International Journal For Multidisciplinary Research

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Should we fear the cashless society ? :Weighing the Benefits and Risks

Author(s) Vemuri Naga Siddhartha
Country India
Abstract In the last few years, digital payments have grown very fast in India. Applications like Unified PaymentInterface (UPI), mobile banking, and digital wallets have made it easy to pay for things without cash. Becauseof this, many people believe that a cashless society i.e. a country where almost nobody uses paper money or
coins is both certain to happen and completely safe. Others disagree. They point to real problems like digitalfraud is rising, many people still cannot access digital payments easily and sudden changes in how moneyworks can cause serious trouble as seen during India's 2016 demonetisation, when the government suddenlycancelled high value currency notes. The flow of the paper doesn’t assume the answer. Instead, it collectsevidence for both sides and compares them directly. On the benefit side, there is strong evidence that digital
payments have helped the economy grow, brought more people into the banking system, and madetransactions are more transparent. On the risk side, there is also real evidence of harm like studies show thatdemonetisation caused a temporary fall of about two percentage points in employment, output and bank
lending and government data shows that digital fraud losses in India have been rising over the last few years.Comparing the two, this paper finds that a general fear of digital payments is not supported by the evidence,a slow and well planned shift like UPI has brought large benefits at a fairly small cost. But specific risks, suchas fraud, exclusion of people without digital access and badly attention. The paper concludes that India should aim for a “less cash” society rather than a fully cashless onekeeping some cash available while continuing to build safer digital payment systems
Keywords Cashless Society; Digital Payments; UPI; Cybersecurity; Financial Inclusion
Field Sociology > Economics
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-09-12
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.87164
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