Is the World Ready for Cashless Currency?

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.

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.

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.

According to me, this decision needs time and resources, which we both lack. There are more than 60% of rural areas completely unaware about the cashless system and those who even know about it are scared to use it. The lack of knowledge about the system eventually leads to all sorts of problems and Hacking is the real concern.

So To make India ready for Cashless System I think the government should take initiative and carry out activities in rural as well as in the places where internet is out of reach, make peopleware of the system, teach them how it works and its benefits.

Only then we can take a step towards building a developed India instead of the developing one!

Thanks.

Hi,

In my opinion, several parts of the world are ready and several are not, depending on the development of the country and its people. Some countries are well developed and can go with cashless currency, in fact, they are doing it for 75% of transactions as we speak, but there are developing and undeveloped countries also and they will face problems in going cashless and are not ready for cashless currency.

As for India, several people are saying cashless currency will fail because there are uneducated and poor people in India, but as we know people are dynamic and they can adapt to change, and that is what happened in India autorickshaw, panipuri sellers are accepting payments through paytm and other payments app. Though I will say India is not yet ready to go fully cashless but in the future. DEFINITELY.

Thank You.

In my opinion, cashless currency is a huge boost for the growth of an economy. As we all know India is facing a big problem which is existence of black money. Central government has introduced UPI which was a nice decision, as huge chunk of people have moved to making the transactions online, it is an early sign of growth.

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.

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.

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!

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.