CASHLESS SOCIETY AND DIGITAL CURRENCY RECENT TRENDS IN INDIA

Abstract

This research paper explores recent trends in India towards a cashless society and the development of digital currency, examining their implications for the economy, financial inclusion, small businesses, and regulatory frameworks. The study delves into the growth of digital payment platforms, popular methods, adoption rates across demographics, and challenges faced in transitioning to a cashless economy. Key topics include the introduction of digital currency initiatives by the Reserve Bank of India (RBI), pilot projects, and experiments with digital currency, as well as the regulatory landscape. Additionally, the paper analyses the economic benefits of a cashless society, implications for financial inclusion, effects on informal sectors and small businesses, and potential risks and challenges. Through a comprehensive review of recent trends and their impact, this paper provides insights into India's evolving digital finance landscape and offers recommendations for policymakers, regulators, businesses, and other stakeholders.