Consumers' readiness assessment model towards realizing a cashless economy in Uganda.

Abstract

The transition to a cashless economy represents a transformative shift in global financial systems, driven by technological advancements and changing consumer behaviors. This study explores consumer readiness for realizing a cashless economy in Uganda, examining the adoption of digital payments both globally and locally, with a sector-specific focus. Using a quantitative research approach, data were collected from 400 respondents through surveys to identify the factors influencing consumer readiness. The study investigates the role of various factors, including optimism, innovativeness, discomfort, and usage barriers, while also exploring the moderating effects of demographic variables such as age, gender, and education. The findings provide critical insights into the enablers and inhibitors of digital payment adoption, contributing to the broader understanding of consumer behavior in the context of financial digitization. This research offers valuable recommendations for policymakers, financial institutions, and technology providers to address barriers and enhance consumer readiness, supporting Uganda’s transition towards a cashless economy.