Transformation Towards Cashless Economy – An Indian Perspective

8 Pages Posted: 23 Jan 2019

See all articles by Vijaya Kittu Manda

Vijaya Kittu Manda

Gandhi Institute of Technology and Management (GITAM), Institute of Management

Suguna Margana

GITAM University

Date Written: January 6, 2019

Abstract

One of the offshoots of 2016 demonetization of Indian high denomination bank currency notes is that the country can progress towards becoming a cashless economy. Several countries around the world are trying cashless transactions in one form or the other for various reasons and with reasonable success. This paper examines the global practices and analyses end-user perception in the Indian context. Data collected from survey is analysed to understand the various problems faced by payment and transaction making consumers. What factors such as (age, gender, occupation, income levels and problems) impact customers to do a transaction in cashless mode? What are the major deterrents for making a cashless transaction? What can various stakeholders such as the public, banks and financial institutions, regulators, central banks and governments do to accelerate India to turn into a fully cashless economy? These are problems are examined and suggestions for the same are provided.

Keywords: cashless economy, electronic payment, digital payment, digitalization, electronic wallet, cashless society, mobile payment

Suggested Citation

Manda, Vijaya Kittu and Margana, Suguna, Transformation Towards Cashless Economy – An Indian Perspective (January 6, 2019). Proceedings of 10th International Conference on Digital Strategies for Organizational Success, Available at SSRN: https://ssrn.com/abstract=3319884 or http://dx.doi.org/10.2139/ssrn.3319884

Vijaya Kittu Manda (Contact Author)

Gandhi Institute of Technology and Management (GITAM), Institute of Management ( email )

Rushikonda
Gandhi Nagar
Visakhapatnam, 530045
India
+919849519188 (Phone)

Suguna Margana

GITAM University ( email )

India

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