* Bhakti A. Biradar'and Ajinkya R. Biradar®

ABSTRACT

Cashless transaction is a financial transaction done by credit cards, bank transfers, checks with no bills. India is cash based country with around 98?sh-transactions. Illiteracy, less banking habits, inaccessible banking services, lack of awareness, lack of infrastructure to support non-cash payment and internet connectivity are major of the challenges faced by India. The announcement of demonetization of existing INR 500 and INR 1000 currency notes and introduction of new notes is a crucial step towards making India a cashless economy. The increasing use of online payment services and cashless transactions will make India achieve the objective of economic growth, financial inclusion and curbing corruption. Keywords:- Cashless, Challenges, Demonetization, Online payment services.