* Mohammed Ahmed Abdul Razzak' and Dr. Chandan K. Bora®

ABSTRACT

Cashless economy is named where all exchanges are done utilizing cards, advanced means or by web and wherein course of physical money is negligible. India is having proportion of money to GDP one of the most astounding on the planet i.e. 12.42% when contrasted with China 9.47% and that of Brazil just 4%, In India less than 5% of all instalments happen electronically. Because of startling numbers as above Government of India has made a progressive stride of Demonetization i.e. prohibiting the high group notes of INR 500 and INR 1000 in the time of November 2016 which was a major stride towards cashless exchange. The open doors that will exceed the difficulties of cashless exchange would be that the nation will encounter a solid banking sector. There will likewise be advancement of web based business by changing FDI standards for this segment. Also Government will get satisfactory measure of duties as there will be no expense shirking, dark cash or fake notes in the flow. There will be certain difficulties like offices required to bear on these exchanges are not up to the check in the nation, like web offices, monetary proficiency and innovative acknowledgment in the general population. India is as yet confronting issues of destitution, unemployment and absence of education so there is long approach for cashless exchanges. Additionally the security worry in Information Technology remains a central issue in cashless exchange. Keywords: Cashless transaction, Cashless society, Demonetisation, Cashless transaction benefits, Cashless transaction opportunities, How to go cashless, Cashless transactions challenges, Digital payments.