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28-07-2022 | Idea Corner

DPS 2.0: on the road to a cashless society

Authors: Nwamaka A. Anaza, Delancy H. S. Bennett, Yana Andonova, Emeka Anaza

Published in: Marketing Letters | Issue 4/2022

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Abstract

While cash will eventually become a thing of the past, marketing researchers have given little attention to the rise of cashless markets and the obstacles and opportunities they present. In fact, research that addresses the strategic approach to planning, coordinating, and executing the cashless adoption and experience for consumers is scant. To stimulate discussion and scholarly investigations into marketing’s contribution toward the evolution of cashless economies, this Idea Corner presents a research agenda that delineates the role of DPS 2.0, a new era of digital payment systems, in fueling the demonetization process. We offer that, compared to traditional payment systems (DPS 1.0), DPS 2.0 provides consumers and merchants cashless, virtual, automated, flexible, faster, and interoperable (The ability of DPS 2.0 systems to be compatible and operable across providers, software, and payment portals) means of payment. However, the promise of DPS 2.0 is clouded with concerns of opportunism, security, and fraud. This paper outlines these issues and provides corresponding future research opportunities within five areas of DPS 2.0 (digital wallets, cryptocurrency, virtual currency, facial recognition, and mobile payments).

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Footnotes
1
Contactless payments and virtual credit cards are categories of DPS 2.0 not discussed.
 
3
Mobile payment systems are also operable with the hardware provided by the company.
 
Literature
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go back to reference Moriuchi, E. (2021). An empirical study of consumers’ intention to use biometric facial recognition as a payment method. Psychology & Marketing, 38(10), 1741–1765.CrossRef Moriuchi, E. (2021). An empirical study of consumers’ intention to use biometric facial recognition as a payment method. Psychology & Marketing, 38(10), 1741–1765.CrossRef
go back to reference Park, J., Lee, C., & Thomas, M. (2021). Why do cashless payments increase unhealthy consumption? The decision-risk inattention hypothesis. Journal of the Association for Consumer Research, 6(1), 21–32.CrossRef Park, J., Lee, C., & Thomas, M. (2021). Why do cashless payments increase unhealthy consumption? The decision-risk inattention hypothesis. Journal of the Association for Consumer Research, 6(1), 21–32.CrossRef
Metadata
Title
DPS 2.0: on the road to a cashless society
Authors
Nwamaka A. Anaza
Delancy H. S. Bennett
Yana Andonova
Emeka Anaza
Publication date
28-07-2022
Publisher
Springer US
Published in
Marketing Letters / Issue 4/2022
Print ISSN: 0923-0645
Electronic ISSN: 1573-059X
DOI
https://doi.org/10.1007/s11002-022-09641-8