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THE FUTURE OF CORRUPTION IN THE ERA OF CASHLESS SOCIETY
Corresponding Author(s) : Omar Alaeddin
Humanities & Social Sciences Reviews,
Vol. 7 No. 2 (2019): March
Abstract
Purpose of Study: This paper aims to further understand the role of a cashless society in eradicating the corruption throughout the eliminating the usage of cash.
Methodology: The method used for this conceptual paper is based on a wide range of literature reviews from journal articles, thesis proceedings and conferences, books and online news which are related to the keywords and research area.
Results: Battling the corruption by enforcing the cashless society been introduced as sophisticated method to reduce the possibility of taking bribes while everything will be recorded. This way came under light after been applied by the central bank of Nigeria in 2012 to reduce the corruption and has also been used in India to overcome the issue of counterfeit notes in 2016. Meanwhile as the information age considered a historic period in the 21st century, introducing the cashless society comes in compatible with the current trend of digitizing all the monetary system. This paper concluded the main factors can help the cashless to curb the corruption and proposed new topics for future studies.
Keywords
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- Abdul Rashid, H.R. and M.R. Meor Ahmad, 2018. Creation of a cashless society will stamp out corruption - Dr M’, New straits times.
- Achor, P.N. and A. Robert, 2013. Shifting policy paradigm from cash-based economy to a cashless economy: The Nigeria experience. Afro Asian Journal of Social Sciences, 4(4): 1–16.
- Agrawal, A., 2018. Demonetization and cashless economy’, ACADEMICIA: An international multidisciplinary research journal. South Asian Academic Research Journal, 8(6): 73–80. DOI: https://doi.org/10.5958/2249-7137.2018.00035.6
- Alaeddin, O., 2018. From physical to digital: Investigating consumer behaviour of switching to mobile wallet. Polish Journal of Management Studies, 17(2): 18–30. DOI: https://doi.org/10.17512/pjms.2018.17.2.02
- Alaeddin, O. and R. Altounjy, 2018. Trust, technology awareness and satisfaction effect into the intention to use cryptocurrency among generation Z in Malaysia. International Journal of Engineering & Technology, 7(4.27): 8–10.
- Argandoña, A., 2017. Private and public corruption: Facilitating payments.The Changing Face of Corruption in the Asia Pacific. Elsevier. pp: 71–79. DOI: https://doi.org/10.1016/B978-0-08-101109-6.00005-8
- Ayoola, T.J., 2013. The effect of cashless policy of government on corruption in Nigeria. International Review of Management and Business Research, 2(3): 2306–9007.
- Dimant, E. and G. Tosato, 2018. Causes and effects of corruption: What has past decade’s empirical research taught us? A survey. Journal of Economic Surveys. Wiley Online Library, 32(2): 335–356. DOI: https://doi.org/10.1111/joes.12198
- Engert, W., B.S.C. Fung and S. Hendry, 2018. Is a cashless society problematic? Bank of Canada Staff Discussion Paper(2018–12): 12–18.
- Fabris, N., 2019. Cashless society--the future of money or a Utopia? Journal of Central Banking Theory and Practice. Sciendo, 8(1): 53–66. DOI: https://doi.org/10.2478/jcbtp-2019-0003
- Garg, P. and M. Panchal, 2017. Study on the introductionof a cashless economy in India 2016: Benefits &challenges. IOSR Journal of Business and Management, 19(4): 116–120. DOI: https://doi.org/10.9790/487X-190402116120
- Gupta, R., 2017. Challenges and benefits of a cashless economy in India. International Journal of Advance Research and Innovation.
- Jatau, V.S. and K.L. Dung, 2014. The central bank of Nigeria ’ s cashless policy: A major panacea for eliminating corruption and enhancing sustainable development in Nigeria. African Research Review, 8(35): 198–206. DOI: https://doi.org/10.4314/afrrev.v8i4.16
- Kida, M.I. and A. Goyal, 2018. Challenges of cashless banking system: an Empirical study of selected banks in Nigeria and the State of Rajasthan, India.
- Kumari, N. and J. Khanna, 2017. Cashless payment: A behavioural change to economic growth. Qualitative and Quantitative Research Review, 2(2): 82–103.
- Meena, M., 2017. From a cash economy to a less-cash economy. World Wide Journal of Multidisciplinary Research and Development, 3(7): 7–9.
- Montes, G.C. and P.C. Paschoal, 2016. Corruption: What are the effects on government effectiveness? Empirical evidence considering developed and developing countries. Applied Economics Letters, 23(2): 146–150. DOI: https://doi.org/10.1080/13504851.2015.1058900
- Muhibudeen, L. and A. Haladu, 2018. The impact of cashless policy tools on money circulating outside Nigerian Banks. State-of-the-Art Theories and Empirical Evidence. Springer. pp: 227–238. DOI: https://doi.org/10.1007/978-981-10-6926-0_14
- Neyer, G., 2017. Next generation payments: Alternative models or converging paths? Journal of Payments Strategy & Systems, 11(1): 34–41.
- Olusola, M., 2013. Cashless society: Drive’s and challenges in Nigeria. International Journal of Information Sciences and Techniques, 3(2): 1–11. DOI: https://doi.org/10.5121/ijist.2013.3201
- Paribas, B., 2018. World payments report 2018.
- Pathak, R.D., 2008. E-governance, corruption and public service delivery: A comparative study of Fiji and Ethiopia. JOAAG, 3(1): 65–79.
- Rose-Ackerman, S. and B.J. Palifka, 2016. Corruption and government: Causes, consequences, and reform. Cambridge University Press. DOI: https://doi.org/10.1017/CBO9781139962933
- Senthil, K., 2018. Demonetization – a step towards corruption free society. Research Review International Journal of Multidisciplinary, 3085: 143–146.
- Suy, R., L. Chhay and C. Choun, 2018. Protection and management policy on angkor wat temple in Cambodia: An overview. Asian Themes in Social Sciences Research, 1(1): 10-13. DOI: https://doi.org/10.33094/journal.139.2018.11.10.13
- Teba, S.C., 2017. Using effective strategies for errors correction in EFL classes: A case study of secondary public schools in Benin. Journal of Education and e-Learning Research, 4(2): 63-71. DOI: https://doi.org/10.20448/journal.509.2017.42.63.71
- Tolulope, A., 2017. Demographic variables as factors influencing accessibility and utilisation of library software by undergraduates in two private universities in Nigeria. Journal of Education and e-Learning Research, 4(3): 92-99. DOI: https://doi.org/10.20448/journal.509.2017.43.92.99
- Tyagi, S. and S. Siddiqui, 2017. Yield curve and momentum effects in monthly US equity returns: Some nonparametric evidence. Asian Journal of Economics and Empirical Research, 4(2): 61-67. DOI: https://doi.org/10.20448/journal.501.2017.42.61.67
- Udeh, G.N. and N.A. Bassey, 2018. Democracy is freed, but has popular sovereignty served its jail term in Nigeria?. International Journal of Asian Social Science, 8(2): 1088-1096. DOI: https://doi.org/10.18488/journal.1.2018.812.1088.1096
- Uzonwanne, M.C. and R.U. Ezenekwe, 2017. Financial illiteracy and cashless system in Nigeria. Journal of Economics and Sustainable Development, 6(10): 49–63.
- Van Klaveren, J., 2017. Corruption as a historical phenomenon. Political Corruption: 83–94. DOI: https://doi.org/10.4324/9781315126647-8
References
Abdul Rashid, H.R. and M.R. Meor Ahmad, 2018. Creation of a cashless society will stamp out corruption - Dr M’, New straits times.
Achor, P.N. and A. Robert, 2013. Shifting policy paradigm from cash-based economy to a cashless economy: The Nigeria experience. Afro Asian Journal of Social Sciences, 4(4): 1–16.
Agrawal, A., 2018. Demonetization and cashless economy’, ACADEMICIA: An international multidisciplinary research journal. South Asian Academic Research Journal, 8(6): 73–80. DOI: https://doi.org/10.5958/2249-7137.2018.00035.6
Alaeddin, O., 2018. From physical to digital: Investigating consumer behaviour of switching to mobile wallet. Polish Journal of Management Studies, 17(2): 18–30. DOI: https://doi.org/10.17512/pjms.2018.17.2.02
Alaeddin, O. and R. Altounjy, 2018. Trust, technology awareness and satisfaction effect into the intention to use cryptocurrency among generation Z in Malaysia. International Journal of Engineering & Technology, 7(4.27): 8–10.
Argandoña, A., 2017. Private and public corruption: Facilitating payments.The Changing Face of Corruption in the Asia Pacific. Elsevier. pp: 71–79. DOI: https://doi.org/10.1016/B978-0-08-101109-6.00005-8
Ayoola, T.J., 2013. The effect of cashless policy of government on corruption in Nigeria. International Review of Management and Business Research, 2(3): 2306–9007.
Dimant, E. and G. Tosato, 2018. Causes and effects of corruption: What has past decade’s empirical research taught us? A survey. Journal of Economic Surveys. Wiley Online Library, 32(2): 335–356. DOI: https://doi.org/10.1111/joes.12198
Engert, W., B.S.C. Fung and S. Hendry, 2018. Is a cashless society problematic? Bank of Canada Staff Discussion Paper(2018–12): 12–18.
Fabris, N., 2019. Cashless society--the future of money or a Utopia? Journal of Central Banking Theory and Practice. Sciendo, 8(1): 53–66. DOI: https://doi.org/10.2478/jcbtp-2019-0003
Garg, P. and M. Panchal, 2017. Study on the introductionof a cashless economy in India 2016: Benefits &challenges. IOSR Journal of Business and Management, 19(4): 116–120. DOI: https://doi.org/10.9790/487X-190402116120
Gupta, R., 2017. Challenges and benefits of a cashless economy in India. International Journal of Advance Research and Innovation.
Jatau, V.S. and K.L. Dung, 2014. The central bank of Nigeria ’ s cashless policy: A major panacea for eliminating corruption and enhancing sustainable development in Nigeria. African Research Review, 8(35): 198–206. DOI: https://doi.org/10.4314/afrrev.v8i4.16
Kida, M.I. and A. Goyal, 2018. Challenges of cashless banking system: an Empirical study of selected banks in Nigeria and the State of Rajasthan, India.
Kumari, N. and J. Khanna, 2017. Cashless payment: A behavioural change to economic growth. Qualitative and Quantitative Research Review, 2(2): 82–103.
Meena, M., 2017. From a cash economy to a less-cash economy. World Wide Journal of Multidisciplinary Research and Development, 3(7): 7–9.
Montes, G.C. and P.C. Paschoal, 2016. Corruption: What are the effects on government effectiveness? Empirical evidence considering developed and developing countries. Applied Economics Letters, 23(2): 146–150. DOI: https://doi.org/10.1080/13504851.2015.1058900
Muhibudeen, L. and A. Haladu, 2018. The impact of cashless policy tools on money circulating outside Nigerian Banks. State-of-the-Art Theories and Empirical Evidence. Springer. pp: 227–238. DOI: https://doi.org/10.1007/978-981-10-6926-0_14
Neyer, G., 2017. Next generation payments: Alternative models or converging paths? Journal of Payments Strategy & Systems, 11(1): 34–41.
Olusola, M., 2013. Cashless society: Drive’s and challenges in Nigeria. International Journal of Information Sciences and Techniques, 3(2): 1–11. DOI: https://doi.org/10.5121/ijist.2013.3201
Paribas, B., 2018. World payments report 2018.
Pathak, R.D., 2008. E-governance, corruption and public service delivery: A comparative study of Fiji and Ethiopia. JOAAG, 3(1): 65–79.
Rose-Ackerman, S. and B.J. Palifka, 2016. Corruption and government: Causes, consequences, and reform. Cambridge University Press. DOI: https://doi.org/10.1017/CBO9781139962933
Senthil, K., 2018. Demonetization – a step towards corruption free society. Research Review International Journal of Multidisciplinary, 3085: 143–146.
Suy, R., L. Chhay and C. Choun, 2018. Protection and management policy on angkor wat temple in Cambodia: An overview. Asian Themes in Social Sciences Research, 1(1): 10-13. DOI: https://doi.org/10.33094/journal.139.2018.11.10.13
Teba, S.C., 2017. Using effective strategies for errors correction in EFL classes: A case study of secondary public schools in Benin. Journal of Education and e-Learning Research, 4(2): 63-71. DOI: https://doi.org/10.20448/journal.509.2017.42.63.71
Tolulope, A., 2017. Demographic variables as factors influencing accessibility and utilisation of library software by undergraduates in two private universities in Nigeria. Journal of Education and e-Learning Research, 4(3): 92-99. DOI: https://doi.org/10.20448/journal.509.2017.43.92.99
Tyagi, S. and S. Siddiqui, 2017. Yield curve and momentum effects in monthly US equity returns: Some nonparametric evidence. Asian Journal of Economics and Empirical Research, 4(2): 61-67. DOI: https://doi.org/10.20448/journal.501.2017.42.61.67
Udeh, G.N. and N.A. Bassey, 2018. Democracy is freed, but has popular sovereignty served its jail term in Nigeria?. International Journal of Asian Social Science, 8(2): 1088-1096. DOI: https://doi.org/10.18488/journal.1.2018.812.1088.1096
Uzonwanne, M.C. and R.U. Ezenekwe, 2017. Financial illiteracy and cashless system in Nigeria. Journal of Economics and Sustainable Development, 6(10): 49–63.
Van Klaveren, J., 2017. Corruption as a historical phenomenon. Political Corruption: 83–94. DOI: https://doi.org/10.4324/9781315126647-8