• DAYALAL SANKHLA

The purpose of this research is to investigate India's potential transition to a cashless economy, focusing on both the country's strengths and its limitations in this regard. The notion of a cashless economy is one of the most cutting-edge and in-demand ideas in the economics world today, and prominent economists are taking notice of it. A cashless economy is one in which the amount of real money that is moving in transactions is minimized rather than abolished. The cashless payment system allows customers to utilize their electronic devices to carry out core tasks such as making payments for items and services and transferring money to one another. Both parties involved in a transaction are required to have access to these skills. The digital payment methods are applicable to a wider variety of transactions than only business ones; for example, they may be used to pay for things like energy bills, school fees, hotel bookings, and rental accommodation. One definition of a cashless system is one that enables the storage of monetary resources in digital form and their subsequent use on demand. The transition to a cashless economy has been taking place in India on a methodical and consistent basis. The move away from a cash-based economy did not happen overnight or without much resistance. A move away from cash and toward digital payments was one of the goals that the administration set for itself in February of 2016. The move toward a cashless economy in India is being motivated by a number of factors, including the need to save time, money, and energy; to reduce tax evasion; to reduce the danger and expense of retaining currency notes; and to regulate black money. The transition from a cash-based to a cashless economy has a number of obstacles, including the management of a currency-denominated economy, inadequate mobile network infrastructure, and illiteracy, amongst others. There are a number of misconceptions floating around about cashless transactions, which discourage the average person from switching to using cashless methods. There is no question that India's technology and infrastructure are not sufficient for a cashless economy, but first and foremost, we need to work on changing the mindset of the average citizen.

Cashless Economy, Transactions, Digital Payment

"CASHLESS ECONOMY IN INDIA: PROBLEMS AND OPPORTUNITIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 7, page no.d457-d460, July-2023, Available :http://www.jetir.org/papers/JETIR2307359.pdf

"CASHLESS ECONOMY IN INDIA: PROBLEMS AND OPPORTUNITIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 7, page no. ppd457-d460, July-2023, Available at : http://www.jetir.org/papers/JETIR2307359.pdf