• KALEESHWARI S
• Dr.M.Jegadeeshwaran

A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless societies have existed based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies such as bitcoins. Cashless India is a mission launched by the government of India led by prime minister Narendra Modi to reduce the dependency of the Indian economy on cash and to bring hordes of stashed black money lying unused into the banking system. The term Digital Payment means making a payment to another person with the help of the internet or through electronic mode instead of paper money. The initiative of Digital Payments was taken by the Government of India after the announcement of demonetization on 8th November 2016. Digital Payments were initiated to bring transparency in transactions and eliminate black money initially the Government was providing considerable incentives for digital payments but now a decline has been seen in this push. This paper seeks to identify the present trend toward the adoption of digital payments in India. It also focuses on how the digitalization of financial services has turned our economy into a cashless one using various data from the reserve bank of India website and they also help in economic development. with the help of statistical tools, the study has been analyzed.

Digitalization, Cashless payments, digital payments, impacts, and effects.

"CASHLESS TRANSACTIONS TOWARDS TRANSFORMING THE INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 4, page no.d386-d392, April-2022, Available :http://www.jetir.org/papers/JETIR2204350.pdf

"CASHLESS TRANSACTIONS TOWARDS TRANSFORMING THE INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 4, page no. ppd386-d392, April-2022, Available at : http://www.jetir.org/papers/JETIR2204350.pdf