Digital economy in India-current situation

Cash may no longer be king. Cashless economy is an economy system in which there is little or very low cash flow in a society and goods and services are bought and paid through electronic media. It includes e-banking (Mobile banking) debit and credits card swipe or point of sale machines and digital wallets. Digital transaction or cashless transactions brings in better transparency, Scalability and accountability. This paper focuses on concept of cashless economy, pros and cons and knows the modes of cashless transactions. The digital India is a leading programme of the government of India with a vision to convert India into a digitally authorized Society and knowledge economy. “Faceless, Paperless, Cashless” is one of the declared rule of digital India. Cashless economies, as the name suggests are those that run frequently on plastic or digital money.