Effect of Cashless Transactions on Indian Economy

Authors: Mukesh Singh Chandel

DOI: https://doi.org/10.5281/zenodo.7178636

Short DOI: https://doi.org/gqzf3f

Country: India

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Abstract: Through cashless transaction in India is a step to move towards a cashless economy by reducing the use of physical cash. The main objective of this study is to describe the current status of India in terms of the use of digital / paperless currency in comparison to other developed countries and to explore the challenges and opportunities that can result from cashless / digital transactions in India. The data is collected using the secondary data collection method. The findings of this study will show that the beginning of a cashless economy in India can be seen as a step in the right direction of the growth of the economy. This has been done to highlight the challenges and opportunities of the cashless economy by adopting digital money instruments, developing electronic financial infrastructures and increasing the number of digital transactions in people to promote cashless system in India. Demonetization was announced by Hon'ble Prime Minister in India on 8 November 2016 which has played a very important role in promoting cashless system in Indian economy and is a revolutionary and dynamic step towards cashless economy in India. This study is expected to increase the tendency for more people to start using digital / electronic payment methods that will work in cashless economy or less cash economy.

Keywords: Cashless Economy, Digital Payments, Digital Transactions, Less Cash Economy

Paper Id: 1605

Published On: 2022-01-25

Published In: Volume 10, Issue 1, January-February 2022

Cite This: Effect of Cashless Transactions on Indian Economy - Mukesh Singh Chandel - IJIRMPS Volume 10, Issue 1, January-February 2022. DOI 10.5281/zenodo.7178636

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