Log In Sign Up. Download Free PDF. Jaydis Thesis. Download PDF. A short summary of this paper. Prior to the influx of technological advances, cash remained the primary means of conducting these transactions Tee and Ong, cashless transaction thesis This traditional method has been criticized as inefficient, risky and lacking in convenience on cashless transaction thesis part of both the sender and the receiver.
Cashless transaction thesis emergence of cashless systems has been envisaged by researchers and practitioners alike as the solution to the problems cashless transaction thesis by the traditional modes of business transactions or payment Cashless transaction thesis and Friday, Given the risks of carrying cash around as well as delays in visiting banks to withdraw cash, cashless systems have been recognized as convenient and quick, assisting in the conduct of business and personal transactions in real time.
However, several issues have surfaced with regard to these cashless systems and their real influence on development of economies. A cashless economy cashless transaction thesis a situation in which the financial transactions are made by digital currencies Rajanna, A cashless society defines a gradual movement of the entire payment system of an economy from the use of physical cash for all levels of personal, corporate, governmental including local and international commercial settlement activities to a systematic adoption of other non- physical cash personal statement humanities payment in settlements cashless transaction thesis all types of transaction both in the public and private sectors of an economy Adewale, In some developing countries, http://freey8.com/500-word-essay/annotated-bibliography-basics.html than 5 percent of total payments are made electronically.
Illiterate people do not know how to use digital transactions. Financial literacy and awareness about cashless transactions is thus paramount in cashless transaction thesis developing countries to make the cashless economy Rajanna, With limited cash in hand and an indefinite crunch, most people are rushing to cashless transaction.
The cashless methods of more info are more prominent in developed countries like Belgium, France, Canada, and the United Kingdom etc Article source, There are check this out so many developing countries like Nigeria and Brazil where the cashless systems are deployed recently to promote cashless transactions and also to reinforce a cashless society in the country.
Along with this deployment, the governments of these countries cashless transaction thesis also trying to eradicate the problems like terrorism and tax evasion. Although technological advancement has enabled improvement and innovation in electronic payment system, from the basic ATM card transaction to online credit transfer, direct debit, card payments and, cheques is an indicator of the adoption cashless transaction thesis cashless payments in western countries like The United States of America and underdeveloped cashless transaction thesis such as Bangladesh and India.
An ideal form of a cashless economy is one in which the purchases of goods and services, the payment of debts and remittances are done through the electronic money media, thus via credit and debit cards, direct transfers from one account to another, cashless transaction thesis cards, mobile money schemes, wire transfers and other technologies Opoku-Duah, Nee-Okantah, Adams, Boakye, Essilfie, Owusu-Fordwouh, On the other hand, cashless economy does not only refer to an outright absence of cash transactions in the economy but one in which the amount of cash based transactions are kept to the barest minimum, thus an economic system in which transactions are not predominantly in exchange for actual cash is the practical definition of a cashless economy.
That notwithstanding, several challenges of implementation and sustenance have been encountered in the attempt to adopt cashless systems Kida and Goyal, These factors range from infrastructural challenges to cultural issues Oyewole et al. Several governing bodies, world authorities, and researchers have published studies on the best practices and critical success factors of cashless systems implementation Basu, The use of a more global payment service such as Instant pay allows customers of financial institutions to move money in real time.
Direct debiting and crediting are other forms of digital transaction. Other types of cashless transaction platform includes internet banking and third- party payment applications such as ExpressPay, Alex Pay, Slydepay. Hubtel, and many others 1. The cashless cashless transaction thesis offers us a choice top-up options.
Security issues relating to cash handling and the here of vandalism and theft can be significantly reduced. With a cashless system people no article source have to handle cash frequently. Cash as a method of payment is an expensive proposition for any government. As cashless transaction thesis result, many governments are seeking to reduce these costs and encourage the use of non-cash payment means Opoku-Duah et al, Empirical evidence highlighted by Opoku-Duah et al, shows the benefits a cashless society included payment efficiency, ease of access among others.
Findings from the research showed that respondents were aware of the benefits derived from the usage of cashless payment system. Respondents believed that E-payments were convenient cashless transaction thesis business transactions than the cash system, such that vast amount of payments of goods and services can be transacted via E-payment to avoid theft and robbery.
Consequently, there was the appeal to the government and the financial sector to the requisite infrastructure needed to enhance the usage of the cashless payment cashless transaction thesis. The study also found that, both socio-cultural factor and perceived usefulness of electronic banking products significantly influences its mass adoption and use by consumers in Ghana, followed by ease of use and security and privacy as other factors contributing to the adoption of electronic banking products in Ghana.
Awuku study into the prospects of Cashless Economy in Ghana had as one of its objectives to examine the cashless transaction thesis of cashless transaction. The findings of the study revealed that cashless cashless transaction thesis enhances GDP growth. The study also identified Cyber-attacks, high illiteracy rate, identity theft, unreliable networks, extra transaction charges as major challenges to cashless cashless transaction thesis. From the above stated studies, it is crucial to establish the benefits and weakness of cashless and cash-based transactional systems.
This study thus adds to already existing literature on the subject matter by weighing the two forms of transaction against a statutory body like GPHA. Specifically, the following will be the research business implementation 1.
This study will benefit stakeholders in different ways. First of all, regulators will have in depth knowledge about industries and individual views of cashless system to help enable them implement workable and sustainable policies that will contribute to economic growth and increasing prospects and stability of cashless system in the country, so cashless transaction thesis to know which ones prevalence so that immediate solution can be given.
Secondly, findings of this study can be used to design useful policies coursework dental hygienist banks, financial and nonfinancial institutions as well as the regulators in cashless transaction thesis country, knowing that they all play important role in the development of the economy. Additionally, it is anticipated cashless transaction thesis with the quality of research work to be conducted, the findings of the study will add to other scholarly works.
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