Challenges, Strategies, and Transparency of Digital Transactions in Building a Cashless Society: Bangladesh Perspective

As part of the Digital Bangladesh initiative, the need for a cashless society has become increasingly significant. Cash transactions still dominate economic activity in Bangladesh, leading to corruption, tax evasion, money laundering, and financial crimes. To transition to a cashless society, it is necessary to encourage digital transactions, formulate effective policies, and implement technology-based transaction monitoring systems. This study examines the challenges of creating a cashless society in Bangladesh, proposes strategic approaches to overcome these barriers, and highlights the role of digital transactions in enhancing financial transparency. Drawing on literature review, policy analysis, and evidence-based reasoning, it emphasizes how the integration of the banking system, mobile financial services, and supportive policy frameworks can accelerate the country’s transition towards a transparent and sustainable cashless economy.