Economy has come a long way from barter system to cash economy. Now it is time for cashless economy. This is a more interesting way to transfer money. Material money is the medium in a cash economy, likewise cashless economy also needs a medium. Digital money is thus the medium in cashless economy. Is this possible in a developing country like India with a digital literacy less than 50 percent? Cashless economy can only be possible if a large percentage of people is familiar to digital education. Digitally literate people will choose cashless economy for sure as it is less troublesome. Centre is making a big push for cashless economy by taking steps like demonetization, rapid growth of e-payment start-ups in country and launch of unified payment interface to facilitate cashless transaction. Despite these steps, many challenges are faced by Indian economy like cash driven economy, unbanked Indian, lack of awareness, lack of internet availability, illiteracy, insecurity which can be tackled by government and RBI by taking necessary steps. Now, this era will be known for the beginning of cashless economy.

Gayatri Vivek

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