Factors Influencing to Reduce the Cash Transactions and Its Impacts on Economy

Abstract

This current study takes a simple approach to identifying the elements that influence the decline in cash transactions and takes into account the reasons behind the adoption of new payment technologies in India's various areas and locations. Through digital methods including debit cards, credit cards, net banking, point of sale machines, mobile wallets, etc., services and goods are purchased in this system. The most crucial element of the Indian government's digital India strategy, which aims to manage the country's economy digitally or without paper, is the cashless economy. This Paper focuses on understanding the notion of the cashless economy, ways to conduct cashless transactions, benefits of the cashless economy, and problems and obstacles with the cashless economy. The adoption of technological improvements and other organizational structures has become commonplace as a result of a shared understanding of what the future holds. India will likely go cashless in the future.