What are the disadvantages of cashless payment?

One of the disadvantages of cashless payment is the breach of data by hackers and loss of money due to fraudulent transactions. However, there are counter measures implemented to prevent frauds.You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.

Further readings:

1. Topic-Wise GS 3 Questions for UPSC Mains
2. Bharat Interface for Money (BHIM): Notes for the UPSC Exam