The cashless economy which requires great transformation as to change the existing cash based economy most of us are made it as our lifestyle a sudden change in cash related transaction creates so many troubles, A termination of paper money would facilitate governments to implement a full control over the banking system. This paper focuses on the methods and Implications of cashless transactions on Indian Economy. The research methodology used in this paper is descriptive statistics and the data collected is from secondary sources. The research reveals that the usage and value of digital transactions in India has increased. The result also states that the there is lack of awareness about digital payments especially for rural people.