It is a fact that cashless society has many advantages and it may lead to reduce corruption, crimes on the one hand and on the other hand it will able to increase the government revenue to a great extent. Government may force to implement the cashless system by applying certain rules and regulations but it may fail if the service receivers are not in a position to understand the potential benefits.
Most of the time customers perceive that there may be some amount of security threats which will lead to loss of money. This is to some extent true as this kind of unwanted event does happen. Second aspect is related to lack of awareness and lack of understanding about the usage pattern of the services. It is obvious that the cashless system is required but at the same time it should able to win the confidence of the service receivers.Balakrishnan, (2007).
, in his article Working capital management – Impact of emerging electronic payment Options in India published the adoption of new age electronic payments systems and use of new practices in inventory and production management help the companies achieve long-term reduction in working capital management requirement.Jain, P.M (2006), in the article “E-payments and e-banking” opined that e- payments will be able to check black money. Taking fullest advantage of technology, quick payments and remittances will ensure optimal use of available funds for banks, financial institutions, business houses and common citizen of India. He also pointed out the need for e-payments and modes of e-payments and communication networksVaibhav Shahaji Patil and Jyoti Mishra, (2017), study to find out advantages and disadvantages of making India a cashless economy India is lagging far behind many developed countries like Belgium, France, Canada, USA, UK, Saudi Arab etc in implementing cashless transactions. Government should ensure first availability and quality of telecom network in all parts of country. Financial institutes or intermediaries like banks and related service providers will have to constantly invest in technology in order to improve security and ease of transaction.
People as a customer will only shift when it’s easier, certain and safe to make cashless transactions. Government should adopt strategy of incentivize cashless transactions and discourage cash payments. It is observed that rural people are not aware or educated enough to use cashless