A cashless economy is an environment in which money is spent without being physically carried from one person to the other. This makes financial transactions possible through intelligent electronic devices such as Computers, Personal Data Assistants (PDAs), Mobile Phones), Point of Sales Terminals (PoS), Automated Teller Machines (ATMs), and Debit Cards etc. This research focuses on empirically evaluating students’ willingness to adopt the so much talked about cashless economy in Nigeria, which is perceived as a way of fast-tracking the Nigerian economy so as to be among the first 20 world economies come 2020. The study used structured questionnaire as a means of data collection and the collected data were analyzed using simple percentage procedure. The results indicate that: 92.2% of the students are already aware of the policy and majority agree that the policy will help fight against corruption/money laundering and reduce the risk of carrying cash and can also foster economic growth. However, an average of 59.08% of the students agreed that problems of cyber fraud, limited point of sales, operational inefficiency of the existing cashless payment systems and inadequacy of needed ICT based infrastructure can hinder the implementation of cashless economy policy which indicates their reluctance towards adopting the policy despite its perceived benefits.
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Volume 2 No 2