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There is no need of paper, money or coins, everything will be electronic, payments will be done by e- wallet.The finance minister, in his budget speech, talked about the idea of making India a cashless society, with the aim of curbing the flow of black money. But what exactly is a cashless economy? It can be defined as a situation in which the flow of cash within an economy is nonexistent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer and Real Time Gross Settlement in India. India continues to be driven by the use of cash, It is found that close to 90% transactions happened by cash. While the proportion of people opting for COD is decreasing, it still accounts for 60% of transactions Reducing Indian economy’s dependence on cash is desirable for a variety of reasons. To be sure, the government on its part is working at various levels to reduce the dependence on cash. Opening bank accounts for the unbanked under the and adoption of direct benefit transfer is part of the overall idea to reduce usage of cash and increase transparency. The recently launched Unified Payments Interface by National Payments Corporation of India makes digital transactions as simple as sending a text message. So, will the exercise to exchange currency notes and the ongoing currency crunch be a decisive factor in making India a truly cashless economy?”A defining point in India moving to cashless”