Small business strategy to utilize cashless trends in emerging markets

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Abstract

Small and medium-sized enterprises (SMEs) are the backbone of Thailand’s economy (Elgin et al., 2019), driving employment, innovation, and national income. As Thailand transitions toward a digital and cashless economy, SMEs play a crucial role in bridging traditional commerce with digital financial systems. This study examines how Thai SMEs strategically adapt to the cashless transformation using the technology acceptance model (TAM), strategic management theory, and leadership-trust perspectives. A quantitative survey was conducted among 300 SMEs across major sectors using validated questionnaires, analyzed through Statistical Package for the Social Sciences (SPSS) and SmartPLS to test direct, mediating, and moderating effects. Results show that perceived usefulness (PU) and perceived ease of use (PEOU) strongly influence SMEs’ intentions to adopt cashless systems, confirming TAM’s assumptions. Cashless adoption significantly enhances business strategy adaptation (BSA) and managerial leadership, highlighting how digital integration reshapes operations. Consumer trust (CT) mediates the link between adoption and competitiveness, showing that trust converts technology adoption into sustainable performance. Leadership independently strengthens competitiveness, while firm size positively influences competitiveness, with larger SMEs leveraging technology more effectively. The study extends TAM into a strategic framework and offers policy implications for the inclusive digital transformation of Thai SMEs.

Keywords: Cashless Society, SMEs, Technology Acceptance Model, Consumer Trust, Leadership, Digital Transformation, Thailand

Authors’ individual contribution: Conceptualization — R.T. and N.Y.; Methodology — R.T. and N.Y.; Formal Analysis — R.T.; Investigation — R.T. and N.Y.; Resources — N.Y.; Data Curation — R.T.; Writing — Original Draft — R.T.; Writing — Review & Editing — R.T. and N.Y.; Supervision — N.Y.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G21, L25, M15, O33

Received: 26.10.2025
Revised: 17.02.2026; 25.03.2026
Accepted: 06.04.2026
Published online: 09.04.2026

How to cite this paper: Toobunterng, R., & Yuenyong, N. (2026). Small business strategy to utilize cashless trends in emerging markets. Corporate and Business Strategy Review, 7(2), 172–182. https://doi.org/10.22495/cbsrv7i2art16