Is the World Ready for Cashless Currency?
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53 comments Page 1 of 6.
Shraddha Jain said:
6 years ago
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.
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.
(19)
SHUBHAM PAWAR said:
6 years ago
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.
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.
(68)
Ahmed Abdullah said:
1 year ago
Good morning to everyone present.
Today, I would like to share my perspective on cashless currency and its implications on our daily lives.
The subject is important, as it concerns the entire human existence.
While we strive to complete our daily tasks efficiently and within the stipulated time, we must also consider the security aspects of cashless transactions. Undoubtedly, cashless currency offers numerous benefits, such as time and energy savings. However, it is crucial to address the potential risks associated with this system. If our devices are compromised by unauthorized access to third-party websites or applications, our personal data and financial transactions may be at risk. This could lead to dissatisfaction and a lack of confidence in the cashless system.
It is essential to acknowledge that many foreign nations have achieved remarkable success in implementing cashless currency. Their accomplishments can be attributed to the establishment of robust policies that prioritize the privacy and security of each individual. Therefore, we must focus on education and knowledge regarding the safe and efficient use of online applications and precautionary measures for cashless transactions and net banking.
In conclusion, the adoption of cashless currency requires a balanced approach, taking into account the benefits and potential risks.
By promoting awareness and implementing effective policies, we can ensure a secure and efficient cashless system for the betterment of society.
Today, I would like to share my perspective on cashless currency and its implications on our daily lives.
The subject is important, as it concerns the entire human existence.
While we strive to complete our daily tasks efficiently and within the stipulated time, we must also consider the security aspects of cashless transactions. Undoubtedly, cashless currency offers numerous benefits, such as time and energy savings. However, it is crucial to address the potential risks associated with this system. If our devices are compromised by unauthorized access to third-party websites or applications, our personal data and financial transactions may be at risk. This could lead to dissatisfaction and a lack of confidence in the cashless system.
It is essential to acknowledge that many foreign nations have achieved remarkable success in implementing cashless currency. Their accomplishments can be attributed to the establishment of robust policies that prioritize the privacy and security of each individual. Therefore, we must focus on education and knowledge regarding the safe and efficient use of online applications and precautionary measures for cashless transactions and net banking.
In conclusion, the adoption of cashless currency requires a balanced approach, taking into account the benefits and potential risks.
By promoting awareness and implementing effective policies, we can ensure a secure and efficient cashless system for the betterment of society.
(13)
Poonam said:
5 years ago
Hello everyone.
What have topic to discuss here that is "is the world ready for the cashless economy".
In today's century not 100% people are ready for a cashless economy. Not all people are familiar with digital technology.
There are some challenges in front of the world before moving towards a cashless economy. Still, there are some people who cannot understand the cashless transaction. Not every person have a smartphone to go with the digital transaction. There is poor network connectivity in many regions. Now many people stopped the cashless transaction due to charges applied by gov on the digital payment transaction.
First, we have to sort out all these issues then only we can move for a cashless economy.
Steps to be taken.
1. Provide knowledge to the people about the cashless transaction.
2. Affordable smartphone to economically enabled people.
3. Fastest and strong network connectivity in all-region.
4. There should be a free digital transaction.
5. Gov have to improve cybersecurity and have to set awareness to progress me on cybercrime security.
In my opinion, now the world is not ready for a cashless economy. First of all, countries have to develop digitally. People first have to grow with digital services. People need time to learn and adapt changes. Then only we can be ready cashless economy.
What have topic to discuss here that is "is the world ready for the cashless economy".
In today's century not 100% people are ready for a cashless economy. Not all people are familiar with digital technology.
There are some challenges in front of the world before moving towards a cashless economy. Still, there are some people who cannot understand the cashless transaction. Not every person have a smartphone to go with the digital transaction. There is poor network connectivity in many regions. Now many people stopped the cashless transaction due to charges applied by gov on the digital payment transaction.
First, we have to sort out all these issues then only we can move for a cashless economy.
Steps to be taken.
1. Provide knowledge to the people about the cashless transaction.
2. Affordable smartphone to economically enabled people.
3. Fastest and strong network connectivity in all-region.
4. There should be a free digital transaction.
5. Gov have to improve cybersecurity and have to set awareness to progress me on cybercrime security.
In my opinion, now the world is not ready for a cashless economy. First of all, countries have to develop digitally. People first have to grow with digital services. People need time to learn and adapt changes. Then only we can be ready cashless economy.
(19)
Vivek said:
7 years ago
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.
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.
(50)
Zoey said:
5 years ago
Hi, everyone,
To begin with, a cashless economy is an impactful topic where one can express many thoughts about it. However, the cashless economy is a good topic to discuss and debate but is it applicable now? The question remains unanswered. A shift to the cashless economy means the world and India is ready for a substantial change however, while some may be ready others may not. The cashless economy revolves more around the more developing countries where such technology is feasible. But the World around may not be ready for it. I was really impressed by one participant when he said that for the cashless economy we need a smartphone for it to operate which I believe is true one cannot have access to such technology without a smartphone. Internet connection plays a vital role in such functioning as well. But another aspect is the willingness to operate while some may agree some may be hesitant because of lack of information or negligence. Poor and underdeveloped countries may not be willing to switch because of many economic, political, social reasons which have to be taken into consideration. Thus we can conclude that the World and India are not ready for a cashless economy.
To begin with, a cashless economy is an impactful topic where one can express many thoughts about it. However, the cashless economy is a good topic to discuss and debate but is it applicable now? The question remains unanswered. A shift to the cashless economy means the world and India is ready for a substantial change however, while some may be ready others may not. The cashless economy revolves more around the more developing countries where such technology is feasible. But the World around may not be ready for it. I was really impressed by one participant when he said that for the cashless economy we need a smartphone for it to operate which I believe is true one cannot have access to such technology without a smartphone. Internet connection plays a vital role in such functioning as well. But another aspect is the willingness to operate while some may agree some may be hesitant because of lack of information or negligence. Poor and underdeveloped countries may not be willing to switch because of many economic, political, social reasons which have to be taken into consideration. Thus we can conclude that the World and India are not ready for a cashless economy.
(9)
AbhiRam said:
6 years ago
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.
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.
(32)
Shadma said:
4 years ago
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.
(51)
Manisha said:
4 years ago
Hi everyone,
This topic is quite interesting to discuss as everyone in the world is not ready for cashless currency. As there are some developing and underdeveloped countries are there which still doesn't have a strong network connection and also awareness is not there. So, first of all some steps have to be taken to get the world ready for cashless currency -.
A strong network connection should be provided everywhere in the world.
Smartphones required for cashless currency.
Awareness and education should be given to peoples about cashless currency.
Cybersecurity should be improved.
By doing all these measures we can achieve cashless currency in the world. Now we will see the advantages of cashless currency-.
It saves a lot of time and it's very convenient.
The safest measure of payments no risk of robbery and no need to carry much cash with us.
No expenditure required to print currency.
No worries to count much cash and also no chances of error as we don't need to count it.
But before all these, we have to take some steps to get ready for it.
Thanks a lot!
This topic is quite interesting to discuss as everyone in the world is not ready for cashless currency. As there are some developing and underdeveloped countries are there which still doesn't have a strong network connection and also awareness is not there. So, first of all some steps have to be taken to get the world ready for cashless currency -.
A strong network connection should be provided everywhere in the world.
Smartphones required for cashless currency.
Awareness and education should be given to peoples about cashless currency.
Cybersecurity should be improved.
By doing all these measures we can achieve cashless currency in the world. Now we will see the advantages of cashless currency-.
It saves a lot of time and it's very convenient.
The safest measure of payments no risk of robbery and no need to carry much cash with us.
No expenditure required to print currency.
No worries to count much cash and also no chances of error as we don't need to count it.
But before all these, we have to take some steps to get ready for it.
Thanks a lot!
(22)
Divyansh said:
5 years ago
Hi everyone!
Today our topic is that the world ready is for a cashless economy.
I totally agree with this topic. Because in today's generation almost every people have mobile phones that's why they are able to use a cashless economy. And there are many resources are also developed day-by-day like paytm, phonepay and google pay etc. With the help of this we can be part of using a cashless economy and saves our time too. It is also a little bit risky to use these apps because there is also increase cyber crime but it is less risky than an offline payment. And there is not much awareness about this cashless economy but overall it is very essential for us and it helps us more and we all want to aware of those people who are not aware of this thing by which they are also capable to take profit of this thing.
Finally, I want to say that a cashless economy is very beneficial for our society and we all want to use it and saves our time and increase in the development of our country in the field of science.
Thank you.
Today our topic is that the world ready is for a cashless economy.
I totally agree with this topic. Because in today's generation almost every people have mobile phones that's why they are able to use a cashless economy. And there are many resources are also developed day-by-day like paytm, phonepay and google pay etc. With the help of this we can be part of using a cashless economy and saves our time too. It is also a little bit risky to use these apps because there is also increase cyber crime but it is less risky than an offline payment. And there is not much awareness about this cashless economy but overall it is very essential for us and it helps us more and we all want to aware of those people who are not aware of this thing by which they are also capable to take profit of this thing.
Finally, I want to say that a cashless economy is very beneficial for our society and we all want to use it and saves our time and increase in the development of our country in the field of science.
Thank you.
(23)
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