CASHLESS SOCIETIES: EVALUATING THE IMPACT OF DIGITAL PAYMENTS AND MOBILE WALLETS

This paper explores the rapid adoption of digital payment systems in India and the implications for achieving a cashless society. Digital payments have been on the rise due to the government's initiative of Digital India and with the increased usage of mobile wallets, especially post-COVID-19, where 260% growth was witnessed in e-commerce transactions. However, there are challenges, which are cyber security, threats to data privacy, and disregarding the rural and elderly who might not have access to technology. The study is quantitative in nature, where data from 200 respondents has been collected using simple random sampling to help analyze how people experience and perceive digital payments. Findings indicate that despite the fact that an overwhelming majority of users acknowledge the ease and speed of conducting digital transactions, security and privacy issues are still one of the major concerns. This research emphasizes the need for cyber security that is strong and broad, allowing equal access to digital payment systems. Ultimately, it shall contribute to informing policy and practice for policymakers and stakeholders concerning the social, economic, and technological implications of digital payments, offering advice on safety, fairness, and inclusion in the process of turning towards a cashless economy. KEYWORDS: Digital Payments, Cashless Society, Cyber security risks, Mobile Wallets.