The real path for the cashless economy was laid in 2016 by the implementation of demonetisation. Demonetisation has led public to open large number of bank accounts, which also helped in volume increase of cashless transactions. People are now used to it due to the ease, transparency and faster transactions. Going cashless reduces the hassle of drawing cash and frees from the tension that whether cash-in-hand is sufficient to make a payment or not. With cashless and digitized payment system it has become more efficient and convenient for the masses. This also speeds up the process of the financial transaction. The goal of a cashless economy is to move towards 0% cash. A perfect 0% will never be achieved. However, the closer the number is to 0%, the better it is. In cashless economies, only smaller bills will exist for small menial transactions. Illiterate poor people may find it a very hard job to do as many of them have no functional bank accounts or the knowledge of using digital platforms for a monetary transaction or the financial ability to buy a smartphone.

Manju VP

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