Toward a Cashless Economy – The Role of Mobile Banking in India

Mobile banking has evolved as a powerful and efficient medium for providing a wide range of financial services to customers, thus rendering branch-based retail banking obsolete. Mobile banking’s convenience and accessibility have been important factors in its rapid acceptance. Customers can now perform financial transactions whenever and wherever they want, which is a significant departure from the conventional banking paradigm that was based on physical branches and limited working hours. Considering the country’s rapid digital ecosystem expansion, mobile banking has had an especially deep impact in India. As India moves towards a more digitized economy, mobile banking demonstrates the country’s technological capability and the power of technology to improve lives. The transition to a cashless economy is imminent, and the development of mobile banking will surely play a critical part in attaining this goal. Thus, the basic premise of this study is an examination of mobile banking’s function, benefits, and consequences for India’s transition to a cashless economy.