Is the World Ready for Cashless Currency?


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Shubham Pawar said: (May 13, 2019)  
In my opinion,

The world today is ready to accept the cashless currency and it is steadily moving towards it. But the aim of completely cashless economies seems to be very far at this rate.

There are several obstacles to meet this goal.

First and the most important is the access of the population to the internet at an affordable rate. Talking in the context of underprivileged countries of Africa we see that the people there struggle even for basic needs, the dream of cashless currency in such regions are far away from reality as they don't even have access to mobile phones.

The second challenge to meet the goal of cashless currency is digital literacy among people. In India, almost every household owns a smartphone and have access to the internet (even the rural population), but the point is how do they use it or do they even know it's uses. Many people who use digital payment apps don't know what to do in case of transaction failure or how to protect their account credentials.

The third challenge comes in the form of technical readiness and capabilities to support cashless currencies and transactions at such a vast level. The cyber frauds and security threats make people restrain online transaction which demotivates the spirit of cashless economies.

Lastly, the minor challenges like lack of mutual acceptance for digital transaction (eg. If the supplier refuses to accept digital payment the customers are bound to pay in cash) or the lack of trust on online merchants cannot be ignored.

Rate this: +18 -0


Shraddha Jain said: (May 13, 2019)  
Hello everyone.

So the topic of discussion is "Is the world ready for the cashless economy".

Now the point is what is the cashless economy?

Cashless economy stands for the transactions done digitally i.e. without any exchange of cash.

According to me, the world is not ready for a cashless economy but it can be in the near future. There are two types of countries in this world. One type of countries which are growing, leading and progressing and another type of countries which are still backwards or progressing very slowly.

Countries such as Ecuador have already declared themselves as cashless currency economy as this type of countries is fast-growing countries.

Let's talk specifically about India to get the point in a much more better way. In India itself there are parts. One urban India and second Rural India. People in Urban India are mostly literate digitally and are ready for the cashless economy but the people in Rural India are mostly illiterate digitally. Hence they are not ready for a cashless economy. After demonetization cashless transaction has increased in India but not to that extent.

Government is taking significant steps for promoting a cashless economy by introducing Jan dhan scheme, direct benefit transfer scheme. India will be ready for the cashless economy once the people of India become digitally literate. Also before the introduction of the cashless economy to the world the cybersecurity should be strengthened.

The services provided by Google and other companies are helping India to go cashless by helping the illiterate people with the text to speech converter feature of google lens through which the text is converted to speech in the language one wants.

Hence in my views, the world is not ready for a cashless economy but will be ready in the near future by spreading awareness among citizens and strengthening cybersecurity.

Thank you.

Rate this: +5 -2


Furqan said: (Apr 26, 2019)  
No, because if we go digital our currency has 85%chance to got stolen because on the other hand there is cybercrime.

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Anjali said: (Mar 21, 2019)  
On, when we talk about full dependency on cashless currency then there will be issues like. Affordable smartphones/desktops to use different payment online modes, 24X7 net connectivity to get access to this online payment mode, and more importantly digital literacy to identify the possible risk of hacking.

As most of the countries are not able to provide these basic needs to their citizen it is not possible to replace physical currency with cashless.

But when the question come is world-ready? then answer is the world has already accustomed to it. People may not be having smartphones, net connectivity or knowledge of possible hacking but still many of them know about the cashless money.

They may not be using cashless currency but if proper tools and education provided we can move to the full cashless transaction which at present an ongoing process.

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Bhavani said: (Mar 11, 2019)  
Let me first what is cashless currency.

Cashless currency: transaction of money online without using printed paper notes and coins.

At present scenario, some countries are developed and some countries are not developed, so the world is not ready for cashless currency.

Problems faced by underdeveloped countries:

1. The basic need for cashless currency is a smartphone which cannot be affordable by some people.

2. The network connection is not good throughout the world, which leads to transaction failure.

3. Hacking of system, where every information is will be taken.

4. Some people do not know how to operate a smartphone.

5. Everyone should have a bank account.

So now the world is not ready for cashless currency. But in future, it can be.

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Prasanna M said: (Feb 27, 2019)  
Hi,

Thank you for giving an opportunity for me to share my knowledge on this topic.

According to me, the world is not ready because all the people don't know how to use online because some people are from the village and some are uneducated and some people fear about online problems because of this all are not ready to cashless currency.

Rate this: +3 -7


Aslaam said: (Feb 20, 2019)  
Yeah. First of all, thank you so much for giving the opportunity. Myself I'm Aslaam. So now coming to our topic, the topic is cashless currency.

1. Nowadays digital marketing is the very fastest growing thing. We would like to continue this up to our next generations. A few years back we don't know about ATM, CDM, Net banking, Mobile banking, etc.

But now we know very well about that all things. As same as some villagers also don't know about the above things. But now they using very well even uneducated people's also.

I think in future those who are villagers also can know how to use digital marketing. Paperless transactions.

When we are using paperless work even we can reduce global warming also.

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Gopal said: (Jan 19, 2019)  
Hello everyone, today we are going to discuss about cashless transaction. Yes, in India 70% of then are doing now cashless transaction through net banking, Patym, Google pay, phone pay soon. Remaining of them who are come from villages, uneducated people are not ready to do by they not able to understand. Anyway, nowadays India is digitalized. It helps to control of black money and corruption. It leads to a growth country.

So we need to support the cashless transaction by giving awareness about it.

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Vikas Bhatt said: (Jan 10, 2019)  
Good morning everyone my name is Vikas. As per my point of view, cashless currency is very useful for every people. We don't need to keep money in our pocket and chances of thieve your money is reduce. Fear in the people heart has been vanished now a days. However world is not completely ready for cashless money. People who are from villages are not able to understand cashless currency and they are not interested in this. For awareness of cashless currency, the Indian government should take the seminar for developing interest and conveying benefits of cashless money.

Rate this: +9 -7


Vivek said: (Dec 25, 2018)  
Hello everyone !

What is cashless currency?

Cashless currency means you are doing transaction digitally without involving printed paper notes or coins.

So today our topic is "Is the world ready for cashless currency?".

So as per my opinion, no whole world is not ready for the cashless economy but if developed countries give some supply to the underdeveloped and developing countries so it becomes possible.

Problems because of the world not ready for cashless currency.

1. Many countries are underdeveloping so there is no electricity, no network so it can not be possible.

2. The technology of underdeveloped and developing countries are not so good so they can not handle it.

3. Connectivity of the network is not so good.

4. Illiteracy of these countries is also a big issue for cashless currency.

5. Hacking or spying is also a big issue.

7. Leakage of personal information because of unawareness.

8. For cashless currency, the minimum requirement is a mobile phone but there are present many countries which are not able to fulfil their basic needs.

So the conclusion is that first we focus on the basic needs of the countries and also should focus on cashless currency.

Thank you.

Rate this: +31 -5


Akashthapa said: (Dec 9, 2018)  
In my point to view, the cashless currency will be good if a country has no other issue like poverty and internet issue. In India, it is very hard to implement cashless currency. Here lots of people still live on other dependencies. Like many beggars live in Jhoparpatti and they asked for money from us in train Or buses. In cashless currency how we help them? In that way, we cannot give them money for help. Cashless is not fully safe. We have seen Ransomware attack in a European country. Hackers hack the important file of many people. It is very easy to hack other accounts within a min for hackers It's is not guaranty that your money is safe. Firstly, we have to start from the bottom.

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Dharitri said: (Nov 16, 2018)  
Hello friends,

In my point of view, the world is not completely ready for the cashless currency because it is only helpful for the people who are educated or lives in town area where has internet connections, otherwise it is not helping the people who are don't know the use of mobile or not educated. And after all these some of the place having slow internet access that's why some people are suffering badly like sometime during the transaction, the transaction is stopped and later it is very difficult to refund. After solving all the problem, the world can ready for the cashless currency.

Thank you.

Rate this: +20 -1


Pank said: (Oct 24, 2018)  
Hi,

According to me, we can not go completely cashless we need to have some money in our pocket for miscellaneous uses. Cashless means to reduce the use of cash. The government need to teach the methods of the cashless transaction through the various program to those people who do not have any idea about the appropriate use of the system. Otherwise, these people can be trapped easily. Cyber security must be enhanced for reliable transactions. According to me, the government need to work on to develop a much safer system before going completely cashless.

Rate this: +9 -1


Chandan said: (Oct 5, 2018)  
Hi, This is Chandan.

Thank you all to me giving this wonderful opportunity.

According to me, the world is absolutely ready for the cashless currency there are some following points:

Save time: people don't have a sufficient time to one place to another place to save time it is a good way to transferring a money and go cashless.

Security: The cashless transaction is totally secure there is a very less chance that you May lost the money otherwise it ja totally secure.

These are some points that make a cashless transaction good and very efficient.

Part of this people is getting some amazing price for using cashless transaction so it is also making them very interesting.

But also one disadvantage is that it is making an addiction to the people are getting addicted to their mobile phones that is not good.

Thanks.

Rate this: +8 -19


Shubham said: (Sep 17, 2018)  
Hello everyone.

This is Shubham and I would like to thank you for giving me this opportunity to speak.

My view is,

Since the word cashless comes in our mind after the demonetisation held by our government after a long gap of years and before that more than 50% of people do not know about it. As we know that most of the people of our country belong to rural areas and many of them do not have a bank account plus very less amount of people properly know how to use online transactions. So I think first of all it is the need of the hour to spread the proper education among others related to cashless transactions and teach them the benefits of the cashless economy system. Narendra Modi's government had taken a huge step to make India a cashless economy system but their plan was not proper and civilised. So my conclusion is it takes time for India to make a complete cashless economy system but it is not too far if this government will go in the right direction.

Thank you.

Rate this: +66 -6


Payal said: (Aug 30, 2018)  
Most of the countries in the world already adopted the system of going cashless and they are running well. But the problem is going cashless means getting digitalized for which internet connectivity and literacy is required. Regional disparities can be seen in many countries. This means a certain percentage of the population of that country can avail the benefits of going cashless but the remaining percentage of people first have to learn how to use it. For this, all the regions of a country have to be properly connected with banks also. So, the world is completely not ready for cashless currency. Also, there are a number of situations where cash is required.

Rate this: +26 -3


Monisha said: (Aug 27, 2018)  
I want to add on to this as I agree with all of you. I think people are not yet ready for cashless economy as educated people are availing all the facilities but the poor n uneducated people are lacking behind. All big showrooms, shops are being cashless but what about those sellers who sell their products on street or those small shopkeepers who dnt know about the internet. First, there need to educate people n slowly slowly give them access to use.

Rate this: +24 -4


Atul Kachhi said: (Aug 23, 2018)  
Hello everyone Atul here.

I would like to thanks to share my thoughts in front of you.

I agree to become INDIA cashless because in that process time consuming, safe money transfer, any everything buy online.

Thanks.

Rate this: +3 -26


Shreya said: (Aug 17, 2018)  
According to me, only those people are ready who knows how to use the internet. Those who do not know how to use a smartphone or laptop can't do this. Without good speed, online transactions can't be done. And there are many countries where people are not digitally literate like India where population living in rural areas don't know how to use the internet. Before making this world cashless digital literacy and internet neutrality are important points which should be focused on.

Rate this: +17 -4


Ganesh said: (Aug 16, 2018)  
Hi, all.

My view is,

The world ready for cashless currency, it had a lot of advantages for cashless. Every transaction is recorded and we are reduced to fake currency, we are purchased through online, we don't carry to liquid cash.

Few countries are not ready for cashless, most of the people not trusted cashless transactions. They scared about cashless.

Rate this: +6 -11


Bhairavi.D said: (Aug 5, 2018)  
Hello Everyone!

I would like to thanks for giving me an opportunity to express my views.

Our gov started the system of the cashless economy with demonetization. There are various advantages of cashless economy. All the transactions are transparent, as a result people can't evade from paying taxes. Online transactions are quick saving time and human effort. But considering the fact that almost 60% of Indians are from rural areas, they lack the education, most of them don't have smartphones and also some don't even have their bank accounts.

Thus at this present moment, we are not ready to go cashless completely. We need to organize education camps, guiding them about how the cashless economy works. In near future, we can see India as a cashless country.

Rate this: +61 -3


Nskr said: (Aug 3, 2018)  
I am very glad to speak on this topic.

No, I believe that world is not ready to take cashless economy. Because cashless economy means usage of interest resources to make transactions and payments. Only those who are educated can make use of it but uneducated people will suffer and sometimes they will lose money by faulty transactions. Why because all of us know that in India there are so many uneducated people are there and their don't know how to use the internet and make transactions. So before employing any move towards digitalisation government duity to make some introduction programs to create enthusiasm among those people who will really helpful for our further move to make our India developed country.

My conclusion,

I believe that at this moment world is not ready to give thier hands towards cashless currency but definitely in future they are ready to take our smart move.

Rate this: +15 -4


Is the World Ready for Cashless Currency?

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