Cashless Banking is a financial monument of a nowadays country that has yet to be attained by Bangladesh due to several socio-economic reasons, but hopefully, we are adopting gradually.
Don’t want to carry all the paper monies for
shopping? Or those ridiculous coins that ding dongs all the way? Let me
introduce you to the thought of ‘Cashless Banking.’ Via this approach, you get
to do all sorts of financial transactions by digital money/currency that could
be based on any of the ideas like NEFT or RTGS, Credit or Debit card,
E-wallets, Mobile-wallets, UPI Apps, Gift cards and whatnot.
The true chronicle of Cashless Banking can hardly
be over highlighted with the true sense of the term, going back from 1990, and widespread
maturity was achieved by the year 2010 across the world. The idea of Cashless
Banking is now so well developed that many countries are now claiming
themselves to be a part of ‘Cashless Society.’
According to The Daily Star, only 6% of the total
transactions are done via means of the electronic method in Bangladesh. For our
country, the sole means of going cashless is the utilization of cards (credit
or debit), ATM machines as well as PoS.
As per the news from the Bangladesh Bank, the
debit cards and the credit cards that are in circulation today are over 14.66M
and 1.13M successively. But using a credit card to purchase things is
going cashless, where most of the people only use it for the withdrawal of
money that is not going cashless. The idea has to be incorporated in a
befitting manner.
Also, only a little over 8% utility bills are
paid by digital means, in salaries are paid by this means is only in 2.6% cases
roughly. However, the cashless regime is now getting bigger in this country
with the MFS (mobile financial service) like bkash,
Rocket, Nagad, MyCash
etc. A survey conducted by the Bangladesh Bank
has revealed quite interesting the fact that the average daily money exchange
via the MFS has increased to above Tk. 10.06 Billion.
The slow flow of us towards cashless banking is
due to the facts of the high rate of illiteracy, less knowledge about the
benefits of going cashless, and scarcity of supporting logistics. Presently,
one-third of the population of Bangladesh is unbanked. The country needs more
time and efforts to take banking facilities to rural areas. A cashless economy
will only hinder that process. These are the physical challenges, and also
economic challenges are to be addressed like going cashless would render many
bank workers lose their job, unemployment problems, security problems, etc. Due
to the several crude reality factors, for Bangladesh, going cashless is highly
like a pipe dream.
The topmost disadvantage of the Cashless Banking
is that, in many 3rd world countries like ours, and also in
developed countries, there are always people, who are poor, needy, immigrants
with no legal documentation, cannot afford such financial facilities. Old
persons throughout the world also are not accustomed to the use of Cashless
Banking, so they have to rely on the good old fashion paper/plastic money.
This is high time to level the playing field for
the means of cashless banking promoting competition as well as turning
Bangladesh into a ‘Smart Nation’ by gradually incorporating the bulletproof
idea in the mind of the fellow countrymen and ensuring their financial
stability and security.
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