India is moving towards a digital economy by means of innovation in the field of technology as well as tactics. Monetary transactions have changed intensely in India with the introduction of digital payment methods. The chief reason behind the influx of this new technology is to mould Indian economy into a cashless economy.The digital India programme which is in much hype nowadays is a crown jewel of the
much desired move of government of India to revamp India into a cashless society. The role assigned to this programme is to make India “Faceless, Paperless, Cashless”. India after being a cashless economy is going to enjoy several benefits like decrease in the flow of black money, reduction in the cost associated with hard cash, reduction in the problems pertaining to counterfeit currency and many more. A number of mechanisms are available to facilitate digital payments like banking cards, USSD (Unstructured Supplementary Service Data), AEPS (Aadhaar Enabled Payment System), UPI (Unified Payments Interface), mobile wallets, banks prepaid cards, point of sale, internet banking, mobile banking and micro ATMs.