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Research Paper | Financial Engineering | India | Volume 12 Issue 1, January 2023

Less - Cash Societies: A Paradoxical Roadmap Revamped through Unified Payment Systems and Electronic Currencies

Aadarsh Agarwal

Abstract: Unified payment technologies serve as a model for countries to adopt in the transition towards a less-cash economy. Following a literature review on what makes this system feasible and easy to adopt, this paper uses data analysis to investigate if there is a relationship between banknotes and coins in circulation and value of digital transactions. In addition to this, it also focuses on India, a country that has made use of such a system through its Unified Payments Interface (UPI) and analyzes the effects that it has had in contrast to other countries. While there have been numerous research on the rising trends in digital payments, not much exists in the role that this technology could play in developing less-cash societies, given that barring India and to some extent China, most developed and developing nations have not made use of any major coalescent system, relying majorly on cash or outdated digital systems. Therefore, there is an emphasis on the architecture and formation of a unified payments model for each country to idealize before the final step deemed as conversion to electronic currencies.

Keywords: Electronic currency, ridge regression, cashless economies, device-based payments

Edition: Volume 12 Issue 1, January 2023,

Pages: 720 - 739