An Evaluation of Cashless Payment Technologies Adoption and Acceptance in the Banking Sector: A Case Study of the Commercial Bank of Ethiopia

Abstract

Recently, there has been a striking rise in the usage of non-cash payment methods, and research
has followed a similar trajectory, particularly when examining the variables impacting the uptake
and efficacy of e-commerce in the banking sector. Yet, compared to the traditional over-thecounter service, nothing has been done to establish these aspects and the growth of cashless
banking in Ethiopia. This study set out to assess how widely used and favored cashless banking
technology is among Ethiopia's commercial banks. The study is based on information acquired
through a questionnaire from four Commercial Bank of Ethiopia areas. A purposeful sampling
method is employed to draw the sample from the population. Both quantitative and qualitative
research approaches are employed. The findings of this study revealed that age, income,
usefulness, perceived risk, perceived cost, and ease of use had a great influence on cashless
banking adoption. The study recommended that the Commercial Bank of Ethiopia increase
security for E-banking products and create deep community awareness about banking technology,
while the government should support the banking sector by facilitating sufficient infrastructure
and development and issuing clear and workable legal frameworks to ease the adoption and
growth of cashless banking services in Ethiopia.