Online published on 18 October, 2019.
Demonetization means ceasing a particular currency from its status as legal tender. Indian government has adopted it third time in November 2016 to cope up with fake currency, black money, and terrorism financing. The recent step had its cracking effects on every area of Indian Economy. To implement this demonetization effectively government has adopted number of policies just to minimize the problems and obstacles faced by the layman. Due to sudden announcement of demonetization Indian public suffered from the cash crunch but another side it induced electronic payments from November afterwards. This paper shows The impact of Demonetization on Electronic Payment System keeping in view the benefits of and obstacles in cashless payments in India.
Demonetization has given eminent contributions to DIGITAL INDIA which is another program run by Indian government to create transparent and responsive government. Due to this demonetization, online transactions have increased so far. Most of the people came forward for the first time to fulfill their daily basic needs through electronic payment systems like Paytm, e-wallets etc.
