In Favor :-

  • Long before demonetizing 500 & 1000 rupee notes, Indian government is trying to increase cashless transactions through Direct Benefit Transfer Scheme, Jan Dhan accounts etc.
  • From the moment higher denomination notes are demonetized, cashless transactions have increased at a rapid rate.
  • Though India has a huge proportion of digital illiteracy, using debit card does not require much digital literacy.
  • Many state governments are working hard to spread the awareness of digital transactions.
  • Indian Government rolled out incentives for going digital in financial transactions. It introduced daily and weekly lucky draws to encourage digital transactions.

Against :-

  • Till the moment 500 & 1000 rupee notes are demonetized, cash transactions constituted 85% among all the financial transactions in India.
  • Even after the demonetization move, cash transactions are still the king.
  • India has a huge population of digital illiterates. It’ll take a lot of time to transform everyone into digital literates.
  • No country is a fully cashless economy yet. India is still a developing country, and needs a lot time to transform itself into cashless economy.
  • Though no. of accounts have increased drastically after the demonetization move, once the scarcity of new notes is reduced, there is no guarantee that everyone will use that bank accounts.
  • With the recent hack of 32 lakh Rupay & Visa debit cards, there is a doubt in cyber security of Indian Banking. Before going for completely cashless economy, India needs to strengthen its cyber security first.

Facts :-

  • ‘Sweden’ is closest to achieving cashless society. Cash transactions in Sweden constitutes to only 3%.
  • M-Pesa created a revolution in ‘Kenya’. The usage of M-Pesa is so high that even salaries are credited through it. Cash transactions decreased drastically in Kenya.
  • South Korea gives tax incentives for cashless transactions, and could increase the share of non-cash transactions.
Also Read :  Collapse of Credit Suisse

Conclusion :-

Though cashless transactions have increased these days, right now India cannot completely become a cashless economy considering its high proportion of digital illiteracy and cash transactions. But Indian Government is working towards increasing the share of cashless transactions, which is a good thing for any economy.

Afterwords :- What is your opinion on this topic? Express your thoughts in the comment section below.

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  • Biswajit ray, Dec 23, 2020 @ 8:41 am Reply

    In my poin of views now india is improving day by day cashless transaction but many problems facing in rular area. In village people they are not educated how they are doing cash less transaction. Even if they don’t know how to how to debits or credit in 🏧 even they don’t know sign
    Its take more time to cashless transaction

  • Sachin gupta, Jan 8, 2020 @ 10:39 pm Reply


  • @YASHASWINI_SHEKAR, Aug 18, 2019 @ 4:32 pm Reply


  • pankaj kumar, Jun 11, 2019 @ 7:21 am Reply

    Yes, I agree that there are so many issues in India which hindrance in becoming a cashless society. But India is an increase in their cashless transactions day by day, which is very good.

  • Diwakar Chaurasia, Apr 25, 2019 @ 8:16 pm Reply

    I think India is successful in building the base for cashless economy. According to my point of view, spreading awareness should be forefront in bringing any change. Of course, illeteracy rate in india is high, so It would take time to augment the cashless economy but will be successful. As per the recent data 627 million people are using internet as of 2019, considering half of the people well verse with the knowledge of digital economy it would not be wrong to say that things have been changing and eventually, India will also become the cashless economy soon.

  • Shrikrushna kshirsagar, Feb 28, 2019 @ 1:06 pm Reply

    No yet India is not ready for a cashless economy because due to security problem even use of digital payment lead to the convenience but they are more risk for hacking. And one more think lack of technical knowledge. while the new generation people is closely related to their phone and gadgets but computer literacy among people in the over 50 age group is still low. There are many people who are not comfortable use of phone and computer.

  • Gita, Jan 21, 2019 @ 8:32 pm Reply

    Cashless Indian government?????

  • pradeep singh narwariya, Jan 15, 2019 @ 4:56 pm Reply

    i don’t think that india is ready fully now because there are so many reasons about the cashless of our country . but still process has been going on right now very rapidly . and it’s very most important factor now that our government is concerning a lot about the cashless only one or two reason about the cashless ,in our country the level of education and proportion of education as well is not to much good that’s why it’s going on continuously in our country but now all these reasons are improving very rapidly and other in our country that is there are no too much internet users

  • Vakati Sai kumar, Nov 24, 2018 @ 7:36 am Reply

    Absolutely right but there is some difficulties to india to move into a cashless economy. Why because after demonitization only the people who are knowing idea on this only those people doing this but you see rural areas till now no idea regarding cashless economy . Apart from this my opinion is govt are focused in rural areas and to conduct activities regarding this one then only it will be success.
    Thank you

  • Abhishek, Sep 13, 2018 @ 6:56 pm Reply

    I think india is still not ready for cashless because in rular areas illetracy rate is high and many peoples do not know about digital payment.

  • Tirumala, Sep 1, 2018 @ 8:25 pm Reply

    NO, in the present condition: Being, India is a developing economy & Labour surplus economy; time is required to make India as a cashless economy.

  • Shadab siddiqui, Aug 29, 2018 @ 12:58 am Reply

    Yes,india is not yet fully need so much amendments in it to become developed.So it is not ready for cashless.

  • Narendra Laguri, Aug 19, 2018 @ 9:25 am Reply

    i don’t think India is ready for cashless is on the way of cashless economy. India needs two to three decades to become the cashless are the reason for not becoming India into complete cashless economy.right now many people of India are illiterate.there is no proper banking connectivity all over the India.there is also no proper connectivity of Internet . corruption rate in India also very high tremendous effort of the govt. also failing in this field.many labourer in India are dependent on cash for their daily expenses and they are illiterate or half educated .so to tackle all these things India need more time to be cashless.

  • Umesh rathore, May 10, 2018 @ 1:01 pm Reply

    Still india is not Ready to go cashless but i have seen india is increasing day by day and improve but india will have to be more developement

  • neeharika chauhan, Nov 5, 2017 @ 12:23 pm Reply

    Till now India is NOT ready to be cashless…and here is a live example. Of it that we see in our homes !!! Nowadays everyone has a maid in their home whom we pay monthly …and I didn’t accept that she will come and say “NO CASH PLEASE.. I ACCEPT ONLY CARDS!!… And most important there is too much iiliteracy in India…. So from my opinion till now India is nt ready!!

    • Team GD Ideas, Nov 6, 2017 @ 8:29 am Reply

      True that! India needs to improve it’s digital literacy rate.

    • Sarvesh, Sep 8, 2018 @ 3:57 pm Reply

      Now time has been changed….everyone talking about card payment or digital payment….even in rural India they are charging prepaid mobile by digitally.

  • akanksha, Sep 22, 2017 @ 12:34 am Reply

    As far as my opinion is concerned, i fully agree that India is a developing country and is not developed yet……so its very difficult to make it as a fully cashless country…. but i think its a great move by our Pm to emphasis on ”CASHLESS INDIA”

    • Sarvesh, Sep 8, 2018 @ 3:58 pm Reply

      Atleast we started.

  • Sayamal, Sep 17, 2017 @ 11:04 am Reply

    As India is large and diverge country illitracy can the point which could be a bad point for India to cashless economy

  • Diksha, Apr 20, 2017 @ 3:51 pm Reply

    I accept still there are many companies India credit their salary via bank account

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