RESEARCH PAPER ON INDIA TOWARDS CASHLESS ECONOMY

This research particularly focuses on how the Indian economy transmute its operations and made it feasible and beneficial for the public at large. It evaluates India’s technological advancement, which has created a range of opportunities for consumers to enter into digital payment space. Demonetization in India has forced all consumers and companies to embrace and create cashless digital payment platforms. The cashless economy scenario is leading towards development and be on the same chair with developed country. It involves various factors for its adoption such as reach, availability and awareness. This study comprises of descriptive research in which every aspect of revolution in the monetary terms are being specified. This study illustrates the complete shift of consumer behaviour from cash to a cashless economy. A certain number of factors are shown directly influence the rate of such a shift towards digital transactions in India. As we all know that previously India is majorly cash driven economy where people generally prefer to carry cash instead of cards however India is moving towards “less cash economy”- a phase of cultural -economic transition. I will take the example of my father as well. He is more driven towards having hard money in hand than soft money as it was his perception that it is always convenient to carry some amount of cash if any emergency need occurs. But now he is also trying to adhere to the moving technology and try to learn this process. It was done to curb the shadow economy, corruption, terror -financing, human and drug trafficking, counterfeit-currency etc. Cashless economy is cost effective, growth friendly, business friendly, pro-financial inclusion etc. Government is promoting it through BHIM app, AEPS, Digi Shala etc. Cashless economy requires robust digitalization. It has various challenges -escaping attitudes of people, poor transaction security mechanism, insufficient infrastructure etc it is a boon to industries like U