Dhaka, Jan. 16 -- The financial sector has undergone a profound transformation over the past few decades, mainly driven by rapid technological advancements. The most notable developments are the transition from traditional cash-based transactions to cashless or electronic payment systems. A cashless transaction refers to an economic setting where goods and services are exchanged without physical cash, typically through electronic transfers. The global volume of cashless payments has been expanding rapidly, particularly in emerging market and developing economies (EMDEs).

Recognising these global shifts, central banks worldwide have emphasised the importance of establishing robust electronic payment infrastructure. Such systems offer cost...