A study on cashless payments and its impact on economic growth/ Nur Aisyah Rijal

This study explores the relationship between cashless payments and their economic impact in Hong Kong, Thailand, South Korea, Vietnam, and Malaysia between 2010 and 2020. The Panel Ordinary Least Square (OLS) regression model is used to examine the within- and between-country effects of adopting remittance (via telegraphic transfer), card payment, and cheque payment in these selected countries. The findings indicate that cashless payment has a sizable impact on Hong Kong, Thailand, South Korea, Vietnam, and Malaysia. Specifically, remittance inflows on economic growth were discovered, whereas card and cheque payments have no impact on economic growth. As a recommendation, Hong Kong, Thailand, South Korea, Vietnam, and Malaysia should intensify their efforts to promote cashless payments, emphasising remittance inflows, which have the most significant positive impact on economic growth. Thus, the country would benefit from a cashless economy.