In Internet-based electronic money transfer systems (EMTS) (Khan,

            In the earlier
6,000 BC, before the existence of money, bartering system is the oldest payment
method which the smaller commodities like dried corn and fur, salt, cattle and
human skulls were being used by people as a form of payment to exchange of the
merchandise for another merchandise (RIJUL,
2016 – 2017). Until the 100 BC, the first coins were produced in Britain (RIJUL, 2016 – 2017) and were primarily used for the
transactions as a form of money (Khan, 2011). Subsequently, the golds had
become the ‘running cash notes’ because of its value (RIJUL, 2016 – 2017). In the 19th century,
the paper notes started to use for the daily transactions in the domestic
market and followed by the widespread use of the cheques by those merchant
traders in the 20th century (Khan, 2011).

Over the centuries, the form of money as well as the
payment system has been changing over time (Susanne, 2001),
which is from the coins form to the paper cash form, then it has evolved to the
formless form such as the plastic cards (credit and debit cards), Electronic
Fund Transfer and Internet banking, making the consumer’s payment more
convenient and efficient (RIJUL,
2016-2017). As a result of the technology advancement, a number of latest
payment methods has also emerged in the market such as PayPal, Google Wallet,
Apple Wallet, Bit Coin and others mobile payment due to the innovations in the
technology which has offered some advantages to the consumers in terms of the costs,
convenient as well as security (RIJUL,
2016-2017). Hence, these technology innovations have an important role in
developing the cashless society by changing the consumer’s perceptions and
experiences towards different modes of payment, which is moving towards “cashless”.

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In the past few years ago, the online payment
systems have been developed in a wide variety (Koponen, 2006) and one of the latest
system is the Internet-based electronic money transfer systems (EMTS) (Khan,
2011). EMTS is utilising the card-based information, radio frequency
identification devices (RFID), which normally attached to phone and also the
web-based technology to direct the specific instructions of transferring the
funds from one account to another (Khan, 2011). Besides, EMTS also enables the
amount of manual processing being reduced and improved in the immediacy of
transfers, which leads to the increasing in the consumer’s acceptance of EMTS as
well as the usage of the debit and credit cards (Khan, 2011). This has led the
researchers to figure out the mode of payment used could actually affect the
consumer’s perceptions of spending thus their purchase behaviour, and these
perceptions vary across different mode of payments used (Khan, 2015).

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