Who all will benefit from the transition towards a cashless economy?

-Indirect tax collection(from sales tax,service tax,VAT etc.) is to rise,as there is no way to evade them now. This is a major requirement if the impending GST reform is to work.

-More liquidity to financial institutions,as personal/household savings are now deposited in bank accounts,rather than being kept in lockers at home.

-Low income households will now seek formal modes of credit like banks and NBFCs rather than on exploitative loan-sharks and money lenders.

-Fintech business and startups like Paytm,furthering the diversity of Indian economy.

Source:The Hindu