Cashless Economy In India: An Overview

Abstract

Cashless economy is a type of economic system in which there is not much cash circulates in the economy. In this system services and commodities are obtained through digital modes such as Debit Cards, Credit Cards, Net Banking, Point of Sale Machines, Mobile Wallets etc. Cashless economy is the most important part of digital India plan of the Indian government with an idea to run economy digitally or paperless. This paper focus on to understand cashless economy concept, methods of cashless transactions, advantages of cashless economy and issues & challenges of cashless economy.