A study on stratergy involved in growth of cashless economy in chennai city

The growth of the cashless economy in Chennai has transformed the pattern of financial transactions among consumers, businesses, and financial institutions. This study examines the strategies responsible for promoting and accelerating the adoption of digital payment systems in Chennai city. The research focuses on major drivers such as government initiatives, demonetization, Unified Payments Interface (UPI), mobile wallets, internet banking, QR-code payments, fintech innovations, and increasing smartphone penetration. The study also analyzes the role of banks, digital awareness programs, cashback offers, and secure payment technologies in encouraging people to shift from cash-based transactions to digital modes.

The research identifies convenience, speed, transparency, and ease of use as the major factors influencing customer preference towards cashless transactions. At the same time, issues such as cybersecurity concerns, lack of digital literacy among certain sections, and internet connectivity challenges continue to affect adoption. The study is based on secondary data collected from journals, reports, and previous studies related to digital payments and cashless transactions in Chennai. Findings indicate that young consumers, salaried employees, students, and urban business sectors are the primary contributors to the rapid expansion of the cashless economy in the city.