In this changing era, the rapid growth in technology has led us towards the digital world. With this digital world due to the constant level of technological infrastructure and policy changes, there has been an increase in the number of modes of payment. In this growing era, it is necessary to go along with modern technological methods, one of them is changed in the means of making and receiving payments. The cashless economy seems synonymous to Canada and Sweden as manifested in the study of Forex Bonuses 2017. A cashless economy is an economic system where a small amount of cash is used in transactions. The cashless economy is based on transactions made by credit cards, debit cards, wallets, Or digital modes. A cashless economy is cost-effective, growth-friendly, business-friendly, pro-financial inclusion, etc. It has various challenges-escaping the attitudes of people, poor transactions security mechanism, insufficient infrastructure, etc. It is a boon to industries like UBER and OLA. Pros and Cons about the cashless economy will help us to find whether really the world should run on a cashless economy or not? Covid-19 had a really big impact on the economy, also how it became a pillar for the cashless economic system will help us to better understand the cashless economic system concept. A cashless economic system in this era has its own significant importance. The questionnaire and the hypothesis mentioned in this report will help us to understand the point of view of the people on the cashless economic system. Further analysis will be done on secondary data.