Published Paper Details:

For every Economy, money is its vital force. Money arises when the unlimited wants and needs of people are not met by the barter system and at the same time something which can satisfies the "double consent of wants". On 8 November 2016, around 8pm, the Indian Prime Minister announced a demonstration. As of 9 November 2016, the Five hundred and One thousand rupee notes were invalid, with the exception of some basic services. The aim of demonetization is to get rid of black money, eliminate counterfeit banknotes, stop money laundering, and make India a tax compliant country. In addition to these immediate and primary goals, the focus is on promoting cashless transactions. Non-cash transactions with credit and debit cards, online payment portals, and digital portfolios for financial transactions. The aim of this analysis is to examine the effects of demonetization on digital payment systems, especially private prepaid instruments that grew aggressively during the demonetization period, and to identify the various factors responsible for supporting their growth.