Cashless Indian Economy: Its importance, Benefits and Drawbacks

Cashless Economy is the first step by any Indian Government till date, the decision pushes India towards Digitalization with no consideration ‘We the People of India’ deliberately want the change or not. The initial stage in the allover change manner as created chaos like situations and we are waiting anxiously for a better future that government has promised. The debate about cons and pros of the process is the new hot topics over grassroots and high command level.

In the following content we will try to discuss the exact position we are at present and towards the way we are heading, we will give you direction as Google maps. There will be blue marks indicating clear ways but we will also notify you the red marks with heavy traffics that are severe challenges for government waiting. Recently we have seen the freebies and great discount over the cashless transactions that help people to rejoice the new method without any transaction fees and the lucky draws or cashback offers act as ointment spread over the injured part to heal the hurt soon. There will be certain questions in mind as people are searching gains and drawbacks, we have extensive knowledge in the store have a look and enlighten your view over the Fight with the People and for the People.

Advantages in bags

Cashless Indian Economy:


One of the biggest motivation and riskless method of going cashless is the benefit to handling the transaction with just one plastic card in hand or as per the present new features a mobile number or Aadhar Number based transaction. Now you don’t need to line up in ATM for every sale and purchase need, you don’t need to carry bulky notes bundle in the pocket with fear or loss. Just swipe the card at Swipe Card machines and rule the market with ease.

Related  How To Add Beneficiary In ICICI Bank To Transfer Funds?


The government in combination with the different digital wallet is offering a great way to go cashless transactions that are based on discounts, cashback offers, and lucky draw options. Recent advancement and the bigger decision over the issue is to wave off any transaction or service based charge over the transaction based on 2,000 or below. As per the economic survey on daily payment needs transactions are mostly based on 2,000 or less than that for a day with dominance over 67%. Other profitable options are 0.75% discount and cashback for a customer paying for petrol through debit and credit cards. Different options of Digital Wallets as Paytm and free charge offers exciting reward points that help convenient online shopping with heavy discounts based on the points you gained.

Tracking Payments

Going Cashless gives you more control over your money, now you don’t need to sit with pen and paper every night to recall the expenditure you made throughout the day. The track record of the payment made will be easy to track for you and government as well. 

Lower Risk

Money lost will never be returned and only miracles and good heart people hand over the lost money to you, that is the no more risk factor now as once the card is lost there are options to block the services of the card immediately as no one can misuse it later. The government is planning new more security based biometric ID that is difficult to be copied or used as bogus transactions.

Drawbacks of Going Cashless

Higher Risk of Identity Theft

For most of us, the digital way is new and we are learning the basic information how to use the digital platform, in midst of all these learning the theft of online ID and easy down the secure development for transaction up to 2,000 has created a loophole in the present Digital Payment way. There is no way given if your Aadhar No is stolen that has been connected to the bank then how to report the immediate loss of the new payment USID based option. The middle class and poor people will experience a problem in absence of these payment options.

Related  How to Add a Beneficiary in Syndicate Bank India for Funds Transfer

Losing Phone a new chaos

Earlier losing phone merely means loss of contacts and important messages, as per the situation now phones are medium to deliver and collect payments, the identity will prone to be misused or theft if your phone is lost. There is no way out as the immediate solution available for the issue as in the case of loss of phone and physical money notes you will be the helpless creature with no option left. The new payment medium also needs to be charged the phone in order to continently use the feature.

Difficult situation for Non-Tech Backgrounds

India’s economy and population is based on village and towns related people, as per the facts available only 26.3% of the total mobile users carry Smartphone that can benefit working criteria for most of the digital wallet. On the other hand the speed of Internet is another basic problem as only 34.8% users use internet over phone. Tech-unfriendly people needs more time to adapt the change, as per now situation is severe and difficult for non-informant.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid
Updated: January 11, 2017 — 9:12 am

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Post © 2018 Frontier Theme