Is the World Ready for Cashless Currency?

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.

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!

Every new thing is quite difficult initially but once it become routine it will be more helpful to us. Cashless currency is an advantage to everyone but it will be more convenient to workers who are not always ready to connect with banks at all times. Cashless economy will save time of ours and it will become easy for transaction of money.

Now-a-days we see that almost each person (atleast one) in a home have android mobile phones which will be suitable for transactions of money. As these android applictions are not very tough to handle everyone can able to drive it. Some basic and easy steps we have to follow.

There's present 4G connections at every places even in rural area also, hence thse problems also can be resolved.

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.

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.

Hello everyone.

My Name is Sagar Rathee.

In my opinion, apart from the digitalisation of the world, we are not at that stage of inclusion of each and every person in this process.

Here, it requires a plethora of stringent steps at national and international level both:

1) To aware and educate the minorities which are still deprived of technology.

2) to enhance the budget expenditure in digitalisation so that everyone can have access to technology.

3) to install a rich Web of the network as a proper Internet is the main pre-requisite.

4) and also to set up programs or committees for awareness regarding Cyber Security.

Hence the concept of cashless economy is a necessary evil. After taking proper steps in upcoming 5 to 10 years we can head toward a complete cashless economy.

Thanks a lot.

Good morning everyone. My name is Rohit Lohar and today we are going to discuss, is the world ready for cashless currency.

In my point of view, today world is not ready for cashless currency.

Because many countries are remains to develop and many countries are still developing. If we start cashless curency that day there will be many problems in all over the world. Some countries like USA, China, UK, Britain are the developed countries, they can use useless currency. If we wants to do cashless currency then we have to develop our country in every respects. We have to increase our G.D.P. For cashless currency, a country should independent in all respects. It may be in future but now a days it is not possible.

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.

According to me, the world is not completely ready for cashless money. It is one of the best tech revolutions in late 20's no doubt, but the world is not completely ready for it because many people can't even afford a smartphone and many of those who have a smartphone have a lack of knowledge on how to use it. As the most important requirement for doing a cashless transaction is a smartphone most of the people can't afford it. It is a known fact that cashless transactions are fast, secured (no chance of robbery), and as the technologies are evolving almost every company provides a medium for the cashless transaction but the most important need is the knowledge of how to use it.

Thank you.

Hello everyone.

According to my opinion, the world is ready for cashless economy. It is one of the great idea.

Now the online transactions will be done through some apps like paytm, google pay and other apps which made the life easier. There will be no carrying of money in hand or in the bag to transfer the money by standing in que in banks because of cashless economy. Cashless economy is good initiative as it consumes less time to transfer our money to anyone.

This is very useful for today's generation as everyone has cell phone.