CASHLESS ECONOMY IN INDIA: CHALLENGES AND BENEFITS

India continues to be determined by the use of cash; less than 5% of all payments are electronically; On the other hand, the Minister of Finance, in the 2016 budget speech, spoke about the idea of making India a moneyless society, with the aim of curbing the flow of black money. A non-monetary partnership is defined as an economic state in which financial transactions are not shown with money in the form of banknotes or physical currencies, but reasonably the transfer of digital information (usually electronic representations of money) between the parties performing the transaction. Although society is generally spoken without cash, most countries are increasing their money supply. India is dominated by small retailers. Excessive use of digital payment will save billions of rupees for the Indian economy, as it will help to bring down the cost of cash, according to a report from the payment company Visa Inc. As part of the promotion of cashless transactions and conversion of India in a companywith less money, different payment methods are available. The goal of this study is to challenge and benefit the cashless economy and focus on various ways of digital payment. In India there is no place for black money or cash.