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.

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.

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.

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.

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.

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.

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.

In my opinion, the World is progressive towards cashless currency. There are several countries that have marked a remarkable success in implementing cashless currency but while talking about the world, there are other countries too for we have to take into account.

There are still numerous places where basic amenities are not even available to people, so in such a condition, talking about cashless currency would be a waste for these people. Though cashless currency brings several benefits but we should also take its disadvantages in count. The world is moving towards cashless currency at a very fast pace. What we can do to make it reach in every corner is educate people, provide them with tools, and make it accessible for them and In the near future world will be a cashless currency.

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.

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.