Cryptocurrency Adoption among Generation X: The Mediating Role of Cashless Payment Acceptance in Thailand

Purpose: Cryptocurrencies provide several benefits to the financial system, encompassing both individuals and enterprises, including the need to improve financial literacy to remain engaged with the contemporary financial landscape. This study aims to: 1) examine how financial literacy and perceived risk affect the adoption of cryptocurrency, and 2) investigate how accepting cashless influences the relationship between financial literacy, perceived risk, and cryptocurrency adoption. Design/methodology/approach: A sample of 400 participants, with a specific focus on Generation X (individuals aged 38 - 53), a demographic considered critical to the broader adoption of digital currencies in Thailand, all with experience in online payments, was employed. Data was collected using both online and face-to-face methods. Findings: The findings indicate that financial literacy has a significant positive effect on the adoption of cryptocurrencies. The perceived risk positively influences cryptocurrency adoption through cashless acceptance. Therefore, cashless payment acceptance serves as a mediator between perceived risk and cryptocurrency adoption, as individuals who perceive higher levels of risk tend to accept cashless payment methods more readily, which positively influences their adoption of cryptocurrencies. Research limitations/implications: The findings provide practical value for banks, FinTech, and policymakers aiming to expand digital currency adoption across diverse age groups. Originality/value: This research’s originality uniquely investigates Generation X's cryptocurrency adoption, a demographic usually ignored in digital finance studies. It shows how conventional financial practices affect the move toward new technologies by simulating the mediating function of cashless payment acceptance.