Cashless Payment System: What, Why and How?

Abstract

Cashless Payment System is hot debatable topic after Demonetization. Obviously, it is not a novice term but it came into light when cash crunch occurred. The Government of India and RBI has made several efforts to shift to a less–cash society by encouraging digital payments methods, which are numerous in number. The digital transaction system transforms a traditional society operating on cash basis to a cashless one. It brings in transparency and accountability. The new shift will compel more traders to accept payments via digital mode. This paper covers broad aspect of Cashless Payment System which includes reason of moving towards cashless society, modes of cashless payment system and also how this new structure works.