India is trying to move towards a cashless economy. It received a big thrust through the Digital India initiative of India. Apart from India there are European countries and other developed economies where a huge percentage of financial transactions are cashless. You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.
The development of Unified Payment Interface (UPI) by National Payments Corporation of India (NPCI) is another major development in helping India move towards becoming a cashless economy.