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ELECTRONIC FUND TRANSFERS: COMPULSION OR NECESSITY - EXPLORING THE SHIFT TOWARDS DIGITAL FINANCIAL TRANSACTIONS
Sakshi Sharma , Assistant Professor & Head, Department of Mba, S.P. Memorial Institute of Technology, Allahabad, IndiaAbstract
This research paper explores the shift towards electronic fund transfers (EFTs) in financial transactions and examines whether it is driven by compulsion or necessity. With the rapid advancement of technology and digitalization, traditional modes of financial transactions are being increasingly replaced by EFTs, such as online banking, mobile payments, and digital wallets. This study employs a mixed-methods approach, combining qualitative and quantitative analysis, to understand the factors influencing the adoption of EFTs and the motivations behind it. By conducting surveys, interviews, and analyzing relevant literature, the research investigates the extent to which the shift towards EFTs is driven by compulsory factors like government policies or regulatory requirements, or by the necessity arising from convenience, security, and efficiency. The findings shed light on the complex dynamics surrounding the adoption of EFTs and offer insights into the implications for individuals, businesses, and policymakers in promoting a seamless transition towards digital financial transactions.
Keywords
Electronic fund transfers, digital financial transactions, online banking
References
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