Cashless Economy: The Future of India

Abstract

Money cannot be king any longer. An economy that doesn’t use cash has all transactions for goods and services done online. Debit and credit cards, card-swipe technology, digital wallets, debit and credit cards, and e-banking are all included (mobile banking or banking through computers). Digital or cashless transactions have the advantages of greater accountability, scalability, and transparency. This research article focuses on the concept of a cashless economy, different types of cashless transactions, their significance, and any potential downsides. Making India a knowledge-based society and economy is the goal of the Indian government’s “Digital India” program. One of Digital India’s guiding principles is “Faceless, Paperless, and Cashless.” Economies that frequently employ plastic or electronic money are referred to as “cashless economies.”