An Economic Transformation from Cash Rich to Cashless: A Study of Indian Economy

Praveen Kumar Sharma

Abstract


India has traditionally been a country troubled by money laundering, illegal financial activity, and out-of-control inflation. To change from this handicapped system into an economic leader of the 21st century, India must have an economy that’s less reliant on cash, and more fluid with its payment methods. With the introduction of electronic banking, online transactions and mobile banking in India, this has paved way for a new era of development where the use and demand for physical cash would be gradually declining.

The Indian government introduced the cashless system of payment with the objectives of reducing corruption, black money, terrorism funding, revenue leakages, high cost of processing cash and promoting economic development through effective financial intermediation.

The paper is an attempt to examine electronic system of payment and their implication in cashless economy. This paper presents views of different authors, that the cashless economy is the catalyst for economic development and having the great importance to increase the efficiency of system.

Key Words: Cashless, Digital payment, Unified Payments Interface, e-wallet

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ISSN : 2251-1555