INDIAN INSTITUTE OF TECHNOLOGY ROORKEE
Cashless Economy
MIN-391 (Technical Communication)
Karan Kumar Singh
21117057 , 4th Year
Mechanical Engineering
Introduction
Cashless Economy can be defined as a situation in which the flow of
cash within an economy is non- existent, and all transactions must be
through electronic channels such as direct debit, credit cards, debit
cards, electronic clearing, and online payment systems
Source:Sketch Bubble
2
Classification
Source:Hitpay Blog
3
Opportunities
• Reduce the Cost of Printing Money
• Cost-Effective to the Banks
• Improved Economic Growth
• Transparency
• Control of Black Money and check for Anti-Money Laundry
Challenges
• Increase of Surface area attack
• Risk of Hacking, Data breaching and Online Fraud
• Not access to everyone
• Transaction Fee
4
Transitioning to a Cashless Economy
Government Policies: Governments around the world are encouraging
people to use digital payments to make financial activities more open,
reduce illegal cash dealings, and increase tax collection.
Technology: Smartphones, faster internet like 4G and 5G, and new
financial technologies are helping more people switch to cashless
payments.
Consumer Behavior: People now prefer quick, contactless payments,
especially after the COVID-19 pandemic, which made cashless options
more popular and necessary.
5
India’s UPI
● UPI has seen exponential growth since its launch in 2016. By 2023, UPI
accounted for a large portion of digital transactions in India, with over a billion
transactions processed every month.
6
Results
• Significant increase in the adoption of digital payment methods
worldwide.
• Improved financial transparency and reduction in black market
transactions.
• Enhanced convenience and efficiency for both consumers and
businesses.
7
Conclusions
• A cashless economy offers numerous benefits, but requires
overcoming key challenges like security and inclusivity.
• With proper infrastructure and education, a cashless future can be
more secure, transparent, and efficient.
8
Thank You
