The objective of this paper is to study India as a Cashless Economy, the strengths and weaknesses for its implementation. Cashless Economy is one of the most emerging and trending concepts which is regarded by eminent economists. Cashless economy is one in which the quantity of actual currency flowing in transactions is reduced rather than eliminated.  Customers may use their electronic devices to conduct fundamental activities such as payment for products and services and person-to-person transfers under the cashless payment system. These capabilities must be available to both parties in a transaction. The digital payment options don't only apply to commercial transactions; they also cover utility bills, school fees, hotel reservations and housing rentals etc. A cashless system is one that allows us to keep currency in digital form and utilize it as needed.  India has been  slowly and steadily moving towards Cashless Economy. The transition to a cashless economy was not made lightly. In February 2016, the government aimed at encouraging digital payments and a shift away from cash. Reasons for India's shift towards cashless economy are saving time, money and energy, decrease tax evasion, risk and cost for maintaining currency notes, regulating black money etc. There are also  many challenges for shifting from cash to cashless economy such as handling currency denominated economy, weak mobile networks, illiteracy etc. There are various myths about cashless transactions, which resist common man to divert cash transactions to cashless transactions. No doubt technology and infrastructure of India is inadequate for Cashless Economy, but first of all we need to change the attitude of common people of the Nation.

Keywords: Cashless Economy, Transactions, Digital Payment.

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