Cashless Mobile Financial Services: Rapid growing financial sector in Bangladesh's Financial Industry

https://doi.org/10.35912/amor.v6i2.2108
Published: Nov 8, 2024

Abstract:

Purpose: Mobile finance services have grown in Bangladesh, reaching a large population without access to traditional banks. This research investigates how mobile banking affects Bangladesh's economy. The paper analyzes mobile financial services in the nation and identifies growth prospects. Furthermore, the study will examine the potential impact of mobile financial services on improving the quality of life for low-income persons and their role in combating poverty.

Methodology/approach: In order to gather data on the adoption and utilization of mobile financial services in Bangladesh, the research will integrate primary and secondary sources, such as surveys, interviews, and case studies. The study will also examine the socioeconomic and demographic factors influencing the country's adoption of mobile financial services.

Results/findings: The study also analyzed mobile financial services' economic benefits and potential drawbacks. The study will focus on the potential impact of mobile finance services on enhancing financial inclusion, expanding access to credit, and promoting economic growth in Bangladesh. The thesis will examine the potential impact of mobile financial services on enhancing financial literacy among the population and boosting the nation's GDP.

Limitations: Bangladesh's Information and Communication (ICT) strategy highlights the government's digital initiatives and policy goals as weak regarding digital inclusion. Consequently, the extent to which digital services and financial technology (fintech) will provide financial inclusion in rural Bangladesh remains uncertain. To achieve financial inclusion in the digital economy through digital services, rural populations must have access to digital equipment and supportive social contexts.

Contribution: The research will investigate Bangladesh's mobile banking regulatory system and suggest improvements to protect consumers. It will also examine mobile financial service providers' problems and opportunities, as well as solutions. This article seeks to study mobile banking services in Bangladesh and find development opportunities. The findings will inform policymakers, financial institutions, and service providers in Bangladesh and other developing nations where mobile banking proliferates.

Keywords: Cashless, Mobile Banking, Mobile Financing

Keywords:
1. Cashless Banking
2. mobile financial services
3. Mobile banking
Authors:
1 . Moutusi Tanha
University of Canterbury, Christchurch, New Zealand
2 . Md. Ruhul Amin
Islamic University, Bangladesh
3 . Md. Yeamin Masum
Islamic University, Bangladesh
4 . Mithun Bairagi
Islamic University, Bangladesh
5 . Md. Habibur Rahman
Islamic University, Bangladesh
6 . Md. Zahid Hasan
Bangladesh Army University of, Engineering Technology
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How to Cite
Moutusi Tanha, Md. Ruhul Amin, Md. Yeamin Masum, Mithun Bairagi, Md. Habibur Rahman, & Md. Zahid Hasan. (2024). Cashless Mobile Financial Services: Rapid growing financial sector in Bangladesh’s Financial Industry. Annals of Management and Organization Research, 6(2), 107–125. https://doi.org/10.35912/amor.v6i2.2108
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Issue & Section
Vol. 6 No. 2 (2024): November
Articles
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References

    A cashless society: benefits, risks, and issues ? Abstract of the London Discussion. (2023). British Actuarial Journal, 23. https://doi.org/10.1017/s1357321718000223

    Abdullah, N., Redzuan, F., & Aziah Daud, N. (2021). E-wallet: factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67. https://doi.org/10.11591/ijeecs.v20.i1.pp67-74

    Achord, S., Chan, J., Collier, I., Nardani, S., & Rochemont, S. (2022). A Cashless Society Benefits, Risks and Issues (Interim Paper).

    Aliya Berkimbayeva, B. (2021). Transition to a Cashless Society: Impact on Economic Activity.

    Datta, R. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. 05. https://doi.org/10.5281/zenodo.4683181

    Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User Acceptance of Computer Technology: a Comparison of Two Theoretical Models. Management Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982

    DiFranco, F. (2018). The cashless revolution. SecEd, 2008(4). https://doi.org/10.12968/sece.2008.4.1156

    Duncombe, R. (2023). An evidence-based framework for assessing the potential of mobile finance in sub-Saharan Africa. The Journal of Modern African Studies, 50(3), 369–395. https://doi.org/10.1017/s0022278x1200016x

    Ewa Abbas, A. (2023). Literature Review of a Cashless Society in Indonesia: Evaluating the Progress. International Journal of Innovation, Management and Technology, 193–196. https://doi.org/10.18178/ijimt.2017.8.3.727

    Fabris, N. (2023). Cashless Society – The Future of Money or a Utopia? Journal of Central Banking Theory and Practice, 8(1), 53–66. https://doi.org/10.2478/jcbtp-2019-0003

    Farquhar, J. D., & Rowley, J. (2021). Convenience: a services perspective. Marketing Theory, 9(4), 425–438. https://doi.org/10.1177/1470593109346894

    Goel, R., Sahai, S., Vinaik, A., & Garg, V. (2022). Moving From Cash to Cashless Economy: -A Study of Consumer Perception Towards Digital Transactions. International Journal of Recent Technology and Engineering (IJRTE), 01(8), 2277–3878.

    Hidayah, N., Waspada, I., & Sari, M. (2023). THE DYNAMICS OF CASHLESS SOCIETY: A SYSTEMATIC REVIEW. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(15), 07-16. https://doi.org/10.35631/aijbes.515002

    Huebner, J., Frey, R. M., Ammendola, C., Fleisch, E., & Ilic, A. (2023). What People Like in Mobile Finance Apps. Proceedings of the 17th International Conference on Mobile and Ubiquitous Multimedia, 1(4). https://doi.org/10.1145/3282894.3282895

    Implementation Of Neural Network For Cashless Transactions In Credit Card Transactions. (2023). International Journal of Recent Trends in Engineering and Research, 170–174. https://doi.org/10.23883/ijrter.conf.20171225.026.hgedm

    Intelligent GSM Based Prepaid Energy Meter in a Cashless Economy. (2021). International Journal of Science and Research (IJSR), 5(1), 1816–1822. https://doi.org/10.21275/v5i1.nov153063

    Khaira, A., Fachrudin, & Syahputra, A. (2021). A Study of the Use of Cashless Payments in Relation to Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia.

    Lai, P. C., & Liew, E. J. Y. (2021). Towards a Cashless Society: The Effects of Perceived Convenience and Security on Gamified Mobile Payment Platform Adoption. Australasian Journal of Information Systems, 25. https://doi.org/10.3127/ajis.v25i0.2809

    Obinabo, C. R. (2022). Cashless Economic Policy : An Analysis of Financial Intermediation in the Pre and Post Cashless Policy Periods. Journal of Policy and Development Studies, 11(2), 1–12. https://doi.org/10.12816/0038084

    Ong, H.-B., & Chong, L.-L. (2022). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178–188. https://doi.org/10.1057/s41264-022-00145-0

    Parmar, R. (2022). A STUDY OF CASHLESS SYSTEM AND CASHLESS SOCIETY: ITS ADVANTAGES AND DISADVANTAGES.

    Salah Uddin, M., & Yesmin Akhi, A. (2021). E-Wallet System for Bangladesh an Electronic Payment System. International Journal of Modeling and Optimization, 4(3), 216–219. https://doi.org/10.7763/ijmo.2014.v4.376

    Srouji, J., & Torre, D. (2022). The Global Pandemic, Laboratory of the Cashless Economy? International Journal of Financial Studies, 10(4), 109. https://doi.org/10.3390/ijfs10040109

  1. A cashless society: benefits, risks, and issues ? Abstract of the London Discussion. (2023). British Actuarial Journal, 23. https://doi.org/10.1017/s1357321718000223
  2. Abdullah, N., Redzuan, F., & Aziah Daud, N. (2021). E-wallet: factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67. https://doi.org/10.11591/ijeecs.v20.i1.pp67-74
  3. Achord, S., Chan, J., Collier, I., Nardani, S., & Rochemont, S. (2022). A Cashless Society Benefits, Risks and Issues (Interim Paper).
  4. Aliya Berkimbayeva, B. (2021). Transition to a Cashless Society: Impact on Economic Activity.
  5. Datta, R. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. 05. https://doi.org/10.5281/zenodo.4683181
  6. Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User Acceptance of Computer Technology: a Comparison of Two Theoretical Models. Management Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982
  7. DiFranco, F. (2018). The cashless revolution. SecEd, 2008(4). https://doi.org/10.12968/sece.2008.4.1156
  8. Duncombe, R. (2023). An evidence-based framework for assessing the potential of mobile finance in sub-Saharan Africa. The Journal of Modern African Studies, 50(3), 369–395. https://doi.org/10.1017/s0022278x1200016x
  9. Ewa Abbas, A. (2023). Literature Review of a Cashless Society in Indonesia: Evaluating the Progress. International Journal of Innovation, Management and Technology, 193–196. https://doi.org/10.18178/ijimt.2017.8.3.727
  10. Fabris, N. (2023). Cashless Society – The Future of Money or a Utopia? Journal of Central Banking Theory and Practice, 8(1), 53–66. https://doi.org/10.2478/jcbtp-2019-0003
  11. Farquhar, J. D., & Rowley, J. (2021). Convenience: a services perspective. Marketing Theory, 9(4), 425–438. https://doi.org/10.1177/1470593109346894
  12. Goel, R., Sahai, S., Vinaik, A., & Garg, V. (2022). Moving From Cash to Cashless Economy: -A Study of Consumer Perception Towards Digital Transactions. International Journal of Recent Technology and Engineering (IJRTE), 01(8), 2277–3878.
  13. Hidayah, N., Waspada, I., & Sari, M. (2023). THE DYNAMICS OF CASHLESS SOCIETY: A SYSTEMATIC REVIEW. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(15), 07-16. https://doi.org/10.35631/aijbes.515002
  14. Huebner, J., Frey, R. M., Ammendola, C., Fleisch, E., & Ilic, A. (2023). What People Like in Mobile Finance Apps. Proceedings of the 17th International Conference on Mobile and Ubiquitous Multimedia, 1(4). https://doi.org/10.1145/3282894.3282895
  15. Implementation Of Neural Network For Cashless Transactions In Credit Card Transactions. (2023). International Journal of Recent Trends in Engineering and Research, 170–174. https://doi.org/10.23883/ijrter.conf.20171225.026.hgedm
  16. Intelligent GSM Based Prepaid Energy Meter in a Cashless Economy. (2021). International Journal of Science and Research (IJSR), 5(1), 1816–1822. https://doi.org/10.21275/v5i1.nov153063
  17. Khaira, A., Fachrudin, & Syahputra, A. (2021). A Study of the Use of Cashless Payments in Relation to Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia.
  18. Lai, P. C., & Liew, E. J. Y. (2021). Towards a Cashless Society: The Effects of Perceived Convenience and Security on Gamified Mobile Payment Platform Adoption. Australasian Journal of Information Systems, 25. https://doi.org/10.3127/ajis.v25i0.2809
  19. Obinabo, C. R. (2022). Cashless Economic Policy : An Analysis of Financial Intermediation in the Pre and Post Cashless Policy Periods. Journal of Policy and Development Studies, 11(2), 1–12. https://doi.org/10.12816/0038084
  20. Ong, H.-B., & Chong, L.-L. (2022). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178–188. https://doi.org/10.1057/s41264-022-00145-0
  21. Parmar, R. (2022). A STUDY OF CASHLESS SYSTEM AND CASHLESS SOCIETY: ITS ADVANTAGES AND DISADVANTAGES.
  22. Salah Uddin, M., & Yesmin Akhi, A. (2021). E-Wallet System for Bangladesh an Electronic Payment System. International Journal of Modeling and Optimization, 4(3), 216–219. https://doi.org/10.7763/ijmo.2014.v4.376
  23. Srouji, J., & Torre, D. (2022). The Global Pandemic, Laboratory of the Cashless Economy? International Journal of Financial Studies, 10(4), 109. https://doi.org/10.3390/ijfs10040109