Cashless India is a mission launched by the Government of India and led by Prime Minister Narendra Modi to reduce the dependence of the Indian economy on cash and to bring back hordes of hidden and unused black money into the country. banking system. The country began this transition to a cashless economy when the government took a major step by demonetizing the old Rs 500 and Rs 1,000 notes on November 8, 2016. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the Original EssayIndia has been using electronic payment systems for many years now. However, the retail sector still conducts the majority of transactions in cash and card payment has not yet resumed. Cards (credit and debit) are one of the safest and most convenient cashless payment methods in the retail market. Card payments data shows that although we have 19 million credit cards, 190 million debit cards and half a million point-of-sale terminals, on average there are only only one transaction per year for each debit card and 11 transactions per year for each credit. map. While trying to research the reasons for the misuse of payment cards, the costs involved in India by independent interactions with all players in the system – banks, card companies and merchants; and comparing practice in different countries. The aim is to rationalize costs in such a way that merchants and consumers prefer card payments over cash and this payment method becomes an attractive payment method even in remote areas of the country. With cost rationalization, banks and card companies would gain as revenue would increase due to increased usage and user base. Moreover, for the government, with the new pricing, the gain would be twofold: firstly, there would be a significant reduction in the growth of monetary management costs, and secondly, the system will produce volumes of data on the spending behavior of individuals who can be set aside by the government for development planning. The report is expected to prove useful to the RBI and the government to intensify their efforts to introduce an effective cashless payment system in the country. Cashless in India is a recently introduced phenomenon aimed at bringing about a transformation in the country's economy by the Indian government. , to transform the cash-based economy into a cashless economy through digital means. However, there are still various hurdles to overcome if we want to make India cashless in the true sense. India is a huge country and the convenience of transacting through online mode is not available across the country. In small towns and villages, it is mainly the residents who suffer from a serious liquidity crisis. To make India truly cashless, there is a need to invest in expanding the facilities required on a large scale for cashless transactions across the country. There are many benefits to managing cash flows with digital technology. Cashless transactions have made people keep all their money in the bank and now the liquidity of the banking system has increased. Also, this has stopped the flow of black money to some extent. Now, banks and financial institutions have more money to lend to the population to support the growth of..