Cashless Payment- Their Role In E-Business and Impact on The Economy and Society
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Abstract
This paper aims to provide an understanding of cashless payments as a relatively new phenomenon examining their development, economic effects, and technological factors. It points to a transition from the conventional use of cash to other forms advanced through technologies like mobile money, blockchain, and biometric identification. The study concerns important questions, such as the effectiveness and openness of cashless technologies, their impact on economic formalization, and financial inclusion, especially in remote areas. Other concerns that are discussed include the digital divide and threats of cybercrimes. The study underlines that although cashless systems foster economic efficiency and financial inclusion, mitigating digital exclusion and protecting the underlying technology are equally important for achieving inclusive growth. Further paper should be directed towards understanding how the digital divide can be closed and what the consequences of a cashless society will be.
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