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Theoretical and Applied Economics
No. 2 / 2024 (639), Summer

Financial transformation through digitalisation: India’s dual path of cash and cashless transaction

Nasira BANU M.
University of Calicut, India
University of Calicut, India
Abdul AZEEZ N.P.
Aligarh Muslim University, India

Abstract. India has been actively pursuing digital financial transformation, and the government has implemented various initiatives to promote a cashless economy. The recent demonetization policy led to a significant push towards digital payments and a surge in the usage of digital wallets, mobile banking, and other cashless methods. These digital transformations aimed to enhance financial inclusion by providing banking and financial services to a larger population segment, especially in rural areas. Despite the push for digital transactions, certain challenges persisted, especially the existence of physical cash. This paradox is evident in many economies worldwide, including India. This study tries to analyze the trend towards the digital financial transformation of the Indian economy and prove the paradoxical situation of the cash-based economy. The study also examines the impact of digital infrastructures (DI) and payment modes and channels (PMC) on total digital payment (TDP) in India.

Keywords: digital financial transformation, unified payments interface, digital financial services, digital infrastructures, payment modes and channels.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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