Cashless Payments: Their Role in E-Business and Impact on the Economy and Society
Cashless Payments: Their Role in E-Business and Impact on the Economy and Society

Summary/Abstract: This paper aims to provide an understanding of cashless payments as a relatively new phenomenonexamining their development, economic effects, and technological factors. It points to a transitionfrom the conventional use of cash to other forms advanced through technologies such as mobilemoney, blockchain and biometric identification. The study covers important topics, such as theeffectiveness and openness of cashless technologies, their impact on economic formalisation, andfinancial inclusion, especially in remote areas. Other concerns that are discussed include the digitaldivide and threats of cybercrimes. The study underlines that although cashless systems foster eco-nomic efficiency and financial inclusion, mitigating digital exclusion and protecting the underlyingtechnology are equally important for achieving inclusive growth. Further research should be directedtowards understanding how the digital divide can be eliminated, and what the consequences ofa cashless society will be.

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