The advent of advanced technology has implored the innovation for developing solutions in electronic payment. Unlike the conventional cash payments, cashless or online payment options has brought in a number of opportunities.
Electronic card payment has a major impact on how business conducts huge transactions. It has increased trades across malls, banks, and other retail stores. The growing trend of online shopping has resulted in increased usage of internet banking and electronic card payment. The diffusion of cashless transactions has also propelled even further due to the increasing demand for online shopping
The world is amidst unprecedented digitalization, redesigning and reproducing old philosophies of time and money value. The cashless transaction has opened a new chapter in the fourth industrial revolution and the levels of development that have entailed new possibilities. Considering the case of digital markets, its popularity and demand have eliminated the need for visiting physical brick-and-mortar shops. It has altered the very definition of “money” and has facilitated boost of financial activities, therefore, contributing to enormous economic growth.
The diffusion of cashless payment will result in the adoption of cashless transactions within the society or community, subject to the types of innovation adopters and innovation-decision process. Since the consequences of diffusion in cashless payment depend on how quickly the society is willing to adopt cashless payment through different stages of innovation processes, the consequences of the adoption of cashless payment differ in a different society.