CASHLESS… AND HELPLESS? A QUALITATIVE STUDY OF ELDERLY SINGAPOREANS’ READINESS TO ADOPT MOBILE PAYMENT AMID SINGAPORE’S TRANSITION TO A CASHLESS SOCIETY

Abstract

As Singapore accelerates its drive towards a cashless society and promotes greater use of mobile payment (m-payment), a group that will inadvertently be affected is the elderly. Comprising nearly 10% of the population, the elderly - defined as individuals aged 65 and above - were mostly born and raised in an era when cash was the primary mode of payment and the use of technology was significantly less widespread. While multiple studies have examined the factors driving the adoption of m-payment in recent years, literature looking into the elderly’s readiness to adopt the technology in the first place - in Singapore or elsewhere - is practically non-existent. Recognising the importance of confidence, this study represents the first attempt to explore the factors shaping the confidence of elderly Singaporeans when it comes to their ability to adopt m-payment, in addition to the concerns and worries they have with regard to the adoption of the technology. In exploring these two areas, this study hopes to generate findings that provide a rounded and comprehensive understanding of the elderly’s readiness to embrace m-payment, inspiring and informing policies and initiatives to heighten their feeling of readiness as the country surges ahead in its drive towards cashlessness. Interviews with 27 elderly Singaporeans aged 65 and above revealed security and privacy to be a concern, with many expressing distrust towards m-payment applications, specifically the requirement of their bank account details and the possibility of hacking. The elderly-unfriendliness of existing mobile devices and m-payment applications emerged as another concern as majority of the participants bemoaned the small size and incomprehensibility of information displayed on these applications. The study also found participants’ social support, past experiences with technology, and attitude towards old age, to be factors influencing their confidence in their ability to adopt m-payment. The findings of the study support, and hence validate, Bandura’s Theory of Reciprocal Determinism. They are also consistent with Bandura’s Four Sources of Self-Efficacy, a model that identifies four factors influencing an individual’s self-efficacy, or, more commonly known as confidence. The study’s focus on the elderly, however, yielded interesting nuances that suggest modifications be made to the model when applied in the context of the elderly. Recommendations are proposed based on these findings.