Date of Publication :29th June 2023

Abstract: Cash may no longer be king. A cashless economy is an economic system in which there is no or very little cash flow in a society and products and services are acquired and paid for using electronic media. Cashless economies have been proposed as a potential solution to the problems associated with traditional economies. There has been discussion over the viability of cashless economies as a potential response to the ongoing global financial crisis. Debit and credit cards, card-swiping devices at retail outlets or point-of-sale terminals, and digital wallets are all included in this definition. E-banking, often known as mobile banking or banking done using a computer, is another name for this type of banking. The use of digital transactions or cashless transactions is one way to attain improved levels of transparency, scalability, and accountability. The idea of a cashless economy, as well as its benefits and drawbacks, as well as a number of alternative cashless payment methods, are the key foci of this research. The initiative known as Digital India is a flagship project of the Indian government, and its main objective is to turn India into a society that is digitally enabled as well as an economy that is based on knowledge. "Faceless, Paperless, and Cashless" is one of the rules that digital India has stated it will adhere to as one of its guiding principles. The term "cashless economy" refers to civilizations that rely significantly on alternate forms of payment, such as digital currency or plastic money, rather than cash.

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