Cashless economy describes economic states whereby financial transactions are not conducted with money in form of physical banknote or coins but rather throughout the transfers of digital information (usually an electric representation of money) between transacting parties. Information technology refers to study or use of computer to store retrieve, transmit and manipulate data or information. Cashless transactions cannot be conducted without electronic gadgets and internet. Information technology plays a significant role in cashless economy. Before November 2016 cashless transaction was present in economy but it was not much popular among public but after demonetisation when people were out of cash they opted for cashless transaction and government promoted cashless economy. All the methods of cashless transaction like debit card, credit card, e-wallet, e-banking etc can only be done through using technology of sending digital information. Information technology has a great impact on cashless economy and it has both negative and positive impact on economy and general public. IT has made transactions efficient but due to loopholes in technology security is at risk. A survey was conducted to know that without IT cashless economy was possible or not and what are its impacts according to general public.

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Keywords: Cashless Economy, Information Technology, Digital, Transaction, Money.