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DPS 2.0: on the road to a cashless society

Author

Listed:
  • Nwamaka A. Anaza

    (Southern Illinois University Carbondale)

  • Delancy H. S. Bennett

    (Howard University)

  • Yana Andonova

    (Murray State University)

  • Emeka Anaza

    (James Madison University)

Abstract

While cash will eventually become a thing of the past, marketing researchers have given little attention to the rise of cashless markets and the obstacles and opportunities they present. In fact, research that addresses the strategic approach to planning, coordinating, and executing the cashless adoption and experience for consumers is scant. To stimulate discussion and scholarly investigations into marketing’s contribution toward the evolution of cashless economies, this Idea Corner presents a research agenda that delineates the role of DPS 2.0, a new era of digital payment systems, in fueling the demonetization process. We offer that, compared to traditional payment systems (DPS 1.0), DPS 2.0 provides consumers and merchants cashless, virtual, automated, flexible, faster, and interoperable (The ability of DPS 2.0 systems to be compatible and operable across providers, software, and payment portals) means of payment. However, the promise of DPS 2.0 is clouded with concerns of opportunism, security, and fraud. This paper outlines these issues and provides corresponding future research opportunities within five areas of DPS 2.0 (digital wallets, cryptocurrency, virtual currency, facial recognition, and mobile payments).

Suggested Citation

  • Nwamaka A. Anaza & Delancy H. S. Bennett & Yana Andonova & Emeka Anaza, 2022. "DPS 2.0: on the road to a cashless society," Marketing Letters, Springer, vol. 33(4), pages 693-704, December.
    • Handle: RePEc:kap:mktlet:v:33:y:2022:i:4:d:10.1007_s11002-022-09641-8
    DOI: 10.1007/s11002-022-09641-8
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    References listed on IDEAS

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    1. Mark R. Gleim & Jennifer L. Stevens, 2021. "Blockchain: a game changer for marketers?," Marketing Letters, Springer, vol. 32(1), pages 123-128, March.
    2. Andrzej Cwynar & Beata Świecka & Kamil Filipek & Robert Porzak, 2022. "Consumers' knowledge of cashless payments: Development, validation, and usability of a measurement scale," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(2), pages 640-665, June.
    3. Joowon Park & Clarence Lee & Manoj Thomas, 2021. "Why Do Cashless Payments Increase Unhealthy Consumption? The Decision-Risk Inattention Hypothesis," Journal of the Association for Consumer Research, University of Chicago Press, vol. 6(1), pages 21-32.
    4. Mr. Tanai Khiaonarong & David Humphrey, 2019. "Cash Use Across Countries and the Demand for Central Bank Digital Currency," IMF Working Papers 2019/046, International Monetary Fund.
    5. Khiaonarong, Tanai & Humphrey, David, 2019. "Cash use across countries and the demand for central bank digital currency," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(1), pages 32-46, March.
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