Merits and Demerits of Cashless Economy

Group Discussion

Points to remember before you participate in this discussion:

  • Assume, you one of the member of a real group discussion.
  • Take the initiative to participate and contribute your thoughts.
  • Express your positive attitude towards providing the solution.
  • Post your answer now.

Rama Krishna Battula said: (Jan 19, 2021)  
Hi, This is Rama Krishna Battula.

I would like to express my thoughts on the merits and demerits of the cashless economy.

Merit: Going cashless is simple and easy and all about a transaction between banks.
Demerit: Transaction does online so that there is a chance to theft, fraud and cyber-attack.

Rate this: +5 -0

Mayank said: (Jan 16, 2021)  
A warm welcome to everyone participating in this discussion.

I am Mayank, I would like to put some light on the cashless economy which as eventually come into the trends.

So starting with some positives I would tell you that going cashless has made the process of payment fast and efficient.

It has also reduced the extra efforts made by people for the payments from big to small, from goods to services, from country to states.

Going cashless has made all of them a work of seconds.

But digging under the topic to its roots.

It has become the top most reason of frauds and scams happening in the states, has effected a lot of people who are not aware of these malicious activities and news of thefts.

So, I would conclude by saying that though the people are ready for change in terms of payment and commerce but will be requiring knowledge and basic education for going online for the capital transaction.

Rate this: +6 -2

Vasu said: (Jan 11, 2021)  
Hello my name is Vasu lets come to the topic which is the cashless economy as we know them to love in 21 century without digitalisation is not possible our pm Modi ji started this campaign in 2015 as we know that everything ha it's pros and coms first talk about its pros. It reduce robbery and theft. Now people can book the tickets of aeroplanes and train just in seconds. One can transact money from one place to another place just in a sec but it increases the risk of cybercrime and hacking.

Rate this: +8 -3

Poonam said: (Jan 2, 2021)  
Cashless economy is a requirement of 21st era. Cashless economy means the transaction of money, a bill by online banking or digital payment apps.


1. Cashless economy made transaction transparent do it will minimize corruption.
2. It will save travel time, extra cost.
3. With online payment we can send money from one corner to another corner of the country in few seconds.
4. Now people cannot evade tax because all transaction are recorded.
5. E-ticketing, e-services reduce wasting of time.
6. Cashless economy minimise wasting money on cash printing.


1. Cybercrime theft issue arises.
2. Illiterate people can't understand cashless transaction so there are chances of happening fraud by duplicate payment app or duplicate website.

Rate this: +57 -5

Abhi Chauhan said: (Dec 31, 2020)  
Hello, everyone Jai hind to all of you.

Today, I am going to discuss the merits and demerits of the cashless economy as we all know that there are two faces of every coin so the cashless economy has also two sides. First, I will discuss the good side of the cashless economy. Due to cashless economy, we can save our time because you can pay in a minute by paying, phone pay, other digital apps but in my opinion, India is not ready now for the cashless economy because as we all know that the most of people in India are illiterate so they don't know how to do payments by phone or computers so I think India will be ready for the cashless economy after two or three-decade. Now I will tell you about the bad effect of the cashless economy. There is a lot of risk for cybercrime. As we know that there is not any strict rules in India for cybercrime so it is increasing day by day. So if your account would get hacked then you will lose your money.

Rate this: +17 -7

Vinay Pratap Singh said: (Dec 31, 2020)  
Jai hind to all.

Respect Sir and my dear friends.

Today We gather here to discuss an interesting topic and our topic is Merits and demerits of cashless economy.


1. Our data and information about the transaction will be safe.
2. Save our time.
3. Reduce corruption.
4. Easiest method to transfer fund one person to another person.
5. No need to go bank and ATM.
6. Rapid growth in online buyers.


1. Chance of hacking.
2. Cyber Threat - As we know that in India there is no strong law against the cyber threat and cybercrimes increasing day by day. As per data 12592 cybercrimes are recorded in 2019.
That's why people hesitate to a cashless transaction.
3. People lost their money in fake transection app because most of them uneducated.

Rate this: +25 -1

Ranjeet Chaudhary said: (Dec 29, 2020)  
I don't think India is ready for a cashless economy. It is on the way of cashless economy. India needs two to three decades to become a cashless economy. Here is the reason for not becoming India into a completely cashless economy. Right now many people of India are illiterate. There is no proper banking connectivity all over India. There is also no proper connectivity of the Internet. Corruption rate in India also very high tremendous effort of the government also failing in this field. Many labourers in India are dependent on cash for their daily expenses and they are illiterate or half-educated. So to tackle all these things India need more time to be cashless.

Rate this: +11 -2

Sudhanshu Kumar said: (Dec 29, 2020)  

My name is Sudhanshu Kumar.

Here I am talking about merit and demerits of cashless economy.


1. Pay and accept money in seconds.
2. Protection from spreading duplicate currency.
3. Protection from theft.
4. Prevent inflation.
5. Safe and secure debit and credit.


1. Chance to cyber theft.
2. Transaction can't be done in lack of network.

Rate this: +14 -1

Jmx said: (Dec 28, 2020)  
Cashless economy means appealing and ideal. But the thing is our government is yet to perfect its the current monetary system.

1) Government should "abolish" all kinds of manhandling of currency. Currency is global dignity of a country.

2) Mishandling, making of fake currency should be heavily investigated and punished properly to an extent it simply stops.

3) Meanwhile Gov should be formulating and working efficiently towards the secure virtual system. It should join hands to the newest generations for this. And take info from cyber culprits who have done related crimes to make sure it doesn't happen.

4) The change should be slow and perfect.

The cashless economy can minimize paper wastage and reduce all sorts of cash-related crimes. But it brings a whole new set of problems in the cyber level where our country is yet to properly believe and invest in. How can a Gov that cannot yet handle ancient monetary issues cope with the newest ones? It's better to take time and start with a bang; not let hackers make use of naivety.

Rate this: +4 -0

Ram said: (Dec 27, 2020)  
Hello everyone,

This is the Ram, today I'm going to speak about merit and demerit of the cashless economy.

We are in the 21st century that is the digital era.

By adopting the cashless system we are so much benefited. Like, pay bills just in few seconds, by ticket quickly and many more.
It's a good initiative by our government.
It also has some drawback for which we have to careful.

Rate this: +6 -1

Tejas T Devakate said: (Dec 24, 2020)  

Merits and Demerits of Cashless Economy.

My scenario for Cashless Economy.

Cashless Economy is a new scenario for money. Cashless economy use to a transaction. The transaction is paid through with or without cash. Means cashless transaction do directly through Banks. This is the merits of cashless Economy.

Rate this: +2 -9

Nishant said: (Dec 23, 2020)  
Cashless economy means we do our transaction by cards and many digital apps like Paytm phone pe and others. By this, we do our transaction safely. It also saves our time because in one click we do our transection. But this is not useful for illiterate people. Many parts of India is not access to internet so that it is a problem for those people who live in these areas. But it is very beneficial for progress in the country.

Rate this: +12 -0

Bipan Kumar said: (Dec 22, 2020)  
Hello friends.

I am Bipan Kumar.

According to my opinion, the cashless economy is a safe method away from robbery and corruption. In it every person can stay happily without any tension to how I am kept a large amount of money from one place to another place. It is possible with the help of digitalization.

With the merits it's having a demerits also in such cases sometimes when we do transactions through ATM our cash didn't recd but from account has deducted the money that time the person has harrassed.

Rate this: +6 -2

Raj Kumar said: (Dec 18, 2020)  
Hello everyone,

My name is Raj. As you know that today topic is the cashless economy. In today's world, every country who is more cashless is less burdened with corruption. In this system, the exchange of money is done digitally so there is every chance of embezzlement and also provides a secure and easy mode of payment. But on the other hand, everyone technology has some weakness and this cost very much because in this system if we don't keep or pay our money by a very secure or insured platform a large amount of money can be looted just by one click. So we also have to keep precautionary measures while using the cashless system.

Rate this: +14 -1

Rajneesh Yadav said: (Dec 16, 2020)  
Hello, friends good morning /evening.

I am Rajneesh Yadav. Thanks for giving me big opportunity to speak on the topic cashless economy.

In my point of view, every topic has two aspects so cashless economy has also one his merits another demerits.


1. Now a days cashless economy plays a very important role in human life.
2. Corruption, Robbery will be reduce by cashless economic system.
3. Cashless economy help us to send money one place to another place easily.


1. Sever issue, internet problem this is the big problem of cashless economy.
2. Now a days cyber crime is also involved in cashless economy that reduce all money in few second from account.
3. We can check high privacy policy which application which provides us cashless election.

Rate this: +27 -7

Abhi96 said: (Dec 16, 2020)  
Hello everyone.

My Name is Abhi and I would like to pay your attention to the topic cashless Economy.

Today we can see that every country engaged.

To improve there economy Where cashless or.

Digital plans. It is important because it reduces black marketing and provides good service. This also helps us to save time and precious money but in other hands, ti is a major problem to implement in a large population like India. The cashless economy always feared to hack and other cybercrime. Ti is a hard nut to crack for an illiterate person to understand it.

Thank you.

Rate this: +12 -3

Deepak said: (Dec 14, 2020)  
Hi all.

Now, l am going to discuss the topic 'CASHLESS ECONOMY'.

1. Cashless Economy is a part of Digitalization.

2. By using this we can save our time which is more precious for all in modern time.

3. The most important advantage is that we can pay anyone by sitting at home without any disturbance in our work.

4. As we can see that in Corona time it helps a lot.

Like we can pay our electricity bills and water bills etc.

It plays an important role in human life in Corona time.

Thank you.

Rate this: +13 -5

A.R.Prusty said: (Dec 12, 2020)  
Hello everyone.

I am Akash.

Cashless Economy comes under the Digital India incentive taken by the Indian government in July 2015.

It is a double-edged sword. I firmly believe it has more pros than cons. I would like to mention a few positives about it:

1. It made transactions more transparent. This will significantly reduce corruption. It will bring down the level of black money accumulated.
2. Transaction has become fast. No more worry to maintain hard cash.
3. It reduces the theft of physical cash.
4. Now it is harder for someone to evade tax as all transaction is being recorded.
5. E-ticketing of railways, cinema halls, aviation service and many more. Prior to cashless Economy people had to stand in a long queue to get their tickets.

Cashless Economy still has many flaws in it like Cyber Fraud, Inconvenience caused during transaction due to internet disruption, etc. The government needs to resolve these issues as soon as possible. It needs to aware Rural people about cashless economy. It should frame stringent laws against cyber fraud.

Rate this: +25 -1

Ritik Parmar said: (Dec 12, 2020)  
As we are here to discuss about the topic cashless economy.

Cashless economy means the transfer of money from one person to another with the help of internet banking. Cashless economy has its own advantages and disadvantages. In India cashless economy becomes popular at the time of demonetization. At that govt of India promotes transaction with the help of internet banking because of due to lack of physical currency. From that time cashless transaction is increasing day by day.

Cashless economy is very beneficial because from this if we want yo transfer money to another person we don't need to go to bank with the help of our smartphone we can easily transfer money. And many other advantages such as robbery also decreases as cashless transactions increasing. Hoarding of black money and corruption also reduces from cashless transactions. Because govt has all the records of money which anyone transfer to other.

Rate this: +9 -1

Rishav said: (Dec 11, 2020)  
In my opinion, the cashless economy is beneficial for India and any other country. We can do transaction just in one click. It saves us time. In the modern age, no one wants hard work but all want smart work. But we know every coin has two faces so it's demerits also exist. It is not useful for illiterate people. By increasing education cashless economy grow. So the government should increase education for a successful cashless economy. In a cashless economy, there is less fear of theft. But sometimes hackers are successful in hacking.

Rate this: +4 -3

Ramesh Pal said: (Dec 7, 2020)  
Hello Everyone.

As we know that we are the youth of modern age and we want more relaxation in our life because we don't want to do hard work. So the cashless economy is very helpful in our daily life. Many people of India are using this facility which is saving money and reducing time. But everything has two sides one is good and another is bad. Nowadays anybody can steal the data and information easily so this is the minus point of this technology. And another problem is many people in our country do not read and write so they do not know about it and poverty is also the major problem of this system they cannot buy expensive mobile phones.

Thank you.

Rate this: +7 -3

Anonymous said: (Dec 2, 2020)  
Today we are discussing cashless money.


In the 21st century, the cashless payment in India is growing rapidly and also benefits to our overall development of a country because of cashless payment we can easily transfer money whenever require and also can get money from anyone no need to waste our energy and time but as we know every coin or topic has 2 sides one is positive and the negative and cashless payment also have negative because of cashless payment we don't need to stay in the queue for an hour and hour's it saves our time, energy, and also money from the thief.


As we know nowadays the digital crime has bosted various scams schemes running all over the internet and also our data is not safe anyone can hack our data because of our small mistake and also 50-60% of the population of India belongs from the village who don't have good internet connectivity how they can do cashless payment as the cashless payment increase the digital crime also increase if we don't keep alert ourselves.

Thank you.

Rate this: +26 -2

Raushan said: (Nov 29, 2020)  
As we know the cashless economy is a symbol of a developed as well as developing countries. But it has some positive and Negative points.

Cashless economy reducess may problem such as fear of looting money while carring, reduce tax froude. It is very easy, simple and fast way of transfer money from one another. As more and more people pay cashless it boost economy, reduce black money.

But it have some limitations like people still fear of using it due fraud. Some People not know how to use it or even know then they still not use due to economy conditions. Cashless transaction is still not use by every business man.

Rate this: +21 -3

Hitesh Yadav said: (Nov 29, 2020)  
Hi everyone.

We all are here to discuss the cashless economy.

We all know that the online transactions occur through net banking, phone pay, google pay e-wallets etc is known as the cashless economy.

Every technology has two aspects good or worse its totally depends on our thinking.

Good aspects of the cashless economy.

Firstly it eliminates the headache of putting money in the pocket every time. Most of the terrorist's attacks are also reduced due to a cashless economy. The problem of stealing or securing money is also sorted out.

Every department becomes corruption less or bribeless. We get easily accountability of each and every transaction, funds etc.

-Worse aspects of cashless economy.

For a country like India, there is the vast problem of connectivity and accessibility in rural area where there is no network available and also most of rural peoples are not able to operate the smartphones or in case if they will be learned at some extent the 2nd problem in front of is that they easily robbed by hackers and fraud's.

And in the online transaction, if we do by mistake a wrong transaction then we have no option to repent.

But in overall, my point of view cashless economy makes life more easy and fast.

We hope Our government must focus on education because without education nothing is good !

Rate this: +17 -3

Ashish Kumar said: (Nov 25, 2020)  
Hello Friends.

Today we have to go discuss the merits and demerits of cashless economy. Friends as we know that there are lots of advantages or disadvantages of cashless. Firstly we know that in the cashless economy we don't need to carry cash so this is a big advantage for us. If we carry cash we are afraid to carry physical cash. But in the cashless economy, we need not to worry about physical cash we can transact money through any online payment mode like phone pe, Gpay or paytm etc. But there is a big problem in the cashless economy is that we have to face network issue, failed transaction issue as well as If we do transaction to a wrong person we unable to take our money. So, we can say easily that if we use cashless economy with some precautions we surely find it a very good model of payment and in the physical cash economy, this is a good payment mode for the rural area because we know our economic system in a rural area there is not good network facilities. So here we know about a few merits and demerits of cashless economy.

Rate this: +20 -1

Harsh Thakur said: (Nov 24, 2020)  
Hello everyone.

Today our topic is merits and demerits of cashless economy. As we know every coin has two aspects positive as well as negative aspect. But point is that which one is more. So here, in my opinion, positive aspects are more than a negative one. A want to clarify some of them. Cashless economy is safe as there is no fear of fake currency. And no fear of stealing. We can any payment in one click and in no time. And nowadays it is ideal because we are facing a big problem of Coronavirus which is contagious so we should also promote cashless transaction. And by cashless economy we can save papers and by Saving paper we can save trees and our environment. So, it is safe and it is good. Thanks to all.

Rate this: +29 -8

Akshay Shukla said: (Nov 22, 2020)  
Everything has merits and demerits depends on you what way you are looking if talk about the cashless economy it has been boon in pandemic made my life easy there are several transactions you can within seconds with help of an application like Google or phone you don't need to stand in the line of the bank no need to have huge cash in your bag or pocket so it is reducing crime and corruption if I talk about demerits issue of cyber crime hacker may get benefit so for avoiding this problem should be more privacy and policy there are many people are not aware not well educated so they may face the problem.

Rate this: +18 -1

Rahulojha said: (Nov 20, 2020)  
Cashless economy means there is no physical case, payment and transaction made through credit card and debit card, mobile banking and internet banking. After launching the program digital India, the govt of India aim to drive people into the caseless economy. This mission boost by announcing the demonization. It has both merit and demerits.


Cashless economy reduces dealing the fake and fraud money it also reduces the money getting stolen and lost. It provides us with every detail of our transaction that helps us to keep records and analyze one's expense. Many builders, businesses man and trader used the physical cash to avoid service tax but the implementation of the caseless economy they can't do that.


India is a country where 60 per cent belongs to a rural area and more than half, doesn't have a mobile phone so it is difficult to spread it. Another reason is illiteracy where people do not aware of the use of technology. Hacking and tracking is a big hurdle for the caseless economy.

Rate this: +63 -2

Kanak Sharma said: (Nov 18, 2020)  
According to my perception- cashless economy is good and gradually it becomes part of our nation.

But at present we can't emphasize it to all because lot of people in northen part of India is illitrate they are not able to operate new technology system. They all are face lot of problem in it. But every coin has two face - second one show optimistic part of it by this system people will take a little step to move ahead in technology.

Thank you all.

Rate this: +9 -8

Abhishek said: (Nov 18, 2020)  
Hello everyone myself Abhishek Yadav from Bangalore district of Karnataka.

As per cashless economy is concerned I think that it will be beneficial for our country.

As we know that there's a lot of work like paying bills to government and many more can be done online as we also know that our population is growing day by day so the government also need to increase there offices workers rather than that if it goes online we will be able to do stress fewer works.

As per demerits is concerned nowadays due to unemployment hacking and frauds has gone on another level which Ultimately does the loss of people I think the government should launch some skims for knowing properly use of technology.

That's all my opinion.

Have a nice day thanks.

Rate this: +10 -3

Sunny Kumar said: (Nov 15, 2020)  
In my point of view, cashless economy is very beneficial for our country. Because the number of tex payer in our country is very low so with the help of it we can improve our economy and we can also stop corruption which is in the form of black money. Our government can save the money which waste on the printing of cash. But it has its demerit also cyber crime cases are increasing rapidly. And it is not suitable for every person.

Rate this: +28 -1

Ajay said: (Nov 12, 2020)  
Hello everyone.

Today we are discussing the cashless economy. The cashless economy has its economic impact on the society.

Due to the cashless, it is now easier transaction through your bank or e- wallet. Because of this, we buy anything online from various platforms without going anywhere. Cashless economic also gives boost our to increase employment opportunity in this sector. Due to cashless banks to able to manage money multiplayer in the economy.

Apart from that it also has the disadvantage of the cashless economy as rising this sector no of cases of fraud is rising. This needs to be addressed so that we insure the cashless economy remains safe.

Rate this: +6 -0

Rahul Kumar said: (Nov 12, 2020)  
Cashless Economy is Good for the new generation but in this generation, it's not good for everywhere the cause of not all of the people know about it. Like a village in any other places where education level is not good.

Rate this: +7 -0

Sanjeet said: (Nov 12, 2020)  
Hi everyone.

I am Sanjeet I belong to Alwar(Rajasthan)

Today our topic the cashless economy
Let's discuss it.
Every coin have two sides as the cashless economy has two sides
First, we discuss it advantages

Cashless economy is very helpful for us we save them time and energy by this. This economy is provided us with many facilities.
We can online payment easily with sitting one place there is no risks.
We can pay the electricity bill, water bill and other bills.
We can pay online payment it's saved our time and time is very important for us.

The cashless economy has some disadvantages with have advantages.
Cashless economy is not successful in the rural area or network problems areas.
This technology is not used by illiterate persons.
Today the thieves hack our bank account and steal the money so this technique is not profitable Completely.

Rate this: +9 -3

Vipin said: (Nov 11, 2020)  
Good morning friends, My name is Vipin Saroj.

I live at Pratapgarh in Uttar Pradesh. Let me start the discussion on the given topic MERIT AND DEMERIT OF CASHLESS ECONOMY. The cashless economy has more benefit. Like to protect corruption. With cashless, we can easily pay all the payment like bill, shopping and other things. But the cashless economy also has the demerit. The cyberattack is very dangerous for cashless. And it is not comfortable for everyone because some illiterate person does not understand the cashless economy.

Rate this: +49 -2

Dimple Gautam said: (Nov 11, 2020)  
Hello, all of you, today we are here to discuss merits and demerits of the cashless economy so let's break the ice cashless economy is best there is no doubt about it but it has many cons. First thing should be discussed is hacking this word create an image of threat in our mind everybody wants to know how much his transaction is secure so that is I think is big cons about cashless economy know I want to know yours view if you have any.

Rate this: +17 -4

Jitendra Kumar said: (Nov 11, 2020)  
Hello everyone,

I want to give my opinion on the cashless economic is merits and demerits.

First of all, I am talking about that it economic has very important and time-consuming techniques for doing work like as (bill payment, payment-related all other shops, money transfer). All important work-related this economic done from home not go anywhere and without waste your money and time.

Most of us use Google pay, Phone pay, Amazon pay and any other applications for do better work. That's all about merits.

And some demerits are cybercrime, bank account hacked.

Thank you everyone.

Rate this: +15 -4

Anurag Yadav said: (Nov 9, 2020)  
According to my opinion, today we discuss the merit and demerit cashless economy as we know everything has pros and cons first I discuss the merit of the cashless economy today we can complete all our work in a very short period like bank work as money transaction and the transfer we can save a lot of time to use this method. Its demerit 1when we work in important things and we face server problem and sometimes hijackers hacked my bank account and with a drawl, it's money we use.

Rate this: +17 -9

Rohit Lohar said: (Nov 8, 2020)  
Good morning everyone.

Today we have a great day to discuss on cashless economy. In my opinion, cashless is the best way to save time, energy and tree.

But as we know that everything has its own pros and cons. In that way, cashless is good in some case but it is also bad in some case.

First of all, I will talk about its pros :

It is very important for reducing the crime rate, corruption and saving time. Because we spend many times in queue for bank transactions.

If I talk about its cons:

Many trees cut down for producing paper for note. And it is very hazarded for us. In the rural area, there is a lot of network problem. Rustic people are not well acquainted with the digital system and its uses.

Rate this: +39 -2

Aishwarya.B said: (Oct 28, 2020)  

Everyone today's topic is about the cashless economy it means carrying out business and.

Economic activities without using of money physical or in ". It is less flow cash on people ".

Every topic have its own pros and cons cashless economy also has some advantages and disadvantages they are:


*By using advanced technology the money can be transferred for anybody and anywhere.
*The best apps like phone pay, Google pay, Bharath pay etc.
*It saves precious time and fewer efforts to do work.
*It is best for old people because they need not stand online for a long time.
*If there is no money their will no robbery.
*The bills can be easily paid and we will get cashback also.


*Using cashless economy is dangerous because their will be harmful for uneducated people.
*There will be hackers they can hack our money.
*There is no evidence for bill transaction it will become difficult for payment of tax.
*Old people and village people will become foolish because of fraud people.

At last, I can say that we need a cashless economy to overcome from its cons is to educate about new technology to everyone is only the solution.

Thank you.

Rate this: +46 -11

Mahesh said: (Oct 21, 2020)  
Following are the Merits and Demerits associated with a Cashless Economy:

1) It saves our time for paying off the various bills through one click.
2) It reduces the risk of robbing because you won't carry physical cash.

1) Imagine if you are travelling with your friends in hilly areas or near the village area and all of them having money in their Digital wallet only and there is a possibility of the network issue in that area because of this you won't be able to transfer money.

Rate this: +32 -4

Angel said: (Oct 16, 2020)  
It's useful for time management. We can pay any bills or payments within a second. And also we reduce the robbering and it's also the solution of money losing problem.

Rate this: +12 -5

Sarika Mishra said: (Oct 15, 2020)  
Cashless economy we already know this renowned concept in earlier year when pm of India announced demonestisation in that time we step ahead with cashless transaction and with time phase we are habitual to it now wherever we go we prefer highly on cashless transaction whether to pay for shopping, electricity bill, tution fee etc which are easy to use and time saving. This new concept is best known for tracking illegal money which was not possible earlier days with lots of benefits of cashless economy there are lots of demerits like with advent of cashless transaction there is also increase in cyber crimes at peak level.

Rate this: +7 -1

Anu Mohanan said: (Oct 12, 2020)  
N 8th November 2016, our honourable prime minister of India, Shri Narendra Modi made an announcement that the 500 and 1000 rupee notes would be banned. With this announcement, 86% of currency notes in India were just mere pieces of paper. The main objective was to curb black money and eliminate the circulation of fake currency in the Indian economy. India is a cash-centric economy where less than 5% of all transactions happen by money. But with demonetization there resulted in a currency crunch and many people started making online payments. Thus Demonetization took an unprecedented turn of trying to make India move towards a cashless economy. Cashless transaction means using debit, credit cards, internet banking, e-wallets for making payments instead of paying in hard cash. The cashless economy has its own pros and cons.

Merits of cashless economy:

People to boost their customer base even in far of geographic locations and hence will result in enhanced business.

The real estate prices will come down because of the curb on black money, as most of the black money is invested in Real estates.

Electronic payments will improve transparency and accountability. Most of the cashless societies are corrupt-free as all the transactions are being traced, are visible and are transparent.

Making online payments are handy and it will lead to slim wallets as people need not carry cash.

Majority of election funding is done through Black money. Cashless transactions will make it impossible for political parties to spend thousands of crores of unaccounted money on elections. Buying votes by giving cash will also come to an end. True democracy will come into the picture.

Amount of tax collected will also increase, and it can be spent for the betterment of poor and underprivileged people.

Generation of counterfeit currency will be reduced and hence terrorism can be prevented.

It will reduce pickpocketing and robbery of cash in crowded locations.

Through online payment, one can view the history of their expenses and plan their budget in a smart way.

Printing costs of notes and maintenance itself is accounting to 27 billion; this can be removed by electronic payments as there would be no need of paper currency.

De-merits of Cashless economy:.

Many of the rural people and even some urbanites still do not have a functional bank account in order to make online payments.

A majority of India's population is in rural locations, and there are no proper internet facilities available to make online payments.

People in rural areas are not educated about the digital mode of payments.

There are still some places which take cash and do not accept cards. Making a purchase at such locations with card becomes difficult. Small retailers in India still deal only in cash as they cannot afford to invest in digital infrastructure.

Cash is not under your control, you will try to spend excessively.

If you lose your debit/credit card, it takes some time to get a new one.

Hacking and cyber theft are challenging problems which can be caused by online transactions. Cyber Security measures have to be brought in place to prevent money from going into wrong hands.

Even in big cities, sometimes online transactions cannot be made because of poor internet facilities.

In a country like India where cash is more pervasive, it requires some time for India to take a transition towards Cashless economy. Meanwhile, the government of India has to address many challenges to meet the objectives of the cashless economy. The government has to provide internet facilities and financial literacy to all its people. While a cashless economy is still not here, the move towards less cash economy is on the move.

Rate this: +42 -11

Akash said: (Oct 7, 2020)  
Hello everyone,

This helps to curb corruption and the flow of black money which results in an increase of economic growth.

Rate this: +11 -4

Sonu said: (Oct 6, 2020)  
I think merits of cashless economy is that we don't have to keep cash with us which will reduce chances of robbery, we can do transaction easily with a proper record of the payment, it will help to reduce corruption, if we have to transfer money to other countries then it is also easy, because of cashless economy people have to open a bank account which will be beneficial for them.

The demerits of cashless economy is chances are there that bank account can be hacked which is risky, and some people might not understand how to use the online money transfer.

Rate this: +9 -4

Ajit Inaniyan said: (Sep 22, 2020)  
Hello everyone,

The Cashless economy means an economy or market without cash or cash flow in the market. And use some alternative methods for transaction of money. So it means to use an online platform like a Paytm, phonepe and google pay etc. To transaction of money. It have both pros and cons.

The cashless economy provides us more viable and flexible system of money transaction. Now we don't need to stand in long lines in banks, so it saves both time and energy of a person. By using online methods all the things can be done by using mobile, so now we don't need to carry cash with us always. Now just by one click, we can complete all our essential task at any palace. It also decreases the corruption in our country, because now any many government schemes, people are getting their money directly in their account, rather than to take less money from middle people in the system. Digital platform make peoples life more flexible and easier.

Every good thing has some default, so here are also some issue to implement this scheme in our country where most of the people live in rural areas. And people are not aware of the digital or online transaction. We need to aware those people about frauds making by some unsocial people. And there is also the chance of hacking in the online system. So we need to ensure our security system more robust and viable to use these online platforms.

So in the final, I would like to say that it is good to adopt cashless economy for our country, so that we can complete our all task without any difficulty and with save of time and energy. What we need is just some efforts to aware people about the cashless economy and governments effort towards the security of its citizen's account.

Thank you.

Rate this: +49 -4

Anand Kumar said: (Sep 17, 2020)  
Every situation has two sides Merits & Demerits. First of all, I want to say about Merits.

That is if we are handling cashless money means we can more safe from any kind of Roberry/Save time.

But sometime that will be a problem for us just like suppose we are paying money to others by using any other application/internet banking so at that time some technical issue it can be stopped. Just down of bank server. So at that time you unable to pay to others.

So, in my point of view, in this topic here some demerits are also there.

Rate this: +20 -13

Poonam Lega said: (Sep 12, 2020)  
Hello everyone.

So here I got an opportunity to give my points regarding the cashless economy,

I would like to add merits to the topic as this will help the country:

The cashless economy will bring out the fear of theft and dangerous incident to life eg. Robarrey etc.

*Clear and easy payments with the benefits of cashback and other coupons.
*Proper records of payments can be possible.
*Chances of corruption get reduced.
*Distance payment can be done easily.
*No harm to currency,
*Fast way of payment,
*Trustable except in case of hacking or server error.

Rate this: +31 -7

Himanshu said: (Sep 11, 2020)  
Hello friends.

I am Himanshu.

As this topic merit and demerit of the cashless economy.

In my point of view, Cashless economy is a better option for the citizens by cashless economy we can use our 100 per cent of cash of the account.

As well as we don't have a tension of stealing and losing of money.

In this pandemic time, we can use UPI and avoid touching.

We don't' have to need the carrying of the money by the cashless economy.

And we can pay easily they gave us many kind of profit.

Rate this: +14 -2

Surekha said: (Sep 9, 2020)  
I think cashless economy is great.

We don't have search of changes. We don't have cut down trees. Transaction can be done very easily and accurately.

Rate this: +10 -4

Adarsh said: (Sep 9, 2020)  
Hello everyone,

Today's topic is very much interesting and relevant to the economy of India. A cashless economy means we are doing a transaction of money with the help of the internet or different type of platforms. As we all know that every coin has 2 sides, so a cashless economy also has some merits and demerits accordingly. So, I am going to talk about both things.


1) With the help of a cashless economy, we have no need to carry money in our pockets. Because sometimes carry a big amount of money can be harmful to us.

2) A cashless economy gives you a facility of transparent and reliable, payment of hotel bills, restaurant bills, etc.

3) You have no need to go in the long queue of banks, with the help of Paytm, google pay, phone pay you can do any type of transaction of money which is a very easy and helpful thing.

4) "Time is the most prestigious thing in everyone's life' so a cashless economy saves our time and energy.

5) Our honourable PM Mr. Modi always exclaimed on Digitalization and cashless economy because by this we can stop the black money and corrupted people who have lots of black money in their accounts.


1) Cashless is a good technique for us to save time, energy, and efforts, but on the other side India right now is a list of developing countries, a lot of people in India don't have a smartphone, the best internet facility even electricity also. So they can believe in his technology.

2) With the development in technology simultaneously no. Of hackers and thieves also increases day by day, they can hack your bank account in a single second if you are not aware of the precautions.

3) After the 73 years of freedom in India, Village citizens believe only in cash because they aren't aware of the cashless economy. They have no bank account, So it is the duty of govt that they have to arrange campaigns in the remote and backward areas of India.

So, although there are lots of merits and demerits of the cashless economy, eventually I strongly believe in a cashless economy because by this I am utilizing my save time in different activities.

Thank you!

Rate this: +65 -2

Monika Moo said: (Sep 7, 2020)  
Nowadays everyone is going for online payments, even a small grocery shop has services, by which customer can pay them online which have many benefits but one important benefit is that people don't have to carry cash with them. And also there are many more merits of cashless payments like you get extra coupons or cash backs when you do a payment online. But again everything has its merits and demerits, the biggest demerit is the network availability/internet connection, your payment can get stuck and sometimes withdraw has been done from your account but the amount does not reach the other person account. Which actually makes us more worried about it. Second important thing is that online payments are not for larger transactions, there's a fixed limit for your daily transactions. But I personally do prefer cashless payments, which makes me less worried about my cash as I don't have to carry much with me. And sometimes cash backs make us happy, right?

Rate this: +7 -1

Aashlesha said: (Sep 5, 2020)  
Well, there are merits as well as Demerits to every change which is brought about.

An interesting and possible "merit" here is that the "demerits" of Cashless economy, which are low-quality internet and electricity and less awareness among the people, IF attempted to rectify, can fast forward the development of this country. People living in rural areas will be forced out of their nutshells and seeking good education and facilities will become more important for them. This could lead the government to prioritise their needs, collaterally igniting sparks of innovation and creativity in a lot of individuals, thereby plummeting the overall potential of this country to extremely high levels. This innovation can take a different and greater form even after these issues have been sorted.

However, there are some environmental concerns regarding radio waves and their impact on nature. Some studies have stated that an out of control presence of radio waves can affect human life and make them highly susceptible to diseases like cancer.

A simultaneous preparation to control this situation and not let it get out of hand could take not just this country, but the whole mankind to an environment-friendly, at the same time technologically advanced, sustenance.

Rate this: +9 -2

Anushka Lohia said: (Sep 1, 2020)  
According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.

Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is a very fascinating topic which we have to discuss upon.

So Let's start.

Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.

As we all know every initiative have it's own pons and cons so as the cashless economy has.

Now, I am discussing the merits of it.

1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.

Now comes for demerits.

1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.

From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.


Rate this: +17 -1

Deeksha Sharma said: (Aug 27, 2020)  
Cashless economy is the major and important topic in today's era. As it is really beneficial for all of us to discuss it.

It has many merits and demerits.

- As during the pandemic time, it really helpful as the exchange of currency notes can also increase the risk of disease transfer.

- Cashless also helps the easy transfer of money from one place to another.

It has lots of merits but has demerits also.

As it requires proper knowledge of using technology, as it is difficult for poor or illiterate people to use. Even in the remote areas, it is difficult to use due to improper internet connection and also leads to an increase in digital crime rate.

Rate this: +12 -0

Div said: (Aug 27, 2020)  
According to me, the cashless economy is one of the major steps for India to become a developed country.


Going cashless makes customer to make payment in a flexible way, the technology is so advanced that people started using payments online for many purposes like education, and education is also completely digitalized every person is able to access the education through payment online and it has become a root of many dreams.


Especially in villages, people not having any idea about technology can face problems in this which can also lead to robbery or theft sometimes.

Rate this: +5 -1

Lalatendu Nayak said: (Aug 26, 2020)  
Hi everyone my name is Lalatendu Nayak.

This topic is very much important nowadays.

Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.


Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.

Rate this: +2 -3

Varshini said: (Aug 24, 2020)  
Hi everyone,

Thanks for giving me this opportunity to share my opinion. Cashless economy is one of the important tools for every developing country.

It reduces time and makes transactions safe. It decreases theft. It makes the world into digitalization.

Still, some rural people are not aware of digitalization. The data may theft by hackers.

Rate this: +14 -2

Himani Sharma said: (Aug 22, 2020)  
In my opinion, cashless economy will be really very good step for India. There are so many benefits of this like, it takes less time, transparency is there, it make the life easy of those people who know this things well.

But we should also not forget this point that there are so many places and people in India who don't get electricity properly, specially in village parts and small towns etc. If those are not getting proper electricity, how can we supposed that those people will use digital gazets to pay or receive money.

So, I think we need to first work on this direction otherwise there will be good come out of it.

Rate this: +9 -2

Yukti said: (Aug 21, 2020)  
Cashless economy is an economy in which digital transactions are included. It has mobile banking, useof debit card or credit card. It focuses on the digital transactions.

Merits of cashless economy:

1. If we are using digital transactions for our payments then we will not carry cash in our pocket. Thus, it will reduce theft.

2. The digital transactions has increased the flow of money in the market and therefore it has increased the market efficiency.

3. Cashless transactions are transparent in nature and we can keep record of all the transactions.

4. People can pay their bills online and there is no need to go bank so, there will be no wastage of time.

Disadvantages of cashless economy:

1. Digital transactions are attacked by hackers and data thefs. They can hack your transactions and thus, we can loose our money.

2. India is a vast country and there are so many rural people who are not aware of these digital payments and transactions. So, it is hard to reach every person. Most people are not able to use different online websites and applications.

3. Cashless economy needs good internet connection which is not there in the every part of the country. Strong internet connections which can reach to a larger number of people at different urban and rural areas will reduce this problem.

Rate this: +15 -2

Amani said: (Aug 14, 2020)  
Hi everyone, I support for the cashless economy because it has more merits.

Merits :

1. No need to go for current bill offices, dish bill office .. Etc we can pay from the place where we are within seconds. So, there will be no wastage of time like going and standing in queues.

2. Transparency in transaction prevents blank money.
3. Most services like e-ticket booking for buses and other transport services, booking for hotels. Etc all these makes it very flexible for people and convenient too.


1. These are helpful for educated people and it causes difficulties for uneducated people because they don't any to use smartphones.

2. These make it difficult for people who do not have smartphone-like village people.

We cannot make all or completely online or cash less economy.

Rate this: +7 -3

Alpha Rajeswari said: (Aug 11, 2020)  
Cashless economy is an economic system where a small amount of cash is used in transactions. Cashless economy is based on transactions made by credit cards, debit cards, wallets or digital modes.

Why a cashless society?

* To avoid Black money transactions.
* Avoid time-consuming.
* To avoid the risk.
* Easy to handle.
* Environment friendly.
* Helps to increase security.
* Helps to reduce illegal businesses.
* Helps to effective transactions.
* Avoid criminal activities.

* Unable to access because of large-scale illiteracy.
* Unavailability of the internet in the large portion of the country.
* Lack of security of data stored on due to low cybersecurity measures.
* Unavailability of plastic money with people of rural area.
* Lack of adequate infrastructure and knowledge.

Rate this: +19 -3

Sanjeeda Pathan said: (Aug 6, 2020)  
Hi everyone,

Our today's topic is "Merits and Demerits of Cashless Economy" which is very broad term in itself.

So, in my point of view, pros & cons totally depend on us, if we have a better/complete knowledge of cashless economy then there will be no cons right!

Do you think around 50%-60% population which is educated, they use smartphones and they know how to use the internet, all they aware of cybercrime or digital robbery?

Before discussing merits and demerits I think awareness is a must.

Rate this: +4 -0

Sadhana said: (Aug 4, 2020)  
Hello everyone. Today Our topic is "merits and Demerits of the cashless economy". I completely believe we got to the situation now like we can't separate ourselves from gadgets around us. Just with them, we are completely restricting ourselves to the most comfort zone. One of the best advantages of them is online payments. It has reduced human effort drastically just by clicking mobile phone from where ever we are. Earlier it was very hectic to stand in large queues just to pay some bills like ticket booking, home debits etc. Which is not just but a wastage of time. People now are preferring online transactions over offline payments. It saves a lot of time. Not only payments but these digital life has also given employment to a number of people directly or indirectly. The government also taking initiative to this cashless economy by conducting some digital campaigns, taking decisions like demonetisation, encouraging it by starting programs like digital India. Like a coin has two sides. It also has some demerits. Most of the people including literates are becoming the cyberthreat victims as they were not fully aware of this problem. Hackers are just attracting people by sending some spam msgs. Unknowingly people losing their money just with one click. Most of the illiterate people disclosing their important bank details. This is one of the biggest disadvantages. And we all can't afford to have internet connection all the times. So the government has to take some measurements towards these problems and promote people to use cashless transactions.

Rate this: +7 -0

Rajat Jain said: (Jul 26, 2020)  
Hi Everyone!

We have a great topic to debate "Merits and Demerits of Cashless Economy".

Well, I strongly support cashless Indian economy knowing that a large no. Of people are against of it and they're right and they have the valid points too like in India where 6.7% population is below poverty than how can they afford smartphones and net recharge; India where 26% people are not educated then how can they use the online platform, India where only 55% population is using the internet; Cybersecurity risk is also high, most of the literate population also don't know the cyber threats and many more still I'm supporting this campaign because this is not the single-day campaign. Government is not converting a cash-based economy to a cashless economy in one day. It will take years so just relax but Yes now India is not ready to go for complete cashless Economy.

Undoubtedly government is working over it and has taken various measures towards it like Digital India campaign, Demonetisation, promoting digital payment, providing a license to payment banks, etc.

Rate this: +20 -4

Rajat Jain said: (Jul 25, 2020)  
Hi Everyone!

We have a great topic to debate "Merits and Demerits of Cashless Economy".

Well I strongly support cashless Indian economy knowing that a large no. Of people are against of it and they're right and they have the valid points too like in India where 6.7% population is below poverty than how can they afford smartphones and net recharge; India where 26% people are not educated then how can they use the online platform, India where only 55% population is using the internet; Cybersecurity risk is also high, most of the literate population also don't know the cyber threats and many more still I'm supporting this campaign because this is not the single-day campaign. Government is not converting a cash-based economy to cashless economy in one day. It will take months and years so just relax but Yes now India is not ready to go for complete cashless Economy.

Now let's understand the Merits and Demerits.

1: This campaign will be successful only when the literacy rate is 100% but in India only 74% are educated.
2: People must be able to afford smartphones as well as net recharge and Talktime too where in India 7% population is below poverty.
3: A huge money will be spent to make people aware, educated and making them above poverty.
4: Its Demerits for those who are conventional or orthodox or resist to change.


1: It will save time and money in today's world time is more important than money.
2: There will be transparency in the transactions so better will be the monitoring.
3: No need to stand in a long queue for the bill payments or tickets booking etc.
4: Better control over the black money, hawala transactions, smuggling, crimes and money laundering.
5: Will help in economic development.
6: It will rein over the corruption which is the root of black money.
7: People can carry a huge amount of money without any fear.
8: No need to carry chiller or coins.
9: Any amount can be transferred from one place to another within seconds.
10: Through online payments, we can track our expenses and can control our expenses and we can also download our bank statement.

So basically there are thousands of the benefits of Cashless Economy.

Thank you so much for devoting your time to read it.

Rate this: +16 -2

Manii R Singh Dahiya said: (Jul 22, 2020)  
I want to say that India is a developing country. There every type of people live. Some of them who better know how to use a smartphone and how to secure to your account. But most of the people who live in rural areas and they don't know how to use a smartphone and how to secure your account. Because they have no idea about hacking. They have less access to the Internet. So, I have partially support to a cashless economy.

Rate this: +9 -4

Vs King said: (Jul 20, 2020)  
I want to say that cashless economy is something that no need of single rupees of money for transaction all the transaction will do through online this is good very good at its merits of this cashless economy age we get much easy to get any transaction the person is sitting at home we can transfer any money easily but I mean demerits has come have a person who has low knowledge of transaction or they don't know how to use smartphones they will get very difficulties in a transaction there are many people who do not remember even phone number how they can remember the password merits goes for only who know to how to use a smartphone how to know transaction.

Rate this: +1 -0

Amrutha Jose said: (Jul 18, 2020)  
Major benefits of cashless economy are following.

1. Make transactions efficient and transparent.
2. One can transfer money from anywhere and anytime.
3. Facilitates online shopping and online education.
4. Helps to remove black money from the Indian economy.
5. Removes the middleman and help to deposit money directly into construction workers and farmer account.

Besides benefits, the cashless economy has some demerits.

1. Hackings are increasing nowadays causing threats to money and personal information of people.

2. People who do not have internet access ability are excluded from benefits offered by cashless economy.

3. A large segment of Indian people doesn't have knowledge of the digital transaction.

Cashless economy help for the development of the country. But the government should first educate rural people on how to do the digital transaction. Otherwise, they don't get benefits offered by digital economy.

Rate this: +10 -0

Aman Thakur said: (Jul 18, 2020)  

1. The biggest advantage of cashless economy is "it makes our economic lives simple and fast. At the time when we don't have smartphones, people have to go to the banks, stand in a queue, fill a form, only to deposit some money. Now we can perform these works in minutes.

2. You can get Bank transaction records more frequently.

3. We can not withdraw amounts (e.g- 330,450,211) from ATMs, but it is possible with an online transaction.


1. Most peoples of India are illiterate, or unable to handle a smartphone. That is why they are unable to get the benefits of a cashless system.

2. Chances of cybercrimes increases.

Those peoples can be easily trapped by the cybercriminals, who don't know much about the world of smartphones.

Rate this: +3 -1

Vikas said: (Jul 17, 2020)  
I am not supporting cashless economy because all types of raw material which is base of industries are purchase from villages Farmer who are not much educated, so. This will become a major problem for them, they don't have even smartphone.

Thank you.

Rate this: +9 -3

Kshitij Gadge said: (Jul 16, 2020)  

1. Digital Economy is a boon for India's economy with a view that it makes transactions more efficient and transparent.

2. In the world of Globalisation, Adaptability to the digital world brings new opportunities for startups and technological efficacy.

3. Subscribing to online courses via cashless transaction brings up-gradation in knowledge and skills at any corner of the world.

4. Long-distance money redressals through smartphone is another merit of cashless economy.

5. In Remote areas, with no sign of ATM's or Bank's, the cashless economy is a lifeline.

6. Even a heavy amount of transactions are made possible through instant bank verification, which makes the process more secured enough.


1. Cashless economy is a curse for people having zero understanding about digital world especially Rural uneducated class.

2. The factor of Security is a major deal when performing cashless transactions, cases of fraud and bribery may arise.

3. Practically, Not everyone carries smartphone today, thus this brings an urgency for cash-based monopoly.

4. Govt. Of India's plan to digitise every corner of the nation is still in the long run unless every citizen is made aware about the fundamentals of Digital economy.

5. Direct Bank to Bank transfers via phones makes compulsory for Banks to scrutinize their privacy policy and uphold the sense of confidence among people to use cashless economy without fear.

Rate this: +5 -2

Bablu Rana said: (Jul 16, 2020)  
In this digital world, everything is available in the form of the online, economy so the cashless economy has many merits and demerits too.


1) one can transfer money any time from anywhere.

2) No chances that anyone could hold black money.

3) In a cashless economy all the money stored either in the bank or invested in stock, so it always gives some amount of returns.


1) As India is a developing country and most of the people live in a rural area, everyone doesn't have access to the internet and can't be offered any device.

2) Most people don't know how to operate mobile or computer, so there will always be a security concern.

3) Hacker are at the pick nowadays, and they can steal money from people who don't have much idea about security.

Lastly, Not now but in future India have to go with a cashless economy, building strong security, providing people computer awareness.

Rate this: +1 -1

Raj Kiran said: (Jul 3, 2020)  
Merit :

Cashless Economy is very useful For Indian Economic because is Reduce the chance of black money. If all transactions Shall online Either big or small have Proper Record.

Demerit :

Now Many people haven't Smart phone and proper knowledge of the online transaction, the case of fraud call is increasing Day by day due to lack of proper knowledge. So At the moment Everything shouldn't Online.

We support the Cashless System because it is very helpful for everybody and we should aware of its importance.

Rate this: +19 -0

Aayushi Singhai said: (Jun 11, 2020)  
Cashless economy boosted by Demonetization.

*Cost Reduction.
Reducing cost of printing of cash.
Reducing cost of storing of cash.
Reducing cost of transportation of cash.
*Risk reduction.
*Efficient and convenient.
*Increased transparency.

On the surface, cashlessness seems benign, but when you reflect on it, the insidious racism that underlies a cashless business model becomes clear.

*The major drawback of cashless economy is cybersecurity
*Lack of education.
*Online banking fraud.
*Internet connectivity.

Rate this: +30 -9

Soumendra Chakraverty said: (Jun 8, 2020)  
Going cashless is the new way of life.

Certainly removes middlemen and deposits money straightaway into accounts of millions of poor farmers or construction workers who otherwise might be cheated.

Contactless economy which is very important in such unprecedented time.

Rate this: +11 -1

Chhaya Pali said: (Jun 7, 2020)  
There are some merits and demerits of a cashless economy.


1) No fear of stolen money
2) Saves paperwork
3) Saves time
4) We can make a payment from anywhere

1) Not much secured,
2) The internet is a must,
3) Mobile or other devices must make a payment,
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.

Rate this: +19 -2

Dharshini P said: (May 26, 2020)  
When 8th November 2016, When our prime minister announced that 500 and 1000 rupees notes should be banned, 86% of currency notes in India were just merely a pieces of paper. Demonetization took an unprecedented turn of trying to make India move towards a Cashless Economy.

It has major benefits like Electronic payments will help business people to boost their customer base even in different geographical locations and the real estate prices comes down as most of the real estate business happens through black money. By this way of cashless economy buying the votes by giving the cash has also reduced and it reduces the robbery and pick pocketing. Moreover It is transparent and corrupt free as IT officials can track records easily.

I would like to conclude that for a country like India it is required a transition towards a cashless economy and Government has to provide the financial literacy and Internet facilities to all its people.

Rate this: +26 -3

Kaushik said: (May 25, 2020)  
Merit :

Cashless economy is very useful during this lockdown situation.
It's very help full to avoid cobid 19.
Low corruption.
Low risk to thief.

Demerits :

It's required internet connection so it's not possible in all area and village.
High risk by hacking our data.
Required high security by banking application.

Rate this: +12 -5

Gurudatt Puranik said: (May 24, 2020)  
CASHLESS in other words means digitalisation. Digitalization is one of the primary motives of the government today.

Everything on earth has merits and demerits. In one hand, digitalization ensures security, ease of transactions, reduction in threats, volatility and stress-free businesses. There are umpty number of platforms that provide digitalized transactions and can help in easy movement of money without much prerequisites. With these in hand, there should not be any requirement of maintaining a bank passbook, visiting your broker often to check the balance etc.

On the other hand, despite the large database of the internet, only about 530 million of the Indian population had access to the internet in 2018-19. And most of the people who live in villages are not aware of how the digitalized world works.

Cashless economy has most of it's effect on the younger generation as they are more prone to such technological revolutions.

A cashless economy becomes a great step towards digitalization when people are aware of basic knowledge and requirements.

Rate this: +10 -2

Mounika said: (May 21, 2020)  
Cashless means a credit card, debit cards which mean a holder can use this cards if they mobile within a second transaction can be done by using apps like phonepay, Google pay, patym made transactions so simple within seconds work can completed. Carrying a huge amount of money with us a big headache because of theifs and we feel burden and we also become panic so by this cashless we feel better no tensions. Cashless made human being things so easy, we can do our shopping easily, from one place to another place we can send money by using applications and we can order any things, we cannot stand Infront ATMs or bank for long hours this cashless made easy for this kind problems. Cashless are spiking day by day. All this are things are useful to people who know about mobiles operation it means educated people will know a lot. Where as coming to the demerits, people from rural areas they have to stand in front banks to get money from banks, governments as to take so measures to get awareness in people, and hacking is also a problem for this it need good internet connection without that we cannot use it.

Rate this: +11 -4

Kajal Kumari said: (May 15, 2020)  
We have lots of merits which we can't deny, just because of a cashless economy we are able to do any kind of transaction to anywhere on fingertips. People even wouldn't think that instead of making a long line of the queue in the bank for long hours they will do this kind of thing from where they are and in a very easy way which helps to save our energy as well as time which is very important these days.

So what should we have to do these kinds of transaction firstly everyone should their own ATM card, or debit card so that we can easily transfer money through google pay, phone pe, paytm aap directly to any other account if we have good internet connection as we are the user we all know how much it is useful if we have just phone in my pocket it means we have everything like we can buy any product pay to anyone whosever we need to pay. We can also do card payment directly through debit or credit cards.

So it is a good initiative taken by the government, if we have all the availability then it is one of the ways to make India digital as well as cashless. In fact, in this ways we have all the records of every transaction so there may be no chance of black money we if using this mode of transaction.

And it would only happen if we have all the facilities and awareness but due to lack of proper awareness people are not using this facility in rural areas and they don't know how to use it first it would happen if everyone has a smartphone and proper internet connection government need to focus on this matter at ground level too because those who are not educated they face difficulties even fraud people easily make them fool too so government Should aware and tell them about every aspect as it easily transferable anyone embezzle them from within a sec without of their knowing.

There are lots of fraud people sitting everywhere to make them fool through fake phone call and they take all the details and but nowadays they just send one OTP and take that otp via call and money easily credited to that fraud's account, and we can't do anything.

So it is totally up to ourselves how to keep alert and spread awareness about each pros and cons of cashless economy before using it.

Rate this: +17 -5

Ashish Kumar Singh said: (May 10, 2020)  
In my opinion, the Cashless Economy is a main economic future of any developing country.

As soon as possible we achieve it we become developed. Many hurdles come in our ways to adopt a cashless economy but good effort makes it possible.

In future cashless economy will become time demand.

Demerit -.

Low technology infrastructures and illiteracy rates discourage us for a cashless economy.

Less Knowledge about the financial aspect is low in society one major demerit of cashless economy.

Rate this: +9 -4

Divyansh Patni said: (May 8, 2020)  
Hi everyone!

I think cashless economy has its own merits and demerits.

Merits :

A cashless economy is very beneficial for us. Because in this era of a cashless economy we can save our time. And with the help of this, we did not want to carry a huge amount of money with us for any work. And it also helps us in shopping. Because we all have apps like paytm, phonepay etc that helps us to pay easily and it also help us to recharge our phones.

Demerits :

If there are advantages of anything so obviously there is disadvantages also.

Because there is not much awareness of the cashless economy in rural areas and there is also a shortage of network connection so it is difficult for them to use a cashless economy effectively. And the main problem is hacking.

Online payment and transactions are not secured fully that's why it is the main disadvantage of a cashless economy.

Finally, the cashless economy has many advantages and disadvantages too.

Thank you.

Rate this: +18 -3

Dhananjay said: (May 7, 2020)  
A cashless economy is very good thing to have for a country to function properly.

Talking about the merits regarding a cashless economy then there are various good reasons for the cashless economy to work in India. The cashless economy will help the investments to grow. It will stop people from Carrying Large amounts of money with themselves to avoid getting it lost. It is a good substitute for people who often carry lots of money for business or another purpose.

The cashless economy will also motivate people to use technology as it includes using ATMs or credit cards or UPIs which will improve people's knowledge about technology.

When talking about the demerits cashless economy uses the internet to operate and that's why there are several security issues. There is a huge risk of hacking the accounts having lots of money. The cashless economy can also be a problem if not used wisely as it can be easily transferred to bad peoples including terrorist organizations through online methods so it will be responsible for the government to keep a good watch on these transactions.

Rate this: +5 -3

Shriya said: (May 6, 2020)  
Cashless Economy : Merits and Demerits.

Cashless Economy is an idea brought by the government of India. In cashless economy, the transaction is done online through various apps such as Google pay, Phone pay, Paytm, etc. Being cashless has its own merits and demerits. Becoming cashless reduces income evasion, corruption and others. Also, there will be no burden of carrying cash while traveling. The cashless economy also helps us to save our valuable time. It reduces the paperwork. There are some of the international countries which are fully cashless such as Sweden, etc.

As there are demerits of everything cashless economy has its own demerits such as data can be hacked, there is low connectivity of internet in rural areas. Also, it will be more difficult for the people of rural areas. The solution to this is that the government should educate the people about digitalization and new technologies before introducing any scheme.

Rate this: +5 -1

Utkarsh Mahajan said: (Apr 30, 2020)  
In the modern e, cashless transactions are widely increasing day by day. It has become a trend to do cashless transactions as it is a convenient method and source of doing transactions. Basically cashless economy means in which transactions are done mainly through online banking net banking from various apps like paytm, phonepe etc. While doing net banking there is a need for high-speed internet which results into a saving of time and energy.


1. Corruption and black money will be reduced because there will be proof of each and every transaction.
2. Time and energy will be reduced.
3. There is no need to take the burden of carrying money with ourselves.
4. There is no need to stand in a long queue.
5. It will help in bringing transparency in the economy rather than an increase in unacceptable and illegal activities.
6. Paperwork has reduced.


1. It is convenient for those who are educated and known to the internet.
2. It depends upon technical infrastructure.

Rate this: +25 -2

Gupta said: (Apr 29, 2020)  

As we all know what is cashless economy. It means all the transactions in the economy only be done through our bank account by using many apps like paytm, google pay, phone pay etc. By using this app all the transactions done through our bank, so there is no loophole for income evasion, corruption or others.

The merit of the cashless transaction - we don't need to take the burden of cash to carry, transaction going to be very secure and safe, getting a lot of offers from many apps for using online payment etc.

The demerit of the cashless economy -It is going to be very tough for the persons who are uneducated because they don't know how to use a phone or the internet for making payments.

Rate this: +3 -0

Pruthvi said: (Apr 25, 2020)  
As per my point of view, we all know what is the cashless economy. Definitely, any advancing is going to happen in our life there are some merits and demerits and we have to check it. Merits are definitely saved our time, it also prevents corruption, there is transparency in the transaction because we have the history of the transaction. But while thinking on the demerits I think there is only one. That is human error. If we are going to do online transactions then definitely we have to take attention to certain points. Then only there are only merits. And also if we are stepping up in any advancing we have to make their base like we have to make a strong network, reliable and easy to understand service, so anyone can take the opportunity of it.

Rate this: +2 -1

Anomie said: (Apr 12, 2020)  

1.There is transparency in transactions.
2.There is no black money.
3.Recorded data is available.
4.No cost for printing and storage of cash.
5.There is no destruction of print currency notes.
6.faster economy.


1. It depends upon technical infrastructure.
2. Always need for internet connection.
3. Very hard for places that are less connective.
4. Rely on networks every time.
5. There is a chance of lose data in cashless economy.
6. Higher security is required in cyberspace.
7. Literacy and education should be 100% required.

Rate this: +40 -6

Prashantro said: (Apr 9, 2020)  
In a cashless economy, the exchange takes place in the form of a commitment by a third party, i.e. Plastic cards, mobile banks etc. You have a commitment, but not the hard cash with you, It is with the service provider which you are using for transaction. He will allow you to use it whenever you want but own it all the time. If you are not using it, he has its possession and he can invest it to gain from it. If they use it stocks, it is used for value creation in the economy. If it is invested in bonds, the government has the liquidity to spend it in infrastructure development. In any way, the money is not going to be idle as it would be if it was in the form of cash with you.

You use the cashless commitment just like a cash. However each transaction made by you marks its footprint on whosoever has possessed it for the number of times. It gives a tool to the income tax department for all the transaction a person has done. So, accounting for his tax deliverable becomes more transparent and it becomes difficult to hide it.

The people who hold it has also an advantage of its safety, given that there is no threat to cyber hacks (which is very rare, given the security feature in the modern IT sector). Generally, the government gives the license of banking/transaction license with very tough criteria which ensure that your money is safe in their hands.

But since the government controls the financial institutions, it can limit your power to spend it in certain situations. Your spending power can be blocked if the government/judiciary finds you guilty of fraud. So in a way, your independence is lesser in the cashless scenario. Many times we hear the news of freezing the account of people/organizations in case of legal cases. Overall, the cashless economy makes the system more transparent where you as well as the government are safe, if one is legally correct.

Rate this: +10 -1

Abdul Haque said: (Apr 7, 2020)  
Hi friend's

As per my point of view. the cashless economy has n number of merits and fewer demerits and nobody can deny the merits of a cashless economy First we should understand what is the cashless economy. Cashless economy means our transaction will be based on credit card, debit card, wallets, netbanking, and by using some transaction app like Phonepay, Google play, paytm and many more no need to use hard cash. It has been many days since govt of India brought the proposal to make India cashless it is an incredible idea but it is still not implemented caused may be several but measure cause is less awareness, less literacy, and less education now let me highlight the merits and demerits first.later we will explain many more.

1. The transaction will be easy.
2. Time and energy will be saved.
3. Paperwork will be less.
4. Corruption will be less.
5. Literacy and education will increase.
6. Awareness will increase.
7. The Indian economy will grow rapidly.
8. All the transition-related work will be in my hand.
9. It will help the country to become digital and so on.

1. Smartphone and internet is required.
2. The network problem will increase.
3. The bank account is required.
4. Adequate awareness is required and so on.

Now, I want to share some crucial suggestion with you guys and government of India I am not denying the merits of cashless but before making the cashless economy government of India should spread awareness about an online transaction, adequate internet education still 40% of Indian don't know how to sign on paper especially the people who come from a rural area so first educate them and government should give attention to making digital India because for online transaction everywhere the internet is required. But after becoming cashless nobody needs to go bank, wait in a queue for a long time and so on.

Thank you.

Rate this: +18 -3

Shaik Ismail said: (Apr 6, 2020)  
Hi, one and all. I'm Shaik Ismail.

So we are discussing the cashless economy. I think most of the developed countries are now doing cashless transactions. So that we assume that if our economy is going to be cashless it will help to develop our country also. Doing transactions without cash getting confused but it will help to do work in an effective manner and complete the process smartly.

As we all know there may be some frauds behind it. But as a responsible person of society, we need to get aware of it and do it securely and safely. Everything can't be possible until we start right so do it.

Thank you!

Rate this: +1 -3

Jyothi said: (Mar 30, 2020)  
Hello everyone!

Today we are discussing about merits and demerits of cashless economy.

In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.

However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.

Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.

So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.

Thank You!

Rate this: +10 -1

Raghav Agrawal said: (Mar 30, 2020)  
Cashless payment include the direct saving of our money in our saving account in a private and secured way. It is an individual daily need which is in various form whether it include shopping, bill paymets, recharge and many more. The major problem solved by this technology is problem of Double Spending which was major problem in ancient time, and cured in form of Bitcoin as peer to peer transanction and become cashless. It saves the lot of time as well as paper work.

The major problem of cashless is awareness, rural people are not aware of this and if they, then they affraid to follow the technique due to some of criminal fraud in this sector.

But now, its very secure, there are various companies working in this sector and made it fully dicentralized and distributed which allow various authoritive domain to cooperate, collaborate and coordinate in rational decision making process.

Rate this: +1 -0

Mangesh said: (Mar 21, 2020)  
Hello, my self Mangesh and it is very glad to me to be part of this discussion.

According to me, In recent time the used of cashless facilities has increases, which is a great thing to achieve the growth in the overall economy. There a lot of benefits of cashless such as it save the time, cost and many more. I don't think so that the cashless economy has a disadvantage but only fact that data security is an important factor to be considered. I n my opinion after making any platform for a cashless transaction, along with that we should educated the people especially the backword section of our country regarding there uses and it's benefits.

Rate this: +3 -0

Yusuf Ahmed said: (Mar 11, 2020)  
India is the second-largest smartphone market, would benefit a lot from going cashless. Every year India's smartphone penetration grows exponentially. India's biggest problem it's corruption will be greatly addressed. Using online transaction means there will be a online receipt of a transaction which cannot be removed from the company's server or either of the people.

- A successful example of the digital economy would be Africa in which 92% of the economy is cashless. People have to create a mpesa account which can be accessed through SMS service and money can be transferred through the same way.

- Another example is Sweden in the the entire economy is cashless. In addition to being corruption free, the country has also low crime rates in terms of snatching and stabbing during robbery.

- Bringing the economy to a digital platform will make it easier to trace back black money or laundering cases.

- This vision is in effect in India. The government launched a program in 2015 DIGITAL INDIA with a similar objective.

1. Curbing the issue of black money.
2. Digitizing government services.
3. Digital literacy to the masses.

- Cashless economy means no standing in queues,

Accessing government services, reduce the hassle of paperwork.

- Digital literacy may be the biggest plus point as education means empowerment and people are empowered the country's progress.

- A similar trend picked up the pace from the last 2year which was BITCOIN, a cryptocurrency, decentralized network of payment with its own form of money which each transaction is recorded in every user so that the receipt of that transaction is never erased.

- In addition to being advantageous economically, technology-wise it will be fruitful as developing the platform will need engineers and it's maintenance too, so technological advancements will take place.

- As the transaction can be traced back it will a great help legally.

- Environmentally it will be good as our paper dependency will be greatly reduced.


1. The people in rural will have to be trained to deal with the online platform.

2. The biggest threat will be CYBERSECURITY. Keeping the network afloat means there should be no downtime in the servers and cyber threats will have to carefully monitored and scrutinized.

Hackings, viruses will have to be controlled.

India last year had about 30million cybersecurity threats. If the cashless economy continues by 2025 India will need about 10 million cybersecurity professional which would deal in building the network, maintaining it, averting viruses, hackings, back door entries, etc.

But in conclusion, a cashless economy will benefit a lot creating more jobs better jobs, literacy rate will be increased, government services will take a shorter time, corruption will take toll for the good and India dream of a 5 trillion economy will be fulfilled.

Rate this: +41 -2

Prashant said: (Mar 4, 2020)  
Merits - First I want to tell you all the merits of the cashless economy through a cashless economy everyone can save their time as well as the efficiency of their work. Paperwork will reduce its means of tree will safe.

Demerits - All the people are not aware of this so if the cashless economy increase, so it is a chance that the people who have money in from cash can be struggled, especially in rural areas.

Rate this: +14 -8

Triya said: (Feb 27, 2020)  
It is obviously difficult to implement the cashless economy in a country like India where there is a large number of uneducated crowd and then it is hard to make transactions via e-payment when an internet connection is hampered.

Rate this: +19 -7

Merits and Demerits of Cashless Economy

Name *:

Email   : (optional)

» Your comments will be displayed only after manual approval.