I believe the cashless economy has both merits and demerits. First, coming to merits,

1. Cashless economy is risk-free. Anyone can steal your physical money. With the advent of a cashless economy, even if someone steals your credit/debit card, you can block the card and your money is safe.

2. If everything is cashless, there is no need to print physical money.

3. Tax payment can't be skipped. With the advancement of technology, especially with data analytics, the Government can have an authentic database of transactions done by citizens. If every transaction is cashless, there is no chance to skip tax payment, subsequently reducing the black money.

4. With just a click, you can transfer funds. It saves time and we longer need to wait in long question.


1. 74% is the literacy rate of India. It means 74 among 100 can read and write. Digital literacy is even lesser in India. Before introducing a cashless economy, the government should teach the people how to go cashless through campaigns.

2. Internet connectivity is poor in rural areas. We live in a nation where 60% area is rural. It is important to improve the connectivity prior to going cashless.

3. Not everyone can afford an android. Even though 84 out of 100 in India have mobile phones, the government should provide subsidies for androids.

4. People in India are connected to the usage of physical money. Initially, there can be set back and people may reject the idea of cashless economy.


There are both merit and demerit found in cashless economy. Anyone, can't take money with everywhere and can't send or receive money from any other but by the help of cashless economy, it took a few minutes to resolve the problem but in various case it is harmful to mankind due to increase in the cashless transaction also increase in cybercrime. Instantly he removed money from our bank account so it is also advantage and disadvantage for us.


Cashless economy is one of the better solutions for finding the black money, by using cashless economy no one need to carry a lot of money with them, atm cards will be we sufficient or even we can pay through online transactions by using Android apps such as phonepe and paytm, etc. At the same time we can't give any guarantee that data of a particular person will be secure, authentication of android apps which are useful for transactions must increase.

Dev Malik:

According to my point of view cashless economy has both merits as well as demerits.


1. As it can reduce the cost of printing and transportation of the cash.

2. The most important thing is that people will pay the tax as most of the people on our country didn't pay tax so by doing the economy cashless all the transactions will be through banks and other financial institutions which will help the government also.

3In a cashless economy it is easier to track the black money and illicit transactions, unlike cash-based economy in which money does not come into the banking system. In the case of digital transactions, it is easy to track and monitor suspicious transactions as all the records are available with the banks.


1. In our country more than 90 per cent there are rural people so first and the foremost thing is to change the concepts of those people then the only cashless economy mission can take a boom.

2. Most of the people in the informal sector are daily wage workers so they depend on the cash only.

3. In India, people believe less to make online transactions because of malpractices such as phishing, hacking, etc.

At last, I will conclude that please if we want our country to do progress people have to believe government and government also not to break the belief of people by bringing the best technology in our country as our country is known for the best technology Center.

Thanks a lot.


The cashless economy has both merits and demerits.

The merits is it lead our country to a digital world.
By using the Cashless transaction.
We can come to know our balance easily in our account by just sitting in one place.
Safe transaction for huge business dealings.


If one letter or number goes wrong the amount is credited to someone's account. Which is totally unsafe.

For uneducated people, hackers can easily withhold their account.

Vivek Kumar Singh:

In my opinion, the cashless economy is beneficial for us it saves our time. Before this, we have to withdraw our money to do shopping or buy anything. But after this, we can pay anywhere using our mobile app like phone pe or Google pay. When we pay using this app then we also got some cash back.

Apart from merits, there is some demerit of this technology like our data is not safe. Some person misuses our data to steal our money.


Cashless Economy is a big change. So change takes time to accept. So, in between of acceptance. There are certain merits as well as demerits as coins having two sides. Let's come towards firstly positive i.e.merits. Cashless economy helps to do transactions in less time. We don't need to carry wallet everywhere whereas mobile is wallet nowdays due to cashless economy.

In Demerits, Poor people are not aware of cashless economy. So, a certain program will help to spread awareness to them.


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

First of all, India is not ready for a cashless economy. Though India is becoming a digitally strong country day by day it will take some time for proper implementation of the cashless economy. Due to the lack of knowledge of different individuals, it is not successful in todays time. Many of the village areas people don't even have a smartphone so they can't do online transactions. Even though they have it, due to the lack of knowledge they are afraid to do it as they prefer old ways of money transaction. So we need to educate them first about its advantages and how easy it is to do as it will help us to save time as well as hardships. It can be done sitting at home or anywhere instead of meeting the dealer or someone else to give them cash. It also helps to reduce documentation of money transfer as we can know it from the history of a paytment app like google pay, Bhim, paytm etc. We even get discounts by doing the payment online so it is very useful but we should learn its necessity and how useful it can be in our life.

Piyush Priyadarshi:

I feel the cashless economy had both the merits and demerits. But though I genuinely feel that in a long run, it will help to boost up our economy and somehow or the other, it will go to replace the system of the third window, i.e "corruption".

Ujjawal Raj:

India is not totally ready to be cashless.

There are numbers of people in India who are uneducated and some of them only know how to operate a smartphone but when they would do online transactions, they can be a victim of cybercrime.

India shouldn't be cashless before being totally educated and aware of such crimes.