Cashless India is a mission launched by the Indian government led by Prime Minister Narendra Modi to reduce the Indian economy's dependence on cash and to bring hidden and untapped black money treasures into the banking system . The country began this transition towards a cashless economy when the government took the big step of demonetisation of old Rs 500 and Rs 1000 notes on November 8, 2016. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay India has been using electronic payment systems for many years now. However, the retail sector still carries out the majority of transactions in cash and card payments have yet to be implemented. Cards (both credit and debit) are one of the safest and most convenient cashless payment methods in the retail market. Card payments data shows that even though we have 19 million credit cards, 190 million debit cards and half a million point-of-sale terminals, on average there is only one transaction per year per debit card and 11 transactions per year for each credit card. paper. Trying to identify the reasons for the low use of payment cards, the costs that India entails in maintaining independent interactions with all the players in the system: the banks, card companies and merchants; and comparing practice in different countries. The goal is to rationalize costs so that merchants and consumers prefer card payments over cash and become an attractive payment method even in remote areas of the country. With cost rationalization, banks and card companies would benefit, as revenues would increase due to increased usage and user base. Furthermore, for the government, with the new prices, the gain will be twofold: firstly there will be a significant reduction in the growth of currency management costs and, secondly, the system will produce volumes of data on the spending behavior of individuals who they may be discarded by the government for development planning. The report is expected to prove helpful to the RBI and the government to further enhance their efforts towards introducing an efficient cashless payment system in the country. Cashless India is a recently introduced phenomenon aimed at bringing a transformation in the country's economy by the Government of India, to transform the cash-based economy into a cashless economy through digital means. However, there are still several hurdles to face if we want to make India cashless in the true sense of the word. India is a huge country and the convenience of transacting through online mode is not available across the country. In small towns and villages, most of the people are suffering due to severe liquidity crisis. To make India cashless in the true sense, there is a need to invest in expanding the facilities required on a large scale for cashless transactions across the country. Managing your cash flow with digital technology has numerous advantages. Cashless transactions made people keep all their cash in the bank and thereafter the liquidity in the banking system increased. It has also stopped the flow of black money to some extent. Now banks and financial institutions have more money to lend to people to support the growth of the Indian economy. The other most important benefit is that this situation will make people pay taxes transparently; so the government will have more money to run various intended programs.