Digital/Cashless Economy: The Changing Landscape of India


  • Shivangee Kumar Chief Manager, State Bank of India, Navi Mumbai, India



BHIM, Cashless, Demonetization, Digital banking, Digitalization, Mobile banking, POS, UPI, USSD, Wallets


Digital/ Cashless banking has become talk of the town recently. People are opting for digital payments using mobile applications/wallets instead of cash and GOI/RBI is also promoting it through various schemes and incentivisation. This mode of payments has actually changed the dynamics of consumer and corporate relationships with their banks. Now, instead of taking out cash from our wallets, we open our mobile wallets to make payments or transfer money to someone. We do not wait for the bank branch to open and stand in long queues for getting our cash deposited in account neither we wait to withdraw cash. Likewise, we do not count cash at shopping counters and make the payment in a flash using our debit/ credit card. All this is possible because of the innovation in IT and its optimum utilization by our banks. The present paper will give an idea about what is this buzz word “Digital/ Cashless Banking” and how has it changed the banking relationships these days.


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How to Cite

S. Kumar, “Digital/Cashless Economy: The Changing Landscape of India”, IJRESM, vol. 3, no. 9, pp. 129–132, Sep. 2020, doi: 10.47607/ijresm.2020.306.