Cashless payment modes may create dependence for both consumers and businesses. Consumers may become reliant on technology or intermediaries that facilitate cashless payments. They may also lose control or awareness of their spending or saving habits if they do not use cash as a tangible reminder or limit.

A cashless society faces significant challenges regarding financial exclusion and privacy. Vulnerable populations, such as the elderly, low-income individuals, and those in rural areas with limited internet, may find it difficult to participate in the economy. Privacy is a major concern as every digital transaction leaves a footprint that can be tracked by corporations or governments, unlike anonymous cash. Furthermore, a total reliance on digital infrastructure makes the financial system vulnerable to technical failures, cyberattacks, or power outages. In 2026, experts also note the risk of overspending, as the psychological "pain of paying" is reduced when money isn't physically seen leaving one's hand, often leading to increased household debt.