Is the World Ready for Cashless Currency?

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.

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.

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.

Hello friends,

My name is Kavita.

Thank you for giving me an opportunity to say something about the world is ready for cashless currency,

As per me, the world is not ready for cashless currency because there are two types of people who are living in this world from that some are educated & some are uneducated so there is the creation of lots of problems. 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 & very less amount of people properly know how to use online transactions. So I conclude that till the world is not ready for cashless currency.

Thank you.

The coin has two sides, similarly this topic "Is world Ready for Cashless Currency" has both advantages and disadvantages. Like we can't directly say the world should shift into cashless currency. Taking about the advantages, like our country India is no 1 in digital payment just because of UPI after demonetization in the year 2016. Just by carrying our phone, we can go to the market, buy different kinds of stuff, and there is no fear of pickpocketing. In case our mobile got stolen we can just clear our data from the pc's, also there is a password before doing any payment through UPI. As a result, there is no risk of getting affected in case our phone got stolen. Now looking into the other side, there are times when there is network issues. We have to wait till the time the payment is getting successfully. Sometimes we have to return without buying anything. The next thing is we are hugely prone to cybercrime. This is the main disadvantage of the Cashless system. I want to conclude that we should have to keep some amount of cash for emergencies and have to be aware of cybercrime. Thank you.

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.

Hello everyone,

This is an interesting topic in today's world scenario.

No, I think this is not the correct time to shift to cashless currency.

The basic need for a cashless currency is a smartphone which is not affordable by some people. The next basic need is a strong internet connection for transactions. Not everyone with smartphone can pay for the internet.

But in near future, it is possible for a cashless currency.

Hello everyone.

Cashless currency is an important step towards reducing corruption and also making the transaction easier. But it comes with lots of requisite.

1. The country needs to have a good quality of the smartphone.
2. The country needs to have good internet speed.
3. The country should have a good interface for transaction online which is both secure and that doesn't fail.
These steps will ensure low-cost cashless economy, unlike the pos machine which was costlier.
UPI in India and the Alipay and the Tenpay in China has shown that is possible to make the cashless currency a possibility.

Therefore even countries in every part of the world can have a cashless economy if provided with these services.

Hello Everyone,

This topic is very relevant in the present scenario.

Here, I can say that it's not the time to adopt the cashless currency. As covid-19 hit the whole world very badly and for that reason we have seen that many people started using online transactions to avoid the spread of the virus while handing over money. But while doing such online transactions many problems have arisen like network problems, lack of proper knowledge while making payment, bank server issues. We can see here the problems and add with that there are infrastructure problems, many people don't have smartphones and proper internet connection. If we go for cashless currency there are also chances for flaws in the system from where anyone can get personal information as we have already seen before.

For these reasons, we are not ready for cashless currency.

Thank you.

Hello all,

Thanks for giving me this opportunity.

Yes. The world is ready for cashless or for digital payments. Many nations like India, China, US, etc are forwarding steps for it and are encouraging people to make online transactions.

In India, after demonetization in Nov 2016 National Payments Corporation of India had unveiled with UPI (User Payment Interface) for going cashless. After this scenario, online transactions are boosted with the entering of players like Paytm, Google Pay and PhonePay, etc. There came a situation, wherefrom Vegetable vendor to Shopping malls started accepting UPI payments. To soar the condition, the Government introduced customers to pay expenses such as Electricity Bill and Booking travel tickets through online following payment apps attracted by offering discounts and cashback.

Another good example to consider is Sweden which reached 95% of the payments as cashless and to be the first country in the world to be completely cashless by 2023.

However, there are certain challenges to be noted in online transactions such as network and security issues. Governments are still enhancing to deliver the best and looking for a bright future.