Adoption of cashless economy in Bangladesh

Abstract

Bangladesh has seen significant strides in technological developments that have positively affected its GDP. Different modes of financial transactions, such as mobile banking, and credit and debit cards, have proven beneficial for the economy. bKash, Nagad, and other online transaction platforms are widely used by the population of Bangladesh. People, starting from Dhaka to many other rural areas of Bangladesh, are gradually becoming habituated to the digital mode of payment. The case thoroughly analyzed and highlighted the concept of a cashless society and showed how technological advancements in financial services can contribute to broader sustainability goals, including carbon-reduction. Moreover, the case presented three different scenarios on Bangladesh’s devotion towards going cashless. Additionally, the case utilized the diffusion of innovation (DOI) theory, to identify the different categories of innovation adopters, and elucidated their traits in the context of adopting a cashless economy.