Merits and Demerits of Cashless Economy

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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: +2 -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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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: +28 -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.

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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.

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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.

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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.

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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: +10 -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: +16 -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: +24 -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.

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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.

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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: +38 -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.

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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: +9 -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.

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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: +38 -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: +18 -7

Vikas said: (Feb 25, 2020)  
Hello everyone.

I would like to explain about demerits of online transaction, now a days the online transaction is a very common mode of transaction that everyone having phone pay, google pay, Paytm etc and they are very safe and secured to use, but that apps need internet connection, and in somewhere it is unsecure because, now a days the hackers what they are doing means, they will send a common link through that they access your phone, and they will get all the permission needed to hack the apps through that they hack account and all information, people easily come under their intension, and another one is the uneducated people like former's, worker's they don't know how to operate it, because of that India still in the initial stage of cashless India.

Thank you.

Rate this: +26 -5

Shalini said: (Feb 25, 2020)  
In my opinion the whole concept of e-commerce is a very advancing field. Green platform for transactions. People were busy investing their time and money on commercial trading platforms purchasing their requirement when the cashless economy soon became a major roll out for every individual with smartphones in their hand. Since the advancement of e payments money is more transparent. It has saved a lot of time from ATM queues, the collecting re1 toffee which shopkeepers give us in return for coins.

This is quiet a lot of saving which we may not realize in our day to day chores. Whether we have cash in our hands or not its not like we cannot purchase stuff. From buying fruits from a fruit vendor to shopping in malls we are positively advancing in terms of mode of payments. Everybody is switching e payments because its easy to handle. Like everything we know this has its own demerits as well. Expenses have increased comparing to what it was when we use to trade in cash. Every transaction is under scrutiny. Not functional if the internet connectivity is hampered. Thus this facility is still not accessible to certain section of society.

Thank you.

Rate this: +30 -1

Prasanna said: (Feb 24, 2020)  
Once cash will become imaginary then it will be easy to handle it. Example for that if a man does lacks of rupees transaction, then keeping this money as hard cash will be more dangerous. Instead of this transaction through account leads to more safety for Cash.

Since coin has 2 faces, at the other hand, if any server not maintained correctly then it would be easy hunt for cyber-criminals. That's it. Thank you for reading this.

Rate this: +13 -2

Anonymous said: (Feb 23, 2020)  
The merit of cashless economy people can keep it safe. As cash is known as form of trust. Its good for shopping and we can know the updated information. If we go from home if we have forgotten to take it we can send money from our mobile itself.

Rate this: +12 -4

Tanmay Biswas said: (Feb 23, 2020)  
Hello everyone!

I want to share my views about the merits and demerits of cashless economy. At first I think cashless economy is very advantageous. People buy anything and solve any money related problem with online mode. Here liquid cash do not need to carry. Moreover, previously we cannot carry a lot of cash money because there is lack of security. But in case of cashless money we can transact a lot of money as our wish and there is a few chances to failure. To inaugurate the cashless economy the amount of black money are significantly reduces. For this we can shopping from amazon, flip-kart, etc., any time and there are a cashback option.

But cashless economy has some demerits too. Here for transaction there need to internet connection. If the internet connection is lost, there is chance of failure of transaction. And now in cashless economy hacking is a major problem. And cashless economy facility do not go in rural area.

Rate this: +16 -2

B.Rahul said: (Feb 15, 2020)  
Merits of the cashless economy:

The first thing is India will have developed with the cashless economy. The money will be safe with us no one can able to steal from us. If the money will be in pending also they may be refunded to the sender account else reviver account but the money is safe. We no need to write anything about transactions in a book because it will store all the data of transactions. At last, we can't able to delete the data of transactions.

Demerits of cashless economy:

The main thing is with the cashless economy the chances of black money will increase. In some cases the money may be in pending due to the busy service then it takes some duration of 2 to 5 days of bank working days. In India many people are uneducated so they didn't know about the online money transaction. There are so fake apps in transactions.

Rate this: +16 -16

Shahzaman Khair said: (Feb 13, 2020)  
First I would like to explain the merit of a cashless economy. There are lots of benefits in a cashless economy like we can transaction amount within a minute. We don't have to carry money with us. Reduce the risk of theft, We don't have to the problem of currency change. We don't need to stay in the queues of banks and ATM. One best thing is we have each and every transaction records.

If I talk about Demerit: Sometimes we can phase fraudulent, Server issues of Banks, delay of Transactions and one of the major drawbacks is poor and illiterate people don't know how to use this.

Rate this: +41 -4

Priyanka said: (Feb 13, 2020)  

1. There are many benefits of a cashless economy. I will talk in favor of it. The importance of cashless transactions has grown from the demonetization phase. Nowadays, people preferred cashless transactions because there can be an announcement at any time that after 12'O clock certain notes will be banned.

2. In Cashless transactions you don't have to go anywhere you can make payments even from your home at any time. It saves time. Cashless transactions are faster.

3. The cashless economy will reduce corruption. Every transaction would be on record so this will make any process transparent and smoother.

4. With the cashless economy, people will open more bank accounts as it is needed for doing cashless transactions. So it is beneficial for the country's economy.


1. People in a rural area or older people don't have knowledge of doing cashless transactions.

2. There are chances of hacking or fraud by asking OTP through fake calls.

The cashless economy needs the internet. Without the internet, the cashless economy is failing.

Rate this: +24 -5

Sahithiz said: (Feb 5, 2020)  
I would like to talk about the topic of cashless economy merits. Well, coming to the cashless economy is obviously advantageous nowadays. It is eco-friendly and mostly imp thing is it reduces time. And also reduces the correption. The cashless economy also leads to technological life that is digital life. By using liquid cash there is a huge chance to lost money anywhere or a chance to corruption so cashless economy reduces these points.

The next I would like to talk about demerits. Coming to demerits, they are less points than merits. Demerits are there is a chance to insecurity to our transactions and also internet problem. The main thing is without internet we can't pay the money.

Rate this: +24 -5

Ishfaq Ahmad Mir said: (Jan 30, 2020)  
Good morning/ evening everyone.

I want to share my views about the merits and demerits of a cashless economy. Before telling about the merits and the demerits of the cashless economy we need to understand what the cashless economy actually means. As we know with the advancement of the technology we produced some invaluable systems which are helpful to human beings particularly after the invention of the "Internet" the economic system took a drastic change as we are moving from the cash liquidity to cashless economy by making everything digitalize. Following are pro of the cashless economy:

(1) with the help of cashless initiate, we are able to acquire all services like the ones which we would have not imagined before as we don't need to wait in queues in banks as we can do transitions without the hassle.

(2) The cashless economy saves our important time.

(3) the system of sending the money from one bank to another bank is easy to use.

Rate this: +60 -6

Abhishek Ghadge said: (Jan 28, 2020)  
Hello good morning.

Today we can discuss abou merit and demerits of cashless economy. I think that there are more merits than demerits and also everything it's merits and demerits.


1. Indian government take the decision of cashless country so it is helpful to reduce corruption.

2. We can save time with the help of this. Because We can excess the money anytime and anywhere on our mobile application like G pay, phone pay.

3. As we know about the cash so trees are cut and made cash due to which cashless economy is ecofriendly.


1. In rural area, there is a network problem and they are not excess that one.

2. In village people are not aware about mobile application.

So awareness is important to and helpful to cashless India.


Rate this: +54 -6

Vikash Singh said: (Jan 26, 2020)  
I think merit of cashless economy is much more than its demerits. Cashless economy is more important for corruption free economy and society. Today we can see how cashless payment is playing vital role for effective implemention of govt schemes like ujwala yojna, pm kisan samman nidhi yojna. By cashless economy govt can easily implement their fruitful schemes to grassroots people who actually needed. Cashless payment should imperative by govt to implement his yojna because by this govt can reached to needy people more easily and the poor can get full benefits of govt schemes.

But there is demerits also because in country like India many people don't known about how to use digital transaction and get benefits. Cashless economy have the biggest threat by cyber crime. Because in country like India where more people don't known how to use cashless transaction can easily become scapegoat.

Rate this: +22 -9

Vicky said: (Jan 25, 2020)  
Hello good morning to all.

If I talk about merit and demerits of causeless economy. I will point some of facts regarding this. First of all, it is the easiest way to transfer the money. With in sec we can transfer. And it's save our time also, on contrary of benefits. Its not good where we have network problem, also in rural areas. Because people are not aware of that app like, phone pay, Google pay, paytm etc. And some security issues also regarding this.

Rate this: +17 -6

Toxicity said: (Jan 23, 2020)  

Thanks for giving me the opportunity to speak on this topic. There are some merits and demerits of cashless economy.

I think, cashless is a easiest way to spend money everywhere because as we all know, all systems are digital. In digital world we all carry Android mobile phone. So, everywhere we pay money by only one click (no problems for cash, change money) and it is also less time taking for paying money. It is very simplest way to pay money.

Problems is that, for cashless economy is; the person who belongs to the rural area they don't have cellphones, they don't have knowledge about how to pay online money. I think in India this is very serious problems. They only able to pay money by cash.

Thank you.

Rate this: +26 -7

Murali Prasath said: (Jan 22, 2020)  
In my point of View, There is a Merit and demerit in cashless economy Nowadays Some places are available Online payments methods.

Demerits In cashless economy -There is No safety while Paying Money Still Some places using Direct payment. it's Not safety For Our Money so everyone should Use Online payment.

That's all.

Rate this: +9 -15

Ajit Prajapati said: (Jan 22, 2020)  
Hi friends.

I am Ajit Prajapati.

Our topic is merit and demerits of cashless economy.

There are many advantages of cashless economy-.

By this can carry every time a huge amount of money every time via mobile.

It's easy to use and withdraw at any time anywhere.

It is pleasurable by storment of various collective security measures.

It's easy to access by others too with full security, means if want to send money to the second party it is possible shortly you don't have to need to go bank other than it reflects our easy and smart work.

Rate this: +12 -4

Aditya Zope said: (Jan 22, 2020)  
Hello Friends,

Cashless economy is very useful in day to day life. But as Coin has two faces like wise our topic also has two faces.

Clashless is more benificial, the corruption will avoid by using cashess, It is easy to record on our money.

Few years ago there will be cange in currancy, there will no effect of it on cashless payment.

Demerits are in villages people not have much knowledge of cashless economy. Also due to some issue if our mobile phone is switchoff then it is not possible to pay via cashless.

Rate this: +8 -1

Parwinkel Kour said: (Jan 21, 2020)  
My point of view on cashless economy is a great ex factor for those people who had no time for go bank and transfer money. Cashless economy helps the India make a digital India. By this. The amount of corruption is less. We can't stop corruption in India.

Online transition easily develop the country by reducing travelling charges.

Terrisiom fact aslo be stop by online transition. For some point.

Rate this: +4 -1

Piyush Rajliwal said: (Jan 17, 2020)  
On this GD topic, Cashless Economy.

My view is that cashless Economy helps in Digital India. Online payment helps everywhere in villages as well as smart city's. The money transfers fastly everywhere every time.

Everything has some Merits and demerits demerit is that most of the people are not know well about the initiative.

Rate this: +17 -10

Spandana said: (Jan 7, 2020)  
In my point of view there are many merits when compared to dermits using cashless economy because by using the online transactions we can save our time cashless economy van also avoid corruption in India.

The dermits are in India still there is a iileteracy so they don't know how to do transactions in online and there is a network problems in rural areas.

Rate this: +39 -2

Palak Mahajan said: (Jan 3, 2020)  
As we know everything has it's own merits and demerits. My view is it has lots of benefits we can easily transfer money we don't need to go to the bank regularly. We can pay anywhere easily. And don't need to carry cash so there is no fear. And it's an advanced technology so we should go with this.

But ya there is a bad side as well like security issues. And in villages, there are no any facilities like Paytm and Google pay. So I may get in trouble.

But the thing is if we use it appropriately then it will really beneficial for us. So I think it's good to be cashless with some knowledge to how to use online transaction apps.

Rate this: +49 -7

Tikachandra Oli said: (Dec 31, 2019)  
Everything has its pros and cons. However, I believe that there are more advantages compared to its disadvantages. The major benefit of adopting a cashless economy will be the reduction in corruption which is the problem of almost every economy. Secondly, cashless economy will reduce the burden and cost for government to print money.

Similarly, it will reduce the risk of physical theft of money. Also, one can pay and receive money sitting at home. Banking institution do not need to transfer the whole cash vault from one place to another, as money can be transferred in single click from computer.

Rate this: +25 -7

Ranganadh said: (Dec 30, 2019)  
Hi Friends.

Every coin has two faces right, one face will be the head and the another face will be the tale, so this also applies to the cashless economy also it will be having its own merits as a one face (head) and having its own demerits as an another face(tale), so we need to carry a some little bit of an amount to avoid the problems which are caused by the cashless economy and we need to create some awareness about the merits and demerits of the cashless economy by conducting some seminars and guest lectures to educate and to promote the cashless economy among the people.

Thank you everyone.

Rate this: +9 -8

Jhanshirao said: (Dec 28, 2019)  
Hello friends!

My name is Jhanshirao. I am going to talking about topic cashless economy, before we are going to this topic.

I think any thing have two faces. It is also like that cashless economy is have merits and demerits.

Lets going to topic, cashless economy is little bit worth in India. Not allover the India.
Some organizations are accept this cashless.

Talking about merits:

It is very useful to buy anything from your home and pay that amount through digitaliziations apps such as : googlepay, phone pay, paytm. These are all are banking apps.

It is very efficiency and enhance to us.

To reduce blackmoney, there is no third person involve in this.

And to protect our money from thief's. And no tension and worry about our money will safe. The main fact was.

If went with your money that was 10000 are more. It doesn't matter, we must focus on our mobile phone only for text messages and singles are used to see social media in insta or twitter. But phone is necessary at all time. So in my point of you all the digitaliziation apps are securely available in our phones why we are see another eye will strain for.

Comes to demerits:

The main fault was network problem. For example I face these issue I am in journey going to vizag. And just arriving gotlam. At that time I am send money through google pay, at that time signals were gone. What I am doing at that time?

After sometime signals got in this time my money is pending. Just small notification is displayed that was your money was debited. It will refund in 7 days.

What I do at that time ?receiver say it is urgent to me small rid of his friend.

So these are all are not worth at this time.

And another demerit was if you are going to outside only depend on your apps like gp or pp, suddenly if you are.

Feel go to washroom. At that time you pay 2rs for that. You say "hey urgent tell me your bank account number I will transfer two rupees "are you say like these? no, so at that time minimum amount put in your pockets when you going to outside not only depends on your smartphones.


Rate this: +36 -9

Shubham Lawaniya said: (Dec 28, 2019)  
I would like to say fee points only about the cashless system. We know that every system have some merits and demerits also so due to the cashless economy we can save the currency from wear and tear no thefting occurs as well as our money is safe we from other such issues while having no internet service available in your area then you may got trouble with this cashless economy. So if it have 70% positive point then we can not deny that it also have at-least 30% of trouble issues.

That's it.

Rate this: +2 -3

Vegito said: (Dec 28, 2019)  
Cashless Economy is a Good idea but in India, it is not implemented totally. Some shops or restaurants are not providing options to pay online. In that case, it is very difficult to do the payment. So my opinion we should carry a minimum amount whenever we go outisde.


--> It is very easy to do payment with mobile or card.

--> We don't need to carry huge amount to do payment.

--> We can save our time also.


--> Sometimes we face problems when there is no network or internet.

--> In India some hotels or restaurants don't provide cashless options, at that time we may face difficulties.

--> sometimes it might be possible to transfer money online.

---> In my point of view we should carry a minimum amount of cash, whenever we go outisde. We don't depend on a cashless Economy.

Rate this: +19 -3

Shweta said: (Dec 26, 2019)  
The cashless economy has merit but the number of demerits, for example, we have some transaction app like Google pay, pytm and etc this app is very much security means frauds people hacking this account by Google or any other by any way or if we have some net banking technology there is also some risk.

Rate this: +3 -0

Balakrishnan.V said: (Dec 26, 2019)  

In our day to day life, technology is grown. We have to minimize energy, time and to increase efficiency in every work, so we need to improve as like cashless economy for the above-mentioned particulars.


We have to create knowledge about "cashless economy" to every uneducated people and make them access, I think this is one of the major problems if we try to provide a solution for this problem, this issue has also gone away.

Rate this: +3 -1

Suneeta said: (Dec 17, 2019)  
After demonetization, the cashless economy is introduced in India. The simple reason behind this is that from small to big work we don't need any piece of paper like cash, we don't need to stand in the bank or ATM for withdrawing and forwarding money to someone else. There are many merits of the cashless economy like it save our time, stop corruption, quick and easy transaction, technology advancement. But on the other hand, there are many demerits like if a person is not aware of internet banking then they can't use it there is a problem with security. Day by day the case of fraud transaction increases. People are not so aware of this.


Rate this: +20 -3

Samiksha Kapse said: (Dec 16, 2019)  
Hi everyone,

Digitalization of India has many merits and demerits as we can say we can save the time, we can record our transaction and it will be more beneficial and save our time and not fear a lost of it. But on the other hand, India has lot of people who are iliterate they don't know about online payments and all. As we see the people from the village they don't know about any digitalization as they don't hve any smartphone, internet connectivity.

Rate this: +4 -5

Ravikant Kaushik said: (Dec 14, 2019)  
There is a lot of merits to the cashless economy like no hard/physical cash required. This means risk of theft, burn etc. Is minimized. Free from physical wallets, Save time and instantly money transfer from one person to another with full security.

On the other hand, Demerits like Uneducated persons are not aware about it's security reasons and frauds.

This means awareness is require to make our India digital. The whole world is going to digital. Let's take another step in this world changing revolution.

Thank you.

Rate this: +13 -6

Kamlendra Kumar (Kk) said: (Dec 6, 2019)  
The digitalization of India is very beneficial to all.

Educated or uneducated people's it's makes simple to living and many uneducated persons learning many new things. Digitalisation also empowered to create jobs and businesses. But we have to increase the security of digital products. The most important thing is it is save time to transfer the money so it is unconditionally acceptable i.e. digitalisation is beneficial to whole world.

Thank you.

Rate this: +17 -5

Sree said: (Nov 28, 2019)  
The cashless economy should be implemented in our nation in a proper way such that people who are illiterate, and from rural areas are not much aware of the online payments so that they should be aware of these Technics as such, they can also use this process in a proper way. Having a cashless economy is very beneficial in our present situation as it replaces many problems. It may lead to the reduction of corruption, increases safety, makes work easy, time consumption will be reduced.

Rate this: +39 -8

A Chintu said: (Nov 26, 2019)  
Hello guys this is one of the most important thing and cashless system in India economy but we have draw back also in this cash less economy old age people can use this debit card and credit card they don't know how to use this is one of the draw back. And advantage id for the people are using debit and credit cards we can use any Time any were in stores and shopping malls with ATM cards it's will very helpful to the people.

Rate this: +11 -16

Jay Patni said: (Nov 19, 2019)  
As we see the positive side of a cashless economy, there are so many benefits like now people are no longer in a compulsion to carry paper money, they can easily carry plastic cards that are debit/credit cards or may use an e-wallet to pay at the store or supermarkets. So now people no longer have the risk of losing money by getting theft or wet.

But on the other side, all people do not know using cashless methods of payment. For example, illitrate people face trouble in this system. Formerly it was also a big issue that everywhere cashless system was not adopted. Some stores were there where the only cash payment was accepted. But nowadays, except only a few places, card payments or e-wallet payment or both are accepted.

Rate this: +32 -7

Avi said: (Nov 18, 2019)  
Hi guys, I thinks there are both merits and demerits of cashless it's depends upon person to person i.e if A person is aware of online things (i.e online transaction ) then they can go caseless and can easily handle online transactions , but if he is not very much aware of frauds that can happen with him with only few information evasion he can loss their money with only few clicks hence it is very much depends upon awareness of people awarness of using online things ..there is no doubt that cashless economy has many benefits but these benefits can reach to people only with their own awarness and consciousness and also with government's initiatives for creating awarness among people for online frauds

Rate this: +32 -2

Samarth Gaur said: (Nov 12, 2019)  
1. According to me if India uses digital mode of payment then there would be less corruption in the country. There would be less tax evasion and the government gets more funds as a tax which can be used for the development of the country.

2. Cash can be steal, lost, torn or rob but if the debit card is lost then would be no loss of hard earned money of citizens.

Rate this: +42 -10

Jaya Dileep said: (Nov 12, 2019)  
Hey guys, in my opinion, cashless economy is good. Because nowadays there are many robbery activities are carried due to cash in hand. I honor our prime minister for this wonderful idea that has been initiated in India. The cashless economy makes the transaction very easier than before just one click transfer amount from the own place. There is no need of taking cash in the pocket or wallets. We can pay the expenses with the help of ATM cards credit cards which will be more convenient for the people.

"The coin will have its two faces". If there is a merit and then there will be a demerits also,

Even though the cashless economy is good but there are some drawbacks. Without network facility we cannot make a cashless transaction. Then there is trouble with the uneducated people by using the cashless transactions.

Rate this: +27 -6

Ruchi Sengar said: (Nov 9, 2019)  
A cashless economy is one of the major outcomes of digitalization. By the time, our honorable PM Shri. Narendra Modi Ji raises the slogan of " Digital India", the cashless economy is in great use.

It is of huge advantage as it first reduces the chances of robbery. In spite of this, it is a way easier as it doesn't require any extra activity to handle and just by one single click, one can transfer money, request money to and from others respectively. The cashless economy also provide a way to shop, pay bills, order food just by simply sitting at home.

"Every coin has two sides".

Likewise, every single thing has two phases i.e., positive and negative.

Demerits of going cashless include cybercrime. As a number of cybercrimes are going on in our country, and if any such crime happens regarding a person's economy then it can strike the person inside out.

Also, the cashless economy has a demerit such as transfer money up to a certain limit. There is a predefined limit assigned to it.

Thank you.

Rate this: +29 -3

Shelly Agarwal said: (Nov 8, 2019)  
Hey everyone, in my opinion cashless is a great initiative when we see easy way to pay out bills, to make payments for anything, to order anything online become so easy and quick but there are people on the other side who don't know online payment system because of lack of education and facilities to them.

Rate this: +6 -4

Abhishek Gupta said: (Nov 6, 2019)  
Digitalization is result of a cashless economy.

Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.

The government should also focus on security as hackers can steal money.

Rate this: +24 -9

Nishikant said: (Nov 1, 2019)  
Hi, I'm Nishikant.

Cashless not only eases one 's life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase in economic growth. The expenditure incurred in printing and transportation of currency notes is reduced.

Rate this: +6 -3

Dhananjay said: (Oct 30, 2019)  
Hi, I am Dhananjay. All points given by the members are very genuine and it is to be considred that changes take time. However, we have begun the era of a cashless economy. Altogether it is also the prime duty of we people to not be depended upon the governement for everything. We can also spread awareness among the locals and educate them on how to part of the cashless economy. At large the transformation will reveal in India in the year to come. One more point the availablity of internet connectivity at a lower price for the rural areas can also speed up the cashless economy. Banks should also promote it by charging less on the cashless transactions.

Rate this: +14 -8

Shannik said: (Oct 28, 2019)  
Hello to all readers.

In addition to the merits & demerits that are listed above. I would like to throw lights on additional points relevant to cashless economy.

Merits :

Easy to buy goods /make utility payment.
Remains record of each transaction made.
Saves ample of time in this busy world.

Demerits :

Our country people has shortage of electricity and internet facility.
Education awareness come secondary when above problem will get sorted.
Our country is very economical, so cashless transactions for products worth of Rs. 20 to 50 is not worth.
Interaction with outer world will become more professional than friendlier.
Banks hefty charges for amount of transactions you make.
When we possess cash we have fear of thieves, similarly if we completely do all transactions on cashless basis thieves will continue their job by hacking account.

Rate this: +18 -10

Sonia Vishwakarma said: (Oct 19, 2019)  
Hey guys I'm sonia nd I think that India is not fully ready for cashless economy.

Cashless economy is an economy that promotes digitalisation so firstly, indians should know that how to get benefits from digitalization, for that everyone should be literate and educated because if you don't know how to excess digitalization then you can be cheated. India's population is increasing day by day and everybody knows the financial condition of India where literacy rate is very low, here everybody do not get the chance to get education due to uneven distribution of income poor are becoming poorer and the rich are becoming richer day by day. Only educated people have excess to cashless economy.

The government should take initiative to guide and me them jnderstand that what is the cashless economy.

Rate this: +17 -8

Rajneesh Mishra said: (Oct 18, 2019)  
Hello everyone,

My name is Rajneesh Mishra and I would like to put my point on cashless economy.

I think every thing have two face so cashless economy also have merit and demerits.

If we are talking about merit we can easily pay money to anyone with in second so it take less time and we don't need to take more money in pocket. Our money secure by the thief. It is very secure and we have detail of every transaction that we can easily see.

We don't need to stand long queue of bank line we can easily pay to everyone with record and with security.

And if we talking about demerit of cashless economy.

1. Not more educated people so it create problem because there are many hacker they Target to that people and stolen the money with fraud.

Conclusion-India is not ready to totally cashless economy, first thing goverment must take organize the camp for people awareness.

Rate this: +51 -8

Suresh said: (Oct 17, 2019)  
Hello everyone, I'm Suresh, I strongly accept that a cashless economy has lots of benefits. The people of India having many advantages from this project. Today we can send money to anyone in this world by sitting in your home or by the place where you are. This cashless economy helps to reduce robbery because people won't carry money in their pockets. , also it reduces printing paper to make currency notes. In order to do transactions, we still are using applications like PhonePe, google pay, etc, which helps in digital marketing also., most of the Indians are from agriculture backgrounds they are not much aware of this banking transaction or online transaction and all but we can teach them and we can improve it. And also it helps in the reduction of Black money transactions Because everything will be transparency.

Rate this: +44 -8

Suhangi said: (Oct 16, 2019)  
Good afternoon everyone,

I am aggreeing with the fact that cashless economy has large number of benefits. As it reduces the chances of robbery and people is not required to carry money in their pockets, Saving of paper which is required in printing of currency notes, increase transparency in transaction which reduces the black money transactions. Since there are large number of benefits but there are some disadvantages also like online frauds are increasing day by day, in our country most of the people belongs from agriculture background where they are not much aware about the online facilities and activities.

So as every situation has some pros and cons, then in a cashless economy also there are some pros and cons.

But if create awareness among people for the cashless economy then I will be helpful for the development of our country.

Thank you.

Rate this: +14 -6

Manish Nagore said: (Oct 15, 2019)  
Hi everyone, I am Manish Nagore according to me we have lot of benefits merits cashless economy. I would like to say that devlopment is necessary for us. If I talk about the cashless economy it's very easier faster as well we all know that when we pay money via paytm, phone pe, google pay these kinds of application so we get cashback also. Another point I would like to add account to account transfer payment very easy. Why I am saying that most of the time it happens we stuck any emergency then we don't have cash. That time someone easily helps with sending the money. It's very useful for as.

Rate this: +12 -4

Bhawna Verma said: (Oct 2, 2019)  
Hello everyone,

This is Bhawna Verma.

I am in favour of the cashless economy because this is a very easy way to pay the money. The cashless system brings down the cost associated with printing, storing and transportation of cash. A lot of eCommerce website offers huge incentives in terms of discounts, cashback to the customers for making a digital transaction for shopping online. And we can do easily these cashless transactions with high security.


Rate this: +65 -9

Shivika said: (Oct 1, 2019)  
Yes,India is ready for cashless economy.Through this corruption can be aborted from our society . Now a days,our major part of corruption is due to ready cash.Without corruption India would soon become a developed country,thus cashless economy is the only way........

Rate this: +18 -9

Anshul Ojha said: (Sep 27, 2019)  
Good Morning All of You,

My name is Anshul Ojha.

I am in favour of the cashless economy because this is a very easy way to pay the money. The cashless system brings down the cost associated with printing, storing and transportation of cash. A lot of eCommerce website offers huge incentives in terms of discounts, cashback to the customers for making a digital transaction for shopping online.



Rate this: +17 -11

Sumeet Tiwari said: (Sep 18, 2019)  
Good evening everyone.

As, if we are aware that. Everything has two faces. But from my point of view.

I think Being cashless or being digitalised is not worth.

1. Having cash in pocket we feel more comfortable as if we want to buy some small things. Want to pay Transportation fair or many. Etc. We can't talk about any app.

2. Just a small example. If you want to go to the washroom if you are in outside. Then they charge you Rs2. Will, you said that give me your. Account number. I will transfer it?

3. Being cashless means all cash in one of our close friend (mobile). Right?

If it goes switch off. Or something happened. Can't even you think of to buy? Or to do anything.

Thank you.

Rate this: +149 -54

Tej Pratap Singh said: (Sep 17, 2019)  
Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is 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: +126 -14

Monika said: (Sep 15, 2019)  
Hello everyone,

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.

Rate this: +26 -7

Arghya Chakraborty said: (Sep 14, 2019)  
Cashless economy means where the economy is digitalized. Cashless economy specially in India is a term coined by our PM went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. There is some good things associated with this.

Like I) people especially older persons or women do not need to go market with cash which can be theft. They can easily buy something at home without any physical activity.

II) for a person with a child, to save time for their child they do need to go to market, to pay the electric bill or any other things. They can do it at home.

III) when you go to the market you not only spend the money for those particular items but also you have to pay the transportation. But after this, you need not go to outside or pay transportation charge.

IV) when we talk about cashless there is a term that PM Yojanas for farmers, low-income persons. They can not get their total money because brokers do not give them what they deserve. Due to a cashless economy, every person should have a bank account, so the money will be transferred to their account directly.

V) there will be no black money-related issues.

Demerits: As we know India is a developing country and a large number of people do not know about technology. Without money their life becomes complex. What they have to do, how to start, these things make them depressed.

If midnight we need emergencies like medicine or something we should have money. Etc.

Rate this: +16 -13

Jibanjyoti said: (Sep 13, 2019)  
Hello everyone.

Thank you for giving me this opportunity to said about merit and demerits of cashless economy.

First of all, I want to describe the merits of a cashless economy.

In cashless economy, we save our paper, transport.

No need of carrying a lot of cash.

The people can view all their transaction and prepare their lifestyle according to the money.

Let's talk about demerits.

In the rural area, many peoples are not aware of the cashless economy.

They confused in every situation.

The most important thing is that some of the people facing many fraud calls.

In a rural area, maximum people have not a smart phone so they can't use an online transaction.

That's all.

Thank you.

Rate this: +30 -8

Ajay Bhardwaj said: (Sep 12, 2019)  
Hello everyone.

Today, I would like to bring kind your attention about to cashless economic and how much benificially for Indian eco. First of all, I will discussion toward to merit you all know from comes to technology internet factor is full swings rather than before day. Paperwork, time value knowledge and health and many thinks are reducing.

Demerit: A person doesn't have proper knowledge about it. They are illiterate. Some time hacking problem we are facing.

Rate this: +8 -15

Arnab said: (Sep 8, 2019)  
Good evening everyone.

Today we are talking about the merits and demerits of cashless economy. It was a great initiative was taken by our prime minister to make digital India.


1. Reduces the cost of printing, storing and transportation of money.
2. There is no need for carrying a lot of cash.
3. The transaction of money is there will be less corruption in the country.
4. It provides us with the transparency of work.
5. Secure transaction.
6. We can pay many kinds of bills like the transportation bill, electric bill etc. We can buy movie tickets, pay the food bill in one touch.


1. More than 60%of people in India come from a rural area. 25% of them are illiterate and a large percentage of people illiterate of mobile and they are not comfortable with this.
2. Security is another big reason for cashless transaction.
3. Sometimes internet speed and electric may problem some tie.

Rate this: +46 -6

Rahul809 said: (Sep 5, 2019)  
GoodMorning Everyone,


1. No need to take your wallet.
2. Transaction the amount in one click.
3. Paperless work.
4. Secure, safe and directly go to your bank accounts.

With these benefits, people will do more transaction even a small transaction. No need to give the change rupees where change rupees (small coin) is always a shortage in India.

Many companies such as paytm, phonepay, Google UPI, Amazon is looking forward and supporting the cashless economy.


1. Easy to someone to do fraud if personal data is sharing such as UPI password.
2. Many people are not aware of digital payment and afraid to do payment mainly in a rural area, senior citizens.

Conclusion: There is always a merits to connect with digital because it saves time and time is money.


Rate this: +55 -7

Sumit Singh said: (Aug 30, 2019)  
Hello, Everyone.

1. Cashless economy brought a huge difference in poeple life.

2. It saves our time, a few years back when we have to give someone's money and we don't have cash then it takes a lot time to pay the money but now everyone has their own phone wallet and this transaction can be done in seconds.

3. Almost every class of people are interested in cashless transactions, people who are involving in small businesses like tea seller or even rickshaw business also have their phobe wallet.

4. Now even a small amount of money is easily transferred to the bank's account without going to the bank.

5. We can pay our home's bill like electricity, cable etc without going to the office.

Rate this: +46 -10

Shivam Singh said: (Aug 26, 2019)  
Hello everyone.

Today we are going to discuss about merits and demerits of cashless economy. With rapid innovation in technology sector, advanced methods and processes are being adopted that are make life easier. Cashless economy is such a thing where trade is done digitally unlike on paper. It is fast and more accurate but it comes with its own problems and that is what we are going to talk about.

Cashless economy has led to less paperwork involvement which can also reduce space required to handle and store the documents. Because of that access to reports and documents has also become easy because everything is just one click away. However it is prone to cyber attacks and a system has to be designed properly to make it hack-proof.

It can also be used nefarious purposes like we can take the example of Bitcoin. It is known that through Bitcoin people conduct underworld and sinister businesses online and because of the technology of bitcoin there is no way to track it. This can cause some serious problems in legal businesses of corruption is money is not traceable.

In brief, system of cashless economy should be designed in such a way that it is easily traceable and hack-proof and only it will be a trustworthy system.

Rate this: +26 -5

Aashish said: (Aug 21, 2019)  
Hi everyone,

Everything has prons and cons as such, Cashless economy has also its merit and demerit.

When we talk about the merits of the cashless economy then first thing comes in our mind is it is an easy way to transfer the cash through digitalization.

Secondly, This saves the huge money on print the currency.

Thirdly, you can track every transaction easily. It may help reduce the corruption and malpractice that things affect our economy.

And last but not least it helps grow our economy very swiftly. And it also reduces the threat of fake currency that majorly affects our economy.

When we talk about demerit of cashless economy.

Firstly, we need a proper law and regulations. And it should be implemented on the ground. And I think there is an authority or body like SEBI, RBI who regulate all these things.

Secondly, there is a lack of knowledge may be the big hurdle of the cashless economy and many rumours as well.

And, if we see a cashless economy then the government should remove the limits on e-transaction.

Rate this: +52 -4

Ankur Vivek said: (Aug 18, 2019)  
Hello Everyone.

Any sort of Organisational, National or International work needs proper management to handle a large amount of all types of data, queries, etc. From this one is very important is the cash. A very large amount of transactions is frequent in any economy. Handling hard cash is a cumbersome task. So, this is eliminated only by replacing it with cashless methods, which are e-payments. Merits of the cashless economy are more and efficient as compared to its disadvantages. Let know the biggest merits - Anytime, Anywhere one can exchange his business transactions at the fingertips. There's no need to maintain an extra ledger for transactions history, Now in the cashless economy, this history is auto-generated.

Regardless of the quantity of amount you can transfer or get transferred in your bank account. The only problem it is a procedure. If every citizen is capable of doing so, it is like a time and money saver for all.

The only demerit is the chance of being a part of fraud or robbery. Cybercrime is a major problem in front of a completely cashless economy. If it is completely secure then it's like a god gift.

Rate this: +15 -12

Merits and Demerits of Cashless Economy

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