Is the World Ready for Cashless Currency?

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.

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.

According to me, this is not a perfect time for the cashless economy because in developing country the main problem is that literacy rate and lack of awareness of the internet.

In India, there are so many rural people they don't know how to use internet efficiently so they got into trouble with hacking and all sort of things and they have fear about security and misinformation.

So, the main thing the government has to implement is awareness among rural people and good infrastructure for digital security over digital payment.

But also there are many benefits for cashless like lower risk of carrying money, reduce cost of printing new notes, ease of financial transaction.

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.

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.

Hello.

Guys, I don't think so everyone is ready for the cashless currency because of in our era different kind of people and everyone has own way of thinking well in our country, not all the people are educated firstly we should educate him and if we ever meet uneducated person we should encourage them we are the future of INDIA.

As per me, India is not ready to do so, because as India is still a developing country, instead of making the people aware of the technology, it invests more on the unnecessary aspects, so if we can make the hard work of poor or uneducated people as smart work, then everyone can go with this cashless currency.

Not only India even the world is not perfectly ready for cashless currency. We still improve a lot in every and every aspect to make the world cashless currency.

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.

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.