Published Paper Details:

The recent moves of Indian government, whether it be Digital India or demonetization or DBT, all intends to drive India towards cash-less economy. Although these initiatives are the key to address the issues of financial inclusion, poverty alleviation, cheap access to credit and corruption, but the fact that 95 percent of transactions in India are cash based cannot be overlooked, as India is a cash based economy, with the cash-to-GDP ratio being 12 percent. Only 10-15% of the population is estimated to have ever used any kind of non-cash payment instrument, compared to 40% of people in countries like Brazil, and china. Thus, the journey of Indian economy from cash towards going cashless is highly debatable. Therefore, this study discusses the concept and the various dynamics of going cashless along-with the current position of India. The study also puts forward the benefits and adverse impact of going cashless. It also assessed the growth on the path of being cashless in terms of digital payments. Moreover, an effort is made to know about pitfalls on the way of going cashless for India. It is obvious from this study that the future of the Cashless India looks pretty promising. In spite of the pitfalls in going cashless, the response of the people towards this move of the government is a clear indication that the journey of Indian economy from cash to cashless is likely to succeed in near future, if the prerequisite infrastructure are made available and the hindrances are removed. This revolutionary shift, into the new era of digital payments, entails a need of series of radical reforms in a phase wise manner, especially in rural areas as it can't be forced abruptly.