Cashless Dynamics of the Economy A Study from User s Perspective

Abstract

This study puts a light on the dynamics of cashless transactions in the Indian economy with a focus on the three districts of Rajasthan- Ajmer, Jaipur, and Nagaur. The results show that a significant newlineratio of the respondents is aware of cashless modes of payments and use them frequently. The study highlights the growing interest of people in cashless transactions, which is influenced by their benefits, convenience, safety, and favourable economic and ecological effects. newlineDespite of these developments, the study revealed several barriers to the use of cashless payments, including poor network connectivity, a lack of financial literacy, concern about online fraud, and low public support because of physical and cybercrime. To promote the use of digital payment newlinesystems further, these difficulties must be removed. newlineThe study also highlights how cashless payments affect spendings of the users and their saving behaviours, highlighting that in a cashless society, financial judgements of people are crucial. newlineVarious stakeholders such as Consumers, companies, financial institutions, and governments all need to consider the implications of the study. Policymakers can utilise these insights to develop newlineeffective campaigns, rules, and laws that safeguard consumers while advancing the adoption of cashless transactions more extensively. To better cater to customer preferences, businesses and newlinefinancial institutions might change their products and marketing strategies. on the other side, clients can create solid financial habits by making prudent payment method decisions. newlineThe report also offers suggestions for further investigation into geographical variations, consumer behaviour, socioeconomic consequences, and technological advancements pertaining to cashless payments. Stakeholders may cooperate to propel the Indian economy towards a future that is paperless and digitally enabled by addressing these concerns, promoting financial inclusion, newlineeconomic growth, and improved. newline