Cashless economy: A review

Abstract

The demonetization measures have had significant and immediate impact on the state of the Indian economy. Through the demonetization activity the cash transactions impacted by a decrease in liquidity, alternative payment methods such as e-wallets, online transactions using e-banking, debit and credit card usage have increased significantly. This will increase usage of such payment systems and enable a shift towards an efficient cashless infrastructure. Through the cashless transactions the concealed cash transactions are hereby removed from the traditional cash based transactions and also it will promote all the economic activities are to be transparent nature. The objective of the study is known the consumer awareness, customer trust and confidence and problems faced by the consumers on cashless transaction in the country.