Game of Words: View vs. Counter View 1.39

IS INDIA READY TO HAVE A CASHLESS ECONOMY?

VIEW: KASHISH JAIN

India is ready to have a cashless currency. Since it is a developing country, people will adopt the changes very quickly. This step will help reduce the illiteracy in India. Cashless currency will be a comfortable and simple way to carry out money transactions.

Demonetization helped individuals to realize the necessity of cashless currency. People had to wait in queues to withdraw money. This caused a lot of discomfort. During this time there were various mobile apps which played a very vital role, without these apps there would be a lot of confusion and chaos.

Various companies are working on the betterment of network services. This will help the apps to work effectively. This in turn will help in carrying out all the transactions efficiently.

If India has a cashless currency, corruption will come to an end and black money will stop flowing out. It would bring transparency in the Indian system.

India is ready to adopt such changes.

A cashless economy will definitely help India to develop at a rapid rate.

COUNTER VIEW: NAVANEETA BARAD

Well, my opinion is that, India is not yet ready to go cashless. It requires time to go cashless. India lacks literacy. There are a number of people who still don't know how to use credit and debit cards and don't have access to the internet. It is not possible for the people to change immediately.

It requires time to make people understand and help them flow according to the situation. India lacks infrastructure, which is a major drawback for it to go cashless. Banking facilities have not yet reached to its interior parts. Thus the government should play a vital role in providing literacy to the people, provide banking facilities and also direct them as to how the  transactions have to be done.

After demonetization, the number of bank accounts has been increased, but there is no guarantee that all these accounts will be used. A cashless system requires a well-built online network to operate effectively and efficiently. As we have seen, there are many drawbacks of a cashless system.

Adding to it, people fear online transactions because they think their accounts may get hacked. There also chances of losing internet connection while a transaction is in progress.