Cash transactions are considered to be a high-risk activity, cash being the most essential asset for an individual is known to be prone to risks such as transferability, liquidity, cash management, theft, currency issues. In the past few years, India has successfully moved from a cash-based economy to a developing and modern digital-based financing system, where one of the main objectives was to minimize security threats and ease transactions by promoting transparency, accountability, and diminishing transaction costs, along with decreasing the size of the informal economy.