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.

Sachin Nema:

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.

Jayesh Deore:

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.

Mukesh Panwar:

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.

Ashok Waghmare:

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.

Akhil Tathe:

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.

Ritesh Bhagat:

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.


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

Kahkashan Resham:

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.

Kamlesh Singh:

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.

Book categories