Cashless and digital system

[Yakub02]

There is Need For Robust Cashless Policy Due To Increase In Digital Payments And Technology In Financial Transaction

The shift towards digital payments and technology-driven financial transactions has led to a growing need for a robust cashless policy. The need for robust cashless policies: to ensure the security of digital transactions, to promote the wider adoption of digital payments, to modernize the financial sector, to improve the efficiency of financial transactions, and to drive economic growth.

The increased use of digital payment methods such as mobile banking, digital wallets, and electronic transfer services has led to a decrease in the use of cash and traditional banking method.

Digital payment methods: cashless payment systems (debit/credit cards, mobile payment systems, e-wallets, etc.)

Challenges: Security concerns (e.g. data privacy, fraud), technical difficulties, slow adoption rate, lack of trust in digital payment system

 

[Ithedicious]

This can only happen only in a civilized country in which you can even pay for your product or service using your MasterCard and there are a lot of provision toward all these things to make sure the digital mode of payment is effective. . .

But in some cases this is not always the case because not all the time you will be able to carry out cashless transaction.

Here in Nigeria currently we are having cash crisis as there is no circulation of naira, and as a result cashless transaction work to some extent and not in all cases.