1. Challenges in making India a cashless economy.

2. Major areas of concern. Banking system in India.
Lack of knowledge regarding usage of plastic money
Lack of infrastructure.
Information and cyber security.
The mind-set of people.

3. Banking system.

4. PMJDY : “26. 03 crore new bank accounts were opened, out of which 72%
PMJDY : “26.03 crore new bank accounts were opened, out of which 72% are non-operative at present.”
Indian banks are making it difficult for digital wallets issued by private sector companies to be used on the respective bank websites. It could be restrictions on using bank accounts to refill digital wallets or a lack of access to payment gateways. Regulators will have to take a tough stand against such rent-seeking behaviour by the banks.

8. RBI : “For every three banks in the urban, there must be only one bank in the rural”

9. FINANCIAL LITERACY
Most card and cash users fear that they will be charged more if they use cards. Further, non-users of credit cards are not aware of the benefits of credit cards.

10. Daily wage earners

11. Lack of infrastructure.
Lack of infrastructure in terms of internet connections, payment terminals etc.
24% of the Indian population lives without electricity.
construction of a cashless economy cannot be based on an existing backbone, but would need to take place largely from a scratch.

12. Some major challenges for rural India.

13. No rigid laws/implementation regarding information security and cyber security.

14. MIND-SET OF PEOPLE