The paper is about UPI and the growth of cashless economy in India. The aim of the study is to examine the cashless economy and its performance in India. A cashless economy is stated to be an economy whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties. November 2016 was a period Indians would never be able to forget for the bold decision taken by the government to demonetize the Indian currency in particular the 500 and 1000 rupee notes. Its impact was far-reaching and every citizen was invariably involved in the transition. The step was necessary in the government’s efforts to push India into a digital economy. There is a deliberate shift to cashless economy focusing on minimum use of paper currency and more reliance on electronic transactions. This could happen only with widespread acceptance of credit cards, debit cards, net banking, e-wallets by the people of India. But, it was the UPI which proved to be the major game changer. It is evident that the usage of digital transactions has picked up and it is only a matter of time before most of the transactions happen electronically. This hopefully will also pave the way for an economy which will be more transparent.

The paper is about UPI and the growth of cashless economy in India. The aim of the study is to examine the cashless economy and its performance in India. A cashless economy is stated to be an economy whereby financial transactions are not conducted with money in the form of physical banknotes or ...