VISVESVARAYA TECHNOLOGICAL UNIVERSITY

Belagavi-590018

AICTE Activity Point Programme-Report

ON

“FACILITATING 100% DIGITIZED MONEY TRANSACTIONS”

Submitted in the partial fulfilment of the requirements for the award of

BACHELOR OF ENGINEERING IN
COMPUTER SCIENCE AND ENGINEERING
BY
PUNEETH T USN:1RI21CS085

UNDER THE GUIDANCE OF

Prof. VEENA V
Professor, CSE Department

DEPARTMENT OF COMPUTER SCIENCE AND ENGINEERING

Accredited By NBA
R R INSTITUTE OF TECHNOLOGY
Approved by AICTE, New Delhi, Recognized by Govt. of Karnataka,
Autonomous Institution under VTU
Raja Reddy Layout, Chikkabanavara, Bengaluru – 560 090
ACADEMIC YEAR 2024-25
 DEPARTMENT OF COMPUTER SCIENCE AND ENGINEERING

CERTIFICATE
Certified that the AICTE Activity entitled “FACILITATING 100% DIGITIZED MONEY
TRANSACTIONS” carried out by PUNEETH T, USN:1RI21CS085 a bonafide student of R R Institute
of Technology in partial fulfillment for the award of Bachelor of Engineering / Bachelor of Technology in
Computer Science and Engineering of the Visvesraya Technological University, Belgavi during the year
2024-25. It is certified that all corrections/suggestions indicated for Internal Assessment have been
incorporated in the Report deposited in the departmental library. The AICTE activity report has been
approved as it satisfies the academic requirements in respect of AICTE ACTIVITY prescribed for the said
Degree.

….……………………………. ..….…………………….. ….……………………

Signature of Internal Guide Signature of HOD Signature of Principal
[Prof. VEENA V] [Dr. Manjunath R] [Dr. Mahendra K V]
Professor, Professor and Head Principal
Department of CSE, RRIT Department of CSE, RRIT RRIT, Bengaluru
 DECLARATION

I PUNEETH T, USN:1RI21CS085 student of 7th semester in, Computer Science and Engineering, R R
Institute of Technology, Chikkabanavara, Bangalore -560090, declare that the AICTE Activity Point
Programme work entitled “FACILITATING 100% DIGITIZED MONEY TRANSACTIONS” has
been carried out by me and submitted in partial fulfillment of the course requirements for the award of
degree in Bachelor of Engineering in Computer Science and Engineering of Visvesvaraya
Technological University, Belgaum, during the academic year 2024-25.

Date:
PUNEETH T
Place:
1RI21CS085
 ABSTRACT
Facilitating 100% digitized money transactions aims to transition all financial exchanges to digital
platforms, eliminating the need for physical cash. This shift enhances transparency, reduces the risk of
fraud, and promotes financial inclusion by making transactions more accessible to a broader population.
Key strategies include leveraging technology such as mobile payment apps, digital wallets, and biometric
verification to ensure secure and efficient transactions. The move towards complete digitization also
supports economic growth by streamlining payment processes and reducing transaction costs. This paper
explores the benefits, challenges, and future prospects of achieving a fully digitized financial ecosystem.

In an era where digital transformation is reshaping industries, achieving 100% digitized money transactions
has become a crucial milestone. This initiative seeks to eliminate physical cash by fully embracing digital
payment solutions, fostering a transparent, efficient, and inclusive financial ecosystem. By leveraging
cutting edge technologies such as blockchain, biometric verification, and mobile payment platforms, this
shift ensures secure, seamless, and instantaneous transactions. The transition addresses issues of financial
exclusion by providing access to banking services for underserved populations, thus driving economic
equality. This abstract explores the innovative strategies, potential challenges, and far-reaching benefits of
a completely digitized financial world, paving the way for a future where cash is obsolete..
 ACKNOWLEDGEMENT

Any achievement, be it scholastic or otherwise does not depend solely on the individual efforts but on the
guidance, encouragement and cooperation of intellectuals, elders and friends. A number of personalities, in
their own capacities have helped us in carrying out this AICTE activity work. We would like to take this
opportunity to thank them all.

First and foremost we would like to thank Dr. Mahendra K V, Principal, RRIT, Bangalore, for his moral
support towards completion of our project work.

We express our gratitude to Dr. Manjunath R Head, Department of Computer Science and Engineering,
RRIT, Bangalore who has always been a great source of inspiration.

We are grateful to the guidance and encouragement given by our guide Prof. Veena V, Professor
Department of Computer Science and Engineering, RRIT, Bangalore, who also has helped us in various
stages of project, optimizing the report and making this project a success.

We are grateful to the guidance and encouragement given by our guide Dr.Shivakumar Swamy N,
Professor, Department of Computer Science and Engineering, RRIT, Bangalore, who also has helped us
in various stages of project, optimizing the report and making this project a success.

We also extend our sincere thanks to the teaching and non-teaching faculty of the Department of Computer
Science and Engineering, RRIT, Bangalore, who have constantly supported us throughout the course of our
project work.

Last, but not the least, we would like to express our deep sense of thanks to family and friends for their
moral support to improve the project work.

________________
PUNEETH T
(1RI21CS085)
 CONTENTS

TABLE OF CONTENTS i - ii
LIST OF FIGURES iii

SL NO. CHAPTER PAGE NO.

01 Introduction 01
02 Digitalization Money Transfer 02
2.1 What is Digitalization Money Transfer? 02
2.2 Importance of Digitalization Money 02-03
Transfer
03 Problem Statement 04
04 Types Of Digital Payment & Uses 05
4.1 Types Of Digital Payments 05
4.1.1 Banking Cards 05
4.1.2 USSD (Unstructured Supplementary 06
Service Data)
4.1.3 AEPS (Aadhaar enabled payment 06
system)
4.1.4 UPI (Unified Payment Interface) 06
4.1.5 Mobile Wallets 07
4.1.6 Point of Sale Terminals 07
4.1.7 Mobile Banking 08
4.1.8 Internet Banking 08
05 Benefits 09
5.1 Benefits of Digital Payments for the 09
Government and the People
5.1.1 Benefits For The Governments 09
5.1.1.1 Increased Transparency 09
5.1.1.2 Curb Corruption and Black Money 09
5.1.1.3 Curb Circulation of the Fake 09
Currency Notes
5.1.1.4 Lower Costs 09
5.1.1.5 Greater Financial Inclusion 10
5.1.1.6 Decrease in Crime Rate 10
5.1.2 Benefit For The People 10
5.1.2.1 Lower Costs 10
5.1.2.2 Improved Speed and Timely Delivery 10

i
 5.1.2.3 Increased Security 10
06 Suggestions for Improvement 11
6.1 Be Open To New Technologies 11
6.2 Provide Incentives For Use 11
6.3 Cater To Those With Disabilities 11
6.4 Expand The Types Of Transactions 11
6.5 Implement Identity Management And 11
Encryption
07 Conclusion 12
Reference 13

ii
 List of Figures

Figure No. Title Page No.

01 Banking cards. 05

02 Unstructured Supplementary Service Data 06

03 Aadhaar enabled payment system 06

04 Unified Payment Interface 07

05 Mobile wallets 07

06 Point of Sale Terminal 07

07 Mobile Banking 08

08 Internet banking 08

iii
Faciliating 100% Digitalized Money transaction

CHAPTER 1
INTRODUCTION
In recent years, there has been a global move towards reducing the use of cash in various kinds of
transactions. An IMF working paper on "The Macroeconomics Decashing" published recently reveals
that many countries across the globe - both developed and developing - have already taken initial steps
to limit cash transactions in their economies. These steps include abolishing large denomination
currencies,imposing ceilings on cash transactions, introducing reporting requirements for cash
payments exceeding a specified amount, declaration requirements on the carriage of cash in and out of
the country, and even taxing cash transactions. These initiatives do not in any way target the abolition
of money, rather, a sweeping reduction in the cash component of the currency, by adopting other
convenient, safe and transparent means of transaction such as cars and digital payments.

Given the advantages of going cashless and advancements in innovative technologies, India is also
striving to become a digital economy with an aim to transform itself into a digitally empowered society
and knowledge economy. In this direction, concerted efforts are being made to improve the digital
infrastructure in the country so as to facilitate and promote cashless transactions and transform India
into a less-cash society. With the Pradhan Mantri Jan Dhan Yojana and Direct Benefit Transfers (DBTS)
scheme in place and penetration of internet connections and increase in smartphone users in India,
digital payments and cashless transactions have proliferated in the last few years. The adoption of new
technologies for digital payments has not only transformed the conventional banking system in India,
but has also enhanced the banking outreach significantly. It is now being increasingly realized that if
the potential of digitalisation is fully harnessed, it will revolutionize India's socio-economic landscape,
and positively influence growth and equity, thereby empowering the common man.

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CHAPTER 2

DIGITALIZATION MONEY TRANSFER

2.1 What is Digitalization Money Transfer?
Digitalization means using digital technology as a part of everyday life. Digitization of payments helps
a person to transfer money from his bank account to pay for his day to day transactions. Modes of
digital payments include a number of instruments under one umbrella which can be used as and when
required. India is stepping into the leadership role in the arena of internet age and is anticipating a
growth in such a way people have more access to mobile than that of electricity connections at home.
Thus India is moving forward to the aim of cashless society. Which means paper currency in circulation
will reduced to minimal and all payments are made through digital mechanism. The present study
represents an added contribution to the currently ongoing researches that are being done to decide
weather digitisation is important for the nation in the current economic situation. The study reaffirms
that the importance of mobile penetration supported by the government initiatives constitute the most
important drivers to enable people to move towards digitalpayments system.

Digitalisation of the payment system is the foremost step towards "Digital India" and the policies and
initiatives under the scheme helps to build necessary infrastructure for digitalization. The word "Digital
Cash" has been introduced long back but it didn't gain attention as E-commerce has received. The
payment system has gained significance once the countries which are into digitalization proved to be
more effective in financial inclusion measures. India is stepping into the leadership role in the internet
stage, as it is dominating many other countries like the US in the internet stage and anticipating a
growth in such a way people have more access than that of electricity connections at home.

Digitalization of payment is not possible without government support. Another enabler for
digitalization of transactions is government policies and programmes. The central government has
taken a step by step program to enable the digital payment system in the country. The has taken three
initiatives to promote the digital payment system in India. They include bringing about the required
changes to existing policy structure, increasing awareness among the citizens about the benefits of the
digital payment system, and enhancing the security measures in cyberspace.

2.2 Importance of Digitalization Money Transfer

The Indian economy found digital cash useful as it doesn't need much of an individual's time. It is most
convenient in comparison to physical cash. From an individual's point of view, he needn't take an off
from his daily schedule to purchase the goods he wants to buy since online shopping can be done
anytime anywhere which is the essence of immediacy and ubiquity. Among the digital payment options
people consider digital wallet as one among the most convenient as it is hassle free mode unlike net
banking where a lot of browsers will be open and more time consuming.

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Another important factor is that digital cash is more easily transferable as many migrants within India
found sending money through mobile is more convenient and inexpensive than many other informal
channels which they normally use. Transparency is another important factor as digitization will enable
recording of each and every transaction an individual makes. It overcomes the problems which are
brought about by the cash dominance i.e. large unorganized sectors, black money, evasion of taxes etc.
It also helps gradually in financial inclusion as the government is promoting payment of subsidies and
other benefits through bank accounts. Transparency in the system will surely reduce money laundering
and increase tax compliance. It leaves a strong data track.

Digitization of payments greatly depends on the business model adopted by the banks, businesses,
telecom operators, retailers and other stakeholders. The acceptance of digital payments are very low at
physical point of sales due to limited reach and acceptance of the same by merchants due to their fear.
The acceptance of merchants can be attained only by making them aware of the possible benefits they
may derive from such transactions as they will not be facing any trouble in collecting money. Example:
when a merchant uses card transactions when they have to receive Rs.10.50 from a customer, he can
exactly collect the same amount without losing the paise, which he might have to discount in cash
payment due to lack of change available with the merchant the customer.

Cash and cashless have become the buzzwords since the demonetisation of high currency notes in India
on 8 November 2016. But, India is not the only country in the world and also not the first one to make
such a big move towards a cashless society. This is a global trend. Countries across the globe are
making great strides towards eliminating or minimizing the use of paper currencies. While Australia,
Singapore, Venezuela, the United States and the European Central Bank have all either eliminated or
have proposed to eliminate high denomination notes, other countries like France, Sweden and Greece
have targeted adding restrictions on the size-of cash transactions, reducing the number of ATMs in the
countryside, or limiting the amount of cash that can be held outside the banking system. These
Economies are not cashless in the true sense of the word; some amount of cash at this stage is still
required for an economy. Thus, less cash is the appropriate description. Post demonetisation, even the
Minister of Finance stressed that "digital transactions are a parallel mechanism, not a substitute for
cash transactions, and a cashless economy is actually a less-cash economy, as no economy can be fully
cashless".

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CHAPTER 3

PROBLEM STATEMENT
The Union Cabinet chaired by Prime Minister Narendra Modi has approved "Pradhan Mantri Gramin
Digital Saksharta Abhiyan" (PMGDISHA) to make 6 crore rural households digitally literate. The outlay
for this project is Rs 2,351.98 crore to usher in digital literacy in rural India by March 2019. PMGDISHA
Is expected to be one of the largest digital literacy programmes in the world. Under the scheme 25 lakh
candidates will be trained in the fiscal year 2016-17, 275 lakh in fiscal year 2017-18 and 300 lakh in
fiscal year 2018-19.The Committee on Digital Payments constituted by the Ministry of Finance,
Department of Economic Affairs has recommended the medium term strategy for accelerating growth
of Digital Payments. However, many of the dighal payment methods are not popular among the common
people and people are not comfortable to use them for their dav-today's transactions. There is less
awareness among the people about different types of digital payment methods. There is also a myth
among them that overspending is possible when we use the digital payment nodes and banks deduct high
transaction costs for the digital payment operations. Hence literacy about digital payments has become
a necessity.

Digital Payment is a financial exchange that takes place online between buyers and sellers. The content
of this exchange is usually some form of digital financial instrument (such as encrypted credit card
numbers, digital cheque or digital cash) that is backed by a bank or an intermediary, or by a legal tender.
E-payment system in India, has shown tremendous growth, but still there is a lot to be done to increase
its usage. Still 90% of the transactions are cash based. So, there is a need to widen the scope of digital
payment. Innovation, incentive, customer convenience and Legal frameworks are the four factors which
contribute to strengthening the E-payment system. Studies show that Kerala has 96.97% literacy rate but
has helped in improvement of digital payments and similar transactions. The aim of this study is to
explore the problems, challenges and perception of the digital payment system. The study also focuses
on the different modes of digital payment system that are most preferred by the customers as an easy
payment mechanism.

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CHAPTER 4

TYPES OF DIGITAL PAYMENT & USES

4.1 Types Of Digital Payments

There are different modes and types of digital payments that are prevalent in India,which are discussed
indetail in the following lines.

1) Banking Cards

2) USSD (Unstructured Supplementary Service Data)

3) UPI (United Payment Interface)

4) AEPS (Aadhaar enabled Payment System)

5) Mobile wallets

6) Point of Sale Machines (POS)

7) Mobile Banking

8) Internet Banking

4.1.1 Banking Cards

Banking cards are the most widely used digital payment system in India.It offers a great set of features
that provides convenience as well as security to the users. Cardsoffer the flexibility of making other types
of digital payments. Customers can store card information in the mobile application and pay for the
services using the stored card information.

Banking cards (debit and credit cards) can be used for a variety of digital transactions like POSterminals,
online transactions, as a payment medium in mobile apps, which provide any kind of service like grocery,
healthcare, rental cab booking, flight tickets, etc. The most popular cards are issued by service providers
like VISA, MASTERCARD, RuPay, AMEX etc.

Figure 1: Banking cards

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4.1.2 USSD (Unstructured Supplementary Service Data)

USSD is another popular digitalpayment method. It can be used for carrying out cashless transactions
using mobile, without the need of installing any banking app.

The good thing about USSD is that it works without the requirement of mobile data. The mainaim of this
digital payment service is to include those sections of people of the society who arenot included in the
mainstream.

Figure 2: Unstructured Supplementary Service Data

4.1.3 AEPS (Aadhaar enabled payment system)

AEPS can be used for all the following banking transactions such as balance enquiries, cash withdrawal,
cash deposit, aadhaar to aadhaar fund transfers. All such transactions are carried out through a banking
correspondent which is based on Aadhaar verification. This service can be availed if the aadhaar is
registeredwith the bank where an individual has a bank account.

Figure 3: Aadhaar enabled payment system

4.1.4 UPI (Unified Payment Interface)

UPI is the latest digital payment standard where theuser having a bank account can transfer money to
any other bank account using UPI based app. UPI enabled payments occur throughout the day and all
365 days in a year.

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Figure 4: Unified Payment Interface

4.1.5 Mobile Wallets

Mobile wallets are another popular payment option. Here the users can add money to their virtual wallet
using debit or credit cards and use the money added in the wallet to perform digital transactions. Some
of the most popular mobile wallets are PayTM, Mobikwik, PhonePe, etc.

Figure 5: Mobile wallets

4.1.6 Point of Sale Terminals

POS terminals are installed in shops or stores where payments for purchases can bedone through debit
and credit cards. There are variations of POS, one which can be Physical PoS and the other one is mobile
POS. The mobile POS does away withthe need of maintaining a physical device.

Figure 6: Point of Sale Terminal

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4.1.7 Mobile Banking

Mobile banking is a service provided by the banks through their mobile apps in asmartphone for
performing transactions digitally. The scope of mobile banking has expanded extensively after the
introduction of UPI and mobile wallets. Mobile banking is a term used to describe a variety of services
that are availed using mobile/smartphones.

Figure 7: Mobile Banking

4.1.8 Internet Banking

Internet banking is the process of performing banking transactions from the comfort of your home using
a mobile phone/laptop/ desktop and an active internet connection. The major type of transactions can all
be done using internet banking. Internet banking services can be availed round the clock and all 365
days in a year, which makes it a popularchoice for performing digital transactions .

Figure 8: Internet banking

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CHAPTER 5

BENEFITS
5.1 Benefits of Digital Payments for the Government and thePeople
Digital payments have many benefits for both the people and the governments. Moving from cash to
digital has the potential benefits of making payments more efficient by lowering the cost of disbursing
and receiving payments; increasing the speed of payments; ensuring the privacy of payments; reducing
the incidence of crimes associated with them; and increasing the transparency of payments, thus making
it less likely to be leaked between the sender and receiver and providing a first entry point into the formal
financial system. The benefits of digitalpayments go well beyond convenience. If provided efficiently
and effectively, they can transform the financial lives of those who use this technology.

5.1.1 BENEFITS FOR THE GOVERNMENTS

5.1.1.1 Increased Transparency: Given the liquidity and transactional anonymity of cash, cash
payments are subject to "leakage" (payments that do not reach the recipient in full) and "ghost" (fake)
recipients, particularly in the context of money transfers from the Government.By moving towards digital
payments, the traceability of the payment process is improved. First,recipients have digital records ofthe
amount of the payments they are to receive. Second, digitalpayments generally require more stringent
identification and documentation, making it harderfor ghost recipients to remain undetected.

5.1.1.2 Curb Corruption and Black Money: If all transactions are electronic then these transactions
can be chased, recorded and checked; and as a result, corruption will automaticallycome down, and people
will no longer have to pay to collect what is rightfully due to them. This will help curb the menace of
black money which has been denting the tax base and tax collections, encouraging terror financing and
drug trafficking, generating fake currency and much more.

5.1.1.3 Curb Circulation of the Fake Currency Notes: As India remains a cash dependent economy,
anti national elements have taken the benefit of it and have flooded the country withfake currency notes.
With increased digital payments and less cash circulation in the economy,it will not only be easier for
the Reserve Bank of India (RBI) to monitor, control and seize thefake currency notes, it will also be
difficult for anybody to print the fake currency notes and circulate: Thus, digital payments will give
ammunition to the central bank to address theconcern of rising fake currency notes in the economy.

5.1.1.4 Lower Costs: Moving from cash payments to digital payments can lead to significant cost
savings in the long term. The potential cost savings are especially striking when considering large-scale
government to-public payments, such as social transfers. This can bring greater efficiency and
transparency in all kinds of welfare programmes as money is wired directly into the accounts of the
recipients under such programmes.

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5.1.1.5 Greater Financial Inclusion: Less cash economy will also pave the way for universalavailability
of banking services as no physical infrastructure is required other than electronics which can be
facilitated by the Government without much-effort. With the universal availability of banking services,
there will be improvement in credit.

5.1.1.6 Decrease in Crime Rate: Many anti-social and illegal activities like drug trafficking,money
laundering and terror financing are carried out in cash. With increased digital transactions, it will be
difficult for such anti-social and anti-national elements to carry out nefarious operations.

5.1.2 BENEFIT FOR THE PEOPLE

5.1.2.1 Lower Costs: Senders and recipients of cash payments, particularly in rural areas, oftenhave to
travel a considerable distance to the designated locations such as the bank branches, counters or
Government offices, which may only be available in a regional headquarter or in acity, in order to receive
a remittance or Government transfer or make a bill payment. This results in significant travel time and
travel expenses, and further becomes costly in terms of income forgone while traveling and waiting to
collect a payment.

5.1.2.2 Improved Speed and Timely Delivery: In contrast to cash payments that travel at thespeed of
its carrier, digital payments are virtually instantaneous, regardless of whether the sender and receiver are
in the same town, district, or country. In emergency situations particularly which lead to unexpected
income shocks such as a health emergency or natural disaster, speedy and timely delivery can be of great
significance. In digital form, payments bethey remittances from abroad or government assistance in
times of disaster situations can be made without delay when needed the most.

5.1.2.3 Increased Security: Possession of cash is also vulnerable to street crimes. Digital payments can
help make transactions without the same being noticed by anybody, thereby bringing down crimes
relating to cash holdings. Thus, digital payments ensure security from life threats. However, it is
important to have in place systems to prevent security breaches of digital payment mechanisms.

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CHAPTER 6

SUGGESTIONS FOR IMPROVEMENT

6.1 Be Open To New Technologies
Digital payment methods are positioned to be a major influence on the economic prosperity ofmany
third-world and first-world countries, impacting everything from remittances to transferring funds
viacryptocurrency backed by blockchain technology. Already, countries such as Ukraine, El Salvador
and others have adopted Bitcoin as legal tender, signifying the growing adoption of this new technology.

6.2 Provide Incentives For Use

Digital payments are highly platform-dependent, often not supported by merchants' point of sale systems
and expensive in comparison to cash. For more mainstream adoption, the value must be delivered to
consumers (resulting in better purchasing power); this would drive the merchant's or platform's interest
in supporting digital payments. Techniques similar to credit card "cash back" incentives could be applied
to the merchant or P2P platforms.

6.3 Cater To Those With Disabilities

Digital payment methods for people with disabilities fail at checkout. Online shopping carts rarely
function smoothly (if at all) for people using screen readers. The complexity of the process is often a
critical issue for people with cognitive and mobility impairments. Simplifyingthe checkout process would
eliminate these challenges faced by so many and bring another billion consumers online.

6.4 Expand The Types Of Transactions

I believe digital payments should start expanding to more complex transactions that include financing
and insurance. For example, rather than have customers simply pay for a product, merchants could offer
a loan or spread the payments over a longer period. Furthermore, digitalpayments should be embedded
in more devices-your kitchen or office appliances could order supplies for themselves.

6.5 Implement Identity Management And Encryption

It's essential to ensure the security of customer data in each and every transaction. As more payments
are transacted digitally, organizations will face improved attacker techniques, no matter the physical
location of the customer. To make it more difficult for hackers to access customer payment data,
implementing identity management and encryption is vitally importanton every payment transaction, big
or small.

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CHAPTER 7

CONCLUSION

Digital payment is easy to use for the customer as well as bank officers and there are several options
available in the financial system in India, but there are a large number of people in India who don't know
how to use the system. The digital literacy of Indian people is low, therefore the digital payment system
is not purely developed and spread all over India. The social and infrastructure barriers there influence
the use of digital payment systems. But nowadays mobile banking is becoming famous in India because
it is easy to use and anytimecan be used. It is also required to improve digital literacy among the people.
There are also issues relating to the risk and security.
Given India's socio-economic peculiarities, the promotion of an ecosystem of digital payments is
challenging and necessitates a roadmap for e-Payments, robust online banking systems, incentivising
cashless transactions and successfully implementing country-wide digital transaction mechanisms. The
surge in digital payments post- demonetisation needs the complete support of all stakeholders to meet
the challenges of the present and the expectationsof the future. While the opportunities abound, so do the
challenges. There are real and complexbarriers to address so as to achieve and transform India into a
cashless society. While the regulatory frameworks are being amended and updated so as to adapt the
technology by the new players in the payments landscape, the Government may collaborate with the
private sectorto develop digital infrastructure that can reach rural areas, and ensure interoperability and
competition among the providers and also financial capability among the citizens. Though it will take
time to move towards a completely cashless economy, incremental steps can win the confidence of the
people and can convert India into a less cash society in the medium term.

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