Cashless Transaction in India

Abstract

It was the date of 8th November, 2016 on which Rs. 500 and Rs.1000 bank notes of the Mahatma Gandhi series was demonetized. This news was announced by the government of India. This step was taken necessary to hold control on illegal activity and terrorism. After the demonetization Due to the lack of cash, digitalization has got the root. There is no way to do the payment. The Government of India has provided many cashless gadgets/devices to the public. Cashless transaction means when the goods and services are purchased by the use of various electronic mediums, without any use of cash and cheques. The aim of this study is to know about the modes of cashless payment, guidelines regarding its security, awareness programmes adopted by the government of India and its impact on both manners positive as well as negative.