Cashless Economy: Is It Worth Embracing?

With the rise of UPI, digital wallets, and even cryptocurrencies, cash transactions are slowly becoming a relic of the past.

- DR. BENAZIR PATIL

From street-side chai stalls to luxury malls, QR codes now rule the payment landscape. Some nations are even pushing for fully cashless economies, promising efficiency and transparency. But is this shift truly practical for everyone? While digital payments offer convenience, they also pose significant challenges, especially for those who struggle with technology or are overly dependent on it.

One undeniable benefit of digital transactions is ease. No more hunting for exact change or queuing at ATMs—just scan, tap, and pay in seconds. This has been a game-changer for small businesses. Consider rickshaw drivers in India, who once battled the dreaded "Bhaiya, chhutta nahi hai" (I don't have change). Now, they simply flash their UPI ID and receive payments instantly. Digital payments have also fostered financial inclusion, bringing unbanked individuals into the economic mainstream.