Merits and Demerits of Cashless Economy

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Surya Prakash said: (Feb 15, 2019)  
Good afternoon my friends.

I am Surya. We are here to discuss the topic Cashless economy, from my point of view.

The Cashless economy is a good step towards development. Some merits of these are as follows-.

1. In the stopping of corruption.
2. Digitalization of country.
3. It forces to educated people to study and get knowledge about the new generation.

As a coin has 2 sides it has also some demerits also those are as follows-.

1. In rural areas where people are not aware of this thing have to suffer.
2. Internet cash comes with many online frauds.
3. Have to share bank details.
4. Need a secure device to access it.


From my view, in our modern digitalization country, it's a great step. It will take some time but the future result will be good.

Thank you.

Rate this: +2 -0

Nandha said: (Feb 13, 2019)  

* Nowadays everything is through the internet. We access the internet every day. It is also mandatory for our life.
* The only main advantage of this system we don't take money from one place to another place.
*theft also reduced when we transfer money from one to another account.
* in our country I think it is not possible because very few people having pure knowledge of this system.
*but this system will make our country from developing country to a developed country.
*don't require papers to print the money.
*our valuable time absolutely save when we using this system properly.
*we don't go for anywhere to pay the money.

# every fantastic system has demerits.
#uneducated people suffered a lot because they are even don't know how to access the internet.
#our government first provide equal education to all of us.
#then they proceed with this system.
#or our government will provide 100% security when we transfer money from one bank account to another bank account.
That's all.

Rate this: +4 -0

Sourabh said: (Feb 10, 2019)  
In my opinion, the merits of the cashless economy are we don't need to carry cash all the time. We can easily transfer money to anywhere in the world also there is no fear of losing money it reduces the chances of theft and stolen of money it also raises the economic standard of the country as more people are aware of internet and technology also transactions are much faster and secure but demerits are only educated people can benefit from this because people living in rural areas are not aware of the online transactions, digital payment methods and technology.

Rate this: +21 -0

Shruti Biswas said: (Feb 7, 2019)  
Nowadays everything and everywhere is digitalised. Now India is going to cashless. So this is a very good think to accept as this will help us from many sides. It has lots of merits and demerits.

The merits are:

1. Don't need to carry cash on your wallet.
2. Don't need to make a queue outside the atm.
3. Don't have to go bank for payment or anything else.
4. We can use our money from anywhere anytime.
5. We can transfer our money to any place.
6. We can shop online which is saving our time.
7. We can even order food and medicines and other necessary goods and can save time.
8. No need of paper money means save of trees. Save the world.
9. Government need lot of money to print money which is not required for cashless economy.

And the demerits are:

1. The main demerits is illiteracy. Maximum of aged people does not have much knowledge to use internet.
2. In rural area not everyone has account number on bank.
3. Not everyone has smart phone to do all these things.
4. Internet hacking is one of the major problem.

Rate this: +39 -3

Jeevan Yadhidya said: (Feb 1, 2019)  
Good morning everyone.

My name is Jeevan.

The cashless economy has changed the path of our country, economic situations of the country.

The best outcome of implementing cashless economy is.

- transparency & anti-corruption.
- elevation of the standard of India on the international stage as a digitally developed country.

I Am extremely joyful with these as an Indian,

As we all know that India is one of the most populous countries and also the country villages, here two main things come into our consideration.

- Unemployment and the second thing is.
- illiteracy.

Coming to;

1) UN EMPLOYMENT: although there is a slight reduction in the unemployment with the cashless economy there is a more chance of employment if the illiteracy rate can be reduced and pushed into the learning of computer and its programming knowledge.

2) ILLITERACY: though 80-90 % of the present generation is studying, out of the 70% are completely unaware of the process, techniques and benefit of the cashless economy and slow injection of the cashless transactions into their daily life transactions, showing them the benefits of the cashless transactions and bringing awareness can only make this possible.

Hence I conclude that a successful noble and strong development and rise of the standard can only be achieved if the whole mechanises, supports and involves it.

Let's hope for a better India.

Thank you.

Rate this: +35 -6

Samiksha said: (Jan 31, 2019)  
Merits of the cashless economy:

Cashless economy saves our time and also it is easy to transfer money one to another. Also, we save the paper.


It's harmful because of hacking. We have to aware of the account information that couldn't be shared with anyone.

Rate this: +22 -5

Pratik said: (Jan 29, 2019)  
Cashless economy not only saves our time but also saves paper. The cashless economy also solves the problem of money in atm.

We do not have await in a long queue in mscb office.

Rate this: +6 -10

Rajdeep Roy said: (Jan 27, 2019)  
Minting coins or printing of paper notes require money, which is an expense for government or central bank like RBI. If a transition is done from cash to cashless transaction then there would be huge savings for the government and lead to strengthening of our currency.

It also brings transparency in transactions and disables the provision for money hoarding and tax evasion. Also since the banks have more money with them, this leads to lower rates of interest which leads to easy availability of loan and greater economic development.

The main demerits of a cashless economy is the risk involved in hacking of our personal wallets or accounts. Also there is the risk of erasure of the money records from our account in the event of war etc by powerful foreign governments which could lead to crippling of our economic systems.

Therefore in order to get the benefits of cashless economy without any drawbacks we must ensure for the safety from hacking or attacks by terrorist or foreign govenrments.

Rate this: +22 -2

Mohd Murad said: (Jan 27, 2019)  
Merits of Cashless Economy:
1. It does not need to carry cash with him or her everywhere which in turn reduces the chances of theft from the wallet.
2. It saves the time and paperwork.
3. We can transfer anywhere in a few seconds in the world from one to another place.

Demerits of Cashless Economy:
1. Only educated people can do these things.
2. Good internet connection required.
3. We should have very careful while doing transactions.

Rate this: +45 -3

Karthik said: (Jan 26, 2019)  
Merits of the cashless economy:

1. Time can be saved.
2. Every paise can be counted.
3. No transferring of cash from one bank to another.

Demerits of the cashless economy:

1. It cannot be handled by uneducated people.
2. Hacking of accounts may lead to loss of money.
3. Smartphones are required.

Rate this: +16 -2

Bk Yadav said: (Jan 24, 2019)  
Hello everyone.

First, let's have some glimpse about merits-
1. Wastage of materials used for making notes will be avoided.
2. The flow of money cycle in that country will be smooth.
3. The invention of new technologies for online transactions which will create job opportunities.
4. Black money of no use.
5. Will get the products cheaper when online shopping is done.


1. Unavailability of technology like internet all across the country.
2. All don't have smartphones so they rely on cash.
3. Non trusted and unsecured sites for online transactions.
4. Transactions fails many times.
5. Ritual beliefs like Dakshina at temples etc

Thank you.

Rate this: +16 -3

Ankit said: (Jan 22, 2019)  
Hello everyone.

Today we will be going to conclude the merits and demerits of the cashless economy after demonetization government of India start promoting the cashless economy. It's a very good policy for the country like India because in India there are some people who are corrupted for that our government need proper schemes and policy for monitoring so by using cashless economy we can monitor them and have proper transparency.

Some other merits of going cashless is that we can do our payment and transaction on mobile or computer on any time or place.

So ultimately it makes our lives comfortable. And we can also save our precious time. So overall it's a good scheme we should practice and promote this.

As we all know that rose comes with thorns, in the same way, there are some drawback of this scheme

People are getting lazy.

Risk of Hacking of account but there are very less chances.

So we can conclude that if we use this scheme wisely and don't share our account details then ultimately it's a good policy and definitely improve our country on the basis of the economy.

Rate this: +15 -4

Shailesh said: (Jan 19, 2019)  

1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.

1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.

Rate this: +61 -5

Rakhi said: (Jan 19, 2019)  
From my point of view, there are both merits and demerits of a cashless economy.

First of all, it's a very much effective, swift and secure method of online money transaction. And also there will be a minimum case of fraudality and all the transactions will be directly reported to the government.

Also, it may reduce corruption and the amount of increasing black money.

Rate this: +8 -3

Harpreet Kaur said: (Jan 17, 2019)  
Advantages of Cashless Economy:
1. Minimizes risk of theft
2. We can Pay our bills on time by using paytm, phonepe and any other apps
3. Safer and Efficient
4. We can do transaction anytime, anywhere.
5. By using Digital Transaction by can have proper record of all our transactions
6. Reduces chances of black money
7. Reduces paperwork
8. Saves time.

* Disadvantages of Cashless Economy:

1. Non-Availability of cash in all the ATM's
2. As we all know the rate of illiterate people in India is high, so there will be a problem for villagers as they don't know how to use technology
3. One of the main disadvantage of cashless economy is network problem, when we are in the final stage of transaction and there occurs a network problem, the amount will be deducted from our account but the transaction fails due to network problem
4. Fear of cyber hacking, by this fear people get confused whether digital transaction is safe or not.
5. Unawareness of the digital transaction.

Rate this: +26 -4

Smita said: (Jan 12, 2019)  
Hello everyone!

Cashless Economy is that part of digital India which is leading to make India a developed country.

Merits of Cashless Economy:
1. Timely payment.
2. Minimised risk of theft.
3. Safer and efficient.
4. Reduced load of Banks.
5. Easy to pay even a non-rounded figure.
6. Need not to ask for a change to everyone around.

Demerits of Cashless Economy:
1. Poor services of Cellular companies.
2. Non-availability of cash in all ATM's.

Rate this: +21 -5

Tushar Kumar said: (Jan 10, 2019)  
Merits of the cashless economy:

1. The consumer can do transaction easily and from anywhere.
2. It'll consume less time in making payment.
3. There will be a proper record of all the transactions in digital format.
4. Black money will be reduced.
5. Govt. Can collect tax easily.

Demerits of the cashless economy:

1. The illiterate people cannot do the transaction in electronic form and there is still a huge illiterate people in India so this can be a major problem.

2. There will also be a problem if the network is not properly working and the transaction comes to an end in midway and in this case, the money from the will be deducted and the payment will not be successful so this is also a major demerit of cashless economy.

Rate this: +27 -0

Naresh said: (Jan 8, 2019)  

Digital transaction: It is a seamless process which one are more participates involves, with the effect of no need of cash.


1) By using digital payment every payment was recorded and it requires tax for transactions.
2) Increases the revenue status. Because easy mode of pay bills.
3) Empower the citizens to take their subsidy from govt directly their account.
4) Free from long queue.
5) No need to visit bank Every time.
6) No need to regular withdrawal for daily usage.
7) Safe from rubbery.
8) Saves expenditure of money for printing notes.
9) No need of mediator for transforming money.
10) Even 1rupee also transfer by digital payments. And secure.

Demerits :

1) maximum rural people are illiterate.
2) Some are don't have a bank account.
3) due to poverty some are not having minimum a/c balance. So their little amount of money will be taken as a penalty, so they are not interested.
4) Fear of cyber hacking.
5) According to the world bank, rural Indians are unable to open an account. And maintain bank balance.

Thank you, friends.

Rate this: +38 -6

Anji Reddy said: (Jan 5, 2019)  
Cashless transaction is best &better concept.

It was the safe& secure transactions without the involvement of money.

In the case of money is maybe robbing chances but nowadays we can transfer the money through our mobile phones within a fraction of seconds. It will take cashless time for doing the transaction.

Nowadays we are going to a market for buying groceries we can pay the money through the card, not with liquid money. It reduces the corruption in the country. Mainly advantages with the cashless transaction is it will save the paper. Due to cashless transaction peoples are made educated. So cashless transaction is so beneficially in urban& rural areas.

Rate this: +10 -4

Ram said: (Jan 3, 2019)  
Cashless money is a good concept, it has more advantages as well as disadvantages.


It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping, Etc.


Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Rate this: +19 -4

Mayank Shekhar said: (Dec 30, 2018)  
Before see the merits and demerits of Cashless economy first we understand what is cashless economy. Cashless economy is a such type of dispensation in which any type of financial transaction, debits, credits are done by digital process or information and not by any physical thing like coin, note.

Mainly if we will see the merits, its really reduce human efforts like that we have really not need to go to the bank for several hours and also not need to stand in queue, we can easily send and credit money just by apps in mobile, we can pay bills by this in just few minutes, we can pay shopkeepers by it, also cashless economy is really increasing digital marketing like zomato, flipkart, etc. Most important is that it reduces corruption, black money. You can send money in just 2 minutes to your family by paytm, tez, it is also a big merit.

If we will see the demerits lot of people in India are uneducated so really they do not know the process for digital transaction and also lot of people have really not have even bank accounts so they will be victimize from cashless economy. And there also a big demerit that digital money is not safe properly because of cyber attack and others internet problems. Mainly conservative peoples really refrain cashless economy due to safety problem.

Conclusion- Mainly cashless economy helps people in several manner, it reduces human efforts, black money, bribes, extortion, tax problems, but in India it should be not implemented because lot of people does not know how to use it and it have safety problems also.

Rate this: +32 -2

Parth said: (Dec 29, 2018)  
Well, 1st of all, the cashless economy means all legal transactions are to be done without physical money, so when we will adopt this system, there are following merits:

* It is the fastest way of transaction.
* No need to carry physical money with you now, so no more cases of theft, loss of money etc.
* Can do transactions even on holidays, which is something that shouldn't possible without a cashless economy.
* Can reduce the corruption, by some margin, as in some important transactions, the Money will be transferred into the bank account.


* 1st of all it is new system altogether so, as you know not all people have the same mindset, so it will take time to accept this system.
* This is will be easy to understand for the educated people.
*Uneducated people might be called it weird.
To conclude, I would say it is more beneficial to our country.

Rate this: +11 -2

Aditya Jain said: (Dec 23, 2018)  
Good morning to one and all.

Today we are here to discuss the merits and demerits of cashless economy.

The Cashless transaction means we can pay money or can receive money without the involvement of cash, is this sounds interesting, yes it is interesting.

The cashless transaction was increased tremendously after the demonetization on 8 November 2016. Some of the advantages are.

1. Less or low involvement of cash like if I have to pay you Rs. 100 I will simply ask your paytm number and I transfer it in your account.

2. Chances of robbery or theft will be very minimal.

3. The business of companies which offer cashless transaction has boosted up like paytm, phonepe and many more in the same industry.

4. No need to stand in bank lines for hours.

5. We can purchase anything from the market without using money even nowadays a tea stall also has a board paytm accepted here.

Some of the disadvantages are.

1. Many people approx 40% of the population do not know how to do the cashless transaction.

2. Around 30% population of India is residing in rural areas they don't have mobile phones how will they receive or pay.

3. Hackers can easily hack the passwords because of which many people are in the dilemma whether it is a secure mode of payment.

In the end, I would like to say the step for digital India is a good step which will be a positive step for our economy but it will take time for making our economy as a cashless economy. And it is a safe mode of payment.

Rate this: +52 -1

Anand said: (Dec 15, 2018)  
On 8th November 2016, our honourable prime minister Shri Narendra Modi implemented demonetisation banning the use of 500 & 1000 rupee notes. With the implementation, more than 80% of the running currency became merely a piece of paper and situation became pathetic marking the rise of electronic transaction in our country.

Let us discuss some of the advantages of the cashless economy:-
1) Electronic payment will improve transparency and accountability since all the transaction will be governed by income tax hence marking a decrease in black money.

2) printing notes itself cost more than 25 billion which will be reduced.

3) security is provided over cashless transaction which is not possible in physical cash and hence reducing the chances of robbery.

4) One can view transaction history and plan his/her budget accordingly.

Some of the disadvantages are:-

India is a country with most of its population residing in rural areas and lying below the poverty line so it is very hard for them to accept changes. It is a long run for India to become a cashless economy and for that India had to first fight with poverty and illiteracy.

Rate this: +48 -4

Narmatha said: (Dec 13, 2018)  
Cashless money is a good concept, it has more advantages as well as disadvantages:


It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping. Etc.


Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Rate this: +14 -4

Manikanta said: (Dec 6, 2018)  

The Cashless economy means self-banking process.
It would be a good thing to develop our self and time-saving theme.
Most of the thing banking so many people come and go the credit and debit process will be clumsy.
Self-banking means like an ownership transfer and credits.
The main problem is to avoid currency problems in atm machines to deposit money the big line is there and to spend more time, in this service is most useful.
And educate our self and improve our levels and self-dependency like that.


The disadvantage is all are not educated persons, that are not using this method.
One of the most problems is "Hacking".
They are own secure to the money.

Ex: once you can log in this server after completion of your work definitely log out button to click and back to the page.

Rate this: +26 -3

Mishkat Khan said: (Dec 1, 2018)  
The cashless economy will help India to move from developing zone to a developed country.


1. With cashless economy people don't have to waste their time in the long queues, in the bank, waiting for the required transaction to be done.

2. There will be no need to carry money to any place and hence there will be no risk of theft.

3. The problem of change that exists for every now and then can be eliminated by the cashless economy.

4. Corruption can also be reduced to some extent because all the transactions details will get stored in a database and there will be no risk of losing data because of having many backups.

5. Criminal activities will also get reduced.

6. The cashless economy will make India paperless economy and hence there will be a reduction in the usage of paper. This will, in turn, reduce deforestation.

7. The transaction can be done to any account at any place and at any time.

8. Nowadays whenever banks are closed or ATMs are closed people face lot of problems but if it is cashless economy this kind of problems will be completely eliminated as the transaction can be done sitting at home.

9. It has made the shopping go easy as there is no need to carry money to every shop.

10. At any time and at any place we cannot run short of money as cashless economy means carrying account along with ourselves.

11. Are precious time will not be wasted anymore and we don't have to be physically present anywhere during the transactions.

Therefore cashless economy is needed to make India a developed country and rural people should also be educated about how to access new apps that are useful for the transaction.

Rate this: +59 -5

Charan said: (Nov 22, 2018)  
The cashless economy has its own merits and demerits.

If we discuss merits.

India is populated country every government office and banks are always crowded in order to complete the required task you have to waste some of your working hours and have to stand in queue doing nothing hence cashless economy makes every transaction easy.

And coming to demerits.

India is a country with more no. Of villages where most people are illiterates or unaware of cashless payments because of which they are not ready to go cashless.

Hence before making India as the cashless economy, it's the duty of government to implement it in a good manner.

Rate this: +33 -2

Abhishek Rautela said: (Nov 20, 2018)  
In my point of view, India is not ready to go cashless because of poverty and unemployment. These are the two barriers which are creating a problem to go cashless. First of all, we have to work on this then we can go cashless. In India, many people have no money to buy an android phone because of this they are unable to make payment. And second, in India, many people have no basic education because of this they have no knowledge of how to operate a phone. At the time of demonetisation, many big companies went to door to door and told them about the benefit of the cashless economy. They also gave them cashback benefit which motivates the consumer to deal without money. One negative point is that many people have the perception that cashless transaction is not a safe way to make payment. The government did a lot of things to promote the cashless economy. They should find out some different ideas to promote the cashless economy. If the government remove all the negative point of the cashless economy then people will adopt it.

Rate this: +22 -6

Amarjeet Kumar Giri said: (Nov 14, 2018)  
1. No need to stand in a queue.
2. Easy to transfer money one account to another all over the world.
3. 2 way authentication made it very secure.
4. Time Saving.

1. it is effortless, making people lazy.
2. Chances of failure due to the low-speed internet.
3. Take time to refund when transaction declined.
4. it is not for everyone.
5. not useful everywhere.

Rate this: +52 -3

Mohd Irfan said: (Nov 14, 2018)  
In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

In the cash economy, people have to spend there a lot of time. Sometimes people did not have cash in their pocket at the time of billing. So cashless economy is a good choice for eliminating these problems.


Less time required.
Indirect your money is safe because someone can snatch your money.
Saving paper.
Easy to proceed.


Low internet speed.
If transaction declined difficult to refund.
Chance of hacking.

Rate this: +11 -1

Akshay said: (Nov 13, 2018)  
From my point of view, the Cashless Economy is good for everyone in these days. We don't need to standup in que of bank for transaction. It will also reduce corruption. Like before in every government scheme, there are lot of scandal which came. People didn't get the money of government Scheme. By this every person can save his time. He can easily transfer their money through mobile. We don't need to go anywhere. Cashless Economy is increasing day by day in India.

For the success of cashless, We need to spread awareness regarding that in people. Cyber Security is also the main factor. Govt and private organization both need to improve Cyber Security.

At last, I would like to say, It is good for everyone. We need to welcome that step.

Rate this: +12 -1

Suraj said: (Nov 13, 2018)  
The Cashless economy has both positive and negative aspects. It saves a lot of time that is wasted standing in a queue. Basically it provides ease of transaction. Also it removes the third party involvement in transaction and one has the data for his transaction. So, it reduces corruption also which is one of the biggest advantage.

As well said every coin has two sides so it has some demerits too. Cybersecurity is one of the major issues with this. Many people are not aware of these things so they are easily cheated. Increasing awareness among people can reduce these issues to some extent.

Rate this: +10 -1

Shradhanjali Khatei said: (Nov 5, 2018)  
The Cashless economy is a blessing in disguise for any developing country which wants to develop because it directly benefits the beneficiary without involving any third party. In a country like India where the corruption has imposed its roots from past generation because of which poor people have become poorer and hence this inequality gap has widened, cashless transaction is a 'must' thing to adopt.

Rate this: +11 -6

Himaja said: (Nov 3, 2018)  
Merits of Cashless Economy:

In my point of view, the cashless economy is a great change where cash can be paid even with paise and its major advantage is cash can be transferred at any time to anyone within seconds and some of the employees who spend their free time in making purchases can make online shopping and spend time with their family. The cashless economy can also to some extent reduces corruption as every transaction recorded in the database. No waiting in queue for withdrawing money in banks.


Cyber Security is main problem where hackers can hack all the details of the transaction, govt should give security for personal details including bank details, some of the people are not aware of cashless economy and for them it is a big challenge.

Rate this: +30 -4

Suzi said: (Oct 31, 2018)  
I'm not totally favour of this and not also against of this.

The Cashless economy has some positive side. At first ,we take cash for marketing. But now we take our debit card for marketing Nd forget the budget tention. We can easily transfer money from mobile to mobile. This is a very helpful side of the cashless economy. But there is a negetive side of this. For this cashless economy, our mobile number and Aadhar number is linked with our bank account. So we can easily be hacked by hackers. So I think the cashless economy is good for our country but the government should be more secure the process.

Rate this: +14 -2

Sandy said: (Oct 30, 2018)  
I think that a cashless economy does not do any good things.

Anyone can hack your account anytime we cannot use cashless economy until every citizen in India is properly educated about the ways of cashless economy. I think that keeping cash in home feels more secure for example if you try to order a washing machine on an online site and we do online payment we don't mind for money is gone or not which means earn money can be debited twice due to technical errors are our money can be deducted and order may not be placed so cash on delivery is the best option and we feel secure with this option so cashless economy is best when our cybersecurity increases and every citizen is well educated about how to use cashless economy it is good otherwise when when old people and poorly educated people use cashless economy they have the risk of being cheated thank you.

Rate this: +9 -7

Sainath Waghchaure said: (Oct 30, 2018)  
Hi. It's a great pleasure that India is growing fast. The main tool to development of India is digitalisation and cashless India. As well said that every coin has two sides. There are always some merits and demerits of anything. But according to my perception view cashless India will help to our country to grow fast. Because it reduces the traditional process of banking that stand in line for a half day. But by the cashless system the previous work just happened in 10 min on your fingers with smartphones.

I think there is less demerits than merits which can eliminate by adopting secure technologies.

And one more thing is that first of all we have to remove the fear of fraud by taking learning sessions of cashless India.

Rate this: +30 -2

Akhil Sharma said: (Oct 29, 2018)  
Hello friends.

From my point of view, the cashless economy is a better gesture for India so we all should do the cashless transactions with this we are doing lots of fair things with our country too. As the cashless transactions will be the transparent mode of payment and it increases the range of taxpayers which helps the government in revenue generation we have another benefit also it reduces the fake currency and control on black currency. In Sweden, 99% population uses the cashless mode and now many other countries looking forward towards a cashless economy.

Thank you.

Rate this: +14 -0

Deepak said: (Oct 27, 2018)  
Good evening to all dear friends.

In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.

But there are demerits also.

Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.

And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.

Rate this: +13 -2

Sumeet Singh said: (Oct 27, 2018)  
Hi everyone.

The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.

But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.

Because it's better to do something for a change.

Rate this: +17 -3

Vishal Tyagi said: (Oct 20, 2018)  
Good morning everyone.

Today's topic is merits and demerits of cashless economy.

First of all, the cashless economy is that where people do transaction digital. These are many tools of doing cashless transaction i.e. Paytm, Google pay etc.

Every coin has two sides so the cashless economy has merits and demerits in our economy.

Merits of cashless economy.

1. It reduces the time of people. Nowadays people have not required to standing a bank line to do the transaction.
2. It encourages our economy to become paperless.
3. Easy and secure payment system.
4. Access anywhere.
5. Reduces corruption and make all the transaction record digitally.
6. Reduces criminal activities.

Demerits of the cashless economy:

1. Low internet speed cause of failure of the transaction.
2. Difficult to use for uneducated people.
3. Sometimes bank declines payment and not easily refund money.

Thank you.

Rate this: +147 -13

Surekha said: (Oct 17, 2018)  
I feel that the cashless economy need to be implemented in India. As people cannot Carry much amount with them, where ever they go. By this online transaction are made easy, online exams are conducted, reduction in usage of paper, as only 50% of people make use of it, by the year 2020 it can be made compulsory. The demerits in it is that there are still illiterate people in India, who cannot transaction the money.

Rate this: +16 -10

Aryan said: (Oct 15, 2018)  
Hi everyone.

Myself Aryan.

In my point of view, the cashless economy has more benefits than disadvantages. It helps people to do a quick transfer of money to others which saves time. There is no problem of change, one can give any amount of money from 1 rupee to lakhs. This is also benefitting those who have a small business like vegetable sellers, panipuri wala and many others in keeping their money safe as they are directly adding to their bank account.

Also, this there is less probability of corruption if the government is planning some scheme for poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials.

Rate this: +18 -7

Krishna said: (Oct 13, 2018)  
Hello friends.

As we know that economic development is more inclined toward technology. A cashless economy is also a part thereof and has so many positive aspects as well as negative aspect.

Positive aspects:

1. Reliable and time saving for the transaction of money from one user to another user accounts.
2. Transparency at the governance and individual level ex: many government schemes or fund benefit can be directly put into the beneficiary account.
3. Control on corruption to some extent.
4. Mitigation in the environmental issue (use of paper to print money or some time metal also).
5. Availability of money transfer system for 24 * 7 hrs.
6. Increment in the Security causes decreament in the risk.

Negative aspects:

1. Many people are not aware about cashless economy so they are unable to use it.
2. Literacy is a major factor because it is the primary need to operate it.
3. Chances of failure of transaction and will take more time in refunds create unwanted annoyance in people, But it happens sometime.
4. Less probability of hacking of data.
5. Unavailability of internet connection create a barrier in cashless economy.

Rate this: +47 -9

Satyam Singh Baghel said: (Oct 10, 2018)  
Hi all. Today's topic of discussion is the Merits and Demerits of cashless economy. According to my perception of view, Merits are far enough in number as compared to demerits.


The Main advantage of the cashless economy is peoples can save their valuable time which gonna waste in the queue for transactions (in without cashless economy) Now With cashless transaction people can make it by a single click. So transactions can me made paperlessly and this paperless transaction leads to deforestation decrease which is good for our environment.

The main disadvantage of the cashless economy is people need to be educated to work with the internet which is very less in villages.

The internet connection in villages is very slow.

Rate this: +23 -3

Shailendra Anjana said: (Oct 9, 2018)  
Hello, friends.

I have read maximum people view.

I think the government is not tom jack or harry. Government means many people come together and takes a decision on the particular topic. It must have been discussed well about the cashless economy. Yes, it has merit or demerit. You know every coin has two parts head or tell.

Same here people have two aspects positive or negative.

I will only this that this decision was very good by the Indian government or we must respect our government's decision.

1. People can save time.
2. There is no need to be a physical presence.
3. Work can be done easily.
4. Save time and resources.
5. It helps to keep away fraud mostly happen.

1. Need to be educated.
2. One should have a habit of operating it.
3. Not Strong connectivity of the internet.
4. Village people are not as smart as they should be in using mobile.

Rate this: +18 -9

Rupesh Kumar said: (Oct 9, 2018)  
Good morning everyone.

Today is discussed on the topic CASHLESS ECONOMY:

The Cashless economy is promoted by our respected prime minister NARENDRA MODI.

1st of all, I would like to say thank.

India is one of the developed countries in the world so we should to corporate.

The cashless economy as like net banking google pay phone pe etc.

It is very useful for us because it is saved to time tree pen and paper. In a cashless economy, no any persons are black money store because if you store money or any other country transaction then your record is available so it very useful to us.

It has some demerits.
1: It is not more many securities.
2: It is not uneducated people.
3: In this process always should internet connection.
4: Password problem.
However, it is good technology.

Rate this: +10 -15

Shaikh Shoaib said: (Oct 7, 2018)  
The Cashless economy is very precious as well as accurate method while transaction. The main factor is that to save the trees and our valuable time.

Two hours work gets done in a few seconds.

The only one demerits is the cashless economy is useful for only educated person.

Rate this: +6 -5

Pavan said: (Oct 7, 2018)  
Hi friends.

As my friend, told the cashless economy is a good initiative by the government. My this it is easy to know the how much transaction is going on and by this we can track the black money holders and their will be an esay calculations.

Rate this: +4 -6

Manish Nagore said: (Oct 6, 2018)  
According to me, the cashless economy is good but it is not successful because it can be used only educated people but if I would like to say about many uneducated people and they so work daily salary based and they don't know about how to use anything like debit card and any other applications it can be very difficult so it can be demerits for our contact people it should not be done.

Rate this: +6 -3

Ram said: (Oct 6, 2018)  
Hi friends.

In My point of view, the cashless is very best because my country, not development is corruption so this corruption is less my country development used to cashless methods so very best to the cashless method.

Rate this: +2 -4

Kanagaraj said: (Oct 6, 2018)  
The cashless economy is geat for educated people but not suited for uneducated people.

Rate this: +4 -12

Sudhansu said: (Oct 5, 2018)  
The Cashless economy is great. It also saves resources like pen paper and time. But in every sector cashless is not possible so there must be a facility of non-cashless economy. Mostly in groud level.

Rate this: +13 -4

Lavita said: (Oct 4, 2018)  
Cashless economy refers to doing all cash/money related activities digitally which includes online transactions, paying the bills, ever-growing money and many more things. As everything has its two faces in the same way the cashless economy has both the merits and demerits.

Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.

Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.

Rate this: +20 -3

Harthik Karthik said: (Oct 2, 2018)  
Cashless Economy refers to the money which is not in terms of paper format which is used for buying or selling something. Economy is nothing but a tool which is used in helping the things to buy or sell something which is needed for us. In earlier the coins are used which further replaced by paper material and now the economy took a shapeless structure where it can be used by avoiding usage of paper material and any another material which is used in olden days.

While speaking about the merits of the cashless economy are.

1. Easy transactions can be made.
2. Flexible to carry anywhere and anytime.
3. No need for cutting down trees for paper manufacturing.
4. Thefts cannot be stolen easily.

If we talk about the demerits of the cashless economy.

1. Internet connection is must where some areas are not so developed in the usage of the internet like rural areas.
2. Less secure if it is hacked.
3. Money circulation may damage in a country where it affects the Indian economy.
4. Can not be reliable for illiterate people.
5. Electronic devices knowledge must be there for usage of cashless economy.

Rate this: +41 -8

Deepika said: (Oct 2, 2018)  
In my opinion, India is one of the devoloping country in the world. We are the responsibility to make our India as developed country. Cashless economy is one of the most important thing for that. We should accept the changes made in the society and learn how to make use certain things. About cashless economy, there are also some disadvantages. Because it's harder for illiterates available in the society to use the facilities. And also many adavantages are there like transfering money in a place where we are, no need carry hot cash, safety will be more, reduction of black money etc.

Rate this: +12 -3

Kamlesh Singh said: (Oct 2, 2018)  
Cashless economy is an essential part of our Indian economy now, because lots of transaction are occured online with the help of upi, internet banking and other apps.

Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.

These are some demerits of cashless economy.

1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.

Rate this: +16 -5

Kahkashan Resham said: (Oct 1, 2018)  
Cashless economy is one of the recent reforms undertaken by the government of India. Nevertheless, as every coin has two sides, even this also has its own merits and demerits.

First of all, I would like to discuss the merits of cashless economy.

1. It was a commendable initiative by the government to curb private illegal transactions of black money via cash and rather make the system transparent to reduce tax evasion.

2. It eliminated the frustration of civilians standing in big queues in banks for even small transactions.

3. It became lot easier for people to keep a track record of their expenses via online apps and internet banking rather than noting them down.

4. It made shopping go very smooth, where people could just pay for any item using mobile phones when in earlier times they had to carry huge cash with lingering fear of theft.

5. It saved resources like paper and ink and even time as all the online transactions are too fast and even accurate as there's no question of counting mistakes and all.

6. Earlier, on holidays, when banks remain closed, people really faced a lot of trouble for emergency needs, but this problem too was solved with cashless economy.

7. Within few minutes money can be transferred into the bank accounts of anyone who is in need, that too round the clock.

Now, coming to the limitations or demerits of cashless economy.

1. The biggest concern is the breach or leakage of bank account details by hackers. So, it is the government's prime duty to secure the transactions and details of every citizen or else people will lose trust on this system.

2. Cashless economy is a boon for the urban population but people residing in rural areas are not that educated and awate that they could understand these technology based apps and Internet banking. It becomes a challenge for the government to have training courses in villages to ensure that atleast one member in each family is trained for online transactions to avoid cyber crime and leakage of data and proper understanding of the cashless system.

3. Even senior citizens who don't have much knowledge about these things find it really difficult to operate mobile phones.

Rate this: +42 -2

Swati said: (Sep 28, 2018)  
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 payment from anywhere

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

Rate this: +45 -9

Ritesh Bhagat said: (Sep 27, 2018)  
Hi, friends.

First of all, I am telling about demerits of the cashless economy in India.

I am talking about India because all we are living in India.

In my opinion, the cashless economy is a bane for our county. Now the question is raises why and how the cashless economy is a bane for our country.

Simply answer is digital or financial Illiteracy is one of the main cause because literate people or hacker easily cheat that type of people and such a person doesn't know the importance of ID, passwords as well as OTP.

Then how the government imagine cashless economy is good for our country.

Second thing, If you peep another side our GDP is continuously reduced after the campaign of cashless economy.

In the year of 2015 our GDP rate is 8.16 % but now our GDP is only 7 % and these reductions prove the our country is not ready for cashless Economy.

Third things are.

Our cyber security, India's cybersecurity is very poor and according to SWH record 350% cyber attack done in India and aprx all attack related to credit card or debit card.

Our Infrastructure is also poor.

Only 4 lakh ATM in our country, pos machines also not work properly.

And the last thing I want to share with you.

The biggest fear are theft of identity.

Rate this: +52 -8

Akhil Tathe said: (Sep 27, 2018)  
Hi friends,

Good morning everyone,

Today's our topic for group discussion is 'merits and demerits of the cashless economy'.

So, I'm with the cashless economy, almost all things have its appropriate merits and demerits so it doesn't mean that to avoid or limit the use. We are the part of our country, there are lots of demerits but if cashless economy helps to boost our countries economy then it's our responsibility that to over come on it.

Rate this: +12 -11

Ashok Waghmare said: (Sep 27, 2018)  
A cashless economy is one step ahead for India.

Do you think is India really capable of cashless technology. As there are the majority of people live in rural area. There is a big issue in the area there may not single atm or even there is no range for mobile then how they learn to how to transfer money using UPI or buy some goods with paytm. This major demirts for cashless India. And merits are we can get discount by the online transaction, we no need to carry money every time so its safe.

Rate this: +7 -4

Mukesh Panwar said: (Sep 26, 2018)  
Hello everyone.

First of all, I want to talk about the merits.

1. It reduces paperwork and their expenses.
2. It also reduces the chances of mistakes and will make work faster and easier.
3. It will make rupee currency strong than a dollar because all our economy we can show to the international market.
4. It reduces the rate of interest and promotes to FDI.
5. It gives an opportunity to common people to improve their economy by taking a loan for the business.
6. It gives all information about the people's transactions so that government can resist corruption by making sight on them.
7. It also enhances GDP and makes ease of payment methods.
8. It saves trees and the expenditure to make paper currency.
9. In this, if someone fraud with others, the record of cashless show how much money given to the person so helpfully in detection clues in crimes.
10. Overall it saves huge time which can be utilised to do work and economy of a country grows with them.


1. It increases cybercrime.
2. It totally depends on our gadgets such as mobiles, computers etc so can't use without these gadgets.

Rate this: +15 -3

Jayesh Deore said: (Sep 26, 2018)  
The Cashless economy has two sides of the coin it will very beneficial for people who are educated or good knowledge of smartphone such people can easily go cashless but limitations of this system is a rural area which is nearly unknown about cashless transaction due to illiteracy.

Rate this: +10 -2

Sachin Nema said: (Sep 22, 2018)  
Hello everyone.

I am with cashless economy, Today each and every new phone support online transaction facility by which you can transact the money at any time through your phone, as you debit cash from atm there are some conditions of transactions (eg. Like 4-5in a week), the UPI is totally different from it and you can transact at any time without any type of deduction.

It also offers some bonus while transaction.

Transaction records are available so that you can check your weekly or monthly expenditure from it with high accuracy.

It is very secure.

The conclusion is that In an atm we can't transact rupees in order like (eg. 670) but from a cashless transaction we can transact money in any order, that means there is no reason to hold changes in your pocket if you use cashless transaction.

Thank you.

Rate this: +38 -5

Naga said: (Sep 21, 2018)  
Hi friends.

Today our GD topic is the merits and demerits of the cashless economy. In my opinion, the cashless economy is better. Because with cash if you go to buy a gold jewellery there's a chance to stole the money.

Rate this: +8 -42

Charu said: (Sep 20, 2018)  
The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

Rate this: +52 -5

Sayyed Md Qasim Rehan said: (Sep 20, 2018)  

Cashless economy is hassle free from the bundle of cash that we usually keeps with us while travelling and concern about losing it or being theft. It is more secure now to keep and transfer wherever we want and to whomsoever we want.


As the use of online transaction is increasing and the world is going digital so the cyber theft is also increasing. If in 10 years from now cyber crime/theft related to this do not increase then it could say that cashless economy is better or the best.

Rate this: +6 -5

Pallab Sarkar said: (Sep 20, 2018)  
Hello Everyone!

Today's topic is "Merits and Demerits of Cashless Economy".

So, to start with I want to explain what a cashless economy actually is. We are all aware of the UPI, mpockets, net banking, credit and debit cards and most recently the crypto-currencies. What all these actually do is nothing but give you the liberty to not carry your purse full of cash but then also being able to transfer or transaction of money in things.

I will be giving the possible merits that of course most of us are already experiencing are,

1. It is possible that you have money in your bank account but are out of cash now, this is the time when being cashless pays off.

2. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.

3. You want to buy something expensive, handling that much cash may be proved to be really a hazard, while just a single swipe of your credit or debit card will be more than enough.


Secure, easy, faster and authorization these are the fields where the cashless economy have its merits.

But, as there is a saying every coin has two sides one of it is good and the other bad, so, Cashless Economy is also no exception.

Possible demerits are,

1. You should be more alert while using digital currencies, if one's personal account details are known to someone else then they can easily hack through that account.

2. Sometimes the transactions are wrongly made due to the lesser speed of concerned internet connection, though we get the refund it causes a problem initially.

3. Till now the cashless economy hasn't been broadening for all the citizen of our country as an integral part of them are still finding it difficult to meet their both ends.

Finally, I want to conclude by saying that the merits of the Cashless Economy are obviously broader than the demerits it has which can be avoided with proper care while using. I personally am using it for quite a few years and obviously, it made my life simpler.

Thank You.

Rate this: +29 -2

Lakshmiprasanna said: (Sep 17, 2018)  
Hello everyone!

In the cashless economy, we have both merits and demerits and I would like to agree with the statements of merits and demerits give by all the above participants such as.

-we can avoid the corruption.
-we can maintain the transparency.
-we can save the lots of peoples time -.
-we can save lots of paper wastage.
-ink wastage. Etc as merits and.
-lack of knowledge to the illiterate people.
-lack of security ect.

But, still we can work out with the technology to avoid the demerits such as.

-providing the fingerprints, face recognition to avoid security problems.
-Acknowledging the rural people while they buy their smartphone like (govt was giving the training to the people who wants to learn driving and they certify by the driving test) they have to acknowledge them how we can use the smartphones and the how to use cashless economy.

So, everyone can enjoy the cashless economy happily.

Thank you.

Rate this: +18 -0

Yeshwanth said: (Sep 16, 2018)  
This topic is very interest but the cashless economy decreases the unemployment. Due to this unemployment Very big problem in India but we need to terminate this cashless economy due to the next generation it is very problematic.

Rate this: +5 -19

Mitali Srivastava said: (Sep 15, 2018)  
Hello everyone, in my opinion, the cashless is a very wonderful concept because it is very useful for the people government has taken this initiative so that it can reach to each and every person in the world. But it has certain drawbacks like our data is not safe.

And important information.

Rate this: +11 -2

Virat said: (Sep 15, 2018)  
Hello everyone.

According to me, the cashless economy is the need of this generation, no one has time to stand in the bank queues.

Also, our govt takes initiative so that it reaches to each n every person in the country, in the remote areas too. Bheem app is so easy to operate even an illiterate person can handle it very well.

But we need to give time and keep patience.

Everything has drawbacks but the cashless transaction has more pros than cons.

Rate this: +5 -1

Tarunshavul said: (Sep 14, 2018)  
Because of the cashless economy paper and printing ink can be saved which is more useful for nowa days.

Rate this: +3 -0

Ambica Sahu said: (Sep 12, 2018)  
Without any doubt, the cashless economy is a wonderful concept. It checks the risk of theft of both life and property. Cashless directly or indirectly keeps us burden free. Here the transaction of the bigger amount can be done in a fraction of second but along with that as we know that everything in this world has both merit and demerits so this concept also has the both. The main demerit is that the stealing of important information and data security but although it can be checked by various measures.

Thank you.

Rate this: +13 -2

Mukul Kumar said: (Sep 12, 2018)  
Some ideas change a whole world and that one is cashless and cashless comes from digitisation. Cashless growing rapidly due to easily available of Mobile. Cashless do our work more easy by a single click on button. Like :- If you want to pay money anyone anywhere through cashless traction.

But this is totally depend on network if it network is fail then may snarl in poblem. That is why villages person are not use easily.

Rate this: +9 -2

Surya Dubey said: (Sep 10, 2018)  
It is wonderful to discuss. 2 years back I have a mobile and it is only for playing games chatting with friends and spent time on social sites. But when the cashless transaction started. I use my mobile totally different now. I can pay electricity bills, I fill the online forms and do the transactions very easily. And by it, corruption is also Less. But there are issues in rural areas people don't know about the cashless economy and. In cashless transactions. There is an issue of security. But this problem is solved nowadays. So, Only one issue to educate the rural areas people how to use these platforms.

Thank you so much for listening to me patiently.

Rate this: +44 -5

Rutika said: (Sep 8, 2018)  
Of course, the cashless economy very beneficial for us to progress in our country. It helps us to provide money any time and anywhere in the universe. Earlier on the occasion of festival banks are off, ATM was not available in villages so people have to suffer many problems for money. But now digitization has removed this problem. But every villagers are not able for using mobiles Internet. So there are same problems people have to face. I see when I go to bank there bankers were not providing good service to illiterate peoples, and they are not use the digital facilities. This are the some problems which India have to face.

Rate this: +23 -7

Arijit Das said: (Sep 7, 2018)  
If I say about merits about cashless economy, then there are lots for the people who are living in urban areas. We can easily get transaction anywhere, we shouldn't have wait for a long time in queues, specially for railway tickets. For shopping, we should not have to carry cash, which sometimes creates a bit risky from robber and many more.

But when it comes to the people belonging in core of heart, basically in rural areas. They even didn't have proper electricity connection, they had the connection for the name sake. People use to charge their mobile in local markets at a cost of around Rs. 20 for full charge. So, What can the cashless economy make change their life.

In short, I want to say that cashless economy is benefiting only to the people who are residing in urban areas or who have proper financial knowledge. We should think about the rural people more, that how differently cashless economy could benefit them.

Rate this: +21 -2

Sreemanti Dey said: (Sep 6, 2018)  
The Cashless economy is the great discovery in our civilization. By this technique, we can do business with the help of the internet. The consumers can buy any products at a reasonable price. But it has the disadvantage. The rural areas has not the facility of internet connection and the people are not so up to date. The hackers can collect the all the information of consumers if he or she has not the proper antivirus software.

Rate this: +11 -4

Divyansh Patni said: (Sep 5, 2018)  
This topic is very good. Because cashless economy is very very beneficial in today's life. Cashless economy has both merits and demerits.

(Merits) :
In this timeless life our life is very busy in the work and students are busy in there study. So they have no time to stand in line and do all works by going in market. But by cashless economy all works we are doing by phone or computer by phone pay and paytm app. And cashless economy is also useful to send money to whom who are live out of station.

(Demerits) :

Demerits of cashless economy is defined as increase in unemployment. And main problem of cashless economy is that people stored there money in phone and give security to that so this is very riske because many hacker hack your security and stole your money.

So, there are many demerits and merits cashless economy. So, the person who use cashless economy system then use it safely.


Rate this: +25 -10

Aanand Patidar said: (Sep 5, 2018)  
As per my knowledge, merits of the cashless economy is more beneficial over its demerits, like you can pay anyone to anywhere, it reduces theft, our country gets digitalise in way of using different apps like tej, phone pay, paytm and many more advantage of cashless economy.

Rate this: +12 -5

Shahil Siddiqui said: (Sep 3, 2018)  
I would like to share some aspects about Cashless Economy. This is a great initiative arises due to digital India Campaign. The merits of Cashless Economy are:

1) Cases of money thefts are reduced and people feel more secure with their money.

2) Reduction in Tax invasion.

3) People do not have to wait in long queues for money transactions which in turn saves precious time.

4) Senior citizens do not suffer difficulties as their pensions are directly transferred to their accounts.

5) Advancement in Technology as more and more robust apps (such as Tez, Phone-pay) are developed for transactions.

6) Paper and printing ink is saved.

As every coin has two faces, similarly for cashless economy demerits are:.

1) Only urban society make full use of cashless economy as they know how to use different apps while rural societies face problem in transactions.

2) high risk of data privacy.

3) Credit card fraud.

Rate this: +38 -12

Ayush said: (Sep 3, 2018)  
Cashless economy is good for developing countries like India. There are many advantages of cashless economy such as it reduces the fear of theft, it save the resources used for printing the currency notes, every transaction is noted which reduces corruption, no need to stand in a queue at banks for transaction of money etc.

Main disadvantage is cyber fraud and unawareness of people.

Rate this: +8 -1

Sathish said: (Sep 2, 2018)  
I would like to share an incident which happened to me. I went to a roadside shop and had four idli which costs 20 but I don't have liquid cash. The shop owner told me to pay through paytm I was shocked but happy. Then he told that pay rs 25 because he would be charged for the transaction. From this, I came to know that cashless made the value of 20 to 25, which means that its a loss for me. So, I conclude that the cashless transaction decreases the value of money.

Rate this: +7 -46

Sathish said: (Sep 2, 2018)  
In my opinion I would like to add some demerits. The cashless economy is much useful rural people but it's a total burden for urban pepole. The urban people is not aware of technology and they need some assistance and they are charged extra for it. For paying an electric bill in a browsing centre one urban people has to spend atleast 20rs which is a big one for ordinary urban pepole. So cashless economy increased burden to the urban people.

Rate this: +4 -40

Himanshu said: (Aug 31, 2018)  
The Cashless economy refers to performing all the money related transactions via the internet or any other method which doesn't involve the use of physical currency. Earlier people had to carry cash whenever they had to do a transaction. Also if the amount was large there was always a fear of either the cash being stolen or lost. Along with this, we had to stand for hours in a queue to complete our payment, spending a majority of our time and energy. But with the introduction of a cashless economy, all these problems have been solved. Now you need not carry even a single penny in many places, thanks to the services like paytm and other online methods. You can now complete your transaction in an instant no matter where you are. All you need is a device with internet access. Along with this earlier people had to face a lot of problems during the public holidays as the banks used to be closed or had limited working hours but due to the cashless economy, you won't have to solely be dependent on banks as the service itself is 24x7. Therefore, it can be said that the concept of cashless economy has been a life changer as it has got many advantages over the traditional banking methods.

Now coming to the other part as we know nothing is perfect in the world. Same is with the cashless economy. It too has got some demerits. Talking about the rural areas the people are not well aware thus are easily becoming victims of fraud and as a result, are losing their trust towards this concept. Also there are cyber crimes incidents, thus putting the people's money at risk.

A sort of another disadvantage is that you can't do your transaction if you have got a poor internet connectivity.

But has a whole, as per the observation, the cashless economy has acted as a boon thus simplifying our lifestyles and has been adopted by many people thus making it successfull.

Rate this: +49 -4

Ankita said: (Aug 31, 2018)  
I want to add that it has brought transparency as all the transactions can be tracked hence majorly impacting terror funding organisation as most of the fund that was collected was black money and can't be tracked.

Demerits, I think the major demerit is accessibility. Digital medium of transaction is not available all over India.

Rate this: +7 -0

Chaya said: (Aug 29, 2018)  
Cashless economy has merits and equally demerits. Merits like we don't need to carry cash all the time with us whenever we go outside. Risk of money being stolen is also less if we have virtual money. Everytime when we have to fill a form or have to pay somewhere, we can easily use our virtual money. Also many times this happens if we are buying something and it's cost is like RS 99 or something, so by using virtual money we also don't need to pay extra 1 or 2 rupee for small transaction. There are many more merits of cashless economy. Demerits are people who don't have much knowledge of handling virtual money they can lost a big amount because of just one click. Also these virtual services can run only with internet. If we don't have net on time we can't pay or use our money. Overall it is a good decision if comes in act for people but along with this, a proper facility and learning should be there for everyone whether user belongs to new generation of internet or a senior citizen.

Rate this: +19 -3

Anjali said: (Aug 29, 2018)  
I would like to add my point that Cashless economy means we can say digital economy which is trackable. It helped us to reduce one of the most dangerous disease "corruption".

It reduces the use of paper, it promotes us to make a payment by digital system which is much more comfortable and easy.

Rate this: +12 -2

Khushboo Singh said: (Aug 28, 2018)  
The cashless economy has many merits as well as some demerits also.


# reduces black money.
# reduces the fear of theft of money during travelling.
#saves trees and also printing cost of notes.
# easy to send money as it saves time also.
# 24/7 service.
# government benefits are reaching out to people directly.
# reduces tax evasion as tax directly deducted in each transaction automatically.


# Cybercrime also increasing. So sometimes transactions are tracked.
# ATM and ATM pins are captured while using ATMs.
# for cashless transaction internet or network of mobile must be good otherwise no transaction can be done.
# most part of India is rural, so they are still unaware of technology. For them it is useless.

That's all about the cashless economy. Thank you.

Rate this: +62 -7

Ajaya said: (Aug 28, 2018)  
Cashless economy is good, it will save our time. And this system will give the chace to some uneducated people to learn some new technologies so that they will know the thrill of the life and technologies.

It's not possible only by the governments it is the responsibility of all the educated people also so that all rural area people also get the benefits of technology and our country also move forward.

Overall it's good till the misusing of the technology.

Rate this: +5 -2

Afsha Ghani said: (Aug 27, 2018)  
A ' Cashless economy' another good approach and trending topic after 'digital India'.

India is a place where there is more than 90% transactions are done through cash, so it is really an attractive initiation. If we talk about its prose then it reduces corruption, lessen black money, tax evasion, cost of printing notes, saves time, gives security to our money to some extent too. Its like everthing will be done by just clicking one button. Overall scenario, it is a great boom to e-commerce sector. But there is some hiccups which are as below.

1. First India is a developing country which is rather a labour incentive than to capital incentive. So where most of the labourers work on daily based system of wages.

2. Suppose if you reside in a low network area, how would you complete your transaction ?

3. Security problem :As we all know being digital or cashless both attract cybercrims.

Thus, according to me, a vision of cashless economy is really a good initiation and approach with its own type cons.

Rate this: +18 -1

Akansha Nigam said: (Aug 26, 2018)  
A cashless economy means economic state whereby transaction are not done by the physical banknotes but rather through the digital transformation between the two parties. In simple words we can say that if we do transaction by our bank cards is a cashless transaction.

It has huge benefits, If we have all the resources to use it especially in urban cities. It stops crimes, like nobody can steal your money, keeping cards is easy apart from carrying good amount of money in your bag.

It generally doesn't have much demerits but the basic demerit is like if we don't have money in our hand we have to run for ATM.

But nowadays paytm, phone pay application are providing the best services to make it convenient and successful. Slowly, being cashless will be our second nature. It just needs little patience by the people if India, and Govt has to put some efforts to modernize the rural place and we should appreciate many program, schemes and campaign organized by our Government.


Rate this: +4 -1

Suraj said: (Aug 25, 2018)  
According to me, the merits of cashless economy is saving time and not going to any bank make transactions speedy.

Demerits of cashless economy is risk of hacking and internet connection mandatory.

Rate this: +5 -0

Kriti said: (Aug 24, 2018)  

1. It helps to put an eye on every transaction and that will reduce the tax evasion.
2. It increases the feeling of security, as we have seen many robbery cases at the time. E of money transfer as a cash amount.
3. It will save the costly paper on which we are dependent on import on a large scale, and thus save the valuable foreign currency.
4. From cashless transaction we can also earn money as many e- wallet are proving cashback.
5. Easy to handle account any time from anywhere this saves precious time.


As everything has its dark side also, so cashless economy have some demerits also.

1. For rural people or people having lack of knowledge get trapped in a web of e- thugs.
2. We have seen cases of hacking of account by hackers which results in loss of entire belonging earned day and night.
3. Lack of awareness increases illegal trading.
4. By giving small greed to poor people rich one fulfil their dreams, or convert their black money into white (as happened during the time of demonetization).
5. Unavailability of pos (point of sale) machine and poor network become an obstacle in the path of cashless economy.

Rate this: +10 -1

Saivamsi said: (Aug 23, 2018)  
In my opinion, cashless economy is good for those people who have basic idea of e-banking and the improvement of technology. Without a proper knowledge of online transactions it is better not to share our card details to unknown person because they may misuse them for their own benefits.

Adding two more points 1) it reduces the paper usage for printing cash 2) it reduces our time and effort to going bank for transactions.

Rate this: +11 -3

Likhita Krishna said: (Aug 20, 2018)  
In my opinion, India holds 122th rank on GDP rate. This rank evidently shows that India is in the agile side of development than earlier. Cashless economy reduces the effort of printing money, counterfeiting is eradicated not only that it inspires people and make its necessary for the people to adapt the technology. With lead India to globalize it's people.

Rate this: +19 -7

Vish said: (Aug 19, 2018)  
In my opinion, the cashless economy is good. But only for urban areas not for rural areas because maximum person doesn't aware from these kind of things like online payment, cards net banking etc. As we know every coin has two sides similarly cashless economy is very efficient to Stop trees cutting and making paper free world. It also benefits to reduce our hard work to stand in a queue for a money payment or withdraw anything.

Rate this: +49 -1

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