Is india ready for cashless economy or digital banking?

Cashless Economy is the system where all the payments are done by using digital means like internet banking, debit, credit cards, e-wallets instead of hard cash. The term cashless economy is gained more popularity when the Union Government announced demonetization and scrapped the old currency of Rs. 500 and Rs. 1000 in 2016 and after Covid-19 more and more people adopting it. Cashless Economy promotes electronic payment methods which improves transparency and accountability. It can strongly mitigate corruption and flow of black money as all the deals can be traced. Online payment comes handy because no need to carry cash all the times. It also save time and prevents theft and burglary of hard cash. Tax collection increases as all the transaction takes place through bank accounts. More importantly it endorses paperless environment, which will save a huge amount of money spent on printing and maintenance of currency and it also promote green economy. However, even now most of the demographic of India lives in rural areas which are deprived of technological advancements and financial literacy. India is lacking robust and widespread internet connection in all parts of the country and not everyone can afford internet. Small businesses still use cash as they cannot afford digital infrastructures. Hackers and Cyber Crimes are also a huge threat to it. Although there are many hurdles, People are adopting cashless economy slowly after knowing its benefit. Government and internet providers are also encouraging people to adopt it by introducing different schemes. Now we may not ready for it but the future looks bright.