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The Design of Smart Cashless Transaction

Published: 06 June 2020 Publication History

Abstract

Cashless Transaction describes as a state where financial transactions are not bound by physical form such as banknotes or coins, but rather trough transfer of digital information (electronic representation of money). Cashless Transaction exists because of fast majorities of human transaction evolved towards digital environment, this creates an opportunity where legal money exists, recorded, and exchanged in digital form. Thus cashless transaction will make less effort in currency operation cost, keep on track with expenses, connected anytime everywhere as long as connected with internet, and eliminates the needs of banknotes or receipt. Cashless Transaction have done over the past few years making life easier by reducing a number of objects to merge into 1 functional object that could make payments faster and simpler starting with check the first mark of cashless transaction that's still being used nowadays, but cashless transaction doesn't stop evolving in this modern era where money is demonetized, cashless transaction is moving into the digital grid resulting a breakthrough mobile wallets and online transfer that offers people flexibility because its technology advancement makes it possible to make payments anytime and anywhere since it's only depend on a secure network(internet) and a platform, therefore cashless transaction could be done as fast as possible saving precious time. Cashless transaction has some of key components such as security, UX, Functionality, Performance and Data Integrity. Five key components could make cashless transaction become reality but also poses a different threat to cashless transaction. Hacking is one of them. Hacking could be done by anyone that have the ability to compromise the transmission, the transmission needs to have more data protection thus the cashless transaction could be done safely and free of risk.

References

[1]
https://shodhgangotri.inflibnet.ac.in/bitstream/123456789/4546/1/synopsis.pdf
[2]
https://www.quora.com/What-is-cashless-transaction
[3]
https://www.quora.com/What-are-the-advantages-of-cashless-transaction
[4]
https://www.quora.com/What-is-the-meaning-of-a-cashless-transaction
[5]
https://dzone.com/articles/5-key-elements-of-digital-payment-systems
[6]
https://www.researchgate.net/publication/316429963_Cashless_transaction_Modes_advantages_and_disadvantages
[7]
https://www.charteredclub.com/cashless-payment/
[8]
Definition of Hacking | What is Hacking ? Hacking Meaning - The Economic Times

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    ICIIT '20: Proceedings of the 2020 5th International Conference on Intelligent Information Technology
    February 2020
    163 pages
    ISBN:9781450376594
    DOI:10.1145/3385209
    Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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    Association for Computing Machinery

    New York, NY, United States

    Publication History

    Published: 06 June 2020

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    Author Tags

    1. Breakthrough
    2. Cashless transaction
    3. Compromise
    4. Connected
    5. Digital environment
    6. Digital grid
    7. Evolved
    8. Expenses
    9. Hacking
    10. Key components
    11. Merge
    12. Operation cost
    13. Reality

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