A Bibliometric Analysis on the Nexus of Financial Literacy and Cashless Payment Adoption
Keywords:
Financial literacy, cashless payments, bibliometric analysis, Web of Science
Abstract
Over the past decade, scholarly interest in the nexus between financial literacy and cashless payments has grown significantly. paving the way for future research to explore new dimensions within this field. This study scientifically analyses and reviews the existing literature on financial literacy and cashless payments using a bibliometric analysis approach. Intellectual and logical structuring was carried out using VOSviewer by performing an analysis of 713 papers published from 2000 to 2024 in the Web of Science (WoS) database. The construction of network maps using co-authorship and co-occurrence analysis revealed interesting patterns and themes in the field of financial literacy and cashless payments. The discussion helps to identify the nature and scope of research conducted in both domains since their inception. This reflection provides recommendations and guidance grounded in prior studies, offering a clear direction for future research on financial literacy and cashless payment adoption, while also considering potential challenges and limitations.
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References
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Boyack, K. W., & Klavans, R. (2014). Creation of a Highly Detailed, Dynamic, Global Model and Map of Science. Journal of the Association for Information Science and Technology, 65(4), 670–685. https://doi.org/10.1002/asi
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Carvalho, G., Cruz, J., Carvalho, H., Duclos, L. and Stankowitz, R. (2017). Innovativeness measures: a Bibliometric review and a classification proposal, International Journal of Innovation Science, 9(1), 81-101.
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Comerio, N., & Strozzi, F. (2019). Tourism and its economic impact: A literature review using bibliometric tools. Tourism Economics, 25(1), 109–131. https://doi.org/10.1177/1354816618793762
Dissanayake, H., Popescu, C., & Iddagoda, A. (2023). A Bibliometric Analysis of Financial Technology: Unveiling the Research Landscape. FinTech, 2(3), 527–542. https://doi.org/10.3390/fintech2030030
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Khuc, T. A., Do, H. L., & Pham, B. L. (2022). Factors Influencing Financial Literacy of the Poor in Rural Areas: Empirical Research with the Case of Vietnam. Journal of Eastern European and Central Asian Research, 9(4), 638–650. https://doi.org/10.15549/jeecar.v9i4.735
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Kotkowski, R., & Polasik, M. (2021). COVID-19 pandemic increases the divide between cash and cashless payment users in Europe. Economics Letters, 209, 110139. https://doi.org/10.1016/j.econlet.2021.110139
Kou, G., Olgu Akdeniz, Ö., Dinçer, H., & Yüksel, S. (2021). Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach. Financial Innovation, 7(1). https://doi.org/10.1186/s40854-021-00256-y
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Lusardi, A. & Mitchell, O.S. (2011). Financial literacy and retirement planning in the United States. CeRP Working Paper No. 107, 1-27.
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OECD. (2022). Measuring Financial Literacy and Financial Inclusion 2022 (p. 53). www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf
Ozili, P. K. (2020). Financial inclusion research around the world: A review. Forum for Social Economics, 50(4), 457–479. https://doi.org/10.1080/07360932.2020.1715238
Öztürk, O., Kocaman, R., & Kanbach, D. K. (2024). and a framework proposal. Review of Managerial Science, 18(11), 3333–3361. https://doi.org/10.1007/s11846-024-00738-0
Pakpahan, D. R. (2024). Does Financial Literacy Affect the Use of Cashless Payment among Gen Z in Medan City, International Journal of Economics, Business and Innnovation Research, 03(01).
Rahman, M., Ismail, I., & Bahri, S. (2020). Analysing consumer adoption of cashless payment in Malaysia. Digital Business, 1(1), 100004. https://doi.org/10.1016/j.digbus.2021.100004
Raj, L. V., Amilan, S., Aparna, K., & Swaminathan, K. (2024). Factors influencing the adoption of cashless transactions during COVID-19: an extension of enhanced UTAUT with pandemic precautionary measures. Journal of Financial Services Marketing, 29(2), 488–507. https://doi.org/10.1057/s41264-023-00218-8
Raya, J. M., & Vargas, C. (2022). How to become a cashless economy and what are the determinants of eliminating cash. Journal of Applied Economics, 25(1), 543–562. https://doi.org/10.1080/15140326.2022.2052000
Rehman, K., & Mia, M. A. (2024). Determinants of financial literacy: a systematic review and future research directions. Future Business Journal, 10(1). https://doi.org/10.1186/s43093-024-00365-x
Remund, D. L. (2010). Financial literacy explicated: the case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44(2), 276-295.
Rialti, R., Marzi, G., Ciappei, C. and Busso, D. (2019). Big data and dynamic capabilities: a Bibliometric analysis and systematic literature review. Management Decision, 57(8), 2052-2068.
Rodriguez-Ruiz, F., Almod_ovar, P. and Nguyen, Q. (2019). Intellectual structure of international new venture research. Multinational Business Review, 27(4), 285-316.
Saxena, P. (2024). Navigating The Digital Frontier: Role of Digital Financial Literacy in Shaping The E-Payment Platform’s Dynamics. SSRN Electronic Journal, 12(3), 812–817. https://doi.org/10.2139/ssrn.4862885
Seldal, M. M. N., & Nyhus, E. K. (2022). Financial Vulnerability, Financial Literacy, and the Use of Digital Payment Technologies. Journal of Consumer Policy, 45(2), 281–306. https://doi.org/10.1007/s10603-022-09512-9
Shehadeh, M., Ajouz, M., Abu-AlSondos, I.A., Alkhwaldi, A.F., Jaber, J.J. (2024a). Exploring the Path from Digital Financial Literacy to QR Payment Adoption. In: Mansour, N., Bujosa Vadell, L.M. (eds) Artificial Intelligence, Digitalization and Regulation. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-031-67531-7_14
Shehadeh, M., Dawood, H. M., & Hussainey, K. (2024b). Digital financial literacy and usage of cashless payments in Jordan: the moderating role of gender. International Journal of Accounting and Information Management, 1834–7649. https://doi.org/10.1108/IJAIM-03-2024-0115
Susanti, M., & Reza, H. K. (2023). A Bibliometric and Visualized Analysis of Digital Payment 2019-2021. International Journal of Intelligent Systems and Applications in Engineering, 11(2), 112–118.
?wiecka, B. (2018). Financial literacy as a factor of cashless payments development. Results of survey. European Journal of Service Management, 27, 467–473. https://doi.org/10.18276/ejsm.2018.27/2-57
?wiecka, B., Terefenko, P., Wi?niewski, T., & Xiao, J. (2021). Consumer financial knowledge and cashless payment behavior for sustainable development in Poland. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116401
Swiecka, B., Ye?ilda?, E., Özen, E., & Grima, S. (2020). Financial literacy: The case of Poland. Sustainability (Switzerland), 12(2), 1–17. https://doi.org/10.3390/su12020700
Vania, V., Wahyudi, W., & Kurniasih, D. (2024). Analysis of Financial Literacy and Cashless Society on Financial Satisfaction through Financial Behavior in Gen Z. International Journal of Economics Development Research, 5(1), 2024–2475.
World Bank (2013). Why financial literacy is important and how surveys can help. The World Bank.
Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking and Finance, 156(February 2021). https://doi.org/10.1016/j.jbankfin.2023.107005
Yoshino, N., Morgan, PJ., Trinh LQ. (2017). Financial literacy in Japan: determinants and impacts. ADBI working paper 796. Asian Development Bank Institute, Tokyo.
Zhu, X., & Zhang, Y. (2020). Co-word analysis method based on meta-path of subject knowledge network. Scientometrics, 123(2), 753–766. https://doi.org/10.1007/s11192-020-03400-0
Apau, R., & Lallie, H. S. (2022). Measuring User Perceived Security of Mobile Banking Applications. 1–36. http://arxiv.org/abs/2201.03052
Ashraf Khan, John W. Goodell, M. Kabir Hassan, Andrea Paltrinieri. (2022). A bibliometric review of finance bibliometric papers, Finance Research Letters, 47, https://doi.org/10.1016/j.frl.2021.102520.
Bakar, S. W., Ghasarma, R., & Maulana, A. (2020). Financial Literacy, Risk Perception and Cashless Services. Advances in Economics, Business and Management Research, 142(Seabc 2019), 154–158. https://doi.org/10.2991/aebmr.k.200520.026
Bhattacharjee, I., Srivastava, N., Mishra, P. A., Adhav, S., & Singh, N. (2024). The Rise of Fintech: Disrupting Traditional Financial Services. 30(4), 89–97. https://doi.org/10.53555/kuey.v30i4.1408
Birkle C, Pendlebury DA, Schnell J, & Adams J. (2020). Web of Science as a data source for research on scientific and scholarly activity. Quant Sci Stud 1(1), 363–376.
Boyack, K. W., & Klavans, R. (2014). Creation of a Highly Detailed, Dynamic, Global Model and Map of Science. Journal of the Association for Information Science and Technology, 65(4), 670–685. https://doi.org/10.1002/asi
Bucher-Koenen, T., Lusardi, A. & Alessie, R.J. (2016). How financially literate are women? An overview and new insights. GFLEC Working Paper No. 2016-1, 1-37.
Carvalho, G., Cruz, J., Carvalho, H., Duclos, L. and Stankowitz, R. (2017). Innovativeness measures: a Bibliometric review and a classification proposal, International Journal of Innovation Science, 9(1), 81-101.
Chih-Feng, L., & Chun-Da, C. (2020). Financial Literacy and Mobile Payment Behaviours. Journal of Accounting and Finance, 20(7). https://doi.org/10.33423/jaf.v20i7.3814
Comerio, N., & Strozzi, F. (2019). Tourism and its economic impact: A literature review using bibliometric tools. Tourism Economics, 25(1), 109–131. https://doi.org/10.1177/1354816618793762
Dissanayake, H., Popescu, C., & Iddagoda, A. (2023). A Bibliometric Analysis of Financial Technology: Unveiling the Research Landscape. FinTech, 2(3), 527–542. https://doi.org/10.3390/fintech2030030
Eck, N. J. van, & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3
Fujiki, H. (2020). Cash demand and financial literacy: A case study using Japanese survey data. Japan and the World Economy, 54(January), 100998. https://doi.org/10.1016/j.japwor.2020.100998
Ghosh, M. (2024). Financial inclusion studies bibliometric analysis: Projecting a sustainable future. Sustainable Futures, 7(May 2023), 100160. https://doi.org/10.1016/j.sftr.2024.100160
Haustein, S. & Larivière, V. (2015). The use of bibliometrics for assessing research: possibilities, limitations and adverse effects, Springer Books, in: Isabell M. Welpe & Jutta Wollersheim & Stefanie Ringelhan & Margit Osterloh (ed.), Incentives and Performance, 127 (ed.), 121-139, Springer.
Henry, C. S., Huynh, & K.P. Welte, A. (2017). Method-of-Payments Survey Results. Staff Discussion Paper 2018-17, Bank of Canada: Ottawa, ON, Canada.
Hilgert, M.A., Hogarth, J.M. & Beverly, S.G. (2003). Household financial management: the connection between knowledge and behaviour. Federal Reserve Bulletin, 309-322.
Khuc, T. A., Do, H. L., & Pham, B. L. (2022). Factors Influencing Financial Literacy of the Poor in Rural Areas: Empirical Research with the Case of Vietnam. Journal of Eastern European and Central Asian Research, 9(4), 638–650. https://doi.org/10.15549/jeecar.v9i4.735
Königsheim, C., Lukas, M., & Nöth, M. (2017). Financial Knowledge, Risk Preferences, and the Demand for Digital Financial Services. Schmalenbach Business Review, 18(4), 343-375. doi:10.1007/s41464-017-0040-0
Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507–528. https://doi.org/10.1111/joca.12510
Kotkowski, R., & Polasik, M. (2021). COVID-19 pandemic increases the divide between cash and cashless payment users in Europe. Economics Letters, 209, 110139. https://doi.org/10.1016/j.econlet.2021.110139
Kou, G., Olgu Akdeniz, Ö., Dinçer, H., & Yüksel, S. (2021). Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach. Financial Innovation, 7(1). https://doi.org/10.1186/s40854-021-00256-y
Linnenluecke, M. K., Marrone, M., & Singh, A. K. (2020). Conducting systematic literature reviews and bibliometric analyses. Australian Journal of Management, 45(2), 175–194. https://doi.org/10.1177/0312896219877678
Liu, J., Lu, L., Lu, W. and Lin, B. (2013). A survey of DEA applications, Omega, 41(5), 893-902.
Long, T. Q., Morgan, P. J., & Yoshino, N. (2023). Financial literacy, behavioral traits, and ePayment adoption and usage in Japan. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-023-00504-3
Lusardi, A. & Mitchell, O.S. (2011). Financial literacy and retirement planning in the United States. CeRP Working Paper No. 107, 1-27.
Mai, D. T. P. (2022). Financial Literacy and Fintech Adoption Among the Young (Issue June) [Eastern International University]. https://www.researchgate.net/publication/ 359992560
OECD. (2020). Recommendation on Financial Literacy. www.oecd.org
OECD. (2022). Measuring Financial Literacy and Financial Inclusion 2022 (p. 53). www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf
Ozili, P. K. (2020). Financial inclusion research around the world: A review. Forum for Social Economics, 50(4), 457–479. https://doi.org/10.1080/07360932.2020.1715238
Öztürk, O., Kocaman, R., & Kanbach, D. K. (2024). and a framework proposal. Review of Managerial Science, 18(11), 3333–3361. https://doi.org/10.1007/s11846-024-00738-0
Pakpahan, D. R. (2024). Does Financial Literacy Affect the Use of Cashless Payment among Gen Z in Medan City, International Journal of Economics, Business and Innnovation Research, 03(01).
Rahman, M., Ismail, I., & Bahri, S. (2020). Analysing consumer adoption of cashless payment in Malaysia. Digital Business, 1(1), 100004. https://doi.org/10.1016/j.digbus.2021.100004
Raj, L. V., Amilan, S., Aparna, K., & Swaminathan, K. (2024). Factors influencing the adoption of cashless transactions during COVID-19: an extension of enhanced UTAUT with pandemic precautionary measures. Journal of Financial Services Marketing, 29(2), 488–507. https://doi.org/10.1057/s41264-023-00218-8
Raya, J. M., & Vargas, C. (2022). How to become a cashless economy and what are the determinants of eliminating cash. Journal of Applied Economics, 25(1), 543–562. https://doi.org/10.1080/15140326.2022.2052000
Rehman, K., & Mia, M. A. (2024). Determinants of financial literacy: a systematic review and future research directions. Future Business Journal, 10(1). https://doi.org/10.1186/s43093-024-00365-x
Remund, D. L. (2010). Financial literacy explicated: the case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44(2), 276-295.
Rialti, R., Marzi, G., Ciappei, C. and Busso, D. (2019). Big data and dynamic capabilities: a Bibliometric analysis and systematic literature review. Management Decision, 57(8), 2052-2068.
Rodriguez-Ruiz, F., Almod_ovar, P. and Nguyen, Q. (2019). Intellectual structure of international new venture research. Multinational Business Review, 27(4), 285-316.
Saxena, P. (2024). Navigating The Digital Frontier: Role of Digital Financial Literacy in Shaping The E-Payment Platform’s Dynamics. SSRN Electronic Journal, 12(3), 812–817. https://doi.org/10.2139/ssrn.4862885
Seldal, M. M. N., & Nyhus, E. K. (2022). Financial Vulnerability, Financial Literacy, and the Use of Digital Payment Technologies. Journal of Consumer Policy, 45(2), 281–306. https://doi.org/10.1007/s10603-022-09512-9
Shehadeh, M., Ajouz, M., Abu-AlSondos, I.A., Alkhwaldi, A.F., Jaber, J.J. (2024a). Exploring the Path from Digital Financial Literacy to QR Payment Adoption. In: Mansour, N., Bujosa Vadell, L.M. (eds) Artificial Intelligence, Digitalization and Regulation. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-031-67531-7_14
Shehadeh, M., Dawood, H. M., & Hussainey, K. (2024b). Digital financial literacy and usage of cashless payments in Jordan: the moderating role of gender. International Journal of Accounting and Information Management, 1834–7649. https://doi.org/10.1108/IJAIM-03-2024-0115
Susanti, M., & Reza, H. K. (2023). A Bibliometric and Visualized Analysis of Digital Payment 2019-2021. International Journal of Intelligent Systems and Applications in Engineering, 11(2), 112–118.
?wiecka, B. (2018). Financial literacy as a factor of cashless payments development. Results of survey. European Journal of Service Management, 27, 467–473. https://doi.org/10.18276/ejsm.2018.27/2-57
?wiecka, B., Terefenko, P., Wi?niewski, T., & Xiao, J. (2021). Consumer financial knowledge and cashless payment behavior for sustainable development in Poland. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116401
Swiecka, B., Ye?ilda?, E., Özen, E., & Grima, S. (2020). Financial literacy: The case of Poland. Sustainability (Switzerland), 12(2), 1–17. https://doi.org/10.3390/su12020700
Vania, V., Wahyudi, W., & Kurniasih, D. (2024). Analysis of Financial Literacy and Cashless Society on Financial Satisfaction through Financial Behavior in Gen Z. International Journal of Economics Development Research, 5(1), 2024–2475.
World Bank (2013). Why financial literacy is important and how surveys can help. The World Bank.
Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking and Finance, 156(February 2021). https://doi.org/10.1016/j.jbankfin.2023.107005
Yoshino, N., Morgan, PJ., Trinh LQ. (2017). Financial literacy in Japan: determinants and impacts. ADBI working paper 796. Asian Development Bank Institute, Tokyo.
Zhu, X., & Zhang, Y. (2020). Co-word analysis method based on meta-path of subject knowledge network. Scientometrics, 123(2), 753–766. https://doi.org/10.1007/s11192-020-03400-0
Published
2026-09-16
How to Cite
Mohd Noor, N. S., Arifin, J., Md Nawi, F. A., & Abu Bakar, N. (2026). A Bibliometric Analysis on the Nexus of Financial Literacy and Cashless Payment Adoption. Information Management and Business Review, 18(3(I), 194-209. https://doi.org/10.22610/imbr.v18i3(I).4818
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Copyright (c) 2026 Nurul Syazwani Mohd Noor, Juliana Arifin, Farah Amalina Md Nawi, Norhidayah Abu Bakar
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