With the rise of UPI, digital wallets, and even cryptocurrencies, cash transactions are slowly becoming a relic of the past. 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.
However, not everyone finds digital transactions seamless. The biggest casualties of this shift are the elderly. For many senior citizens, navigating UPI apps and OTPs is intimidating. Imagine an 80-year-old grandfather struggling to buy vegetables because he can’t scan a QR code or remember a PIN.
Many older individuals fear pressing the wrong button or falling prey to cyber fraud, making them hesitant to adopt digital payments. In a society where technology is racing ahead, they risk being left behind.
On the flip side, young Indians have become so reliant on digital payments that they rarely carry cash. This dependency is great—until technology fails. Payment app outages have left people stranded at toll plazas, petrol pumps, and restaurants with no way to pay.
A group of college students on a road trip, for example, found themselves in a remote village where UPI was not accepted. With not a single rupee in their wallets, they had to borrow money from a kind tea vendor just to buy snacks and fuel. While digital payments are efficient, they are useless without internet connectivity or electricity.
Beyond accessibility, security is a growing concern. While digital transactions reduce the risk of counterfeit currency, they open doors for cyber fraud. Scammers posing as bank officials trick people into revealing OTPs, wiping out their accounts within minutes. Even seasoned users can fall for phishing links or fraudulent payment requests. The loss is often irreversible. In contrast, cash, while not foolproof, cannot be hacked or drained from a bank account overnight.
So, is a cashless future ideal? The answer lies in balance. Digital transactions are undeniably the way forward, but eliminating cash entirely would create hardships, especially for the elderly and those in rural areas. A hybrid system is the best approach—one that promotes digital payments while keeping cash as a safety net. Governments must work toward financial inclusivity by simplifying digital processes, enhancing cybersecurity, and ensuring cash remains an option.
Ultimately, money should serve people, not the other way around. Whether you pay via UPI or a ten-rupee note, true progress lies in offering choices that empower everyone, not just those fluent in technology.
The author is the Chief Executive Officer of a non-profit organization called SCHOOL that works for ensuring good health & well-being.
