The Future of Banking: Is the “cashless society” achievable?

Abstract

The future of banking is hovering for transformation as cashless or digital payment systems. As technology advances and the quick transition of digital platforms are likely to blur the boundaries of banking, technology, and other sectors. For a future cashless society, banking is the foundation stone, as it is highly evolving into technology-driven and customer-focused and helping the traditional banks to adopt these new evolutions in the banking sector, to highlight consumer needs and enhance securities in any transactions. A cashless society is seen as a means to boost financial efficiency, transparency, and stronger securities. The government has taken a lot of initiatives to promote this concept, especially regarding digital India. However, in a country like India, we cannot deny the challenges persist, especially in rural or semi-rural areas where inadequate infrastructure and digital illiteracy hinder this progress. This research examines how likely it is to achieve a cashless society in India, using both primary and secondary data. The data was collected using the Google form questionnaires and secondary sources. The findings from this research are expected to contribute to a more inclusive, digital advanced banking system and to understand the implications of a cashless society on India's economy and its banking sector. Exploring these dynamics will contribute to shaping policies that facilitate a sustainable cashless future in India.