Cash-Based to Cash-Less-Fintech is here to Stay

Cash based economies often pose serious challenges to any country in terms of tracking all unaccountable transactions perpetrated by consumers, business entities or even the Government. To tackle these issues, many developed countries have switched to cashless economy. This paper seeks to examine the possibility of converting India from a cash-based to a cashless economy through the intervention of Fintech Innovations. The major challenge posing include, the dominance of the agricultural sector, unorganized markets, non-existence of proper infrastructure and regulatory risks. Further, the country houses many MSMEs which would face impediments in the implementation of technological innovations. This is likely to hamper the growth of Fintech Innovations. However, with rapid urbanization, prolific use of internet, mobile phones and increased reliance on cyber security this paper observes that it would not be long for Fintech Innovations to set to bring in an astounding revolution in the financial services industry. The paper also observes the transition from cash based to cashless economy buttressing the vision of India.