A Study of Cashless Transactions and its impact on Beneficiaries

Abstract

Undeniably, digitalization has created a virtual market space where buyers do not need to visit physical shops. On the other hand, retailers do not have any restrictions regarding the amount of space that can be used to stock a wide range of goods in their stores. Therefore, both the customer and the seller benefit from a situation in this digital arena where the buyer has their precise need met and the seller makes earnings that are bigger than in the old format. newlineIndia is leading the world in the expansion of cashless transactions, rising more quickly than other nations. Its presence can be observed in every sector viz., from vegetable vendors to auto-rickshaw drivers, from grocery shops to supermarkets, and from electronic markets to other highly developed markets offering products and services. The epidemic and an exponential rise in online purchasing boosted virtual commerce. Moreover, several studies have found that consumer push, peer pressure, interest in the cashless system, and perceived value of the cashless system such as cost reductions, discounts, convenience, etc. are driving this change in the Indian economy. newlineThe common barriers in adopting cashless system include lack of skills among the stakeholders to use digital services, infrastructural issues, teething problems between various systems, and consumer s inability to afford the technology required to access digital services. The present study is appropriate in the current scenario and attempts to understand the perceptions of beneficiaries about challenges in adopting cashless transactions. newlineFor newline