The financial landscape in Sri Lanka is undergoing a significant
transformation as institutions increasingly adopt cashless payment methods.
This shift aims to reduce reliance on physical cash within the economy and
implement new regulatory frameworks, profoundly affecting cultural
practices. Cashless payment systems provide users with enhanced
convenience, security, and efficiency, appealing particularly to Generation X
and Generation Y, who are moving away from traditional paper currency.
Furthermore, global economies are also adopting cashless policies to
streamline their financial ecosystems. This study investigates the influence of
perceived ease of use, perceived usefulness, perceived trust, and perceived
user mobility on the adoption of mobile wallets (M wallets) as a preferred
mobile payment channel. Data were collected via a questionnaire from a
sample of 128 respondents selected through simple random sampling.
Analysis conducted with IBM SPSS 25.0 revealed that all examined factors
demonstrate a moderate positive relationship with customer adoption of M
wallets. However, this research has limitations, including a relatively small
sample size that may not fully represent the broader population and reliance
on self-reported data, which could introduce bias. Future research should
explore barriers to adoption in rural areas, conduct longitudinal studies to
assess changes over time and examine the impact of government policies on
cashless payment adoption to enhance digital financial inclusion in Sri
Lanka. The findings provide valuable insights for M wallet providers,
enabling them to evaluate potential returns on future investments in this
sector.
