A Study on Benefits and Challenges of Cashless Economy in India.

CASH IS KING” is A famous quote that is usually followed in India for many decades. It takes a long time to change quickly to the cashless economy but it has moved forward at a higher growth rate in the past 5 years especially demonetization and covid-19 has become a stroke of luck to the use of digital payments. All the monetary transactions lead to the growth of the Economy but if it happens without physical cash it saves a lot of time, energy, resources, to frame efficient policies and also to fight back against black money, terrorism, and counterfeit currency. Undoubtedly the Government of India has taken initiative for conversion of the economy into a cashless economy like Lucky Grahak Yojana, Digi Dhan Vyapari Yojana, and the Payments and Settlement system in India: Vision 2018 for promoting e-payments. But still, there are many challenges like cyber security, network issue, additional charges for digital payments. This paper discusses the various benefits and challenges and also suggestions of a cashless economy in India.