Cashless Transactions: Issues and Challenges in India

( Vol-7,Issue-7,July - July 2021 )

Author(s): Satvir Singh, Minakshi Choudhary

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Page No: 79-84
DOI: 10.22161/ijaems.77.10

Keywords:

cashless economy, electronic payment system, electronic payment techniques, consumers, and cashless awareness.

Abstract:

In an attempt to curb-out black money, money laundering, and to have a sound economy, the central government of India has embarked on the cashless economy. It is the birth of a new era in the nation with life with digital money. This paper is going to conceptualize the meaning of a cashless system, explains online banking techniques in India, schemes by government to spread the cashless system in India and highlights the challenges of the cashless economy and electronic payment systems. The objective of this study is to examine the significant challenges that are faced by Indians on the way towards cashless. To achieve the objectives of this exploratory type of personal study, interviews will be conducted.

Received: 22 May 2021; Received in revised form: 21 Jun 2021; Accepted: 28 Jun 2021; Available online: 07 Jul 2021

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