Diffusion of Cashless Payment as Medium of Exchange in ASEAN Nations
DOI:
https://doi.org/10.61569/kand3n67Keywords:
Cashless economy, Diffusion, Bass diffusion model, Innovators, ImitatorsAbstract
ASEAN countries are heading toward a cashless economy. Credit cards and debit cards are the major platforms of cashless payment. These platforms diffuse at a faster rate. Bass Diffusion Model was utilized to analyze and estimate the rate of the diffusion of credit cards and debit cards. The data was derived from the percentage of individuals aged 15+ who have a credit card and/or debit card in the years 2011, 2014 and 2017. Data was derived from seven ASEAN member countries: Singapore, Malaysia, Thailand, Philippines, Indonesia, Vietnam and Cambodia. Results showed that countries like Singapore, Malaysia, and Thailand served as the innovators while countries like the Philippines, Indonesia, Vietnam and Cambodia acted as the imitators.
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