Access & Processor.
What is contactless payment?
Contactless payment can be defined as the performance of financial transactions for goods and services, forgoing the prerequisite of exchanging physical cash, writing a cheque or entering a Personal Identification Number or PIN (Brett 2017).
To reiterate, credit and debit cards, key fobs, smart cards, as well as other similar equipment that enable near-field communication (NFC) payments are the most prevalent forms of the system’s presence. According to Nagashree et al.
(2014a, b), radio-frequency identification (RFID) and other non-contact interconnectivity technologies were the precursors of NFC. In order to facilitate contactless transfers, NFC’s relative simplicity and interoperability with current Bluetooth and Wi-Fi standards offer quite an appealing approach NFC- enabled contactless cards were created primarily for commercial application in the private sector (Trutsch 2014). Contactless card providers tout a number of advantages for both customers and retailers in order to encourage the utilisation of their cards.
Through the eyes of the consumer, this cutting-edge technology permits the swift, simple, and secure remittance of cash for products and services and has enhanced consumer convenience in carrying out daily transactions such as tolls incurred for transportation, parking services, grocery shopping and refilling of fuel.
Perhaps the continuing global disease pandemic, particularly COVID-19 or the coronavirus, may also be blamed for the probable surge in contactless payment acceptance. After weeks of unremitting dread, there appears to be a decrement in the coronavirus infection rate, and plans are underway to start loosening lockdown restrictions in certain developed nations, which is offering a brief glimmer of hope to many. However, many developing nations disagree, warning that the issue may just be only getting started and that the toll from a significant COVID-19 epidemic is predicted to be considerably worse than in any advanced economy (Mohamed 2020).
The COVID-19 disaster poses a consequential threat to many emerging regions in the world, and this has triggered many nations, including Malaysia, and global consumers at large, to be more fearful of its microbial infections that could possibly lead to severe medical fatality and death. In addition, a significant percentage of consumers avoid going shopping in person altogether out of fear of contracting an infectious disease and instead practise excessive social seclusion and other necessary hygiene precautions.
To better understand intention and actual behavioural adoption, the Protection Motivation Theory (Rogers 1975) as well as the Technological Acceptance Model (Davis 1989) as well as similar prior foundational studies along with pertinent literary frameworks are justifiably warranted.
The Theory of Planned Behavior (TPB) (Ajzen 1991)
posits an individual’s intention is the factor that predicts behaviour the most closely, and the Theory of Reasoned Action (TRA) (Fishbein and Ajzen 1975) proceeds to explain that when intentions and behaviour are measured at the same level of specificity, they are thought to be strongly correlated.
The Theory of Planned Behavior (TPB)
Theory of Reasoned Action (TRA)