‘Cashless Society’ - A Financial ‘Paradigm Shift’ Through Social Networking

Abstract:     
As the virtual community and virtual economy begin to replace the real ones, by the wide-spread use of social networking websites, people are invariably performing many more monetary transactions in the online world. Hence, there are already talks about the creation of a 'cashless society' in important global financial meets all across the world. This utopian dream of a cashless society - a world where no notes and coins are ever physically held by the owner, is actually a part of today’s reality – thanks to several social networking sites like Facebook as well as emergence of ‘virtual currencies’ like ‘bit-coins’.

The research aims to get a glimpse of the latest developments in this paradigm shift as well as gauge the perception of social media users about the emergence of these new kinds of virtual currency.

Number of Pages in PDF File: 13

Keywords: cashless society, finance, social media

working papers series