Growth of Cashless Transactions
Our client, one of the world’s leading financial services provider, wanted to determine the rate at which the number of cashless transactions needs to increase around the world to eliminate the use of cash in financial transactions. The client approached Research On Global Markets for the purpose of identifying the factors and emerging technologies that are driving cashless transactions across the world as well as for analyzing the role of the respective state governments and fintechs in promoting cashless transactions.
Research on Global Markets conducted an in-depth research to assess the power of technology in facilitating cashless transaction. The research was conducted in two phases; with the first phase focused on the overall assessment of the parameters influencing cashless transactions as opposed to the use of cash. Based on the findings, questions were framed that would help in conducting the research.
The second phase of the research involved determining the role of technology in enabling cashless transaction. The information generated was based on meticulous research conducted on the overall payments industry, technologies facilitating digital payments, socio-economic factors influencing cashless transactions and government initiatives promoting online transactions.
Research conducted by Research on Global Markets helped in providing a list of parameters that are influencing economies in adopting cashless transactions and assessing the level of influence each of these parameters can have on the adoption rate of digital modes of payments. The report also earmarked the emerging technologies that could help replace cash in transactions and assessed the various technologies adopted by organizations to facilitate cashless transactions.