Main Article Content
Abstract
Cashless Economy is when the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India. India has completely adopted a cashless economy in order to combat black money and counterfeit currency. Cashless society is safe in terms of handling payments between parties. There could be a challenge however if the security of the transactions done on the computer network is compromised by computer criminals. Cashless society may not be easily achieved if a country has poor communication network and worse still if the attitudes of the people are not favouring transacting via remote banking and through other electronic channels. This study has assessed the ability of Indian consumers to realize a cashless society owing to the fact of not having enabling laws, reliable internet connections, and threat of hackers and guarantee of security of the users. The findings will help policymakers to understand how to make the economy cashless without affecting the consumers negatively. Financial and other institutions in the country and elsewhere would be able to learn what to be done to have successful cashless transactions in their societies.