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The economic development of a country is dependent on how sound its financial system is. In a country like India where society is highly diverse economically, it makes very difficult for the policy makers to achieve the target of inclusive growth. The financial activity in India has observed increased amount of activity in the recent time. One of the areas which have seen increased focus is cashless transaction and plastic money. In a country where Rs 21,000 crore is spent on currency operations annually, plastic money and cashless transactions can make significant difference not only economically as well as sociologically.

Rise of private sector banks in recent times have paved a way for implementing new and sophisticated technologies to help the increasing the non-cash transactions medium like EFT, Debit Card, Credit Card etc. Though the acceptances of non-cash transactions have been steady between 2007 and 2012, still the potential is huge. The launches of Jan DhanYojana and RuPay debit card have made the debit card availability very easier for every section of the society.

Though the scope is virtually limitless but we need to ensure that the idea of financial inclusiveness is dealt sensibly. The user point of view should always be kept in mind when it comes to plastic money. This paper will try to identify the major concerns and area where finance sector can work. Apart from this we will also try to find the major challenge that might acting as a barrier in opting plastic money