Role of Mobile Financial Service on Embracing Cashless Economy: A Study on Nagad Limited, Bangladesh

Abstract

The methods of making and receiving payments have seen a dramatic shift in the modern era. A greater variety of payment methods are available now because of regulatory changes and technological infrastructure. This study focuses on the contribution of the Mobile Financial Service (MFS) industry, with a specific emphasis on Nagad Ltd., towards promoting a cashless economy in Bangladesh. The study is descriptive in nature and the primary data is collected through a survey using a 5-point Likert scale structured questionnaire. To supplement the study's context and background information, the secondary data have been collected from internet repositories, scholarly research papers, and related publications. The study highlights Mobile Financial Services (MFS) as a key component in Bangladesh's shift to a cashless economy, with Nagad at the vanguard. Importantly, the findings emphasize Nagad's potential to lead Bangladesh into a cashless future, contributing significantly to economic development, fostering financial inclusion, and catalyzing digital transformation. Collaborative efforts among governments, financial institutions, and technology providers are crucial for successfully embracing a cashless society.