A Study of Cashless Economy-Benefits and Challenges in India

A Cashless Economy is an economy in which all types of transactions are carried out through digital means. The cashless transaction is done by credit card, debit cards, net banking and other resources of electronic. The world is moving rapidly toward digitalization and thereis no deny that it is present in almost all fields of our life like shopping, education, banking, bill payment etc. Today most of the people prefer e-transaction instead of carrying hard cash around. There is less dependence on the cash in cashless economy. Cashless transaction helps in decreasing various problems like black money, corruption, and terror financing. The purpose of the paper is to examine the growth of cashless transactions in India.