THE PERSISTENCE OF CASH A STUDY OF USAGE IN THE DIGITAL AGE

UPI's inclusion in the Indian economy in 2016 marked the beginning of the growth of digital payments and the reduction of physical cash, with nearly 85% of daily payments made using UPI or other digital platforms. If this trend continues, cash use will decline further, and it may be eliminated from the economy. Despite this, people have mixed emotions about a cashless economy because cash serves as an emotional connection, offers universal acceptance, and provides psychological support in times of uncertainty. On the other hand, a digital payments system provides contactless, seamless transactions, transparency, and transaction records. At the same time, the digital payment system is more dependent on technology & infrastructure, and, during times of uncertainty, other major challenges include trust, reliability, safety, and privacy, because digital information is breach-able and mis-usable. But cash is more trusted, reliable, safe, secure, and private in times of uncertainty and is independent from technology & infrastructure because of these factors. Cash drives economic activity. Therefore, this results in the coexistence of both (physical cash and digital payments) in the economy. This research analyses the importance of Physical cash in the economy, the adoption of UPI, and people's behavioural patterns towards cash and the cashless model.