Cashless Economy in India: Challenges Ahead

Aslam Hasan; Mohammed Atif Aman; Mohd Ashraf Ali

doi:10.34293/commerce.v8i1.839

Aslam Hasan Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India
Mohammed Atif Aman Department of Business Administration, Aligarh Muslim University, Uttar Pradesh, India
Mohd Ashraf Ali Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India

DOI: https://doi.org/10.34293/commerce.v8i1.839

Keywords: cash-based economy, cashless economy, electronic payment system, electronic payment techniques, Challenges ahead consumers, cashless awareness

Abstract

In an attempt to curb-out black money, money laundering, and to have a sound economy, the central government of India has embarked on the cashless economy. It is the birth of a new era in the nation with life with digital money. This paper is going to conceptualize the meaning of a cashless system, explains online banking techniques in India, schemes by government to spread the cashless system in India and highlights the challenges of the cashless economy and electronic payment systems. The objective of this study is to examine the significant challenges that are faced by Indians on the way towards cashless. To achieve the objectives of this exploratory type of personal study, interviews will be conducted.