Tied to the modernity, our daily lives are determined by the number of plastic cards we carry, or for that matter, the number of transactions we undergo through digital payment apps. This pattern of consumer behaviour has been exceedingly dominating the economy, for a couple of years now. Majority of urban Indians travel cashless, today. With the onset of electronic wallets like Paytm, Google Pay and so on, the method of paying has witnessed a huge alteration. People now feel safer with keeping their money stored in a digital wallet rather than carrying it physically.
This rapid transition from real money to digitalized cash gained momentum after our Prime Minister introduced Demonetisation. Even banks didn’t fall behind; they equipped their portals with effective functions, so that transaction becomes seamless and hassle-free.
However, the predicament lies in the question- Is India ready to be called cashless? India’s reliability on cash has been accurate since ages. Different denominations of currency notes have thrived in our pockets and definite exchange of money has taken place earlier, none can forget that period of pragmatic payments! But just to stimulate economic growth and catch up with China,