Cash to Cashless Economy: A Distant Dream

Cashless economy is an emerging concept which leads way for digital transactions and brings transparency in the financial system. Now-a-days, many developing countries, including India are adopting cashless approach and going digital. The present article is aimed at analyzing the growth in India’s digital journey. The article also highlights the hazards and gains associated with cashless economy. The article reveals that banking infrastructure, illiteracy, internet cost, poor internet connectivity and cyber crimes are the biggest roadblock India faces in setting up a cashless economy. There are tasks ahead in India’s digital journey and required infrastructure needs to be built before we hope for a major change. Thus, a move without appropriate preparation would be more disastrous than advantageous and a gradual move towards a less-cash society can be welcomed.