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RESEARCH
Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
h ps://doi.o g/10.1186/s40854‑024‑00750‑z
Financial Inno a ion
De e minan s inadop ing cashless
paymen s inEu ope: amul ile el analysis
Jose Domingo Ga cía‑Me ino1 , Lei e San‑Jose1 and Ne ea San‑Ma in1*
Abs ac
The use o elec onic cu ency o ansac ions, deno ing a cashless pa adigm,
has become inc easingly common. Howe e , his inancial inno a ion is no p e a‑
len in all coun ies. This s udy aims o explain he disc epancies ac oss coun ies,
including indi idual and coun y ac o s. I may be supe icially posi ed ha his lag
in de elopmen s ems om indi idual o mic ole el usage challenges. Howe e ,
he applica ion o he Technology Accep ance Model highligh s he p esence o o e ‑
a ching cha ac e is ics conduci e o ex ensi e adop ion. Thus, an addi ional s a um,
he mul ile el pe spec i e, needs o be examined. This analy ical amewo k inco po‑
a es no only indi idual a ibu es bu also he socio echnical amewo k o meso‑
le el ac o s in which hey ope a e. A mul ile el econome ic model is used. The
esul s o hese analyses show ha he impac on he adop ion o cashless paymen s
ex ends beyond indi idual ac o s (a i ude o echnology use, pe cei ed use ulness,
and pe cei ed ease o use). Ou p ima y con ibu ion, concep ually and empi i‑
cally, is o b oaden he analysis ision. A comp ehensi e mul ile el analysis e ealed
ha b oade con ex ual elemen s, such as in as uc u e and na ional skills, exe a sig‑
ni ican in luence on he adop ion o cashless ansac ions. Consequen ly, he wide‑
sp ead accep ance o cashless paymen me hods is no only con ingen on indi idual
choices bu is also a collec i e phenomenon in which he su ounding en i onmen
plays a c ucial ole as a ca alys o he end use s in he cashless economy.
Keywo ds: Cashless paymen , Mul ile el pe spec i e, Technology accep ance model,
Mic ole el, Mesole el
In oduc ion
Mone a y ansac ions a e he backbone o economic s uc u es. Khiaona ong and
Humph ey (2022) documen ed a no iceable decline in he use o physical money. Mo e-
o e , he diminishing eliance on cash paymen s has p omp ed an inc ease in al e na-
i e paymen me hods. The end in he dissemina ion o cashless ansac ions a ies by
coun y. Eu ope is an example o he lack o uni o mi y ha cha ac e izes he sp ead o
cashless paymen p ac ices. The ac ual adop ion o elec onic paymen ansac ions has
e iden dispa i ies. Some coun ies ha e ou inely employed hese me hods, whe eas
o he s ha e no a ained widesp ead accep ance (Fig.1).
The use o elec onic means o paymen cons i u es an inno a ion wi h inancial and
echnological componen s. The di e ences in he de elopmen o he banking sys em do
*Co espondence:
[email p o ec ed]
1 Uni e si y o he Basque
Coun y (UPV/EHU), Lehendaka i
Agi e, 83, 48015 Bilbao, Spain
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
no explain hese disc epancies in he use o cashless paymen , as shown in Fig.1. The
di e ences a e no only due o inancial easons. Fo example, Slo akia, which has a low
le el o mobile banking pene a ion and he lowes banking accoun a e, ne e heless
has a highe le el o cashless paymen usage han I aly, wi h g ea e alues o mobile
banking and banking accoun a es. They may be echnological. Appendix1: Table4
p esen s desc ip i e s a is ics e lec ing he cu en s a e o hese coun ies in e ms o
echnological in as uc u e. Figu e2 illus a es a s ong co ela ion be ween a coun y’s
echnological le el and he ex en o i s cashless paymen adop ion. Fo ins ance, Fin-
land and Es onia, whe e cashless paymen is mos p e alen , exhibi he highes le els o
echnological li e acy among hei ci izens. This case is e idenced by hei leading a es
o mobile-b oadband subsc ip ions pe 100 pe sons.
This s udy aims o iden i y he ac o s ha de e mine ac ual cashless paymen usage
a he indi idual (mic o) and echnological-con ex ual (meso) le els. Consequen ly, he
esea ch and he hypo heses a e in ended o add ess he ollowing ques ions:
How do mic o- and meso-le els a ec he use o cashless paymen s in Eu opean
coun ies?
Wha coun y-le el (meso-le el) cha ac e is ics a ec he use o cashless paymen ?
We es ablish he mic o- and meso-le el ac o s as hypo heses o be es ed o answe
hese esea ch ques ions. The mic ole el ac o s we e ex ac ed om he Technology
Accep ance Model (TAM), whe eas he meso-le el ones we e ela ed o he echnologi-
cal in as uc u e o he coun ies. Fo his pu pose, we se he mul ile el pe spec i e
(MLP) as concep ualized by Geels (2002). This s udy b ings us close o eali y ega d-
ing he applica ion o inancial inno a ions h ough he case o elec onic paymen s in
Eu ope.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
% Bank Accoun Pene aonSha e o Mobile Banking
Fig. 1 Use o cashless paymen s in Eu opean coun ies and pe cen age o bank accoun pene a ion.
Sou ce own wo k based on he Eu opean Cen al Bank (2020) and S a is a Ma ke Insigh s (2022)
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
The s udy con ibu es o heo e ical and p ac ical li e a u e in h ee ele an a eas.
Fi s , we combine wo dis inc concep ual amewo ks: TAM and MLP. This app oach
b oadens ou me hodology o encompass indi idual and collec i e a iables, p o id-
ing a comp ehensi e amewo k o analysis. The TAM model posi s ha h ee main
ac o s mo i a e use s, namely, pe cei ed ease o use, pe cei ed use ulness, and a i-
ude owa d use (Da is, 1986). No dho e al. (2019) epo ed ha s udies on he
adop ion o a new echnology p o ide pa ial iews. Pa icula ly in he case o cash-
less paymen s, p e ious s udies ha e used only indi idual-le el da a o explain hei
de elopmen (Oz u k 2016; Widyan o e al. 2022; Chen e al. 2023; Raj e al. 2023).
The MLP p o ides a comp ehensi e heo e ical amewo k o analyzing social
change p ocesses. This model encompasses a “global model” ha ou lines he b oad
ajec o y o socio echnical ansi ions and a “local model” ha examines he beha -
io s o speci ic indi iduals (Geels 2019). Al hough some s udies used agg ega e da a
a he coun y le el, hey aim o explain he e ec s o he use o cashless paymen s on
he economy (Tee and Ong 2016; Wong e al. 2020; Noman e al. 2023). The in eg a-
ion o he wo le els o analysis has no been add essed. This pe spec i e is inno a-
i e in he ield o inance.
Second, his s udy empi ically add esses he MLP. We use an ex ension o he clas-
sic linea eg ession model by adop ing a s epwise p ocess. Empi ical con ibu ions ha
combine se e al le els o analysis a e exceedingly sca ce, pa icula ly in s udies o ech-
nology ansi ions in he inancial sec o .
Finally, we in oduce ac ual use a iables ins ead o in en ion a iables. We sou ce
hese da a om he Eu opean Cen al Bank, which conduc s a ques ionnai e on he use
o paymen me hods (i.e., cash and cashless). This app oach p o ides g ea e consis ency
and eliabili y o he esul s.
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
160.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Indi idualswi h a leas basic le elo digi al in in o ma on domain
Mobile-b oadband subsc ip onspe 100 pop.
Fig. 2 Use o cashless paymen s in Eu opean coun ies and echnological in as uc u es. Sou ce own wo k
based on he Eu opean Cen al Bank (2020), Eu os a (2021) and he In e na ional Telecommunica ion Union
(2023)
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
The esul s demons a e ha indi idual a ibu es ela ed o he use o echnologies
(TAM a iables) a e necessa y bu no su icien o achie e widesp ead use o a ech-
nology. This analysis con i ms he need o inco po a e meso (con ex ual) a iables
in addi ion o mic o (indi idual) a iables o explain he in eg a ion o echnological
inno a ion.
A he mic ole el, he indings indica e ha he h ee indi idual a iables analyzed
signi ican ly in luence he use o cashless paymen . Speci ically, a i udes owa d cash-
less paymen s, he use o o he banking p oduc s and se ices, and easy access o elec-
onic paymen me hods a e explana o y ac o s o an indi idual’s deg ee o p e e ence
o noncash ansac ions. A he meso-le el, physical and skill-based in as uc u es a e
no ewo hy d i e s o he adop ion and implemen a ion o digi al paymen me hods.
The e o e, he esul s ob ained a e also ele an in p ac ice because hey p o ide poli-
cymake s wi h aluable in o ma ion o de eloping he in as uc u e needed o achie e
widesp ead use o cashless paymen s. This inding no only con ibu es o he a ainmen
o se e al desi able economic and inancial ou comes bu also helps mi iga e he po en-
ial nega i e e ec s ha may a ise i cash we e o disappea .
This pape is o ganized as ollows. Fi s , we add ess he heo e ical amewo k by
e iewing he concep o a cashless economy and i s implica ions. This s udy p o ides a
li e a u e e iew on he p ocess o achie ing such an economy, wi h special emphasis on
he unde lying heo e ical amewo ks. Based on hese insigh s, we p opose a esea ch
model and de elop hypo heses on he use o cashless paymen s in Eu ope. Then, we dis-
cuss he esul s and deduce heo e ical and p ac ical implica ions, along wi h a enues
o u u e esea ch. Finally, we p esen ou conclusions.
Li e a u e e iew
Cashless economy: anew eali y
Paymen s a e a s a egic issue o a coun y, bu hey a e also pa o e e yday li e (Kalia
e al. 2017). The ins umen s used by ci izens in hei inancial ansac ions play a pi -
o al ole. The global ansi ion owa d a cashless economy is a no ewo hy end in his
di ec ion. A cashless economy is cha ac e ized by he exclusi e use o digi al paymen
mechanisms in ansac ions ela ed o he exchange o goods and se ices (Singh aul
and Ga wal 2018).
Howe e , his e en is no me ely a inancial ans o ma ion. An economy based on
elec onic paymen s has se e al implica ions o na ional economies. Al hough mos
o hese implica ions a e posi i e, se e al d awbacks and isks mus be conside ed o
ensu e ha he ans o ma ion is bene icial.
Mos expe s ound ha he expansion o cashless ins umen s s imula es economic
g ow h (Zhang e al. 2019; Wong e al. 2020). They u he ound ha he le el o con-
sump ion and elec onic paymen s a e highly co ela ed. In addi ion, low cos and ease
o ansac ions h ough elec onic paymen s will inc ease pe sonal consump ion (Li
e al. 2023). Acco ding o Moody’s analy ics, an inc ease o 1% in he olume o ca d
ansac ions would inc ease he consump ion o goods and se ices by app oxima ely
$67 billion annually and GDP by 0.01% (Zandi and Singh 2021). Howe e , o he s ud-
ies wa n ha cashless paymen s a e associa ed wi h a g ea p opensi y o indeb edness,
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
compulsi e buying, and has y inancial decision-making (Cwyna e al. 2022), which may
lead o a de e io a ion in well-being (Hun e and Hea h 2017).
Ano he bene i o cashless paymen s is a educ ion in he shadow economy (Reime s
e al. 2020). A leas in Eu ope, he de elopmen o cashless paymen and he size o he
shadow economy a e s ongly and nega i ely co ela ed (Kea ney and Schneide 2013).
Hawash e al. (2020) no ed ha secu e elec onic cu ency sys ems can p o ec legi i-
ma e use s’ p i acy while acing unlaw ully issued o launde ed monies. In he e en o
any c iminal ac i i y, he bank can e oke he anonymi y o digi al paymen s, which in
u n inc eases ax e enues (Fab is 2019). To a ce ain ex en , his ad an age could also
pose a d awback because many indi iduals, o en i ely legi ima e easons, may no wish
o disclose in o ma ion abou hei ansac ions o paymen s wi h me chan s, inan-
cial companies, o he go e nmen , which could po en ially comp omise hei p i acy
(Ho ne and Collins 2023).
In addi ion o hese di ec e ec s, he use o cashless paymen s has an indi ec e ec o
educing aud in ading. This case also helps educe c iminal ac i i ies and cash he s
(Rogo 2015), he eby dec easing ma e ial losses and physical assaul s (Fab is 2019). In
he Uni ed S a es, bu gla y and assaul a es ha e dec eased by app oxima ely 10% since
he go e nmen -shi ed social wel a e paymen s o elec onic ans e s (Ishak 2020).
The e o e, a cashless paymen economy has a posi i e impac on a coun y’s sense o
secu i y and economic p og ess.
Ano he ad an age o cashless paymen s is he in oduc ion o g ea e e iciency in o
he paymen sys em. Cash paymen s ha e se e al cos s ha lead o ine iciencies, such as
he need o go o an ATM o wi hd aw cash, he de e io a ion o loss o cash ( o use s),
and he need o cash o be coined, sa ely anspo ed, and s o ed o u u e use ( o issu-
e s). Cashless paymen enables he de elopmen o a decen alized a chi ec u e, as e
ansac ions, and lowe ansac ion cos s. Al hough expenses pe paymen con inue o
inc ease, once he in as uc u e is es ablished, elec onic sys em cos s emain ixed (Ali
e al. 2019). In addi ion, elec onic paymen me hods p omo e he use o a banking sys-
em because hey equi e main aining balances in a bank o a paymen se ice p o ide .
ALGhamdi e al. (2022) ound a ela ionship be ween inc eased u no e and
inc eased demand o deposi s. This phenomenon allows banks o make addi ional cash
and low-cos unds a ailable o lending o in es men s, which is a key d i e o eco-
nomic g ow h.
Ne e heless, some s udies no ed ha in a cashless economy, he cen al bank could
lose con ol o e mone a y policy. Tee and Ong (2016) elucida ed ha he loss o cen-
al bank au onomy in egula ing money demand could esul in a signi ican inc ease in
p ices owing o he accele a ed ci cula ion o money, he eby igge ing in la ion.
On he oad oacashless economy: omindi idual p ocess osocial ans o ma ion
In ligh o he a o emen ioned posi i e implica ions, policymake s would seem o be
in e es ed in achie ing a cashless economy. Howe e , his goal is no an easy ask. The
comple ion o his changeo e calls o comp ehensi e changes a indi idual and collec-
i e le els.
As shown abo e, he le el o de elopmen in di e en coun ies is une en. Technologi-
cal inno a ion pe se is no longe no el, and i s ans e ac oss coun ies, a leas wi hin
Page 6 o 20
Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
he same a ea, such as Eu ope, does no appea o be a hind ance. Hence, addi ional
easons mus exis . In his s udy, we aim o iden i y hese easons and de e mine how
hey in luence he ac ual use o digi al paymen me hods in di e en Eu opean coun-
ies. To his end, we combine he TAM wi h he MLP. This p ocess allows us o expand
ou app oach and inco po a e indi idual and collec i e a iables.
Adop ion o cashless paymen asanindi idual p ocess
The ac o s ha in luence he accep ance and use o a echnology om an indi idual’s
pe spec i e ha e been ex ensi ely add essed h ough he TAM model. This model was
adap ed om Ajzen and Fishbein’s Theo y o Reasoned Ac ion (1980) and in oduced by
F ed Da is (1985, 1989).
The TAM posi s ha use s’ mo i a ion can be explained by h ee main ac o s: pe -
cei ed ease o use, pe cei ed use ulness, and a i ude owa d use (Da is 1989). The main
assump ion o his model is ha he accep ance o ejec ion o a echnology is p ima ily
de e mined by he use ’s a i ude owa d he use o ha echnology. A i ude is in lu-
enced by wo o he ac o s ela ed o use pe cep ion, ha is, pe cei ed use ulness and
pe cei ed ease o use, which also ha e a di ec impac on he o me . In gene al, he
TAM model allows us o analyze he speci ic ac o s ha make a echnology o sys em
accep able o unaccep able.
In he wen ie h cen u y, his model was applied in se e al indus ies, including
inance. In pa icula , TAM was applied o In e ne banking (A shan e al. 2018), mobile
banking (Chawla and Joshi 2018), and cashless paymen (Tan e al. 2014; Lai 2017; Sum-
e a and Wa dana 2018; Na a ajan e al. 2018; Sume a e al. 2019; Balak ishnan and
Shuib 2021).
Howe e , i s limi a ions should no be igno ed. Much o he c i icism o he TAM
model is ela ed o i s cu en use and how i is measu ed (Walldén e al. 2016). This
model is usually alida ed using a le el o in en ion o use a he han ac ual use (Ma hie-
son 1991; Chao 2019).
We ake he TAM model as a s a ing poin and adjus i by in oducing a iables ha
measu e ac ual usage a he han in en ion o o e come hese cons ain s. This c ucial
u ning poin allows us o e alua e he ac ual use o echnologies and o iden i y he
indi idual ac o s ha in luence hei use.
This analysis o cashless paymen usage is incomple e because he ex e nal a iables
capable o in luencing indi idual beha io we e igno ed (Malho a and Galle a 1999).
No ably, indi iduals’ ac ions in his con ex can only be ealized when he equisi e in a-
s uc u e sys ems (encompassing elec onic machines, he In e ne , and echnological
skills) a e unc ioning op imally. Consequen ly, an indi idual’s choice o emb ace cash-
less ansac ions is con ingen upon he con ex ual condi ions p e ailing in he ele an
coun y. In his case, he socioeconomic en i onmen is jus as signi ican , i no mo e,
in de e mining i s ui ion.
Social ans o ma ion owa dacashless economy
The cashless economy is much mo e han indi iduals’ decisions o use a new echnol-
ogy. A mul ile el app oach should be adop ed o unde s and he echnological ansi ion
p ocess (Geels 2002). Speci ically, Geels (2002) posi ed h ee le els (Fig.3).
Page 7 o 20
Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
The MLP is a amewo k o concep ualizing ansi ion p ocesses esul ing om he
in e ac ion o h ee analy ical le els (Kühl 2023). The mac o-le el o he landscape cap-
u es he slow-changing ex e nal social ac o s ha de e mine majo social ends. By
con as , he mic ole el accoun s o he indi idual ac o s ha d i e he gene a ion and
de elopmen o inno a ions (in ou p oposal, he use ’s a i ude and hei pe cep ions
abou he use o cashless paymen s). Be ween hese wo le els, he meso-le el e lec s
he ex en o echnological de elopmen ha enables he eme gence o new ends.
Physical and skill in as uc u es suppo hese ends.
This amewo k, which combines se e al le els o agg ega ion, allows he highe -le el
(coun y) and indi idual ac o s o in luence he adop ion o a new echnology o be cap-
u ed in a nes ed way. The ansi ion pa hway om one le el o ano he occu s h ough
dynamic in e ac ion wi h he o he wo le els. Inno a ion eme ging om he indi idual
le el can only augmen he p e ailing socio echnical egime i he b oad landscape is
a o able and suppo i e o such ans o ma i e changes (Geels 2005). The meso-le el
combines indi idual and g oup ac ions, esul ing in in e dependencies and he es ablish-
men o a echnical egime (Nelson and Win e 1977). The meso-le el analysis makes
esea ch highly consis en and cohe en by b idging he gap be ween he mic o- and
mac o-le els (Schenk e al. 2007).
Geels (2010) acknowledged ha socio echnical ansi ions a e mul idimensional phe-
nomena, making hem suscep ible o examina ion om a ious pe spec i es ac oss dis-
ciplines. This case ine i ably esul s in ce ain aspec s being highligh ed, whe eas o he s
a e le in he backg ound. Each amewo k is oo ed in an on ology, wi h each on ol-
ogy assuming a p ima y causal mechanism. Ou app oach is economic. Acco dingly, we
ocus on he necessa y esou ces (in as uc u es).
A secu e and eliable ne wo k plays a majo ole in expanding cashless paymen se -
ices. This ne wo k includes In e ne connec i i y, powe supply, cloud compu ing,
blockchain, and cybe secu i y. (Khando e al., 2020). Liao e al. (2022) no ed ha he
exis ing inequali ies in he use o digi al echnology should be unde s ood as a mul i-
dimensional phenomenon ha encompasses he accessibili y o in o ma ion and com-
munica ion echnologies (ICTs) and he capabili ies needed o use hem. The e o e, we
conside ha in as uc u e mus be unde s ood in a b oad sense. Physical in as uc-
u es a e no use ul wi hou hei abili y o be used. The e o e, he concep o in as uc-
u e includes he angible aspec s and he knowledge needed o use i .
Mic o-le el
(Indi iduals cha ac e iscs)
Mac o-le el
(landscape de elopmen s)
Meso-le el
(con ex a iables)
Fig. 3 Mul iple le els as a nes ed hie a chy. Sou ceGeels (2002: p. 1261)
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
De elopmen o hypo heses
In his pape , we concep ualize all model componen s om a mul ile el pe spec i e.
Speci ically, a he indi idual o mic ole el, we include he h ee main a iables o he
TAM model, which we adap o measu e he ac ual use o paymen me hods. Rega d-
ing he socio echnical amewo k o meso-le el, conside ing wha was men ioned in he
p e ious sec ion, wo con ex a iables a e con as ed: coun y- ela ed in as uc u e
and coun y- ela ed echnology skills.
A i ude owa dcashless paymen s
One o he ac o s ha may in luence indi iduals’ use o echnologies is hei a i ude
owa d new echnologies, ha is, he deg ee o which an indi idual alues using a ech-
nology posi i ely o nega i ely (Da is 1989). Mos s udies ag eed on he di ec ion o his
ela ionship bu no on how o measu e he a i ude a iable. This case is a complex con-
s uc . As Whi ley (1997) p edic ed, his case could p oduce bias and inconsis ency in
he esul s. Hence, we op ed o a mo e di ec a iable, ha is, he impo ance gi en o
es ablishmen s o e ing cash paymen sys ems o a oid biases. This a iable elimina es
he p oblems de i ed om mo i a ions ha in luence a i udes (cogni i e and a ec-
i e a i udes), such as belie s and sel -e icacy. I nega i e easons o belie s conce ning
cashless paymen s a e conside ed, hen people may be conce ned abou he paymen
op ion ha hey a e allowed o use. Cash paymen s a e less o a conce n i cashless pay-
men s a e o be used. The Eu opean Cen al Bank (ECB, 2020) examined his issue.
They showed a ba ie in people’s a i ude owa d paymen me hods, whe e he le el o
impo ance a ibu ed o ha ing he op ion o paying in cash e lec s a ba ie o using
cashless paymen s.
H1: The impo ance o ha ing he op ion o use cash nega i ely a ec s he use o cash-
less paymen s.
Pe cei ed use ulness
Pe cei ed use ulness can be de ined as people’s judgmen on whe he hei decision o
use a echnology is ad an ageous o hem (S occhi e al. 2019). Shi ing om adi ional
me hods o cashless paymen could be di icul because o swi ching cos s (Loh e al.
2021). Cos s may include cogni i e and emo ional e o , which can keep use s a ached
o ou da ed echnologies (Yen 2010). These uni cos s dec ease as he numbe o ans-
ac ions inc eases, whe eas he uni bene i s emain cons an .
We conside he deg ee o use o banking se ices and p oduc s o objec i y his ben-
e i o ad an age. Au azo and Vega (2021) dis inguished be ween “banked people” and
“unbanked people.” They ound ha banked people do no use cash o make only ma -
ginal use o i , whe eas unbanked people need cash o e e y hing. O he s udies ha e
shown ha cashless paymen s will become highly widesp ead as inancial inclusion
inc eases (Kuma e al., 2020). F ączek and U banek (2021) suppo ed his idea as hey
show he impo ance o inancial inclusion in online shopping and paymen s in passen-
ge anspo .
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
H2: The use o banking se ices and p oduc s posi i ely a ec s he use o cashless
paymen s.
Pe cei ed ease o use
Pe cei ed ease o use is a cons uc ela ed o indi iduals’ assessmen o he e o
in ol ed in using he sys em (Venka esh 2000). E o expec ancy is he ease o use
ela ed o he echnical ea u es o a sys em (Phan e al. 2020).
Technology should no only be accessible o use s. In his case, wo use s exis : buy-
e s and me chan s. Howe e , many esea che s ha e only examined he adop ion o a
cashless paymen sys em om a consume ’s pe spec i e. Insigh in o he beha io o
me chan s is lacking (Guo and Bouwman 2016). Ng (2018) ound ha shopping cen -
e s and ho els a ound shopping a eas ha e good c edi ca d co e age. Howe e , small
me chan s whe e ansac ions a e ypically less han $100 a e limi ed. One eason o
his is he cos o accep ance in he o m o he me chan discoun a e. Me chan s do
no wan o lose cus ome s; hus, as mo e use s use elec onic paymen s, addi ional
me chan s join he cashless paymen sys em (Au and Kau man 2008).
We selec ed he numbe o cashless means o paymen s ha can be accessed o
objec i y his a iable.
H3: The numbe o accessible cashless means o paymen posi i ely a ec s he use o
cashless paymen s.
Coun y‑ ela ed (physical andskill) in as uc u e
In addi ion o he abo e-men ioned ac o s, Da is (1993) acknowledged he exis ence o
se e al condi ions ha a ec he adop ion o a new echnology. Venka esh e al. (2003)
e e ed o hese as “ acili a ing condi ions.” The empi ical li e a u e has conside ed
indi idual ex e nal a iables. Howe e , b oade a iables ha e e o no only indi idu-
als bu also socio echnical amewo ks should be used. In his case, he uni o analysis
conside ed o such a iables is he coun y, as in Liébana-Cabanillas e al. (2014).
The con ex can acili a e o hinde he use o a echnology. A a o able con ex implies
adequa e echnological in as uc u e and educa ion in he coun y. In his way, we ag ee
wi h o he au ho s such as Ba ancea e al. (2023), ha he concep o in as uc u e is
mo e han jus physical elemen s.
Rega ding coun y- ela ed echnology in as uc u es, K üge and Sei z (2014, p.45)
concluded ha “in o de o p ocess paymen s an app op ia e in as uc u e is equi ed.”
Speci ically, hey no ed ha in Ge many, he limi ed use o c edi /debi ca ds is a leas
pa ly a ibu able o he unde de eloped accep ance in as uc u e. Howe e , his
no ion has no been empi ically e i ied. In as uc u e plays an impo an ole in mobile
comme ce (m-comme ce) as i is a co e componen o m-comme ce echnology (S a on
2001). Shaq ah (2017) empi ically alida ed in as uc u e as a de e minan o he use
o new echnology, in his case, e e ing o echnologies in he ield o educa ion. In
addi ion, in as uc u e is he p ima y d i e o e-paymen adop ion. The de elopmen
o eliable and e icien in as uc u es is essen ial o enable inno a i e digi al paymen
mechanisms ha a e use - iendly, secu e, and cos -e ec i e (Khiaona ong e al. 2021).
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
Me hodologically, we pionee ed he use o mul ile el eg ession o analyze TAM, hus
b idging he gap be ween heo e ical in en ions and p ac ical applica ion. Ou indings
emphasize ha ansi ioning o a cashless paymen economy equi es sys emic suppo
and policies. Success ul implemen a ion depends on an in eg a i e s a egy ha encom-
passes indi idual eadiness and obus na ional in as uc u e, ensu ing ha he cash-
less pa adigm ad ances ac oss di e se Eu opean con ex s. A dispa i y ac oss coun ies
exis s, e en wi hin he Eu opean con ex , and an indi idual- ocused analysis is insu i-
cien o add ess he inclusion o his inancial inno a ion. B oadening he analysis ocus
o include meso-le el a iables is impe a i e. Howe e , we employ da a on ac ual cash-
less use, no on he in en o use, as his may in oduce bias. This app oach allows us o
ob ain a highly accu a e iew o he deg ee o gene aliza ion o his means o paymen .
Limi a ions and u u e esea ch
Ou s udy is no wi hou limi a ions, which will undoub edly equi e u he esea ch.
The i s limi a ion ela es o he sample used. We used da a om 1yea (2019, he la es
a ailable). A longi udinal analysis will be necessa y o comple e he diagnos ic analysis
and de e mine he end in he use o cashless paymen s in Eu ope. Mo eo e , hese da a
e e o he pe iod be o e he COVID-19 pandemic. Hence, he e ec s o he associa ed
c isis a e no e lec ed. Gi en he magni ude o he c isis and he heal h and social impli-
ca ions o he use o cash, we a e con inced ha hese e ec s ha e been signi ican .
Technological ad ancemen has acili a ed he de elopmen o an inc easingly digi-
ized social li e. Hence, examining whe he his digi iza ion encou ages he adop ion o
cashless paymen s is c ucial. In line wi h his, a new esea ch line could ocus on de e -
mining whe he he de elopmen o gadge s (sma phones) d i es he cashless economy.
Mo eo e , u u e esea ch should explo e s a egies o ensu e inancial inclusion o
cash-dependen segmen s, such as he elde ly and hose wi h limi ed echnological li -
e acy o In e ne access. Examples include examining policies and in e en ions ha can
b idge he digi al di ide and ensu e ha ulne able popula ions a e no excluded om
he bene i s o cashless paymen s. Add essing hese gaps is essen ial o a uly inclusi e
inancial sys em ha can accommoda e he needs o all socie al g oups.
The da a a e limi ed o he Eu opean con ex , cons aining he empi ical esul s
o speci ic coun ies wi hin he EU. Ne e heless, we ecognize ha he me hodology
employed, wi h he selec ed mic o- and meso-de e minan s, can be eadily applied else-
whe e, pa icula ly in de eloped coun ies ha sha e simila socioeconomic cha ac e -
is ics wi hin a de ined ange, speci ically lowe le els o inancial inclusion. This s udy is
undoub edly a p omising sho - e m esea ch a ea and may yield in e es ing esul s.
Appendix1
See Table4 he e
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
Abb e ia ions
ATM Au oma ed elle machine
ECB Eu opean cen al bank
e‑paymen Elec onic paymen
GDP G oss domes ic p oduc
ICC In a‑class co ela ion coe icien
ICT In o ma ion and communica ion echnology
ITU In e na ional elecommunica ion union
MDR Me chan discoun a e
(MLP) Mul i‑le el pe spec i e
RQ Resea ch ques ion
TAM Technology accep ance model
Acknowledgemen s
We would like o hank edi o s, gues edi o s and anonymous e iewe s o hei help ul commen s.
Au ho con ibu ions
JDGM, LSJ & NSM designed he s udy. JDGM pe o med he measu emen s, LSJ & NSM we e in ol ed in planning and
supe ised he wo k, JDGM & NSM p ocessed he s a is ical da a and LSJ e iew he las s a is ical esul s. Each au ho
w i e one o he hypo hesis wi h he supe ision o o he s. JDGM, LSJ & NSM d a ed he manusc ip a e he in e p e a‑
ion o he esul s, also hey designed he igu es. All au ho s discussed he esul s, and ead and app o ed he inal
manusc ip .
Funding
Euskal He iko Unibe si a ea (UPV/EHU) ECRI E hics in Finance & Social Value GIU22/003 Fundación Emilio Solde illa pa a
la In es igación y el Desa ollo en Economía de la Emp esa (FESIDE) BOPV2020.
A ailabili y o da a and ma e ials
The da ase s analysed du ing he cu en s udy a e a ailable in: ECB (Eu opean Cen al Bank) (2020): S udy on he pay‑
men a i udes o consume s in he eu o a ea (SPACE). A ailable a : h ps:// www. ecb. eu opa. eu/ pub/ pd / o he / ecb. space
epo 2020 12~bb203 8bbb6. en. pd Eu os a . Indi iduals’ le el o digi al skills (un il 2019). A ailable a : h ps:// ec. eu opa.
eu/ eu os a / web/ p odu c s‑ da as e s/‑/ isoc_ sk_ dskl_i In e na ional Telecommunica ion Union (ITU). A ailable a : h ps://
www. i u. in / en/ ITU‑D/ S a i s ics/ Docum en s/ ac s/ Fac s Figu es2019_ 1. pd .
Decla a ions
Compe ing in e es s
The au ho s decla e ha hey ha e no compe ing in e es s.
Table 4 Technological In as uc u e by Coun y
Mobile-cellula
elephone
subsc ip ions pe
100 pop
Mobile-b oadband
subsc ip ions pe
100 pop
Fixed-b oadband
In e ne
subsc ip ions pe
100 pop
Indi iduals wi h a
leas basic le el o
digi al in in o ma ion
domain
Aus ia 123,5 88 28,4 82,1712
Bélgica 103,4 75,7 39,2 84,5167
Chip e 84,1 80,8 26,4 80,6966
Es onia 145,4 146,7 33,3 86,2685
España 115,9 98,5 32 83,0436
Finlandia 132,2 156,4 31,5 93,1198
F ancia 108,4 91,6 44,8 81,4588
G ecia 115,7 82 37,7 72,1968
I landa 103,2 103,8 29,7 84,6001
I alia 137,5 94,5 28 60,8606
Li uania 164,3 100,6 28,2 78,4893
Le onia 107,3 130,2 27,3 78,6787
Luxembu go 132,2 94 37,1 86,7217
Mal a 140,2 110,5 43,7 79,3953
Po ugal 115,6 73,8 36,9 69,2345
Eslo enia 118,7 77,7 29,5 78,6738
Eslo aquia 132,8 86 27,7 79,5473
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Ga cía‑Me inoe al. Financial Inno a ion (2025) 11:76
Recei ed: 5 Decembe 2024 Accep ed: 29 Decembe 2024
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Publishe ’s No e
Sp inge Na u e emains neu al wi h ega d o ju isdic ional claims in published maps and ins i u ional a ilia ions.
