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ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025

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The Moderating Role if Islamic Marketing Mix (7ps) in Cashless

Payment Adoption for Sustainable Digital Growth

Nurin Sofiya Mohamad Nadzli

, Muhamad Hasif Yahaya

, Izzah Nur Aida Zur Raffar

Academy of Contemporary Islamic Studies, university Technology MARA, 78000 Melaka, Malaysia

Academy of Contemporary Islamic Studies, University Technology MARA, 40450 Shah Alam,

Malaysia,

*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.910000629

Received: 25 October 2025; Accepted: 29 October 2025; Published: 19 November 2025

ABSTRACT

E-wallets, QR payments, and online banking, among other cashless payment technologies, are transforming the

financial sector, which is in line with the Sustainable Development Goals (SDG). However, there is low

penetration of cashless payment adoption among Malaysians compared to other nations. The cashless system

has more benefits, but not all customers or businesses want to use it, and some may find it hard to stop using

cash. Thus, the objective of this concept is to propose a conceptual model that includes the elements that led

Malaysians to embrace a cashless payment system. The Theory of Acceptance and Use of Technology 2

(UTAUT2) and the 7Ps of the Islamic Marketing Mix have been applied in this study. The proposed conceptual

model in this study could play a fundamental role in enhancing economic development in Malaysia, particularly

regarding cashless payment systems, and therefore provides opportunities for further empirical research.

Keywords— Adoption, Cashless Payment, Islamic Marketing Mix, Sustainable Development Goals, UTAUT2

INTRODUCTION

In global contemporary times, advanced technology and digitalisation have enabled companies to store vast

amounts of data more effectively, offer better information management, become interactive with users

(communicate with consumers), and provide various financial services online. The evolution of advanced

technology created one milestone of convenience after another, especially nowadays, which is known as FinTech

(Chemmanur et al., 2020). Because of this, cash is no longer prioritised by people whereby the internet-enabled

alternative payment methods, known as cashless payment system are deemed booming in nations. FinTech

enhancements have introduced diverse types of cashless payment methods which commonly include mobile

wallets, PayPal, Apple's digital wallet, and Near Field Communication (NFC), unified payment interface (UPI),

internet and mobile banking, e-cheques, and others (Kameswaran & Muralidhar, 2019). In Malaysia, the country

has transformed into one of Southeast Asia’s most cashless-savvy nations. According to Teh Lip Guan, PayNet

Chief Technology Officer, the Payments Network Malaysia Sdn Bhd (PayNet) such as DuitNow, MyDebit, and

FPX processed 6.1 billion transactions in 2024 and are on track to break the eight billion marks in 2025. Also,

in line with the (Environmental, Social, and Governance) ESG initiatives, PayNet’s support for digitalisation

with more than 2.6 million DuitNow QR touchpoints, while encouraging more than 450,000 MSMEs with digital

payments (Business Today, 2025). Hence, these efforts widen the customer reach including rural areas, helping

business go cashless by minimising physical cash and empowering the digital economy.

Among the benefits of the cashless payment system are providing safe, convenient, and excellent service to

customers, and providing quick and safe convenience in payment transactions for the wider community,

addressing cash handling problems (Dini Haryati & Ak, 2021; Hu et al., 2019). These benefits include preserving

a sustainable economy in the community, by making it easier for users to carry out charity or endowment

INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

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activities to individuals, institutions and programs that need funds for the continued well-being of the

community. For example, most mosques or public places have started to switch to this cashless system to make

it easier for people to share their sustenance through generosity. It can also foster mutual help, gratitude, empathy

and cooperation among the community. However, the usage of cashless payment among Malaysians has

remained relatively low in comparison to other countries. The cashless payment evolution creates challenges for

segments of the population yet to adopt cashless payment methods (Ramya et al., 2017; Mohd & Pal, 2020;

Ruhani et al., 2024; The Sun, 2025; Ananda et al., 2023; Munikrishnan et al., 2024). Apart from that, a study by

Kassim et al. (2024) said that several factors that contribute to the low penetration of cashless payment adoption

among Malaysians, especially the rural youth and millennials, are infrastructure challenges, consumer

perceptions, and regional disparities. Besides that, consumer perceptions of the security of the cashless payment

system, whereby the consumers remain hesitant due to fears of fraud and data breaches (Rahman et al., 2020).

Nevertheless, Liew and Poh (2022) mentioned that there is a difference in adoption rates across regions, with

urban areas showing higher usage compared to rural counterparts. For example, Northern Region such as Kedah,

Perlis, Penang and Perak have a higher e-wallet adoption rate compared to other regions with 94.4%. This finding

shows that there is an opportunity for relevant stakeholders to maintain and encourage more people to adopt the

cashless payment system in the future.

Despite various challenges in adopting cashless payments, there are several initiatives carried out by various

parties to support and encourage the usage of cashless payment among the Malaysians. For example, Bank

Negara Malaysia (BNM) envisions more people adopting e-payment as their preferred medium for transactions

in the coming years. It is also part of BNM’s financial inclusion initiatives to increase digitalisation across all

segments of society, as set out in the Financial Sector Blueprint (FSBP) 2022–2026. For instance, BNM aims to

increase the number of e-payment transactions by at least 15% annually to achieve more than 400 e-payment

transactions per capita by 2026 through the e-Duit campaign and other industry-wide initiatives (Bank Negara

Malaysia, 2022). Apart from that, Malaysia's move to a cashless economy supports Sustainable Development

Goals (SDGs) by fostering transparency, reducing corruption, enhancing financial inclusion, and promoting

sustainable consumption through digital transactions and e-wallets. For example, SDG 9 explains that the

adoption of cashless systems drives innovation in the fintech sector and contributes to the development of a

digital economy, aligning with the goals of developing resilient infrastructure and fostering inclusive innovation.

The government is actively encouraging this transition through initiatives like e-wallet programs and the

Malaysian Digital Economy Blueprint (MyDIGITAL), which promote digital payments and financial inclusion

(Kementerian Ekonomi, 2021).

Concurrently, the halal market presents a significant opportunity for digital financial services. Halal market is

an auspicious and highly desirable one; thus, companies must understand Muslim consumer needs and

successfully attain this prosperous segment. The halal industry has now extended beyond the food sector to

include pharmaceuticals, cosmetics, health products, toiletries, and medical devices, as well as financial sector.

When considering the expansion of the worldwide halal market, businesses should take into account the Islamic

business framework and ethical considerations when conducting business operations. It can be said that the

Islamic marketing mix is one of the important factors in the development of Islamic fintech in Malaysia,

especially the cashless payment system. To deliver beneficial services and expand the cashless payment

activities, business entities must become familiar with Islamic marketing mix concepts. Islamic marketers must

include the tenets of Islam in all aspects of marketing activities, which includes the teachings of the Quran and

Hadith, which are the two primary sources of legislation that govern Muslims’ lives and behaviours (Zaki &

Elseidi, 2024). Hence, the low penetration rate of the cashless payment system among Malaysians required the

authorities and business companies to originate practical marketing strategies to grow and expand their market

share. To expand an essential marketing strategy, the authorities must investigate and consider what drives

individuals’ purposes to use the cashless payment system before further efforts are made to widen the Islamic

fintech industry. There is insufficient research that explains why it is not at its full acceptance mode among

consumers (Albastaki et al., 2022). Accordingly, to provide a holistic understanding of cashless payment

adoption, this study used UTAUT2 and the 7Ps of the Islamic Marketing Mix, which integrate key constructs

from human behaviour theories and models to predict behavioural intention and use.

This study, thus, applied the Unified Theory of Acceptance and Use of Technology (UTAUT2) and the 7P of

INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

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Islamic Marketing Mix theories to develop an adoption model of cashless payment systems among Malaysians.

The integration of UTAUT2 and the Islamic marketing mix demonstrates that technological acceptance of

cashless payments in Malaysia cannot be separated from ethical, cultural, and religious considerations. While

UTAUT2 explains psychological and behavioural factors such as performance expectancy, effort expectancy,

social influence, facilitating conditions, hedonic motivation, price value, habit, behavioural intention, and

adoption behaviour. Meanwhile, 7Ps of the Islamic Marketing Mix, which include product, price, place,

promotion, people, process, and physical evidence, ensure that offerings remain ethical, transparent, and Shariah-

compliant. Together, they highlight that sustainable adoption requires both technological readiness and Islamic

value alignment.

LITERATURE REVIEW

Cashless Payment System Adoption in Malaysia

Cashless payment is rapidly growing in Malaysia, driven by digital wallets like Touch 'n Go, GrabPay, and

ShopeePay, as well as the widely adopted national QR standard, DuitNow. While cash is still used, digital

payments, especially QR code transactions, are becoming the dominant payment method across various sectors,

from high-end stores to local markets. According to Ipsos, more than half of Malaysians now used non-cash

payment methods in the past three months of 2024 (from September 2024 to November 2024). E-wallets saw

the highest surge when being compared to other cashless payments, with over 40% (a 14% increase) of users

relying on them (Izzat Najmi Abdullah, 2025). Cashless payments aim to minimise contact by replacing cash

transactions with digital wallets and electronic payments. This change in the payment system is developing more

rapidly due to technological advancements, which have led to a lifestyle shift in society towards transacting with

electronic money (e-money) instead of cash (Ong & Chong, 2022).

The implementation of this cashless society, along with the various advantages of non-cash payments, serves as

an interesting research focus to help the cashless culture continue developing. A review of the literature revealed

a vast majority of the studies on digital payment technologies adopted the Technology Acceptance Model

(TAM), with more recent studies extending the said model by including more factors (Mun et al., 2017; Cao et

al., 2016). Others based their studies on the Unified Theory of Acceptance and Use of Technology (UTAUT)

model and its extended versions (Singh et al., 2020; Al-Saedi et al., 2020). Some scholars investigated several

underlying factors' mediation and moderation effects (Riskinanto et al., 2017; Chang et al., 2021). Apart from

that, the implementation of this cashless society is still related to the community's own decision to use non-cash

payments that marketing mix variables can influence. Similar research related to marketing mix variables has

been conducted by Setiarini et al. (2023). This research focuses on examining the relationship between marketing

mix, brand equity with purchase decisions, and loyalty with digital wallets to reinforce the relationship between

brand equity and purchasing decisions. Moreover, several previous studies have discussed the adoption of

cashless payments (Munikrishnan et al., 2024; Ananda et al., 2023; Mohd Thas Thaker et al., 2023; Jingnan et

al., 2023; Mohamood et al., 2024). However, there is still a lack of sufficient past studies focussing on the

adoption of cashless payments specifically from the perspective of the 7Ps of the Islamic marketing mix.

Unified Theory of Acceptance and Use of Technology (UTAUT2)

The UTAUT2 theory clearly defines the boundary conditions that extend individual technology acceptance and

use from the organisational user's context to the consumer's context. This theory was chosen (among the other

theories) to be assessed in this study, as literature claims it as a more comprehensive model (as it extracts a

significant set of facets from several theories jointly), enabling higher explanatory power than past theories on

consumers’ technology acceptance (Raza et al., 2021). The UTAUT2 precisely defined twelve inside attributes

in general, including nine constructs: performance expectancy, effort expectancy, social influence, facilitating

conditions, hedonic motivation, price value, habit, behavioural intention, and adoption behaviour with

measurement items and three moderators, such as age, gender, and experience. UTAUT2 is made to be applied

to any technology in whatever field and focus, giving higher precision in explaining consumer technology

acceptances (Venkatsh et al., 2012). Several previous studies have adapted the UTAUT2 in their studies (Jaradat

et al., 2020; Aljaafreh, 2021; Tseng et al., 2022; Korkmaz et al., 2022; Rudhumbu, 2022; Almaiah et al., 2019;

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Abbad, 2021; Gunasinghe et al., 2020; Mishra et al., 2022). However, there is still a research gap regarding the

Islamic fintech adoption, especially from the cashless payment perspective. This current study will apply the

UTAUT2 theory without including three moderators, such as age, gender, and experience, but they will be

replaced by other moderators.

Firstly, performance expectancy is defined as “the degree to which an individual believes that using the system

will help him or her to attain gains in job performance” (Viswanath Venkatesh et al., 2003). Further, Zhong and

Chen (2023) claim that it is significant that individuals consider the technology necessary to attain the job

performance; if this happens, then individuals would accept and use the technology. There are many previous

researchers who have proved that performance expectancy has a strong relationship with adoption behaviour

(Jaradat et al., 2020; Aljaafreh, 2021; Tseng et al., 2022; Korkmaz et al., 2022; Rudhumbu, 2022; Almaiah et

al., 2019; Abbad, 2021; Gunasinghe et al., 2020; Mishra et al., 2022). In terms of cashless payments, users adopt

them because they are faster, safer, and more convenient than cash. Also, the cashless payment presents several

benefits, such as speed, hygiene (contactless post-COVID), and tracking expenses. Hence, it can be hypothesised

that there is a significant relationship between performance expectancy and Malaysian’s intentions to participate

in microtakaful product.

Next, effort expectancy is the next construct in UTAUT2, whereby it refers to how easy it is to use the technology

(Venkatesh et al., 2003. Zhong and Chen (2023) claim that technology is valuable because it makes people’s

lives easier by allowing them to do things more properly, quickly, and efficiently. Many previous researchers

have proved that effort expectancy has a strong relationship with adoption behaviour (Jaradat et al., 2020; Abbad,

2021; Albastaki et al., 2024; El-Gazouly et al., 2022; Mishra et al., 2022; Rudhumbu et al., 2022; Aljaafreh,

2021; Gunasinghe et al., 2020). In terms of cashless payment, if the app/QR/NFC system is easy to set up and

use, the adoption will increases. Additionally, user-friendly interfaces that present lower barriers to use can

enhance adoption. Hence, it can be hypothesised that there is a significant relationship between effort expectancy

and Malaysian’s intentions to participate in microtakaful product.

Then, the next determinant is social influence, whereby it defined as “the degree to which an individual perceives

that other important persons believe he or she should use the system.” It refers to the way others affect a person's

beliefs, feelings and values and how significant individuals in the user's life perceive the importance of

technology to that user (Diaz & Loraas, 2010). Many previous researchers have proven that social influence has

a strong relationship with adoption behaviour (Jaradat et al., 2020; GC et al., 2024; Aljaafreh, 2021; Rudhumbu,

2022; Al-Okaily et al., 2023; Tseng et al., 2022; Korkmaz et al., 2022). Regarding cashless payment, the impact

of peers, societal trends, family, retailers, and government campaigns significantly affects the intention to use a

cashless payment system. Hence, it can be hypothesised that there is a significant relationship between social

influence and Malaysian’s intentions to participate in microtakaful product

Moreover, facilitating conditions refer to the belief in the existence of a technical infrastructure that supports the

technology (Venkatesh et al., 2003). According to Chemmanur et al. (2020), there must be enough resources and

support for individuals to use the technology because if not, lack of availability of assistance and limited

resources and infrastructure would discourage the use and hinder its acceptance (even if the technology is

advantageous). Many previous researchers have proved that facilitating conditions have a strong relationship

with adoption behaviour (Almaiah et al., 2019; Rudhumbu, 2022; Tseng et al., 2022; Mishra et al., 2022). Thus,

regarding cashless payments, the availability of infrastructure such as internet access, smartphone penetration,

and POS terminals plays a crucial role in enabling users to adopt these technologies. Furthermore, support

systems such as customer service, security assurance, and interoperability between banks or e-wallets can

enhance the interest of consumers in using cashless payment. Hence, it can be hypothesised that there is a

significant relationship between facilitating conditions and Malaysian’s intentions to participate in microtakaful

product.

Furthermore, hedonic motivation is defined as the fun or pleasure derived from using a technology, and it has

been shown to play an important role in determining technology acceptance and use (Brown and Venkatesh

2005; Zhong & Chen, 2023). Many previous researchers have proved that hedonic motivation has a strong

relationship with adoption behaviour (Sonia et al., 2024; Rudhumbu, 2022; Kuriakose & Nagasubramaniyan,

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2025; Nikolopoulou et al., 2021; Mbeya & Mofokeng, 2024; Shetty & Rizwana, 2024). Thus, in terms of cashless

payment, enjoyment derived from using technology such as reward points, gamified experiences and cashback

promotions can enhance user engagement with these methods. Hence, it can be hypothesised that there is a

significant relationship between hedonic motivation and Malaysian’s intentions to participate in microtakaful

product.

Next, price value is a trade-off concerning technology’s perceived benefits and the monetary cost for using it

(Chemmanur et al., 2020). When comparing workplace technology use to consumer product usage, Venkatesh

et al. (2012) stress the importance of accounting for costs. They point out that while employees do not bear these

expenses inside an organisation, individual technology consumption has direct consequences for users. Zhong

and Chen (2023) claim that the lower the costs, the more intensive is the use of technology. If there is a positive

relationship between perceived value and intention to use the technology, this means that the individual perceives

the technology as advantageous; therefore, they believe that the technology is more important than the associated

monetary costs, encouraging them to use the technology (Raza et al., 2018). Many previous researchers have

proven that price values have a strong relationship with adoption behaviour (Tseng et al., 2022; Hasyim, 2022;

Shetty & Rizwana, 2024; Al-Okaily et al., 2023). Regarding cashless payments, users consider fees such as

transaction costs and benefits such as discounts and time saved. Free or incentivised payments encourage

cashless payment uptake. Hence, it can be hypothesised that there is a significant relationship between price

value and Malaysian’s intentions to participate in microtakaful product.

Moreover, the final construct added to UTAUT2 is habit, reflecting whether people have the tendency to use

technology automatically due to the results of prior experiences (Venkatesh et al., 2012; Ain et al., 2015).

According to Tamilmani et al. (2019), repeated use and regular checking of various advanced technologies and

related product innovation features over an extended time period encourage people to build a positive intention

toward the next model of the technologies that come out; the habit of usage subsequently influences any

technology use in the long run. There are many previous researchers who have proved that habit has a strong

relationship with adoption behaviour (GC et al., 2024; Sonia et al., 2024; Aljaafreh, 2021; Mishra et al., 2022;

Korkmaz et al., 2022; Kuriakose & Nagasubramaniyan, 2025; Nikolopoulou et al, 2021; Mbeya & Mofokeng,

2024). In terms of cashless payment, repeated use and regular checking of cashless payment features over an

extended time period such as transport, coffee shops, and online shopping encourage people to build a positive

intention to adopt the system. Over time, cashless use becomes the default because of the habit of usage. Hence,

it can be hypothesised that there is a significant relationship between habit and Malaysian’s intentions to

participate in microtakaful product.

Lastly, behavioural intention refers to the intention as a state of mind that desires certain consequences that will

follow from an individual's physical activity (Morris, 1961). This definition aligns with all models that draw

upon psychological theories, arguing that individual behaviour is predictable and influenced by individual

intentions (Yu, 2012). Many previous researchers have proved that behavioural intentions have a strong

relationship with adoption behaviour (Almaiah et al., 2019; Mishra et al., 2022; Zhang et al., 2021; Nikolopoulou

et al., 2021). Regarding cashless payments, a stronger intention to use them is likely to result in better

performance. Hence, it can be hypothesised that there is a significant relationship between behavioural intention

and Malaysian’s adoption behaviour to participate in microtakaful product

7Ps of Islamic Marketing Mix

According to Bennett (1997), the marketing mix is a collection of tools that assist marketers in putting their

marketing plans into practice. The marketing mix is crucial in influencing customers to buy the market's products

or services (Kotler & Keller, 2016). The marketing mix serves as a strategy to optimise marketing activities,

aiming to achieve the best combination that yields satisfactory results. Islam acknowledges commerce as a

crucial source of income, provided it aligns with Islamic teachings on ethical business practices. Islam is a way

of life for Muslims; thus, the marketing code for behaviour should be based on the Quran and Hadith, which are

the two primary sources of knowledge for Muslims to succeed in this world and in the hereafter (Abu Daabes,

2018; Shafin & Kasim, 2018). Hence, an Islamic marketing strategy combines the marketing mix strategy with

the Islamic business concept. It conceptualises the conventional marketing mix from an Islamic perspective, with

INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

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an emphasis on Islamic business culture (Abuznaid, 2020). The elements in the 7Ps of the Islamic Marketing

Mix are product, price, place, promotion, process, people, and physical evidence. The rising development of

Islamic fintech and the number of Muslim communities seeking halal services in commerce, as well as the

world's evolving marketing direction towards marketing 5.0, are challenges that some industries in Malaysia are

currently facing. Several previous studies have adapted the 7Ps of the Islamic Marketing Mix in their studies

(Akbar et al., 2020; Elgarhy & Mohamed, 2023; Nadzli et al., 2024; Khayru & Issalillah, 2021; Al-Dmour et al.,

2022; Chana et al., 2021; Meet et al., 2024). However, there is still a research gap regarding the cashless payment

adoption, especially in the 7Ps of the Islamic marketing mix perspective. Hence, the Islamic marketing mix is

one important mechanism to enhance the growth of Islamic fintech, specifically in cashless payment systems

among Malaysians.

The first element of the 7Ps in the Islamic marketing mix is the product. A product is defined as anything sold

to the public that meets consumer needs, while a service is an essential component closely associated with a

product. Regular servicing is vital for measuring customer satisfaction, as noted by Kotler and Keller (2016).

Since cashless payment products are intangible rather than tangible things, they are considered services. Many

previous researchers have proven the moderating effect of product in their studies (Xuan et al., 2023;

Tripopsakul, 2024; Wilkie et al., 2022; Li et al., 2023). For example, Xuan et al. (2023) said that the moderation

analysis in their studies displayed a significant moderating effect of product involvement on all three direct

relationships on brand engagement in self-concept. In terms of the cashless payment system, the product

characteristics, which are the services provided, should be easy and meet the customer's expectations. Also,

cashless payment systems must focus on transparency, security, and fairness by offering a user-friendly system

and align with Islamic finance principles such as avoiding riba, gharar, and maysir (Fawa’id et al., 2023; Elgarhy

& Mohamed, 2023). Various platforms should be offered to the customers, such as Maybank Islamic MAE e-

wallet and Bank Islam GO, Bank Islam Visa Debit-I, Islamic BNPL, TNG e-wallet, QR code, and Contactless

NFC Payments, and others to cater to customer preferences. Additionally, the cashless payment could be

integrated with Islamic values, such as Zakat or Waqf donations to expand the adoption throughout the

population segment (Munifatussa'idah et al.,2024; Zafani & Arifqi, 2020). Hence, it can be hypothesised that the

product (Shariah-compliant features) moderates the relationship between behavioral intention and Malaysian’s

adoption behaviour to participate in microtakaful product.

The second element is price, which refers to the sum of money paid for a good or service, or the total value that

customers trade for its advantages, ownership, or usage (Kotler & Armstrong, 2016; Czinkota et al., 2021). There

are various components of the primary activity of pricing in the price variable, including price levels, discounts,

rebates, payment schedules, and credit terms. Several previous researchers have proven the moderating effect of

price in their studies (Suhadarliyah et al., 2024; Abnur & Wibowo, 2023; Balaji et al., 2025; Fennell et al., 2025).

For example, a study by Balaji et al. (2025) indicates that the moderating role of price is significant in shaping

consumer purchase intentions of personal care products. Regarding cashless payments, cashless systems should

allow clear, upfront, and transparent pricing aligned with Islamic principles, such as no hidden charges. Pricing

strategies should avoid interest (riba) and ensure fairness in transactions, aligning with Islamic economic

principles (Shuib et al., 2023; Zafani & Arifqi, 2020). In addition, cashless systems should facilitate flexible and

halal payment methods, such as installment payments through Islamic financing, as an alternative to conventional

credit. Besides that, discounts or loyalty points can be structured without riba elements, such as cashback, funded

by merchants, not interest. Competitive pricing and satisfactory value for money can also encourage adoption

among users, particularly in regions with a high Muslim population. Thus, it can be hypothesised that price

(Shariah-compliant features) moderates the relationship between behavioral intention and Malaysian’s adoption

behaviour to participate in microtakaful product.

Next, the element of place can be described in terms of distance and accessibility, the physical characteristics of

the location such as the building itself, and an individual’s emotional response to the place, which may be

influenced by the store’s design and atmosphere. Place, also known as the distribution element, helps transfer

ownership of goods or services and reduces time, location, or ownership barriers between producers and

consumers. Several previous researchers have proven the moderating effect of place in their studies (Jiang, 2020;

Waheed et al., 2024; Todri et al., 2021). For example, place attachment moderates the relationship between

satiation and switching intentions, attenuating the positive impact of satiation (Waheed et al., 2024). In terms of

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cashless payment, cashless systems should be expanding the accessibility of Islamic financial services

nationwide, including urban and rural areas, to cater to all demographics (Fawa’id et al., 2023). Furthermore,

enable an omnichannel presence, such as online halal e-commerce, Islamic banks, mosques, zakat centres, and

waqf institutions. Besides that, ensure the availability of cashless payment in halal-certified businesses, such as

restaurants, travel, retail, and others. Partnerships with local businesses also can enhance the reach of cashless

payment systems among the people. Thus, it can be hypothesised that place (Shariah-compliant features)

moderates the relationship between behavioral intention and Malaysian’s adoption behaviour to participate in

microtakaful product.

Moreover, the promotion element showcases a company's dedication to conveying the features of its products

and convincing potential customers to purchase them. It helps marketers to make a characteristic and unique

place in the customer’s mind. The purpose of promotion is to grow consciousness, create awareness, generate

sales, or create brand loyalty for companies (Quang, 2017). In addition, Khanfar (2016) asserts that the promotion

mix is composed of four primary tools: advertising, sales promotion, publicity, and personal sales. Each

communication tool significantly contributes to conveying the message to the target audience. Many previous

researchers have proven the moderating effect of promotion in their studies (Nora & Alizzah, 2022; Pertiwi,

2023; Madhu et al., 2022; Tonda et al., 2024). For example, Pertiwi (2023) explained that promotions are able

to moderate the relationship between product quality and purchasing decisions. In terms of cashless payment,

marketing efforts by the staff should emphasise the ethical benefits of cashless transactions, such as security,

convenience, and ecofriendliness, while adhering to Islamic values (Zafani & Arifqi, 2020). Next, any program,

such as a campaign, can highlight Islamic social responsibility, such as every cashless transaction contributing

to zakat, or CSR funds. Additionally, collaborating with Islamic fintech providers can enhance trust and

credibility among customers. Thus, it can be hypothesised that promotion (Shariah-compliant features)

moderates the relationship between behavioral intention and Malaysian’s adoption behaviour to participate in

microtakaful product.

Moreover, people are defined as actors from service providers and promotions who are the spearheads of the

company's marketing success such as staff, marketers, and agents who interact with customers by prioritising

ethics and providing good service to pique their interest. The term also encompasses employees or participants

who actively participate in service presentations, thereby influencing the perception of buyers, including both

company personnel and consumers. Participants are involved in the business process or part of the company in

providing products to consumers so that they can feel satisfied and meet their needs (Booms & Bitner, 1982).

Many previous researchers have proven the moderating effect of people in their studies (Vannam & Phung, 2024;

Kikumori et al., 2025; Kitirattarkarn et al., 2019; Chowdhury et al., 2023). For example, a research by Kikumori

et al. (2025) highlights the importance of considering cultural differences when designing influencer marketing

strategies, as these can significantly impact consumer responses across different markets. In terms of cashless

payment, staff and service providers must understand Shariah compliance in fintech and guide customers

accordingly. Training for users and service providers is essential to ensure understanding and proper use of

cashless systems (Nashirah et al., 2020). Next, build customer trust and acceptance within the Muslim

community by ensuring ethical practices, protecting data privacy, and engaging with community leaders. Besides

that, the staff and authority can encourage adoption by showing how cashless support community empowerment,

such as digital waqf and sadaqah applications. Therefore, it can be hypothesised that people (Shariah-compliant

features) moderates the relationship between behavioral intention and Malaysian’s adoption behaviour to

participate in microtakaful product.

Then, the process element includes actual procedures, tasks, and activity stages to produce and deliver services

with a simple service delivery process so that they can receive services without significant difficulties (Tjiptono,

2016). A poorly designed process can lead to a slow, useless, and low-quality service delivery resulting in

customers’ frustration (Kushwaha & Agrawal, 2015). The facilities for purchasing and selling, the promptness

with which sellers respond to customer demands, and the flexibility with which they address complaints from

customers regarding goods and services are all examples of process aspects (Yarimoglu, 2014). Several previous

researchers have proven the moderating effect of process in their research (Kuncoro et al., 2021; Vannam &

Phung, 2024; He et al., 2024; Kim, 2022). For example, findings from Kim (2022) suggested that social power

moderates the effectiveness of mental simulation messages on product evaluation. Regarding cashless payments,

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the transaction process must be streamlined and user-friendly, ensuring compliance with Islamic contracts and

minimising uncertainty (gharar) (Shuib et al., 2023). Next, refunds, transactions, and dispute resolution should

be transparent and fast, reinforcing Islamic values of justice. Furthermore, ensure integration with Islamic banks

and fintech to ensure smooth halal transactions. Lastly, continuous feedback mechanisms can help improve the

user experience. Thus, it can be hypothesised that process (Shariah-compliant features) moderates the

relationship between behavioral intention and Malaysian’s adoption behaviour to participate in microtakaful

product.

Lastly, physical evidence is a company covering all aspects of tangible facilities, namely facility exterior

(exterior design, signs, parking location, land), facility interior (interior design, equipment, signs, layouts, air

temperature), and other tangibles (business cards, stationery, billing statements, reports, uniforms, brochures,

and web pages). Physical evidence is a form or physical condition of a product or related matters such as place

design, food presentation, or tools used in presenting products to consumers so that consumers can feel satisfied

and happy and become an added value for the products offered (Khan, 2014). According to Kukanja et al. (2016),

the supporting infrastructure also comprises restrooms, mosques, and parking lots, as well as the supporting

environment, which includes things like furniture, colour, layout, noise level, supportive items, space, hygiene,

and equipment. Several previous researchers have proven the moderating effect of physical evidence in their

research (Buasin et al., 2023; He et al., 2024; (Teixeira et al., 2022). For instance, He et al. (2024) said that

certain advertisement features can significantly enhance the likelihood of a purchase decision in cross-border e-

commerce. In terms of cashless payment, clear branding and user-friendly interfaces can enhance the perception

of cashless payment systems as reliable and Shariah-compliant (Munifatussa’idah et al., 2024). Furthermore,

providing tangible proof of compliance with Islamic principles can further build trust among users, such as

providing digital receipts with halal and Shariah-compliant statements. Besides that, the visual presence of

trusted Islamic fintech partners, such as logos and certificates, reassures customers. Therefore, it can be

hypothesised that physical evidence (Shariah-compliant features) moderates the relationship between behavioral

intention and Malaysian’s adoption behaviour to participate in microtakaful product.

METHODOLOGY

This study aimed to propose an adoption model of cashless payment among Malaysians by integrating the

Unified Theory of Acceptance and Use of Technology (UTAUT2) and the 7P of the Islamic Marketing Mix. The

study is using a secondary data approach, which is in the form of library research. The data analysis is based on

journals and reference materials on the theme of cashless payment adoption in Malaysia and several theories,

such as UTAUT2 and the 7Ps of the Islamic Marketing Mix. The information obtained is derived from various

sources, such as books, journals, articles, news, and reports. The researcher gathered information related to

cashless payment adoption in Malaysia, as well as several variables associated with the two theories.

Furthermore, the literature and discussion explain the research findings on the proposed conceptual model

RESULT AND DISCUSSION

The development and deployment of digital payment infrastructure in Malaysia have shown rapid technological

progress that is supported by government initiatives and shifting consumer behaviours. Traditionally, physical

cash has been used as a main mode of transaction due to low awareness of digital transactions, limited digital

penetration in rural areas, and cultural preferences. However, the existence of cashless payment as one of the

innovations of technology has significantly restructured the way consumers and businesses conduct transactions.

Among examples of cashless payment systems are mobile wallets, contactless debit and credit cards QR code

systems, and mobile banking applications. These technologies not only contribute to the sustainability by

reducing dependence on paper-based processes and physical currency, but also enhance the speed and

convenience while making transactions. Secure, scalable, and environmentally conscious digital payment

solutions are supported by the integration of blockchain, artificial intelligence, and cloud computing. Through

initiatives such as Malaysia Digital Economy Blueprint (MyDIGITAL), the National eCommerce Strategic

Roadmap, Financial Sector Blueprint 2022–2026, JENDELA and the nationwide 5G rollout, Malaysia’s digital

infrastructure is being reinforced, putting the nation to be known as a leading force in Southeast Asia’s digital

financial transformation. Malaysia’s broader commitment to achieving net-zero emissions and expanding the

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United Nations Sustainable Development Goals (SDGs) is being strengthened through these concerted

endeavours

From another perspective, innovations in technology and changes in laws have substantially altered Malaysian

customer buying patterns. Greater comprehension of digital financial instruments, better access to the internet,

and expanding smartphone penetration have all contributed to the increasing preference for cashless transactions.

Younger people are leading this transition, with contactless payments and mobile wallets being rapidly utilised

due to their efficiency and simplicity. Despite the abundant benefits of cashless payment offered to the customers

and business, several challenges hinder the full adoption by the users. For example, limited accessibility and

digital literacy gaps, especially among the elderly and rural populations. Besides that, user concerns about the

fraud, cybersecurity, fraud, which will affect the data privacy and trust in digital platforms. Further, adoption by

businesses and merchants is still considered by uneven progress because smaller business and firms frequently

oppose transaction fees and new methods. Hence, inclusion challenges will be encountered in the event of an

progressively digital payment system when the people without sufficient financial literacy and reliable internet

connection face the danger of being marginalized. Therefore, only by addressing these issues through extensive

education, reinforced data protection regulations, and inclusive design can sustainable digital growth be assured,

enabling the full benefits of cashless payments to be achieved across all societal sectors.

Given the rising significance of cashless payment systems in the current technological environment, it is crucial

to understand the variables that encourage people to adopt them. Several previous studies have discussed the

cashless payment adoption by integrating several theories, such as TAM, UTAUT, IDT, and many more. The

objective of this paper is to propose a conceptual model consisting of factors that influenced Malaysians to use

cashless payment. The factors are derived from several theories, including the UTAUT2 explains psychological

and behavioural factors such as the 7Ps of the Islamic Marketing Mix, which include The UTAUT2 consists of

performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price

value, habit, behavioural intention, and adoption behaviour. Then, 7Ps of the Islamic Marketing Mix consists of

product, price, place, promotion, people, process, and physical evidence. The three moderators in the UTAUT2,

such as age, gender, and experience will not be included in the model. It is proven that by combining several

theories, new and significant output could be obtained (Ahmad et al., 2023; Ishak et al., 2023; Nadzli et al., 2023;

Sazeri et al., 2023; Yahaya et al., 2022). The proposed conceptual model for this study is in Fig. 1 below.

Fig. 1 Proposed Conceptual Model

Hence, cashless payments in Malaysia are about technology, faith-based trust, fairness, and inclusivity. The

UTAUT2 explains the psychological and behavioural factors, whereas the 7Ps of the Islamic marketing mix

frame how Islamic beliefs and marketing practices shape the good or service. Together, they demonstrate that

technological convenience and Shariah-compliant marketing approaches are vital for successful adoption.

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CONCLUSIONS

Malaysia has witnessed a significant rise in the implementation of cashless payments due to several kinds of

government-led programs and rapid digital transformation. However, security, ethical compliance, and inclusion

remain regarded as critical issues. In a country where Muslims make up the majority, extra caution is being taken

to ensure that cashless systems fulfil moral and Shariah-compliant requirements. In response to customer

concerns about riba (interest), gharar (uncertainty), and maysir (gambling), Islamic fintech initiatives, including

Shariah-compliant e-wallets and payment platforms, have been implemented. Digital financial services that are

in line with Islamic guidelines gain community trust and adoption. To attain Malaysia's objective of establishing

a sustainable cashless society, an effective plan that brings together innovation, consumer protection, and cultural

values is thought to be essential. Future generations will benefit from an efficient, transparent, and

environmentally friendly economic ecosystem. The well-being of the people can be preserved, in line with the

Sustainable Development Goals (SDGs). The extent to which technological aspects like infrastructure,

incentives, and convenience of use are combined with Islamic marketing principles like Shariah compliance,

fairness, and inclusivity will impact how effectively cashless payment acceptance in Malaysia succeeds. This

kind of integration is accelerating up the digital financial transformation while still preserving a system that is

highly sensitive to the beliefs of Malaysia's Muslim majority. Hence, the cashless payment adoption among

Malaysians is shaped not only by technological factors, as explained by the UTAUT2, but also by faith-based

marketing considerations, as outlined in the 7Ps of the Islamic Marketing Mix. Integrating these two perspectives

provides a holistic understanding of consumer behaviour in Malaysia's cashless payment ecosystem. This paper

fills the gap by combining these two theories to investigate cashless payment adoption in Malaysia. Also, this

study provides input to digital platform developers and related parties in finance and government to understand

the intention to use the cashless payment and formulate better strategies to increase the use and utilisation of

digital platforms among Malaysians, thus accelerating the process to increase Malaysian financial well-being.

Next, the limitations of this study present potential for future research. This paper only focusing on cashless

payment adoption, but there are many other areas that could be explored, such as product development, empirical

research, issues and challenges, bibliometric reviews, systematic literature reviews, and other relevant studies.

ACKNOWLEDGEMENT

The authors would like to acknowledge the support of Academy of Contemporary Islamic Studies (ACIS) from

University Technology Mara (UiTM) for providing the facilities and support on this research.

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