In today’s world cash is not at all the king of the market. Cash less economy is now the need of the hour. There is hardly a requirement of the cash especially in the wide spread economy where people have income in their bank accounts. Cash less economy is a mechanism where most of the transactions are carried out with the help of the digital transaction payment modes. Now a day’s most of the people prefer to make payments through the case mode. India is also becoming a part of this cash less system. As we said this is need the hour to become cashless and adopt multiple payment methods of digital mechanism. The vision of the programme is to make the society digitally equipped and digitally dependent. Cash shall not be a basic requirement at all. Digitalisation is a process of making any society cashless society. It is estimated that by the end of the 2025 every 3^rd person will be using the digital payment mode. There is varied number of digital payment options available in the world as well as in India which includes Paypal, Rupay, Paytm, Phonepe and other. All the Banks have started the digital payment mechanism in their portfolio which provides all banking payments through the phone mobile app. Credit card and Debit card is already in use since long time for making payments. According to a survey around 85% respondents have accepted that they uses digital wallet for the payments. They carry a very small amount of cash in their pocket and sometimes even nil. By the end of the 2030 the complete economy is expected to be cash less and there will be hardly a need of the cash for making payments. This research is undertaken to evaluate the impact of the Digital Economy in the developing country like India and how this will help country to protect the scare resource including man power. This research will also help to understand advantage and disadvantages of the Cash less Economy.

Keywords: Banking, Transaction, Cashless, Economy, Digitalisation, Payment, Concealment.