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Are we in a cashless society?

 Noticed that the use of cash has started to decrease. In most companies, the money is deposited directly from the bank into your account as salary, except tons of grocery or tea shops. If you look at what you have bought recently, you will see that most of the transactions have been made through digital payment. And it doesn't matter if it's online shopping. Like many countries in the world, mobile payment e-wallet, tap to pay, debit and a credit card are widely used payment methods in our country.


What does that mean? Are we slowly getting used to the idea of ​​a cashless society? A cashless society is such a good system that there will be no use of cash money or money in society at all. Now, this may sound like a fairy tale to many but the real truth is that we are moving in that direction bit by bit. Nowadays many financial activities and transactions are done without cash and in that case, many financial institutions and even the government are promoting this change. Although the concept of a cashless society is still mostly in process. However, some features related to how a cashless society will develop are now visible.

Basically, a society can be cashless in four parts. Credit and debit cards. Cards are one of the most popular cash options in use today. But cards alone may not be enough to create a hundred per cent cashless society. Mobile devices may instead be a primary tool for payment. Electronic Payment Apps. Apps like Gel, Paper, and Venmo are great for making person-to-person payments. That is called paper payment.


Mobile Payment Services These services provide secure and cashless payments with mobile wallets like Apple Pay, Google Pay, WeChat Pay or WhatsApp Pay. They are already becoming popular for payment in many countries.

Cryptocurrency. Cryptocurrency is already at the top of the world discussion it is used for money already and it has put all other systems in the face of competition. However, there are risks and some restrictions that are not yet convenient for most customers. Payment services like credit and debit cards, PayPal or Apple Pay are now popular all over the world. Card service is one of the most popular mediums used today. If you pay a little attention, you will see that various attractive offers are being offered in shopping to expand credit and debit card services. From restaurants to shopping malls. Massive discounts to match everywhere. These are but simple initiatives to accustom or encourage people to a cashless society.


But only with this card, society cannot be made 100% cashless. Marginalized people or people from different professions cannot be associated with this service very easily. In that case, mobile devices are going to become an optimal mechanism for payment. Where not only cashless but also the concept of a cardless society is coming. But that's it. Mobile final service has rapidly become very important in the field of financial transactions. Globally, several countries are moving forward very quickly in creating a cashless society.

Let's take the words of Sweden. The first European country to issue banknotes is going to be one of the first cashless countries. For every 100,000 people in Sweden, there are only thirty-two ATM booths on average. On the other hand, ninety-eight per cent of the citizens have a David or credit card. But still, Sweden is one of the leading countries using mobile payment methods. According to the European Payments Council, in 2019, cash transactions were only one per cent of Sweden's GDP, and within the next 2024, Sweden is preparing to become the world's first cashless country as well as a 100% digital economy. Many people think that what is the benefit? Where is the problem if there is money in the pocket?

First of all, what kind of situation do you have to do when you want to carry cash? In Kolsagar, I did not say that it is as easy for criminals to steal money from your pocket as it is to steal money from a digital wallet. Besides fake money but then there will be nothing else. Another thing is that in this kind of love method, it seems very difficult to commit a crime because every transaction statement is there, so a study by researchers from America and Germany showed that since the introduction of the digital payment system in Missouri, the crime in this region has decreased by about 9.8 per cent.

Not only that, the Master card economic outlook report published in December 2021 says that different countries have been able to collect large amounts of revenue during the Covid epidemic around the world and digital financial activities have played a key role in this.


Now let's come back to Bangladesh, even if it is possible in China, India or other European countries, Bangladesh has the potential of a cashless society. To be clear, the idea of ​​a cashless society is an important thing in the construction of digital Bangladesh. Due to the lockdown and various restrictions due to the Covid-19 epidemic, the whole world is The use of digital payments has grown significantly in Bangladesh, like other countries, during a period that stopped when people had to stay indoors day after day. Entrepreneurship has grown a lot, most of which is online-based. Digital payments such as Bikash, Cash, Rocket, Way or Citta, Selvin etc. have played a significant role. But one thing, although there are many advantages of digital payment, there are also security risks in some cases. Especially in Bangladesh since the mobile banking system is popular so this has been specially targeted by fraudsters. Sometimes it is heard that the customer is trapped and money is taken from the account. Fraudsters also harass customers in various ways. Companies are trying to provide more security.


Such a way has recently come and left quite a response. Away app is as safe as it is easy and convenient to use, the app is designed in such a way that it will give you a great experience. It can be used like a personal wallet in a way as cashing, cashing out, sending money, mobile recharge bill payments and everything else is done now. Going way without any charge from the app. And there is the facility of sending money for free all over the country, even if there is no app or internet connection, there is no problem, even if you dial Star to Six Eight Hash on your mobile, you can use the method easily. Why else when everything can be done so easily? Life will be more first and smarter. And you can get a maximum cash reward of up to fifty rupees by opening an account. Remove the account yourself. stay One step ahead of others.


The statistics of the post-Covid period in Bangladesh also show the same picture. Digital transactions more than doubled in June 2021 from fifteen per cent in March 2020. has improved from thirty to thirty-five per cent. Where the use of cards has increased from two hundred and twenty-five crore taka to twelve hundred and fifty crore taka i.e. five times.


Not only that, Bangladesh Bank's mobile financial services statistics say. In April 2022, through mobile banking, 93-thousand-thirty-two crores of customers have been transacted. Which has increased by fifteen thousand seven hundred and thirty crores compared to last March. Especially Mobile Financial Services or MFS has brought revolutionary changes in mobile banking services in the country. City or village. Money can be sent anywhere in the country in a moment in this way. Only one thing mobile financial companies have to reduce the charges more. Only then these figures will increase many times.

The latest information from the central bank says that currently, thirteen banks are providing mobile banking services in the country under the different names My cash, and SureCash through Bikash Rocket. At the end of March 2022, the number of customers registered in mobile banking is more than eleven million and ninety-nine million.


Out of this, there are five crores thirty-five lakh customers in the city and five crores seventy-three lakh in the villages. Besides, there are six crores forty-one lakh male and four sixty-three lakh female customers among the registered ones. It is understood that under the mobile financial service, the marginalized men and women of the cities as well as the rural towns can receive the benefits equally. It must be said that the Bangladesh government is also helping to develop this progress in various ways. The government is using all kinds of government allowances and incentives to build a digital Bangladesh, especially the mobile financial services sector. Therefore, it can be said that the use of mobile banking is gradually expanding and will increase not only in personal transactions but also in the last month of April, salaries and allowances of various organizations have been distributed through final mobile service amounting to two thousand eight hundred and seventy-eight crores. Two thousand six hundred and sixty-eight crore rupees have been paid for various services including electricity bills, and gas bills. I'm going to finish today cashless economy for Bangladesh is only a matter of time. Now people are sending money from phone to phone very easily. An ordinary farmer will sell his crops and deposit money on his mobile phone. And the money that he spends in a shop will also be paid through mobile. Then there will be no need to keep cash in hand. Hard-earned money will not be lost due to theft or accident. It will play a big role in the transformation of digital Bangladesh.


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