A study on cash, less cash and cashless economies-the Indian scenario

The objective of this study is to understand the acceptance of a transition towards less cash economy in India and how well it would be accepted. India currently, is a cash-based society and a conscious shift towards a less cash economy should not only include the efforts of the Government, but it should be an effort by individuals and enterprises at large. Hence this research aims at understanding on an individual level, the mindset of the citizens of the nation regarding the shift from cash based to a more digital economy. To conduct the survey, the sample population has been chosen by Non-Probability Convenient Sampling. Both the Primary and Secondary Data have been collected for the research. The primary data has been collected through questionnaires and the secondary data through articles. The data collected through questionnaires has been classified as per the relations to a fixed end factor and the data has been tabulated and analysed to understand the perception of individuals towards cash, less cash and cashless economy. Through the study is was found that, in India, there is a slow movement towards the usage of online applications and payment modes for any transactions. Willingness to accept a transition towards a less cash economy is also observed.