With the advancement of technology, carrying cash in a wallet has become unnecessary. Mobile financial services (such as bKash, Rocket, etc.) now allow for easy transactions directly from banks. Even shopping malls and small stores offer digital payment options. To ensure financial security and minimise risks such as theft, digital transactions are becoming indispensable.
A cashless economy presents several significant advantages for the socio-economic development of Bangladesh.
Firstly, one of the country's major challenges is the rising cost of commodities. Artificial shortages, excessive intermediaries, and lengthy consumer chains make it difficult to control the prices of essential goods. Many businesses still rely on traditional record-keeping methods, which can lead to irregularities and fraud. To address this issue, all legitimate businesses should be brought under digital transactions to foster a cashless community. Digital payment systems will preserve transaction records, ensuring transparency and accountability.
Secondly, digital transactions in personal dealings can significantly reduce the chances of fraud. For example, if someone makes an online payment for a marriage contract (Kabinnama), they will have proof for future reference. Similarly, if a person lends money to someone, the digital transaction record can serve as legal proof in court.
Bangladesh is primarily an agricultural country, where most farmers lead simple lives. Through awareness programmes and public engagement initiatives by the government and organizations concerned, farmers can be encouraged to adopt digital transactions. Establishing online marketplaces can directly involve farmers in digital transactions, protecting them from middlemen and fraud.
The expansion of digital transactions will not only accelerate economic growth but also pave the way for a more transparent, modern, and secure economy.
Afifa Jahan Pushpo
Department of Television, Film, and Photography,
University of Dhaka
jahanafia44@gmail.com
