A Study of Impact of Cashless Transaction on Society Using Statistical Methods

Abstract

A cashless society describes an economic state whereby financial transaction are not conduced with money in the form of physical banknotes or coins but rather though the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless society have existed based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies such as bit coins. Cashless India is a mission launched by the government of India led by prime minister Narendramodi to reduce dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country embarked upon this transition to a cashless economy when the government took the revolutionary step of demonetization of old currency notes such as Rs.500 and Rs.1000 on November 8, 2016. Different activities needed to be planned in all the point of view for migration to cashless society and digital India to achieve the aim of payment and settlement system of India: Vision 2018.