Future of India in Digital Payment: A Cashless Economy

  • Saumita Paul,
  • Antara Bhattacharyya and Chaitali Pal
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  • Saumita Paul

    Research Scholar at Jadavpur University, India

  • Antara Bhattacharyya

    Research Scholar at Jadavpur University, India

  • Chaitali Pal

    Research Scholar at University of Burdwan, India

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Entire India had witnessed a cash crunch on November 8, 2016 for the ban of 500 and 1000 rupees denomination notes. However, this crisis left open the future opportunities of digital payment. The glimpse of cashless economy during that short period of time where entire country was facing tough time to make easy payments by using conventional cash pay methods; some schemes like NEFT, RTGS, mobile banking, PPI, CTS, IMPS, NACH, UPI, USSD, debit and credit card had been used more frequently than the cash. However, all these schemes are not used evenly during that time. Some of the digitised payment methods outperformed others in terms volume and value generation. Some payment methods were used frequently but generate lesser value (in rupees) than others and vice-versa. Therefore, in this study our main objective is to find out the schemes which are more users friendly. This study is an approach to find discrepancy in between high volume and value generating digitised payment methods. To make India cashless economy in the near future, we have to take account some of the facts that over a short period of time digital literacy cannot be increased and hundred percent 4G internet service cannot be achieved. It may require huge social overhead capital. Therefore, to achieve the status of cash less economy, we have to find out the schemes which may help us to create a paperless-economy.


Research Paper


International Journal of Law Management and Humanities, Volume 6, Issue 4, Page 1285 - 1293

DOI: https://doij.org/10.10000/IJLMH.115494

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