Published Paper Details:

The rise of digital payment systems is driving a global shift towards cashless societies, presenting both opportunities and challenges for economies. This research explores the emerging innovations in payment systems, such as digital wallets, cryptocurrencies, and biometric payments, and their role in shaping a cashless future. It also identifies key challenges, including cybersecurity risks and digital inequality, which could hinder widespread adoption. Using secondary data from research papers, industry reports, government publications, and case studies, the study examines the potential for economic growth and financial inclusion enabled by cashless systems, while also assessing regulatory and infrastructural challenges. The findings highlight that while cashless systems offer significant benefits in terms of transaction efficiency, financial inclusion, and transparency, there is a need for comprehensive strategies to address security concerns and ensure equal access to digital payment platforms.