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Title: INDIA'S PROGRESSIVE TRANSITION TOWARDS A CASHLESS PAYMENT POLICY
Authors: ANANDI SAXENA
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ANANDI SAXENA Jesus and Mary College, University of Delhi, New Delhi, India
MLA 8 SAXENA, ANANDI. "INDIA'S PROGRESSIVE TRANSITION TOWARDS A CASHLESS PAYMENT POLICY." Int. j. of Social Science and Economic Research, vol. 6, no. 4, Apr. 2021, pp. 1311-1323, doi.org/10.46609/IJSSER.2021.v06i04.013. Accessed Apr. 2021. APA 6 SAXENA, A. (2021, April). INDIA'S PROGRESSIVE TRANSITION TOWARDS A CASHLESS PAYMENT POLICY. Int. j. of Social Science and Economic Research, 6(4), 1311-1323. Retrieved from doi.org/10.46609/IJSSER.2021.v06i04.013 Chicago SAXENA, ANANDI. "INDIA'S PROGRESSIVE TRANSITION TOWARDS A CASHLESS PAYMENT POLICY." Int. j. of Social Science and Economic Research 6, no. 4 (April 2021), 1311-1323. Accessed April, 2021. doi.org/10.46609/IJSSER.2021.v06i04.013.
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Abstract: A cashless payment policy is a system wherein the bulk of the transactions are processed through digital modes. The world is moving from a cash to a cashless payment policy. The Indian economy too faced a massive upheaval after the demonetisation in 2016 in a bid to transform it into a cashless economy and uproot the corruption and black money flowing within the recesses of the system. This research paper aims to throw light on the basic concepts, modes of the digital economy and the various initiatives taken by the Indian government to create a cashless environment. The paper also examines the perspectives of people regarding the cashless economy including the difficulties faced by them, the ease of doing online payments and their expectations from a digital economy moving forward. This paper analyses a detailed and structured questionnaire duly filled in from the residents of New Delhi, India and analysed using the simple percentage method. Responses from respondents show that a cashless economy can help in curbing black money, fake currency, fighting against terrorism, reducing cash related robbery, and will help in facilitating India’s economic growth. Major challenges that can hinder the implementation of the policy include cyber fraud, a high rural illiteracy rate, and a lack of transparency & efficiency in a digital payment system. This study shows that the introduction of a cashless payment system, aided with proper policy measures including the setting up of POS terminals, digital literacy campaigns and safeguards against cyber frauds can aid in the growth and development of the Indian economy.

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