Cash to cashless economy-a move ahead of demonetisation

After a major and significant move of demonetisation by Prime Minister of India, the next move lies in making India a cashless economy. Demonetization has paved the way for growth of digital finance in our country. Following this move, Indian government and several private players collaborated on initiatives to increase the usage of digital payments across the country. Though India is a country where 97% transactions were being done through cash, it is majorly a cash dependent economy, yet a big transformation is being seen nowadays with more and more population using alternate payment methods such as digital wallets, banking apps etc. With the growing trend of digital payments through E-payment systems, Paytm, mobile wallets, the effort is to reduce corruption and fraudulent practices in the country. The current study aims at studying the different perspectives of cashless economy including the challenges that needs to be faced and the ways to overcome them. This paper examines issues in this economic policy drift. The findings of the study revealed that the stakeholders who are against the above said move were mainly due to the reason that they are more trapped in cash based system and high rate of illiteracy, inconvenience associated with digital payments.