PUBLIC PERCEPTION ABOUT CASHLESS ECONOMY IN INDIA

Abstract

Cashless economy is the system of economy having just a little flow of cash in the society and products and services are purchased & transactions are made through digital means. In a cashless economy the payments are made by e wallets, cheques, credit and debit cards and direct transfer of money from an account to another account. Cash has always been the primary method of transaction in the economy. But due to global technological advancement leading to the introduction of many non-cash variants such as plastic money, mobile wallets, etc. has opened up new doors to make payments without physical currency. A major motivator for doing cashless payments is the ease and convenience of making payments .Therefore, the Government of India is also taking more steps in this direction of making the country more digitized with major focus on e-transactions. The process of financial inclusion and demonetization has paved way for rapid and effective usage of the e payment system. These initiatives will lead to the modernization and development of the payment system that is already there in place and make it more transparent and accountable curbing the black money being generated in the economy. The present research highlights the ongoing cashless movement in the country, and brings forth the perceptions of the public regarding cashless economy.