India need cashless economy

Abstract

Cashless economy is a process by which digital transection have taken completely over physical cash. Cashless economy is such economy where maximum transact tions are done through digital means like credit cards. Debit cards, e-wallets and electronic fund transfer. India uses more much cash for transactions. India faces many challenges in setting up a cashless economy like: lack of digital infrastructure, cyber security and financial literacy, high cash dependency etc. minister, in 2016 budget speech, talked about the idea of making India cashless society. The leading advantage of building a cashless economy is to negate black money. Digitalization of transactions is the best way to move towards cashless economy.