Authors - Ovia Rizvi, Sadman Kabir, Md. Tafshir Jaman Takib, Abir Sen Gupta, Sayra Islam Saki, S.M. Sayem Abstract - The global shift toward cashless payment systems has transformed financial transactions, yet adoption in developing countries such as Bangladesh remains limited. This study investigates the determinants of cashless payment adoption in Bangladesh by examining user perceptions and behavioral drivers. Drawing on survey-based evidence from 369 respondents, the PLS-SEM analysis identifies facilitating conditions, perceived security, initial trust and intrinsic motivation as the most influential factors shaping adoption. In contrast, digital financial literacy, social influence and IT innovation acceptance were found to have little impact, suggesting that peer effects and novelty alone do not encourage sustained use. Moreover, initial trust and intrinsic motivation showed significant mediating impact between the drivers and the adoption of cashless payment systems. The findings highlight the importance of robust infrastructure, strong security protocols and user-centric design in promoting digital financial inclusion. Policy implications emphasize collaborative efforts by regulators and service providers to expand infrastructure, enforce cybersecurity standards and foster user trust. These measures are critical for accelerating Bangladesh’s transition toward a secure and inclusive cashless society.
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