Prospects of Cashless Economy in India

The Digital India programme is a flagship programme of Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Faceless, paperless and cashless is one of professed role of digital India. Cash is a basic necessity of life like food, water and shelter without which survival is a challenge. Different digital modes for financial payments are available still India continues to be driven by the use of cash. Reason being there is nothing truly compete with the flexibility of cash/This paper discusses and focuses on the term ‘cashless economy’ in the sense of a move towards a society where cash is replaced by its digital equivalent.