The Cashless Equation: Aligning Technology with Inclusion and Consumer Choices

Shruti Singh () and Anindita Chakraborty ()
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Shruti Singh: School of Management Sciences, Assistant Professor
Anindita Chakraborty: BHU, Assistant Professor, Institute of Management Studies

A chapter in Proceedings of the 5th International Conference on Management Research (ICMR 2025), 2026, pp 111-129 from Springer

Abstract: Abstract Rapid technological advances and the digitization of financial transactions are accelerating the global shift toward a cashless economy. Online payment methods are said to offer efficiency, security, and convenience, hence governments and companies across the globe are embracing them. Despite the benefits, this shift poses significant challenges, particularly in terms of financial inclusion and accommodating diverse consumer preferences. The following paper introduces the concept of cashless economies and the implications of digital payment innovation for both banked and unbanked individuals. It focuses on the reasons why marginalized communities cannot use cashless technology due to infrastructure, digital illiteracy, and financial constraints. The study also examines consumer behaviors that influence payment preferences, acknowledging that some individuals prefer cash due to concerns about privacy, habit, or a lack of technological access. The given research relies on policy frameworks, the expansion of the infrastructure, and digital literacy to comprehend how an inclusive and equitable financial system can be made up. It also examines the control of digital transaction risk by the regulators e.g. fraud, data leakage, and monopolistic dominance. The findings emphasize the importance of facilitating and establishing more accessible, secure, transparent, and consumer-friendly cashless systems in digital economies. The review will present policymakers, financial and technology developers with choices to make, enabling them to transition to the cashless world easily and painlessly, without exclusion and environmental degradation.

Keywords: Cashless Economy; Financial Inclusion; Digital Payments; Consumer Preferences; Technological Innovation; Digital Financial Ecosystem (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-660-9_7

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