Unlocking the Cashless Revolution: Understanding its Pros and Cons in Transforming University Transactions

Abstract

Universities worldwide are actively working towards establishing a cashless society through the implementation of cashless payment systems. The objective is to reduce reliance on physical currency and promote digital transactions as the primary mode of payment. This transition offers numerous advantages to individuals and organizations. However, it also presents challenges, including the need for widespread access to digital payment infrastructure and addressing data privacy concerns. This article aims to emphasize the benefits, challenges, and strategies necessary for successful implementation of cashless transactions in universities. Understanding these advantages and disadvantages is crucial for developing effective strategies that maximize benefits while mitigating risks and challenges. By implementing these strategies, universities can create an inclusive, secure, and technologically advanced environment that encourages student acceptance and integration of cashless transaction systems.