Is the World Ready for Cashless Currency?

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.

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.

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.

No, because if we go digital our currency has 85%chance to got stolen because on the other hand there is cybercrime.

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.

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.

Hi,

Thank you for giving an opportunity for me to share my knowledge on this topic.

According to me, the world is not ready because all the people don't know how to use online because some people are from the village and some are uneducated and some people fear about online problems because of this all are not ready to cashless currency.

Yeah. First of all, thank you so much for giving the opportunity. Myself I'm Aslaam. So now coming to our topic, the topic is cashless currency.

1. Nowadays digital marketing is the very fastest growing thing. We would like to continue this up to our next generations. A few years back we don't know about ATM, CDM, Net banking, Mobile banking, etc.

But now we know very well about that all things. As same as some villagers also don't know about the above things. But now they using very well even uneducated people's also.

I think in future those who are villagers also can know how to use digital marketing. Paperless transactions.

When we are using paperless work even we can reduce global warming also.

Hello everyone, today we are going to discuss about cashless transaction. Yes, in India 70% of then are doing now cashless transaction through net banking, Patym, Google pay, phone pay soon. Remaining of them who are come from villages, uneducated people are not ready to do by they not able to understand. Anyway, nowadays India is digitalized. It helps to control of black money and corruption. It leads to a growth country.

So we need to support the cashless transaction by giving awareness about it.

Good morning everyone my name is Vikas. As per my point of view, cashless currency is very useful for every people. We don't need to keep money in our pocket and chances of thieve your money is reduce. Fear in the people heart has been vanished now a days. However world is not completely ready for cashless money. People who are from villages are not able to understand cashless currency and they are not interested in this. For awareness of cashless currency, the Indian government should take the seminar for developing interest and conveying benefits of cashless money.