Balancing the Risk and Rewards of a Cashless and Digital Society
- Author Hridayangi Jain
- Co-Author Piyush Gupta
- DOI https://ww
- Country : India
- Subject :
Keywords : Cashless, Digital Payment System, Financial Transaction, Financial Inclusion, Digital Society
Abstract
The emergence of cashless and digital payment systems has revolutionized the way we conduct financial transactions. These systems offer numerous benefits, such as convenience, speed, and security, which have led to their widespread adoption around the world. However, the increasing reliance on cashless and digital payment systems also brings with it a host of risks and challenges.
This research paper will explore the benefits and risks of a cashless and digital society and consider ways to balance the two. First, we will examine the benefits of cashless and digital payment systems, including their convenience, speed, and security. We will also, discuss the potential for these systems to increase financial inclusion and reduce the costs associated with traditional payment methods. Next, we will consider the risks and challenges associated with cashless and digital payment systems. These include privacy and security concerns, the vulnerability of these systems to fraud and hacking, and the potential for financial exclusion of certain groups.
Finally, we will explore strategies for balancing the benefits and risks of a cashless and digital society. This will include a discussion of the role of government regulation, consumer education and awareness, and the development of best practices for the use and management of these systems. Overall, this research paper aims to provide a comprehensive understanding of the benefits and risks of a cashless and digital society and to identify ways to ensure that the benefits of these systems are maximized while minimizing the risks.
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