Impact Assessment of Cashless Transactions on People of Jammu and Kashmir

Making payments smoothly and conveniently cash is used. Directly and closely cash is used to perform economic transactions like buying, selling or paying debt and meeting immediate working capital needs. When there is no use of bodily banknotes or coins we say economy is cashless i.e., economic transactions are performed digitally via internet banking, debit/credit cards, IMPS, NEFT, RTGS, Mobile banking etc. This paper focuses on impact assessment of cashless transactions on people of Jammu and Kashmir. With emergence of concept of cashless economy people, employee, and traders became aware about digitalization. Business area of J&K got a new edge in terms of effective transfer of payments, saving time, and reducing cost of transactions etc. The present study also examines the awareness level among all stakeholders of state and their preferences for online shopping of products and services.