CHALLENGES AND BENEFITS OF CASHLESS ECONOMY IN INDIA

P. V. Sathe

Abstract


This paper studied the views of people on introduction of cashless economy in India .The study was conducted in Delhi region & data was collected with the help of structured questionnaire and analyzed using simple percentage method. Responses from respondents shows that cashless economy will help in curbing black money, counterfeit’s fake currency, fighting against terrorism, reduce cash related robbery, helps in improving economic growth of our country. Major challenges that can hinder the implementation of the policy are cyber fraud, High illiteracy rate, attitude of people, lack of transparency & efficiency in digital payment system. The study shows that the introduction of cashless economy in India can be seen as a step in right direction. It helps in growth and development of economy in India.

Keywords


Cashless economy, corruption, Black money, India, Digital Payments

Full Text:

PDF

References


Lee, Jinkook, Fahzy Abdul-Rahman, and Hyungsoo Kim. "Debit card usage: an examination of its impact on household debt."Financial Services Review.16.1 (2007): 73.

More wedge, C. K., Holtzman, L., &Epley, N. (2007). Unfixed resources: perceived costs, consumption, and the accessible account effect. Journal of Consumer Research, 34(4), 459–467). Study on Introduction of Cashless Economy in India 2016: Benefits & Challenge’s DOI: 10.9790/487X-190402116120 www.iosrjournals.org 120 | Page

Humphrey, D. B. (2004): ―Replacement of cash by cards in U.S. Consumer Payments, Journal of Economics and Business, 56, 211–225.

Marco, A. &L.Bandiera (2004): -Monetary Policy, Monetary Areas and Financial Development with Electronic Money, IMF Working Study, IMF.

Moses-Ashike, H. (2011), ―Cashless Economic can Reduce Risk of Carrying Huge Cash‖, [Online] Available: http://www.businessdayonline.com/…/22217.


Refbacks

  • There are currently no refbacks.