Evolution of cashless society: a study from Bangladesh perspective

Abstract

bKash, the leading Mobile Financial Service (MFS) provider company of Bangladesh. The company is currently serving more than 57 million of people of the country with 26million active user. Even though their core product was cash in and cash out, nowadays, different payment is getting popular through bKash. Because of ease of doing different payment, these services are getting more popular day by day. As a result, there is a change in people’s expenditure. People are using wallet money to pay different bills, make payment for food, groceries and to many important purchase decisions. During the pandemic, there is significant rise of cashless transaction among various class of people. In this report, I have tried to show the evolution of cashless transaction in Bangladesh. After secondary research, I have conducted survey to develop hypothesis and made it into actionable data to prove the hypothesis. While doing the research, I have found out that, people with different demographic characteristic with different income level is more likely to adapt cashless transaction than others. While doing the research, it also has brought to the light that people are moving towards this cashless transaction because of safety, convenience and time saving factors. Through the research, I have found the motivating factors to adapt cashless transaction rather doing cash transactions. This research also opens the horizon for further research on this topic as we are in early stage to move towards cashless economy.