The Impact of Cashless Transaction on the Economic Growth of the India

Cashless economy is economies where the maximum transactions are do without using the physical cash or the means of hard cash. It is the economy where economic transactions are done with the facilities like credit card, debit cards and on line transactions by means of fund transfer and using e-wallets. The new policy of demonetization and the stress of the government on cashless transaction is a clear message towards the good economic growth in the country. The demonetization policy has increased the use of online banking services, cheque and e- wallets. It has not only reduced the threat of theft and loss of money on the one side but also facilitated the risk free transactions. It also paves the ways for the employment opportunities, high living standards and equal growth in the economy. The present article aims to study the impact of demonetization and cashless society in the country. The research indicates the overall development of the market and society. It also studies the challenges faced by the government to establish the cashless economy