Exploring the Advantages of Cashless Payment Systems: A Comprehensive Review

Penn Marie Mezoh and Xingchi Zhou
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Penn Marie Mezoh: School of Management, Wuhun Textile University, China
Xingchi Zhou: School of Management, Wuhun Textile University, China

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 10, 553-564

Abstract: Cashless payments are widely used for making payments between individuals and companies worldwide. Vendors have been drawn to these payment methods due to their perceived ease of use and low cost of transaction equipment. This study explores different payment methods and discusses the benefits of cashless payment, some drawbacks are mentioned for balance. The study systematically reviews several scholarly papers to assess non-cash payment methods and digital payment advantages. The method used in this study was based on secondary data that’s mainly a review of what other respected authors have published. No fieldwork was implemented aside from reading and comparing papers on cashless payment systems. The study discovered various digital payment approaches with advantages. Regardless of the difficulties encountered by users in the daily use of these e-money systems, the global trend is shifting towards a cashless economy. It is important to note that the cashless payment system is fast growing, and its benefits cannot be overlooked even though some downsides have also been recorded such as perceived risks, Insufficient security, the absence of government engagement in certain digital payment systems, such as Cryptocurrency, discourages financial institutions.

Date: 2024
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