mean = 3.636), which reflects Visa’s

(2019) finding that raising awareness of contactless payments can highlight their convenience and

benefits.

However, concerns about reliability and security remain (mean = 2.909), which may be tied to

issues of digital literacy and access. As Hensley (2023) and Charles (2021) emphasize, low digital

literacy—especially in rural areas—can limit the adoption of cashless systems, a factor that might

explain respondents’ hesitance. The BSP’s Financial Inclusion Survey (2018) also highlights gaps in

awareness about smartphone-based financial transactions, which could contribute to these doubts.

Existing payments of business enterprises inside the PSU Main Campus.

Table 2. Shows that most PSU-operated businesses (nine) accept only cash, while only two

accept both cash and GCash, indicating low digital payment adoption.

Table 2. Adopted Payment Systems in PSU-Operated Enterprises

Payment System Numbers of Businesses
Cash only 9
Cash & Gcash 2

The table shows the payment systems used by Palawan State University (PSU)-operated business

enterprises. Nine (9) businesses use cash-only transactions, and two (2) use both cash and GCash. This

shows that most businesses still rely on cash despite some use of digital payments. Chaturvedi et al.

(2021) state that cashless systems allow faster, remote transactions. Hensley (2023) notes that inclusive

payment systems increase financial access. In the Philippines, platforms like GCash and PayMaya

process payments without the need for bank accounts (Bunye, 2022). The use of GCash among PSU-

operated businesses reflects ongoing shifts in payment preferences, but cash remains the primary method

based on the data.

H1: There is no significant difference between the different payment systems used by business

PSU-LSHS | PAGE 50
enterprises operating within the Palawan State University Main Campus.

H1 is accepted. The data indicate that there is no significant difference in the payment systems

used by PSU-operated business enterprises, as most businesses rely on cash-based transactions with

minimal adoption of cashless systems. This supports the hypothesis that cash remains the dominant

payment method on campus despite awareness of cashless payment options.

PSU-LSHS | PAGE 51
Question #2: What are the possible challenges and risks associated with implementing a cashless

payment method?

Challenges and risks that business owners face when implementing cashless payment systems.

Table 3. Illustrates the challenges and risks encountered by PSU-operated business enterprises

in adopting cashless payment systems.

The table shows the challenges and risks encountered by PSU-operated business enterprises in

adopting cashless payment systems. Limited internet access and power interruptions are identified as

the most significant challenge (mean = 4.455), consistent with Quimba, Barral, and Carlos (2021), who

noted that unstable internet connectivity and high subscription costs hinder cashless system adoption in

the Philippines.

Concerns about technical issues disrupting transactions (mean = 3.818) and cybersecurity risks

(mean = 3.818) align with global findings by Dinescu et al. (2024), which highlight system failures,

cybersecurity threats, and data privacy risks as common barriers to cashless adoption. Business owners

also express concern about implementation costs (mean = 3.273) and lack of technical knowledge (mean

PSU-LSHS | PAGE 52
= 3.091), which mirror observations by Klein (2020) and Jacob (2024) on the financial and technical

hurdles faced by small businesses.

Ongoing expenses for maintaining cashless systems (mean = 3.091) and perceived effectiveness

of existing payment methods (mean = 3.636) reflect findings by Banzon (2020) that small enterprises

often prefer traditional payments due to familiarity and ease of use. This may be further linked to low

digital literacy in rural areas, as noted by Charles (2021).

The data highlights key factors influencing PSU-operated businesses' adoption of cashless payment

systems, including infrastructure limitations, cybersecurity concerns, financial costs, and digital literacy.

H2: There is no significant relationship between the perceived challenges and risks associated with

implementing a cashless payment method with a business’ willingness to adopt a cashless payment

system.

H2 is accepted. The findings indicate that the challenges and risks perceived by PSU-operated

businesses, such as technical issues, cybersecurity threats, and implementation costs, do not significantly

affect their willingness to adopt cashless payment systems. This supports the hypothesis of no significant

relationship between perceived risks and willingness to implement cashless payments.

PSU-LSHS | PAGE 53
Question #3: What factors influence the willingness of Palawan State University-operated business

enterprises to adopt a cashless payment system?

Factors influencing the willingness when adopting cashless payment systems.

Table 4. Identifies the key factors that impact the willingness of Palawan State University-

operated business enterprises to adopt cashless payment systems.

The table presents the factors influencing the willingness of PSU-operated business enterprises

to adopt cashless payment systems. Business owners report confidence in learning and implementing

cashless payments (mean = 3.545 for both). Roy and Sinha (2017, as cited by Chaturvedi et al., 2021)

identified ease of use as a key factor in technology adoption, and Amilan et al. (2023) noted the

importance of perceived usefulness in determining willingness to adopt.

Respondents believe that cashless systems could improve operational efficiency (mean = 3.364),

consistent with Rahman, Izmail, Bahri, and Rahman’s (2022) findings on technology’s role in

streamlining business operations. However, financial concerns about technical failures (mean = 3.909)

and privacy issues (mean = 3.727) may hinder adoption, reflecting concerns about perceived risk, trust,

and security (Roy & Sinha, 2017).

PSU-LSHS | PAGE 54
Moderate trust in transaction safety (mean = 3.273) aligns with Lee, Zailani, and Rahman’s (2020)

findings on the role of perceived security in cashless payment adoption. Low customer demand for

cashless payments (mean = 2.818) may limit further adoption, despite studies, such as Susilo and Dizon

(2023), showing that smartphone use and internet access can enhance digital payment adoption.

Perceived benefits of implementing cashless payment systems.

Table 5. Highlights the perceived benefits of implementing cashless payment systems in Palawan

State University-operated business enterprises.

The table shows the perceived benefits of implementing cashless payment systems in PSU-

operated business enterprises. Respondents believe that cashless payments could enhance sales and

customer satisfaction (mean = 3.364) and improve operational efficiency (mean = 3.364), consistent

with Cruz (2019), who found that cashless payments streamline business operations.

Respondents also express trust in the reliability of cashless systems (mean = 3.364), reflecting

findings by Roy and Sinha (2017, as cited by Chaturvedi et al., 2021) that trust and perceived usefulness

influence cashless adoption. Cashless systems are viewed as safer than handling physical cash (mean =

3.000) and more efficient than traditional cash transactions (mean = 2.818), which aligns with Charles
PSU-LSHS | PAGE 55
(2021), who highlights the transparency and traceability of digital payments.

Some respondents recognize the risk of losing customers if cashless options are not offered

(mean = 2.545). Mohamad and Kassim note that expanding e-payment options can increase financial

inclusion for underbanked populations, and Banzon (2020) emphasizes how financial tools like GCash

encourage unbanked users to participate in the economy.

These findings indicate PSU-operated businesses’ awareness of the potential benefits of cashless

systems, including improved efficiency, transparency, and customer experience.

H3: There is no significant difference between the characteristics of the establishments and their

respective operator(s) in determining the willingness of the businesses to adopt a cashless payment

system.

H3 is accepted. The data indicate no significant difference between the characteristics of PSU-

operated business enterprises and their respective operators in determining their willingness to adopt a

cashless payment system. This supports the hypothesis that willingness to adopt cashless systems is

influenced by common factors, such as perceived usefulness, ease of use, and operational efficiency,

rather than varying business or operator characteristics.

PSU-LSHS | PAGE 56
Question #4: What is the level of willingness of Palawan State University-operated business enterprises

to adopt a cashless payment system?

Level of willingness of PSU-operated business enterprises to adopt cashless payment system.

Table 6. Indicates the level of willingness of Palawan State University-operated business

enterprises to adopt a cashless payment system.

The table presents the level of willingness of Palawan State University (PSU)-operated business

enterprises to adopt cashless payment systems. Respondents express interest in learning more about

these systems (mean = 3.545) and believe that adoption would benefit their businesses (mean = 3.818),

consistent with findings that perceived usefulness influences willingness to adopt cashless payments

(Jacob, 2024).

The respondents’ confidence in implementing and managing cashless systems (mean = 3.545)

suggests trust in the technology, while their readiness to align with customer preferences (mean = 3.727)

and improve customer satisfaction (mean = 3.636) reflects awareness of shifting consumer behavior

(Kristensen & Solvoll, 2019). Some respondents express willingness to adopt cashless systems soon

(mean = 3.727) and recommend them to others (mean = 3.545), indicating the influence of social factors

PSU-LSHS | PAGE 57
on adoption decisions.

Despite these positive indicators, accessibility remains a concern, as some users may face

challenges related to infrastructure and digital payment tools (Hensley, 2023).

H4: There is no significant relationship between identified factors that influence the willingness

of Palawan State University-operating businesses to adopt a cashless payment system with the

businesses’ actual willingness to adopt one.

H4 is accepted. The findings indicate no significant relationship between the identified factors

influencing willingness and the actual willingness of PSU-operated business enterprises to adopt a

cashless payment system. This supports the hypothesis that while various factors such as perceived

usefulness, operational efficiency, and customer satisfaction are acknowledged, these do not

significantly determine the businesses’ overall willingness to adopt cashless payment methods.

PSU-LSHS | PAGE 58
 CHAPTER V

SUMMARY AND CONCLUSION

This chapter presents the research summary, followed by a discussion and interpretation of the study’s

findings. It provides a comprehensive analysis of the results, connecting them to the research objectives and

questions to highlight key insights and implications. The discussion also examines the relevance of the findings

in relation to existing literature and theoretical frameworks, offering a deeper understanding of the topic and

setting the foundation for the study’s conclusions and recommendations.

5.1 Summary

The increasing integration of technology into financial transactions has led to the rise of cashless

payment systems, offering a convenient alternative to traditional cash-based methods. Despite the global

shift toward digital payments, many businesses in the Philippines, including Micro and Small

Enterprises (MSEs), continue to rely primarily on cash transactions. This study focuses on the

willingness of Palawan State University (PSU)-operated MSEs to adopt cashless payment systems, the

factors influencing their decisions, and the barriers they face.

Research highlights several benefits of cashless payment systems, including enhanced

efficiency, security, and convenience (Lau et al., 2023). Digital payments can also reduce risks such as

theft and corruption (Morgan, 2024). However, challenges remain, including high transaction fees,

concerns over financial discipline, and vulnerabilities to cyberattacks or system failures. The Bangko

Sentral ng Pilipinas (2020) reports that although digital payment adoption is growing, many Filipinos

still struggle with the transition due to technological limitations, security concerns, and lack of

awareness.

This topic holds particular significance for PSU, where the increasing student population has led

to greater demand for efficient payment systems in campus-operated businesses. The shift to cashless

transactions could enhance business operations, improve customer experience, and align with the digital

PSU-LSHS | PAGE 59
preferences of tech-savvy students. Additionally, the adoption of digital payments could contribute to

financial inclusion and promote economic sustainability within the local business landscape.

The study aims to examine the willingness of PSU-operated MSEs to adopt cashless payment systems,

identify the factors affecting their adoption, and analyze potential challenges. By exploring these

aspects, the research seeks to provide insights that may guide small businesses in making informed

decisions about digital payment integration, ultimately fostering a more modernized and efficient

campus business environment.

The findings revealed that while many business owners were aware of cashless payment systems,

the actual adoption rate remained low. Only a small number of businesses accepted both cash and

GCash, while the majority relied solely on cash transactions. Several barriers to adoption were

identified, including limited internet access, cybersecurity concerns, and financial costs. Business

owners also expressed concerns about the reliability of digital payment systems and the expenses

involved in implementing them.

Despite these challenges, the study indicated a moderate level of willingness among business

owners to adopt cashless payment methods. They recognized the potential benefits, such as increased

sales, improved operational efficiency, and enhanced customer satisfaction. However, factors like low

customer demand and concerns over transaction security influenced their decision-making. Ultimately,

the study concluded that although PSU-operated business enterprises showed openness to adopting

cashless payment systems, challenges related to technical knowledge, digital infrastructure, and

financial feasibility must be addressed to encourage wider adoption.

This research was conducted at Palawan State University and focused on small-scale enterprises

operating within the campus. To ensure the reliability and validity of the study, the researchers employed

a qualitative-quantitative descriptive research design, which allowed for the systematic collection and

analysis of numerical data to describe the study population.

PSU-LSHS | PAGE 60
 The sampling method used in this research was purposive sampling, which enabled the

collection of sufficient and relevant data. Data collection tools included survey questionnaires and

interviews, which helped affirm and support the respondents’ answers. The participants were owners

and operators of small-scale enterprises located within the premises of Palawan State University Main

Campus in Barangay Tiniguiban, Puerto Princesa City.

The data-gathering process began with securing the necessary authorizations from the university

administration by submitting a letter of consent to the research instructor. Once approved, the

researchers selected respondents based on the purposive sampling technique. The survey questionnaire,

designed by the researchers, was developed through an in-depth review of related literature and the

study’s theoretical framework. It was validated by the research adviser and underwent pilot testing with

a small group of respondents who shared similar traits with the main respondents.

After finalizing the instrument, the researchers personally administered and facilitated the

survey. The collected data were securely stored and analyzed using descriptive statistics, including

mean, standard deviation, and variance, to derive meaningful insights and accurately interpret the

results.

In conclusion, while PSU-operated business enterprises demonstrated openness toward adopting

cashless payment systems, significant barriers such as technical knowledge gaps, limited digital

infrastructure, and financial constraints need to be addressed to promote more widespread adoption.

With proper interventions and support, these businesses could effectively transition to cashless

transactions, enhancing operational efficiency and contributing to a more modern, inclusive, and

sustainable campus economy.

PSU-LSHS | PAGE 61
5.2 Conclusion

In conclusion, the study yields the following points regarding the attitudes and perceptions

towards cashless payment systems of businesses operating within the main campus of Palawan State

University (PSU):

1. Of the study’s total sample size of eleven (11), only two (2) had stated that they utilize a cashless

payment system to process payments, with the other nine (9) stating that they do not. This

indicates that, as of the time the study was conducted, a majority of businesses operating within

the PSU campus facilitate payments solely through physical cash.

2. Although a majority of nine (9) out of the eleven (11) businesses which constituted the study’s

participants do not use a cashless payment system to facilitate payments on transactions, the

respondents are generally aware of the existence and usage of cashless payment systems, and

that they can be considered as an additional payment medium.

3. The hindrances and barriers that the respondent businesses allude to regarding cashless payment

systems are diverse and multifaceted. Among the given hindrances for adoption of cashless

payment systems for the respondent businesses, technological limitations independent of the

discretion of the businesses like limited access to a stable internet connection and power

interruptions are among the most stated, with risks pertaining to the cashless payment services

themselves, such as cybersecurity threats, data privacy vulnerability, and vendors shouldering

transaction fees imposed by the CPS services themselves also being commonly stated barriers.

Other barriers include low customer demand for the implementation of a cashless payment

system for transactions.

4. Despite the give hindrances and barriers toward the broader and mainstream adoption of cashless

payment systems among PSU-operating businesses, many of the respondent businesses are

enthusiastic towards their integration as a mode of payment, enticed by the perceived benefits

PSU-LSHS | PAGE 62
 the utility of such could bring to their respective businesses such as enhanced and streamlined

operations, and the inclusion of a larger customer base.

5. Additionally, consumer awareness and demand play a critical role in the adoption of cashless

payments. Increasing customer familiarity and confidence in digital transactions may positively

influence businesses to integrate these systems more readily. Collaborative efforts between PSU,

financial institutions, and business owners can help facilitate a smoother transition toward a more

cashless economy within the university.

These findings emphasize the potential for cashless payment systems to transform business

operations within PSU, provided that the necessary support systems and infrastructure are put in place.

PSU-LSHS | PAGE 63
5.3 Recommendations

Researchers have eventually come up with the following recommendations after a

comprehensive analysis of the data acquired and reaching a solid conclusion:

a. Future researchers should conduct more extensive studies on the barriers to cashless payment

adoption. Given that the study identified limited internet access, cybersecurity concerns, and

financial costs as major challenges, future research should further investigate these factors in-

depth. Expanding the research will help uncover additional barriers and potential solutions that

could encourage higher adoption rates of digital payments.

b. The survey questionnaire should be revised for improved clarity and effectiveness. Since the

study relied on questionnaires to gather data, future researchers should refine the survey to ensure

that business owners fully understand the questions. Simplifying technical terms, structuring the

questionnaire logically, and providing clearer instructions will help improve response accuracy

and reliability.

c. Future studies should expand the geographical scope and include more diverse business types.

This study focused on PSU-operated micro and small enterprises within the university campus.

To gain broader insights, future researchers should include businesses from other areas to

determine whether the challenges and willingness to adopt cashless payments are consistent

across different locations. A wider sample size will provide a more comprehensive

understanding of digital payment adoption trends.

d. The data collection process should consider external factors that may influence responses. Given

that the study was conducted during the phenomenon of increasing heat index in Puerto Princesa,

future researchers should ensure that surveys and interviews are conducted in comfortable

environments. Choosing locations with minimal distractions will help respondents provide more

PSU-LSHS | PAGE 64
 accurate and thoughtful answers.

e. Business owners should receive guidance on the financial implications of cashless payment

systems .Since business owners expressed concerns over the costs associated with implementing

digital transactions, financial education programs should be made available to help them

understand the potential return on investment. This can include training on transaction fees, cost-

saving strategies, and maximizing the benefits of digital payments.

f. Efforts should be made to improve digital infrastructure and security awareness. The study found

that reliability concerns and cybersecurity issues contributed to business owners’ hesitation in

adopting cashless payment systems. Future initiatives should focus on improving internet access

and educating business owners about secure digital transaction practices to enhance their

confidence in using these payment methods.

PSU-LSHS | PAGE 65
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 APPENDIX A

Photo Documentation and Instrument

I.

Directions: Please indicate your level of agreement or disagreement with each

statement using the following scale:

5 - Strongly Agree 4 - Agree 3 - Neutral 2 - Disagree 1 - Strongly Disagree

A. Awareness and Interest 5 4 3 2 1

1. I am familiar with how cashless payment systems work.

2. I have seen other businesses successfully use cashless payment systems.

3. I believe adopting a cashless payment system would increase my sales.

4. I believe cashless payment systems are more convenient than traditional

cash

5. I think cashless payment systems are reliable and secure.

6. My customers frequently use cash for payments.

7. My customers prefer cashless payment methods over cash.

B. Level of Willingness

1. I am interested in learning more about cashless payment systems.

2. I believe adopting a cashless payment system would benefit my business.

3. I am confident in my ability to implement and manage a cashless payment

system.

4. I would adopt a cashless payment system if it aligns with customer

preferences.

5. I believe adopting a cashless payment system will increase customer

satisfaction.

PSU-LSHS | PAGE 74
6. If given the opportunity, I am ready to adopt a cashless payment system
soon.

7. I would recommend cashless payment systems to other business owners.

C. Factors influencing willingness to adopt

1. I believe a cashless payment system would make my business operations more

efficient.

2. I think a cashless payment system would be easy to implement in my business.

3. I believe I could quickly learn how to use a cashless payment system.

4. I am concerned about financial losses due to errors or technical failures in

cashless payment systems.

5. I trust the technology behind cashless payment systems to keep my transactions

safe.

6. I am concerned about the privacy of my business and customer data when

using cashless payment systems.

7. Customers at my business would prefer cashless payment methods over cash.

D. Perceived Benefits of Cashless Payment Systems

1. Not offering cashless payment options would result in losing customers.

2. Offering a cashless payment option would increase sales or improve

customer satisfaction.

3. Cashless payment systems are safer to use than handling physical cash.

4. I find cashless payment methods more efficient than traditional cash

transactions.

5. Adopting a cashless payment system would improve customer satisfaction.

6.I believe a cashless payment system would make my business operations more
efficient.

7. I trust cashless payment systems to be reliable for daily operations.

PSU-LSHS | PAGE 75
 E. Perceived barriers and challenges

1. I am concerned about the cost of implementing a cashless payment system.

2. I believe technical issues could disrupt the use of cashless payment systems.

3. I am worried about the cybersecurity risks when using cashless payment

systems.

4. Limited internet access or power interruptions are challenges for adopting

cashless payment systems.

5. I believe the setup and maintenance of a cashless payment system would be

expensive.

6. I am worried that my lack of technical knowledge might make using cashless

payment system difficult.

7. The current payment methods my business uses are effective and were chosen
for practical reasons.

F. Existing Payment Method Cash Cashless

What are the current payment methods the business uses, and why did you choose these
methods?

If cash, why?
___________________________________

If cashless, why?
___________________________________

Figure 1. The Printed Survey Questionnaire Used to Gather Data

PSU-LSHS | PAGE 76
 APPENDIX B

Letters and Other Communication

Figure 2. Letter of Consent to the Principal

PSU-LSHS | PAGE 77
 APPENDIX C

Forms such as Protocols, Certifications, and Clearances

PSU-LSHS | PAGE 78
 APPENDIX D

Curriculum Vitae

PRINCESS ERIKA L. POBLADOR

Barangay Santa Monica

Puerto Princesa City, Palawan 5300

erikalibiranpoblador@gmail.com

0964-921-8915

EDUCATION

Senior High Graduate (ABM) (AprilL 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Puerto Princesa City

Junior High School Graduate (July 2023)

Palawan National School

Mendoza Street, Puerto Princesa City

Elementary Graduate (March 2019)

Santa Monica Elementary School

Santa Monica, Puerto Princesa City

Additional Skills

 Strong critical thinking skills

 Proficient in social media marketing

 Effective time management skills

 Highly adaptable to changes

PSU-LSHS | PAGE 79
ALLAYSA MAE QUEJANO

Barangay San Jose

Puerto Princesa City, Palawan 5300

allaysamaequejano@gmail.com

0910-006-8306

EDUCATION

Senior High Graduate (ABM) (April 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Puerto Princesa City

Junior High School Graduate (June 2023)

Saint Joseph Academy

Brgy. Tenga-Tenga, Cuyo, Palawan

Elementary Graduate (April 2019)

Suba Elementary School

Suba, Cuyo, Palawan

Additional Skills

 Accounting Skills

 Communication Skills

 Technical Writing

 Organize

PSU-LSHS | PAGE 80
MATHIEU A. MARAGUINOT

Barangay San Jose

Puerto Princesa City, Palawan 5300

maraguinotmathieu0@gmail.com

0916-514-6965

EDUCATION

Senior High Graduate (ABM) (April 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Puerto Princesa City

Junior High School Graduate (July 2023)

Potter’s Place School

El Nido 5313, Palawan

Elementary Graduate (March 2019)

Potter’s Place School

El Nido 5313, Palawan

Additional Skills

 Excellent problem-solving abilities

 Creative and innovative thinking

 Tech-savvy with quick learning abilities

 Highly adaptable to changes

PSU-LSHS | PAGE 81
MARC AARON D. GALON

Barangay San Pedro

Puerto Princesa City, Palawan 5300

galonmarcdangan@gmail.com

09603433097

EDUCATION

Senior High Graduate (ABM Strand) (April 2025)

PSU-LSHS Campus

Tiniguiban Heights, Puerto Princesa City

Junior High School Graduate (2023)

Palawan State University - Laboratory Junior High School

Tiniguiban Heights, Puerto Princesa City

Elementary Graduate (2019)

Palawan State University - Laboratory Elementary School

Manalo, Puerto Princesa City

Additional Skills

 Proficient in speaking and writing using Filipino and English

 Extensive student experience in accounting concepts and principles

 Preparation of financial statements

 Attention to detail, and assurance of consistency

 Data-driven approach to solution preparation

PSU-LSHS | PAGE 82
JEMELLAH JAZZMINE T. VILLAROZA

Barangay San Pedro

Puerto Princesa City, Palawan 5300

villarozaqueen@gmail.com

0977-161-2403

EDUCATION

Senior High School (ABM Strand) (April 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City

Junior High School Graduate (2023)

Salve Regina School of Palawan Inc.

Miraflores Compound, Pablico Road 1, Brgy. Tiniguiban, Puerto Princesa City

Elementary Graduate (2019)

Salve Regina School of Palawan Inc.

Miraflores Compound, Pablico Road 1, Brgy. Tiniguiban, Puerto Princesa City

Additional Skills

 Highly adaptable to changes

 Good communication skills

 Sociable

 Digital literacy

PSU-LSHS | PAGE 83
TANYA KAYE S. OMPAD

Barangay Sicsican

Puerto Princesa City, Palawan 5300

tk.ompad@psu.palawan.edu.ph

0939-752-8410

EDUCATION

Senior High School (ABM Strand) (April 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City

Junior High School Graduate (2023)

Palawan State University-Laboratory Junior High School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City, Palawan

Elementary Graduate (2019)

Palawan State University-Laboratory Elementary School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City, Palawan

Additional Skills

 Great communication skills

 Proficient in both Filipino and English

 Sociable

 Digital literacy

PSU-LSHS | PAGE 84
CURTNEY LEIGH P. CARBONELL

Barangay San Manuel

Puerto Princesa City, Palawan

Curtneycarbonell@icloud.com

0966-972-9604

EDUCATION

Senior High School (ABM Strand) (April 2025)

Palawan State University - Laboratory Senior High School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City

Junior High School Graduate (2023)

Palawan State University-Laboratory Junior High School

Tiniguiban Heights, Brgy. Tiniguiban, Puerto Princesa City, Palawan

Elementary Graduate (2019)

Palawan State University-Laboratory Elementary School

Manalo Street, Puerto Princesa City, Palawan

Additional Skills

 Creative Skills

 Media Literacy

 Digital Literacy

 Adaptability

 Professionalism

PSU-LSHS | PAGE 85