The Role of Banks in the Transition to a Cashless Society The development of technology has resulted in numerous changes to how people conduct business. Digital payments are steadily displacing cash as the preferred payment method, and this tendency has been growing for a while. The financial sector relies on banks, which is critical to transitioning to a cashless society. With a focus on the banking industry’s viewpoint, we will analyze the role of banks in the shift to a cashless society in this article. As technology develops, more people are adopting digital payments to conduct business. Banks play a significant role in aiding the shift to a cashless society and are essential stakeholders.
