India - A Cashless Economy?

Will India become a cashless economy? It may! but, it'll take it’s own sweet time. India has it’s own distinct problems before becoming a cashless economy. The mention of ‘cashless society’ started when the government decided to demonetize 500 and 1000 currency notes in 2016. Since then the platform has seen a consistent rise in user adoption and transactions. Demonetization forced many Indian’s go cashless. However, the real deal started with the innovation of UPI (Unified Payment System). The majority of UPI transactions are done either by Phone pe or Google pay. According to the sources Phone pe reportedly recorded 835 million transactions in October 2020 and Google pay claimed around 820 million. Paytm and Amazon Pay are distant third and fourth players with 245 million and 125 million transactions respectively. ...