The Financial Risks of Cashless Payment Methods Among SMEs in Nagcarlan Laguna: A Basis for a Proposed Financial Security Campaign

References

[1] A1Project Hub. (2020). An empirical analysis of factors affecting profitability of SMEs. Retrieved from https://project4topics.com/an-empirical-analysis-of-factors-affecting-profitability-of-smes/

[2] ABS-CBN News. (2020, August 21). Transport authorities tap PayMaya for 'cashless' push. Retrieved from ABSCBN News: https://news.abs- cbn.com/business/08/21/20/transport-authorities-tap-paymaya-for-cashless-push.

[3] Agarwal, H. (2022). Mobile banking security: 7 reasons why the apps you use are not safe. Appknox. Retrieved from https://www.appknox.com/blog/mobile-banking-security-unsafe-apps [Crossref]

[4] Agwu, M.E, (2018) Analysis of the impact of strategic management on the business performance of SMEs in Nigeria-ProQuest. (2018). Https://www.proquest.com/openview/1065e88e84b67d0f10e01eca82a8acaf/1?pq-origsite=gscholar&cbl=38745

[5] Alam, S., Md Salleh, M., Masukujjaman, M., Al-Shaikh, M., Makmor, N., & Makhbul, Z. (2022). Relationship between Entrepreneurial Orientation and Business Performance among Malay-Owned SMEs in Malaysia: A PLS Analysis. Sustainability, 14(10), 6308. MDPI AG. Retrieved from http://dx.doi.org/10.3390/su14106308

[6] Alzoubi, H., Alshurideh, M., Kurdi, B., Alhyasat, K. & Ghazal, T. (2022). The effect of e-payment and online shopping on sales growth: Evidence from banking industry. International Journal of Data and Network Science, 6(4), 1369- 1380.

[7] Amoah, S. K., & Amoah, A. K. (2018). The role of small and medium enterprises (SMEs) to employment in Ghana. International Journal of Business and Economics Research, 7(5), 151-157.

[8] Anaviso, P. (2022). Cash vs. credit card: should you go cashless? https://www.moneymax.ph/credit-card/articles/cash-vs-creditcard?fbclid=IwAR2QUN21rU9uuOt1kZHMpzKWocNMQ7Y2ihjeJ5rA pZ6eVGzDV86OHJVAmLs [Crossref]

[9] Asian Development Bank. (2021). Asian economic integration report 2021: making digital platforms work for asia and the pacific. manila. http://dx.doi.org/10.22617/TCS210048-2.

[10] Aydiner, A. S., Tatoglu, E., Bayraktar, E., Zaim, S., & Delen, D. (2019). Business analytics and firm performance: The mediating role of business process performance. Journal of Business Research, 96, 228–237. https://doi.org/10.1016/j.jbusres.2018.11.028

[11] Bhandari, P. (2022). Population vs. sample | definitions, differences & examples. Scribbr. Retrieved from https://www.scribbr.com/methodology/population- vs-sample/

[12] Belas, J., Gavurova, B., & Toth, P. (2018). Impact of selected characteristics of SMES on the capital structure. Journal of Business Economics and Management.

[13] Cacas, A., Diongson, M. a. A., Olita, G., & Perkins, R. (2022). Influencing factors on mobile wallet adoption in the Philippines: generation x’s behavioral intention to use GCash services. journal of business and management studies, 4(1), 149–156. https://doi.org/10.32996/jbms.2022.4.1.18

[14] Cao, T. (2021). The Study of Factors on the Small and medium Enterprises’ adoption of Mobile Payment: Implications for the COVID-19 Era. Frontiers in Public Health, 9. https://doi.org/10.3389/fpubh.2021.646592

[15] Contributor, C. (2020). The importance of company manpower. small business-chron.com. https://smallbusiness.chron.com/importance-company- manpower-23763.html

[16] Cronuts. (2021). Problems when there is an increase in staff numbers - Blegal.eu.Blegal.eu. https://www.blegal.eu/en/problems-when-there-is-an- increase-in-staff-numbers/ [Crossref]

[17] DeBacker, J., Panousi, V., & Ramnath, S. (2023). A risky venture: income dynamics among pass-through business owners. American Economic Journal: Macroeconomics, 15(1), 444–474. https://doi.org/10.1257/mac.20200134

[18] Delos Reyes, J. M., Dural, L. M., Mangaoang, J. S., Victor, G. M., & Borres, R. (2021). An application of analytical hierarchy process in the comparison of the use of gcash, paymaya, and debit card applications as a payment option in the philippines.

[19] De Leon, E. A. (2018). PayPal study reveals more Filipinos are now shopping online. Newsbytes.PH. https://newsbytes.ph/2018/07/01/paypal-study-reveals- more-filipinos-are-now-shopping-online-2/

[20] Dinar, L., Widayaningsih, N., Gunawan, D. S., & Yaramai, J., (2021). Factors Affecting Business Income of Empal Gentong in Cirebon City. Eko-Regional, 16(2). https://doi.org/10.20884/1.erjpe.2021.16.2.1847

[21] D Mahbub. (2023, September 25). Dangers of a cashless society you need to consider-Digital Mahbub.DigitalMahbub. https://digitalmahbub.com/dangers-of-a-cashless- society/#:~:text=Fraudulent%20activities%20like%20identity%20theft%20and%20phishing%20scams,identity%20theft%20and%20phishing%20scam s%20can%20also%20occur.

[22] Dotong, E. (2019). Cashing in on cashless commerce: analyzing the cashless transaction in the Philippine supermarket through consumer satisfaction. international journal of business research and development. 1. 19-31.

[23] Dr. S. Yuvaraj and Sheila Eveline. N, (2018) Consumers’ Perception towards Cashless Transactions and Information Security in the Digital Economy, International Journal of Mechanical Engineering and Technology, 9(7), 2018, pp. 89–96

[24] Durai, T., & G, S. (2019). Digital finance and its impact on financial inclusion. ResearchGate. https://www.researchgate.net/publication/330933079_DIGITAL_FINANCE_ AND_ITS_IMPACT_ON_FINANCIAL_INCLUSION

[25] Eli. (2019). GCash serves more Filipinos for cashless transactions making them the preferred E-wallet provider.ElifestyleManila.com. https://www.elifestylemanila.com/gcash-serves-more-filipinos-for-cashless-transactions-making-them-the-preferred-e-wallet- provider/?fbclid=IwAR0q8inPNyOc9QInPF1TCL6HajpalMKBry4XofO0uXz RCU6N9FhuJCY0iT0

[26] Espeleta, R. (2022). Utilization of standard electronic payment system among private higher education institutions in the province of Albay. JPAIR Multidisciplinary Research. 50. 140-158. 10.7719/jpairv50i1.571.

[27] Gunu, U., & Adamade, S. S. (2018). The relationship between firm age and financial performancein Nigeria:a panel analysis. Journal ofsustainable Development in Africa. https://jsd-africa.com/Jsda/V17No3-Smr15A/PDF/The%20Relationship%20between%20firm%20age%20%20and%20financial%20performance%20in%20Nigeria3.pdf

[28] Gupta, R. (2019). Cash vs. cashless: which is best for the world. Via News. https://via.news/economy/cash-vs-cashless-which-is-best/

[29] Hani, A., & Hani, A. (2021). E-Payments continue to drive the philippine economy post-pandemic-openGov Asia. OpenGov Asia-. https://opengovasia.com/e-payments-continue-to-drive-the-philippine-economy-post-pandemic/

[30] Haralayya, B. (2021). Dr bhadrappa haralayya. Journal of Advanced Research in Quality Control and Management 6 (1), 16-18, 2021, 1. https://doi.org/10.17632/v23njvfc2p.1

[31] Harb, A. S. M. (2019). The impact of profitability and financial performance on improving productive efficiencyin Jordanian industrial companies. https://www.abacademies.org/articles/the-impact-of-profitability-and- financial-performance-on-improving-productive-efficiency-in-jordanian- industrial-companies-8465.html

[32] Hassan, A., Shukur, Z., Hasan, M. K., & Al-Khaleefa, A. S. (2020). A review on electronic payments security. Symmetry, 12(8), 1344. https://doi.org/10.3390/sym12081344

[33] Hood, B. (2021). Bank Transfers: Are they safe to use for sending money? suits me®. https://suitsmecard.com/blog/bank-transfers-are-they-safe-to-use-for- sending-money

[34] INQUIRER.net BrandRoom. (2021). PayMaya leads the way to a “Cashless Philippines” in 2020 and beyond | Inquirer Business. INQUIRER.net. https://business.inquirer.net/315176/paymaya-leads-the-way-to-a-cashless-philippines-in-2020-and-beyond

[35] Kadjie, C. F., Hikouatcha, P., Kengdo, A. a. N., & Nchofoung, T. N. (2022). Determinants of adoption of electronic payment by small and medium-sized enterprises (SMEs) in Cameroon. African Journal of Science, Technology, Innovation and Development, 1–13. https://doi.org/10.1080/20421338.2022.2058340

[36] KantarPublic.(2022).Study onNew digital paymentmethods. https://www.ecb.europa.eu/paym/digital_euro/investigation/profuse/shared/files/dedocs/ecb.dedocs220330_report.en.pdf&ved=2ahUKEwjhiqm3krD-AhU5o1YBHYASCJc4FBAWegQIHhAB&usg=AOvVaw0qbRWiPxKZfpCBh s6R2lsI

[37] Kim, S. S. (2020). Purchase intention in the online open market: Do concerns for E- Commercereally matter? Sustainability, 12(3), 773. https://doi.org/10.3390/su12030773

[38] Lucas, D. L. (2020). Pandemic accelerated PH consumers’ shift from cash to digital payments| Inquirer Business. INQUIRER.net. https://business.inquirer.net/311579/pandemic-accelerated-ph-consumers-shift-from-cash-to-digital-payments

[39] Manickam, T., & Subramanian, S. M. (2019). Effect of cashless payment methods: a case study perspective analysis. ResearchGate. https://www.researchgate.net/publication/344198737_Effect_Of_Cashless_ Payment_Methods_A_Case_Study_Perspective_Analysis [Crossref]

[40] McCombes, S. (2022). Descriptive Research | Definition, Types, Methods & Examples. Scribbr. Retrieved April 25, 2023, from https://www.scribbr.com/methodology/descriptive-research/ [Crossref]

[41] Mohamed, M. et., al. (2020). Customer acceptance of cashless payment in Kemaman. https://tatiuc.edu.my/ijset/index.php/ijset/article/view/15

[42] abila, A. S. N., Oktavianti, F. T., & Putri, N. (2022). Using Paypal as e-payment in the international payment system. asian economic and Business Development, 4(1), 14–19. https://doi.org/10.54204/aebd/vol4no1july2022003

[43] Naeem, M., & Ozuem, W. (2021). The role of social media in internet banking transition during COVID-19 pandemic: Using multiple methods and sources in qualitative research. Journal of Retailing and Consumer Services, 60, 102483. https://doi.org/10.1016/j.jretconser.2021.102483

[44] Nawaiseh, M. A. (2020). The effect of firm’s age, size and growth on its profitability: Evidence from Jordan. CORE Reader. https://core.ac.uk/reader/304991380

[45] Newmyer, T., & Tan, E. (2023, August 7). PayPal launches digital token in push to capture crypto payments. Washington Post. https://www.washingtonpost.com/business/2023/08/07/paypal-stablecoin- crypto/

[46] Newsbytes.PH. (2020, July 31). PH schools adopt cashless payment scheme via PayMaya. Retrieved from Newsbytes.PH: https://newsbytes.ph/2020/07/31/ph-schools-adopt-cashlesspayment- scheme-via-paymaya/

[47] https://newsbytes.ph/2020/07/31/ph-schools-adopt-cashless-payment-scheme-via- paymaya/

[48] Pageone, & Pageone. (2019). GCash strengthens dominance in ph | pageone. pageone | conversations Start Retrieved from https://pageone.ph/gcash- strengthens-dominance-in-ph/

[49] Paing, H. H. (2020). Factors influencing the usage of credit card of private bank staff. 14th international conference of Yue, komyra, KHU & KTRA (pp. 1-12). Yangon: Yangon University of Economics.

[50] Pallister, B. (2023). Whatis Correlational Research Design?Innovolo. https://innovolo-group.com/market-research-terminology/market-research-glossary-c/what-is-correlational-research-design/

[51] PayPal. (2021, April 9). Measuring the impact of PayPal’s enterprise solutions. PayPal. https://www.paypal.com/us/brc/article/measuring-business-impact [Crossref]

[52] Phan, T. D., Nguyen, T. T., & Hoang, T. T. (2022). Impact of income diversification on the business performance of Vietnamese commercial banks. Cogent Business & Management,9(1). https://doi.org/10.1080/23311975.2022.2132592

[53] PutriSKGmAB, M. K., & Sumitra, I. D. (2020). The effect of using a digital wallet for small business. IOP Conference Series, 879, 012013. https://doi.org/10.1088/1757-899x/879/1/012013

[54] Qureshi, J. a. Q. &. S. B. &. M. A. (2018). Consumers’ attitude towards usage of debit and credit cards: Evidences from the Digital Economy of Pakistan. ideas.repec.org. https://ideas.repec.org/a/eco/journ1/2018-05-29.html

[55] Rahman, M., Ismail, I., Bahri, S., & Rahman, M. K. (2022). An empirical analysis of cashless payment systems for business transactions. journal of open innovation, 8(4), 213. https://doi.org/10.3390/joitmc8040213

[56] Sepino, F., & Garcia-Vigonte, F. (2022). The Study on Circular Flow of Income in the Barangay Micro Business Enterprises. Social Science Research Network. https://doi.org/10.2139/ssrn.4123101

[57] Sinambela, E. A. (2021). The role of business capital, level of education, and technology in increasing businessincome. https://sisi.thejurnals.com/index.php/sisi/article/view/7

[58] Singh, C. (2022). India's Success with the Digital Payment System. Management Journal for Advanced Research, 2, 32-38.

[59] Singhraul, B. P., & Garwal, Y. S. (2018). Cashless economy–challenges and opportunities in India. Pacific Business Review International, 10(9), 54-63.

[60] S. Khatri, A. Arora and A. P. Agrawal. (2023). "Supervised Machine Learning Algorithms for Credit Card Fraud Detection: A Comparison," 2020 10th International Conference on Cloud Computing, Data Science & Engineering (Confluence), Noida, India, 2020, pp. 680-683, doi: 10.1109/Confluence47617.2020.9057851.https://ieeexplore.ieee.org/abstra ct/document/9057851

[61] Srouji, J. (2020). Digital payments, the cashless economy, and financial inclusion in the United Arab Emirates: Why is everyone still transacting in cash? Journal of Risk and Financial Management, 13(11), 260. https://doi.org/10.3390/jrfm13110260

[62] Susanto, E. H., Solikin, I., & Purnomo, B. (2022). A REVIEW OF DIGITAL PAYMENT ADOPTION IN ASIA. ADVANCED INTERNATIONAL JOURNAL OF BUSINESS, ENTREPRENEURSHIP AND SME’s, 4(11), 01–15. https://doi.org/10.35631/aijbes.411001

[63] Talavera, C. (2021). PayMaya customers reach 28 million. Philstar.com. https://www.philstar.com/business/2021/01/01/2067436/paymaya- customers-reach-28-million [Crossref]

[64] TechAhead. (2023). Essentials features that drive mobile payment app like PayPal. Retrieved from https://www.techaheadcorp.com/blog/paypal-app-features/

[65] Titalessy, P. B. (2020). Cashless Payments and its Impact on Inflation. Advances in Social Sciences Research Journal. https://doi.org/10.14738/assrj.79.9074

[66] Trencansky, D., & Tsaparlidis, D. (n.d.). The effects of company´s age, size and type of industry on the level of CSR. https://www.diva- portal.org/smash/get/diva2: 757602/FULLTEXT01.pdf

[67] VAndal, M. D. (2021, July 1). A DETAILED STUDY ON DEBIT CARDS AND USAGE OF VARIOUS DEBIT CARDS IN CHENNAI CITY. https://www.tojqi.net/index.php/journal/article/view/2026 [Crossref]

[68] Victory, G. (2022). Use Of Digital Payment for Micro, Small and Medium Enterprises (MSMEs).

[69] Woźniak, M., Duda, J., Gąsior, A., & Bernat, T. (2019). Relations of GDP growth and development of SMEs in Poland. Procedia Computer Science, 159, 2470-2480

[70] Yan Zheng L. (2021). Gcash – innovations to promote financial inclusivity. Sustainable finance through fintechsolutions. Retrieved from https://twimbit.com/insights/gcash-transforming- filipinos?fbclid=IwAR2BKDmKEHNqApWCOb5WnEms0hew-NKVaSYD6MUkI0XJ4w42KFQa5vUPzUA

@article{1705763,
      author = {Capistrano, Rovic P., Macatuay, Joan Dane C., Paruan, Ashly Marie T.; Rosario, Genalyn C.; Alano, Kaye V., Araw, Mary Ann Joy M.; Darang, Angelalyn L.; Mera?a, Monica Anne, Nazario, Katleen A.; Velante, Zyriel Anne; Dr. Norayda M. Dimaculangan},
      title = {The Financial Risks of Cashless Payment Methods Among SMEs in Nagcarlan Laguna: A Basis for a Proposed Financial Security Campaign},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {7},
      number = {11},
      pages = {150-162},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1705763.pdf},
      abstract = {Numerous books, articles, and research have been written about the effects of cashless payments on customer behavior. However, fewer research has been done to evaluate how the aforementioned payment method affects a company's financial risks. This study aimed to determine the relationship between business profile and financial risks of cashless payment methods among Small and Medium Enterprises in Nagcarlan, Laguna. The study also investigated the relationship between the business profile of SMEs and the financial risks of cashless payment methods. A descriptive-correlational method of research in a quantitative design was used to determine correlation between variables. The instrument was validated through a Cronbach alpha, resulted in 0.90, 0.73 and 0.72 which indicates a good and acceptable index of reliability. Survey questionnaires served as a tool to draw facts about the relationship between business profile and financial risks in the SMEs. Based on the research findings, most of the business profiles (years of operation, number of employees, and monthly income) does not correlate to the financial risks of using cashless payment methods, particularly fraudulent transactions and liquidity risks. Hence, only the type of cashless payment methods correlates to the financial risks of cashless payment methods. The researchers proposed an action plan primarily focused on various campaign that will serve as an awareness to the small and medium enterprises. The study will provide valuable insights for small and medium-sized enterprises and serve as the basis for strategies to reduce the financial risks associated with cashless payment methods. This research opens avenues for future research by conducting an analysis on a particular cashless payment method regarding its weaknesses and cyber security aspects to use as a basis for creating strong security measures.},
      keywords = {SMEs, financial risks, cashless payment methods, financial security, business profile, years of operation, number of employees, estimated income, gcash, paymaya, bank transfer, paypal, debit cards, fraudulent transactions, security risk, liquidity risk},
      month = {May},
  }