Academic literature on the topic 'Cashless monetary system'
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Journal articles on the topic "Cashless monetary system"
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IWEDI, Marshal, Dumini S. IGBANIBO, and Chidinma UZO-AHUNANYA. "Effects of Cashless Economy Policy on National Development: Evidence from Nigeria." Journal of Economics and Management Sciences 1, no. 2 (August 29, 2018): p56. http://dx.doi.org/10.30560/jems.v1n2p56.
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Prior to this time, Nigeria economy was largely described as cash and paper based economy with significant proportion of the narrow money stock in form of currency outside the banking system. In a bid to drive national development, modernization of payment system and to limit the practice of the use of cash in business transaction in line with the global economy, the Central Bank of Nigeria introduced the cashless policy in January 2012 as a pilot scheme in Lagos. Since the declaration of cashless policy, there has been controversy in the academia with respect to the effects on national development some scholars believes it benefits outweigh it challenges and vice versa. Based on this therefore, this study seeks to assess the effects of cashless economy policy on national development in Nigeria. The study reveals cashless policy has promoted effective and improved monetary policy, efficient and fast payment system, job creations and increased technological infrastructures. The study suggests that government should promote efforts that will encourage cashless policy in Nigeria.
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Duemmler, Tobias, and Stephan Kienle. "A Central Banks Role In Cashless Payments." International Business & Economics Research Journal (IBER) 11, no. 7 (July 5, 2012): 827. http://dx.doi.org/10.19030/iber.v11i7.7069.
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The smooth functioning of payment systems is relevant for both the efficiency of the financial sector as well as the implementation of monetary policy operations. Therefore, payment systems are often provided by central banks. The characteristics of individual payment systems, such as increasing economies of scale, favour the development of a monopolistic situation. Therefore, we consider the role of a central bank acting as a monopolist and discuss possible welfare effects. Against the background of huge systemic risks, a central bank acting as an operator of an individual payment system is supposed to be the optimal solution. We illustrate our findings in the light of the role of the Bundesbank which has traditionally been operating its own payment systems.
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Alaeddin, Omar, Rana Altounjy, Naziruddin Abdullah, Zalina Zainudin, and Mazhar Hallak Kantakji. "THE FUTURE OF CORRUPTION IN THE ERA OF CASHLESS SOCIETY." Humanities & Social Sciences Reviews 7, no. 2 (August 19, 2019): 454–58. http://dx.doi.org/10.18510/hssr.2019.7253.
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Purpose of Study: This paper aims to further understand the role of a cashless society in eradicating the corruption throughout the eliminating the usage of cash.
Methodology: The method used for this conceptual paper is based on a wide range of literature reviews from journal articles, thesis proceedings and conferences, books and online news which are related to the keywords and research area.
Results: Battling the corruption by enforcing the cashless society been introduced as sophisticated method to reduce the possibility of taking bribes while everything will be recorded. This way came under light after been applied by the central bank of Nigeria in 2012 to reduce the corruption and has also been used in India to overcome the issue of counterfeit notes in 2016. Meanwhile as the information age considered a historic period in the 21st century, introducing the cashless society comes in compatible with the current trend of digitizing all the monetary system. This paper concluded the main factors can help the cashless to curb the corruption and proposed new topics for future studies.
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Skreb, Marko, and Kostiantyn Khvedchuk. "Cashless Society and de-Dollarization in Ukraine. What is Missing from Present Discussions?" Visnyk of the National Bank of Ukraine, no. 238 (December 27, 2016): 6–12. http://dx.doi.org/10.26531/vnbu2016.238.006.
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The National Bank of Ukraine stepped on the track to a cashless economy aiming at reforming the financial system, improvement of the transmission mechanism, and reduction of the underground economy and corruption. A substantial part of money in the Ukrainian economy is estimated to be foreign cash in circulation. This article underlines the importance of considering it while conducting monetary policy. Negative consequences of high dollarization and proliferation of cash are emphasized. We discuss measures that are helpful in decreasing usage of cash in general and foreign cash in particular.
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Rivera, Joseph Wilfrido. "Potential negative effects of a cashless society." Journal of Money Laundering Control 22, no. 2 (May 7, 2019): 350–58. http://dx.doi.org/10.1108/jmlc-04-2018-0035.
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Purpose In the past few years, several countries have begun to drastically change their economies to be entirely cash free. The point of this policy change is to hopefully prevent the amount of crime that results from the proliferation of cash. However, there are potential negative consequences to this policy change that receive little to no attention and there are several misconceptions regarding the opportunistic nature and resourcefulness of organized crime. As such, this paper aims to attempt to study these potentially negative consequences to provide some warning to countries adopting a cashless economic policy. Design/methodology/approach This is a conceptual paper relying upon an understanding of the literature in the fields of sociology, anthropology, psychology and criminology as applied to the topic of money and economic policy. Findings This paper discusses numerous negative effects to adopting a cashless economic policy, to include the proliferation of underground financing through the hawala system and organized criminal channels, the increased use of Bitcoin, the more difficult task of tracking currency through bank reporting requirements, and the potential effect of increasing other crimes, which are harder to track. Research limitations/implications This is an entirely conceptual paper. As such, it is not able to state definitively whether the outcomes discussed will occur or to what extent it may occur. Practical implications This paper could help to serve as a warning for governments wishing to adopt a cashless economic policy, and it may encourage those countries to hopefully develop safeguards to prevent some of the potentially negative effects that might result. Social implications This paper expands upon the understanding of money and the various ways that individuals may adapt or react culturally, psychologically or violently to changes in monetary policy or the form of currency itself. Originality/value There have been few if any paper discussing the consequences of cashless economic policies and its implications toward organized crime. This paper is unique in both the subject matter being discussed and the conceptual arguments it puts forth.
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Sun, Chia-chi, and Shih-chi Chang. "An Examination of the Catalyst for Tapping into Mobile Financial Services in the Post-COVID-19 World." Mathematics 9, no. 16 (August 10, 2021): 1906. http://dx.doi.org/10.3390/math9161906.
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Amid the widespread impact of COVID-19, mobile financial services (MFS) have experienced extensive requests due to the failure to perform physical installments and the need for secure transactions. This trend cannot end the utility of cash but it may promote portable monetary administration toward a cashless world. MFS is anticipated to have a bright future as m-commerce increasingly becomes widely known. This study proposes the choice of making a trial and assessment research facility by using a fuzzy model as the most expository device. General forms of a triangular fuzzy number are subjective categories for a linguistic variable. Linguistic variables take on values defined in their term set, that is, the set of linguistic terms. The essential components, including personal innovativeness, transaction completeness, user-friendliness, anonymity, and privacy, are causal competitive advantages of the mobile payment system framework and may play a critical part in reacting to MFS. This study shows that transaction completeness, innovative interface design, privacy, and security facilitate MFS adoption. Furthermore, reliability is necessary to enhance trust in the MFS technology. This study draws on the outcomes of administrative suggestions and recommends a few observational strategies to improve the monetary administration in the MFS industry.
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Viñuela, Carlos, Juan Sapena, and Gonzalo Wandosell. "The Future of Money and the Central Bank Digital Currency Dilemma." Sustainability 12, no. 22 (November 20, 2020): 9697. http://dx.doi.org/10.3390/su12229697.
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In this paper we set out a three-pillar monetary-financial framework to (i) analyze, categorize and compare past, current and emerging means of payment; to (ii) capture their creation and destruction processes through sectoral balance sheet dynamics; and to (iii) identify the inherent risks to the current monetary-financial system, also known as the fractional reserve banking system. These risks, which stem from sudden shifts in money demand and supply, are as follows: (I) risk of a cashless society; (II) risk of structural bank disintermediation; (III) risk of systemic bank runs; (IV) risk of currency substitution; and (V) risk of economic and financial bubbles. This framework will guide the assessment of the central bank digital currencies (CBDC), which are considered as the next step in monetary evolution. We will analyze two large groups of CBDC proposals: (i) proposals aimed at complementing cash and bank deposits; and (ii) proposals aimed at replacing all bank deposits with CBDCs. We find that once CBDCs are issued in both sets of proposals, there is always a trade-off between low levels of (I), (IV), (V), risks and high levels of (II) risk. This trade-off could also be defined as the CBDC dilemma, which states that in most CBDC proposals it is impossible to have both of the following at the same time: (1) low levels of (I), (IV) and (V) risks; and (2) low levels of (II) risk. Finally, we suggest that further research on CBDCs should focus on the second group of proposals on a phase-in basis in order to also mitigate the structural bank disintermediation risk and hence to overcome the CBDC dilemma.
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CHAYKOVSKYI, Yaroslav. "MONEY CIRCULATION IN UKRAINE: CURRENT STATUS, PROBLEMS AND DIRECTIONS FOR IMPROVEMENT OF ORGANIZATION." WORLD OF FINANCE, no. 2(55) (2018): 108–22. http://dx.doi.org/10.35774/sf2018.02.108.
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Introduction. One of the most effective means to solve the acute problems of the modern stage of Ukraine's economic development is the rational organization of monetary circulation. The solution to this problem lies in the scope of the National Bank of Ukraine measures aimed, on the one hand, on improvement of cash circulation of money and, on the other hand, the development of cashless settlements. The purposeof the article is to study the current state of money circulation in Ukraine, identify the most significant problems and definition specific areas for improvement of the operation of banks with cash and the development of cashless payments, in particular, through bank payment cards. Results. The dynamics of money outside the banks, money supply, household income and gross domestic product (GDP) in Ukraine for the period of 2013-2017 has been analyzed. The dynamics of monetary indicators in Ukraine are analysed and the advantages of cash settlements are determined. The dynamics of general data on the number of participating banks of card payment systems, clients, the total number of payment cards and payment devices, types of payment cards issued by Ukrainian banks by types of information carriers, the amount and number of transactions using payment cards has been analyzed for the period 2013-2017. Conclusions. The advantages of cash settlements have been determined. The factors of increase of quantity of cash in circulation in the country are revealed. The components of cost of cash payments and the advantages of cashless payments for participants in monetary relations in the economy are determined. The priority task of the National Bank of Ukraine on reducing the volume of cash circulation, its streamlining and development of cashless settlements through the adoption of the Cashless economy project is disclosed. Based on the analysis of the development of monetary circulation in modern conditions, conclusions were made regarding the reduction of cash circulation and the development of cashless settlements in Ukraine.
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Wamba, Samuel Fosso, Maciel M. Queiroz, Constantin Blome, and Uthayasankar Sivarajah. "Fostering Financial Inclusion in a Developing Country." Journal of Global Information Management 29, no. 4 (July 2021): 195–220. http://dx.doi.org/10.4018/jgim.20210701.oa9.
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Financial inclusion is a vital development priority for countries worldwide. Mobile wallet (m-wallet) is considered as a disruptive payment method that will substitute the traditional physical wallet to achieve the so-called cashless society and enables financial inclusion. This study aims at developing and testing a research model that integrates a set of technology factors (perceived usefulness, perceived ease of use, fun to use, monetary value), external factors (peer influence and perceived status benefit), and cultural factors (humane orientation and societal collectivism) to assess the intention to adopt and use m-wallet, for financial inclusion, in a developing country. The proposed conceptual model is tested using data collected from 621 m-wallet users in Cameroon. The model explains 47.5% of the variance of the actual use of m-wallet and 32.90% of the variance of financial inclusion. Eight out of the 10 proposed hypotheses were supported. Finally, implications for research and practice are discussed.
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"Impact of Digital Payments on Economic Growth: Evidence from India." International Journal of Innovative Technology and Exploring Engineering 8, no. 12 (October 10, 2019): 553–57. http://dx.doi.org/10.35940/ijitee.l3432.1081219.
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In recent years, economic transactions are carried out through electronic or online or cashless means all over the world especially in developed countries and developing countries like India. As a result of increased digital means of payment has brought down usage of cash transactions in the economy. Digital transactions have the features of speed, less cost, and comfort. A well functioning digital payment system has much relevance on overall economic activity, monetary policy, and financial stability of a country. This study tries to verify the impact of digital payments on the economic growth of India. The economic growth is measured through a proxy – real Gross Domestic Product. Digital payments are measured using Real Time Gross Settlement (RTGS), Clearing Corporation of India Ltd (CCIL) operated systems, paper clearing, retail electronic clearing, Card payments, and Prepaid Payment Instruments (PPIs). Data for digital payments and real GDP are collected from the year 2011 to 2019. Ordinary Least Square Regression, Auto-Regressive Distributed Lag (ADRL) co-integration approach and ARDL Bounds test are employed for the analysis. The study results reveal that digital payments impact economic growth significantly in the short run. But, digital payments don’t impact economic growth in the long-run.
Dissertations / Theses on the topic "Cashless monetary system"
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Young, Antony, and antony young@rmit edu au. "Accountants' acceptance of a cashless monetary system using an implantable chip." RMIT University. Accounting and Law, 2007. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080618.093806.
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A logical control extension surrounding cashless means of exchange is a permanent personal verification mark. An implanted micro chip such as ones that have been successfully implanted into humans could identify and store information. Connected with global positioning satellites and a computer system, a cashless monetary system could be formed in the future. The system would provide complete and continual real time records for individuals, businesses and regulators. It would be possible for all trading to occur in this way in the future. A modified Technology Acceptance Model was developed based on Davis' (1989) model and Fishbein and Ajzen's (1975) theory to test the acceptance level of the new monetary system by professional accountants in Australia. The model includes perceived ease of use, perceived usefulness, perceived risk, and a subjective norm component. 523 accountants were surveyed in December 2003 with a response rate of 27%. 13% either strongly agree d or agreed that they would accept the implantable chip. The analysis showed that Perception of Risk, Subjective Norm and Perception of Usefulness were all significant in explaining the dependent variable at the 95% confidence level. The Perception of Ease of Use was not proved to be significant. In consideration of response bias, it was found that with respect to the perception of usefulness at the 0.01 level, two elements were not significant, those being