{"id":21589,"date":"2025-05-24T05:11:17","date_gmt":"2025-05-24T05:11:17","guid":{"rendered":"https:\/\/epiccontentanddesign.com\/grmi\/?p=21589"},"modified":"2025-05-24T05:42:55","modified_gmt":"2025-05-24T05:42:55","slug":"research-study-on-cashless-economy-risks-and-rewards","status":"publish","type":"post","link":"https:\/\/epiccontentanddesign.com\/grmi\/blog\/research-study-on-cashless-economy-risks-and-rewards\/","title":{"rendered":"Research Study on Cashless Economy-Risks and Rewards"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21589\" class=\"elementor elementor-21589\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-89ae7b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"89ae7b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5114c34\" data-id=\"5114c34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3f8ebc elementor-widget elementor-widget-text-editor\" data-id=\"f3f8ebc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCashless Economy Risks and Rewards\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71636099 elementor-widget elementor-widget-text-editor\" data-id=\"71636099\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBy Ankit Arora, PGDRM Jan\u201921-22\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-831acc2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"831acc2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ef35b2\" data-id=\"8ef35b2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ec306ab elementor-widget elementor-widget-text-editor\" data-id=\"ec306ab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA cashless economy means an economic system where digital transactions like net banking, mobile banking, digital wallets, and payment through debit cards and credit cards are used to replace the traditional method of payments made via cash or coins.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9319abe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9319abe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-173212a\" data-id=\"173212a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-511e61a elementor-widget elementor-widget-text-editor\" data-id=\"511e61a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhy cashless?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d678f32 elementor-widget elementor-widget-text-editor\" data-id=\"d678f32\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Reduction in risk of carrying cash<\/li>\n<li>Increase transparency<\/li>\n<li>Cost reduction<\/li>\n<li>Efficient and convenient<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5419ea2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5419ea2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e79dcb4\" data-id=\"e79dcb4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-607fc5a elementor-widget elementor-widget-text-editor\" data-id=\"607fc5a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCategorizing Cashless Alternatives\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab67ca5 elementor-widget elementor-widget-text-editor\" data-id=\"ab67ca5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li><b>Wrappers:<\/b> These are the general mobile applications that are used to transfer money through a mobile number or a user code. For eg: GPay, Paytm, etc.<\/li>\n \t<li><b>Mobile money:<\/b> Mobile Money is a new payment system, with money stored as credits on a smart card or on the system provider\u2019s books, but continues to use national currencies. For eg: M-Pesa<\/li>\n \t<li>C<b>redits and local currency:<\/b> Credits are schemes in which private companies accept money in exchange for an alternative unit of account, which can be spent on a particular platform (such as within an online game).<\/li>\n \t<li><b>Digital currencies:<\/b> Digital currency is any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems, especially over the internet.<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-48bf951 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48bf951\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a2193f\" data-id=\"5a2193f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a12686c elementor-widget elementor-widget-text-editor\" data-id=\"a12686c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe Cost of Handling Cash\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2fc3f46 elementor-widget elementor-widget-text-editor\" data-id=\"2fc3f46\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>The cost of accepting cash as a method of payment for businesses. This includes the cost of transporting cash. Cash in transit companies has varying charging structures.<\/li>\n<li>The cost of using cash for the public. For example, paying to withdraw money from an ATM machine includes the costs associated with the ATM network and this differs from country to country.<\/li>\n<li>The cost of cash to banks includes the production and issuing of notes and coins.<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9032a64 elementor-widget elementor-widget-image\" data-id=\"9032a64\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"638\" height=\"479\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/existing-currency-management-model-in-india.jpg\" class=\"attachment-full size-full wp-image-21595\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/existing-currency-management-model-in-india.jpg 638w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/existing-currency-management-model-in-india-300x225.jpg 300w\" sizes=\"(max-width: 638px) 100vw, 638px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-abcf102 elementor-widget elementor-widget-text-editor\" data-id=\"abcf102\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tRBI spending: RBI expenditure on currency management was 49.12 billion in the year 2017 and 2018.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9f801b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9f801b0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ba28ac9\" data-id=\"ba28ac9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-be2a3f3 elementor-widget elementor-widget-text-editor\" data-id=\"be2a3f3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGOVERNMENT INITIATIVE\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e58b0f elementor-widget elementor-widget-text-editor\" data-id=\"7e58b0f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>DIGITAL INDIA campaign was launched by PM Modiin year 2015<\/li>\n<li>Launch of BHIM UPI application in the year 2016 to initiate digital transactions<\/li>\n<li>Linkage of e-wallets to pan cards and No service charge on digital transactions<\/li>\n<li>One UPI for all digital transaction platforms<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a282073 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a282073\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-13e4871\" data-id=\"13e4871\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b92d021 elementor-widget elementor-widget-text-editor\" data-id=\"b92d021\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGoing cashless as risk mitigant\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96d5947 elementor-widget elementor-widget-text-editor\" data-id=\"96d5947\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Going cashless is one way to effect compulsory banking<\/li>\n<li>Compulsory electronic banking may be seen as a risk management tactic for banks facing the myriad risks arising from NIRP<\/li>\n<li>The profit margin on incremental deposits is the product of the interest margin between deposits and assets, the increase in deposits, the effective re-lending multiplier<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a735ecd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a735ecd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e5fe5b6\" data-id=\"e5fe5b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71aa7a6 elementor-widget elementor-widget-text-editor\" data-id=\"71aa7a6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tRisk in E-payment\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41955fa elementor-widget elementor-widget-text-editor\" data-id=\"41955fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Threat to financial information: There are many cases of leakage of financial information such as card details, internet banking passwords, and UPI pins. This leads to theft of money from your bank accounts.<\/li>\n<li>Crash of e-wallets: There are many applications such as Swiggy, Zomato, Uber, Ola, and many others that provide us the benefit of e-wallets but there is a potential risk of wallet crashes or and govt. regulation that stops the use of e-wallets.<\/li>\n<li>Phishing attack: It happens many times that you make online payments and suddenly a mail or a message has been received saying click on this link for availing offers or cash back. Through this hackers hack your banking details and empty your accounts.<\/li>\n<li>Excessive reliance on technology: It\u2019s not a king of threat but a potential operational risk, as many times we all have faced some issue in online payments saying bank servers are down or payment is taking time these are the issues due to server of bank or digital payment platform.<\/li>\n<li>Lack of infrastructure: Infrastructure makes global commerce possible. But while some countries are upgrading their physical infrastructure. But if we specifically talk about India then rural parts are lacking far behind.<\/li>\n<li>End to the right of private life: We slowly accept a trade-off between convenience and privacy. Are we aware of this? One argument is that only people who have something to hide would want anonymity. There needs to be a strong legal and regulatory framework to accompany a cashless society and is probably necessary anyway.<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0a2f5c5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a2f5c5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-82fbc8b\" data-id=\"82fbc8b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cda1b48 elementor-widget elementor-widget-text-editor\" data-id=\"cda1b48\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSwot Analysis\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e7066 elementor-widget elementor-widget-text-editor\" data-id=\"27e7066\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tStrengths\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5009cc4 elementor-widget elementor-widget-image\" data-id=\"5009cc4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/power-512-300x300-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-21596\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/power-512-300x300-1-150x150.png 150w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/power-512-300x300-1.png 300w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-212a0ad elementor-widget elementor-widget-text-editor\" data-id=\"212a0ad\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Convenience: Integration of wallet into digital devices\/services,<\/li>\n<li>Consumer and political power,<\/li>\n<li>End of cash making\/handling costs on taxpayer,<\/li>\n<li>Perceived social fairness if tax,<\/li>\n<li>Compliance may improve, and fraud may reduce.<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec41754 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ec41754\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ab429ed\" data-id=\"ab429ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15f6036 elementor-widget elementor-widget-text-editor\" data-id=\"15f6036\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWeaknesses\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1522df elementor-widget elementor-widget-image\" data-id=\"e1522df\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/4767041-300x300-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-21597\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/4767041-300x300-1-150x150.png 150w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/4767041-300x300-1.png 300w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a51b82a elementor-widget elementor-widget-text-editor\" data-id=\"a51b82a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<liFinancial exclusion, some will have difficulties with the transition,<\/li>\n \t<li>Potential unreliable access to infrastructure and technology (physical and cognitive),<\/li>\n \t<li>Financial and technological literacy, Inc. budget management,<\/li>\n \t<li>Hidden agendas (suspicion),<\/li>\n \t<li>Mistrust in banks,<\/li>\n<li>Attachment to the social value of cash.<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f9e60a8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f9e60a8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fde5be4\" data-id=\"fde5be4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae8c1f5 elementor-widget elementor-widget-text-editor\" data-id=\"ae8c1f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOpportunities\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9bea619 elementor-widget elementor-widget-image\" data-id=\"9bea619\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/opportunity-icon-4.jpg-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-21598\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/opportunity-icon-4.jpg-150x150.png 150w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/opportunity-icon-4.jpg.png 300w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67be7ca elementor-widget elementor-widget-text-editor\" data-id=\"67be7ca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Financial inclusion,<\/li>\n<li>Financial and technological literacy,<\/li>\n<li>Bank competition may mean lower consumer costs,<\/li>\n<li>More payment choices, inc digital currencies,<\/li>\n<li>New payment methods may dis-intermediate banks.<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a0217a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a0217a6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-893f626\" data-id=\"893f626\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8401455 elementor-widget elementor-widget-text-editor\" data-id=\"8401455\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Threats<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-520634b elementor-widget elementor-widget-image\" data-id=\"520634b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/76-763361_a-strong-work-place-safety-culture-in-the.png-removebg-preview-300x266-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-21599\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8087c7 elementor-widget elementor-widget-text-editor\" data-id=\"e8087c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Financial exclusion\/unaffordable technology,<\/li>\n\n<li>Loss of freedom, digital enslavement, dystopian world,<\/li>\n<li>Loss of free means of payment\/Forced consumption of private services,<\/li>\n<li>Hidden agendas (repression),<\/li>\n<li>Change won\u2019t live up to promises<\/li>\n<li>Mistrust in banks,<\/li>\n<li>Negative Interest Rates and wallet erosion through fees,<\/li>\n<li>Money loss through collapsing schemes,<\/li>\n<li>Security of transactions and data (Inc. biometrics),<\/li>\n<li>Increased debt,<\/li>\n<li>Lack of interoperability, inconvenience,<\/li>\n<li>Loss of sovereignty.<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e62dbfb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e62dbfb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-89384b0\" data-id=\"89384b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4999d84 elementor-widget elementor-widget-text-editor\" data-id=\"4999d84\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGet the full study here: <a href=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/cashless-economy-By-Ankit.pdf\" ; target=\"_blank\">Cashless Economy- By Ankit <\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c8a46c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c8a46c8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e9ed33\" data-id=\"6e9ed33\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c55d1b elementor-widget elementor-widget-text-editor\" data-id=\"7c55d1b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDisclaimer\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93c11ce elementor-widget elementor-widget-text-editor\" data-id=\"93c11ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThis report has been produced by students of Global Risk Management Institute for their own research, classroom discussions and general information purposes only. While care has been taken in gathering the data and preparing the report, the student\u2019s or GRMI does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied. References to the information collected have been given where necessary.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16f7f7b elementor-widget elementor-widget-text-editor\" data-id=\"16f7f7b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGRMI or its students accepts no responsibility or liability for any loss or damage of any nature occasioned to any person as a result of acting or refraining from acting as a result of, or in reliance on, any statement, fact, figure or expression of opinion or belief contained in this report. This report does not constitute advice of any kind.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Cashless Economy Risks and RewardsBy Ankit Arora, PGDRM Jan\u201921-22A cashless economy means an economic system where digital transactions like net banking, mobile banking, digital wallets, and payment through debit cards and credit cards are used to replace the traditional method &hellip; <\/p>\n","protected":false},"author":1,"featured_media":21591,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-21589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Research Study on Cashless Economy-Risks and Rewards - 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