A Study On Cashless Transactions In India

Abstract

A cashless economy is a monetary mechanism in which digital media are used to purchase and pay for goods and services instead of physical currency. The term "cashless economy" refers to a financial system in which electronic payment methods such as debit cards, credit cards, e-wallets, electronic checks, and direct wire transfers between accounts are the norm rather than physical cash. The Indian government claims that eliminating the need for currency would increase economic growth, decrease the likelihood of theft, and make it safer for people to handle money. In addition to reducing corruption related to coinage, cashless purchases may also increase the number of foreign purchasers visiting the nation. In this article, we examine the idea and practice of cashless transactions in India. The advantages and disadvantages of a cashless economy for the general people are also analyzed in depth.