The Evolution of Payment Systems in Bangladesh: Transition from Traditional Banking to Blockchain based Transactions

Abstract

This research offers a thorough examination of Bangladesh's quickly changing financial environment, which is characterized by a notable move away from conventional banking practices and toward cutting-edge innovations like blockchain and digital payments. The study's main goal is to comprehend how users adopt and perceive these financial technologies. To this end, a variety of methodologies, including sentiment analysis, regression models, correlation analysis, and descriptive statistics, are used on a sample of mostly educated, young adults. The main conclusions show that online banking services are seen as having a moderate level of security, that use and security ratings are negatively correlated, and that service variety and security perceptions are positively correlated. Furthermore, despite increased knowledge, the report indicates a cautious attitude to cryptocurrency adoption. The study also emphasizes how digital banking might eventually supplant more conventional approaches, with security and user concerns playing a major role in this notion. Users' opinions on payment system enhancements seem to be a combination of indifferent and somewhat favourable. Reaching more age groups, adding options, and focusing on safety are some ideas to make online banking better. The report says it only looked at some people and services, so future work should look at more people and bigger topics. Overall, it gives banks and government helpful facts and plans to deal with digital money's chances and challenges in Bangladesh.