Merits and Demerits of Cashless Economy

Hello Everyone.

Cashless Economy means using mobile transactions not physical transactions by using apps like Phonepe, Gapy, Paytm Etc.

By using Mobile Transactions physical transactions can be reduced and robbery of the cash can be reduced but using mobile transactions is also a threat of Cyber security services some fake Websites can loot many by hacking. & Cashless payment can be difficult for illiterate people they can be confused by it.

So everything has a positive & negative.

Main Advantage of the cashless Economy is we can pay the amount without any care that we have change or not. & the transaction can be fast and Safe.

Good evening everyone.

I am Nikhil Krishna Kumar.

Firstly,

Thanks for giving me this opportunity and today's topic is cashless economy.

Firstly, we want to understand what is a cashless economy it means there is no physical transaction of money and the money is transferred directly from one bank account to another bank account by using a digital payment method.

Advantages of the cashless economy.

1. Fast and secure transaction of money.
2. Reduce paper consumption.
3 it will reduce theft.
4 it reduces corruption and black money.

Hello everyone. Thank you so much for allowing me to speak on cashless topics merits and demerits.

Merits.

It's easy to transfer money and it does not take too much time to transfer.
It is beneficial for us because we used to carry cash all the time and sometimes it was risky and robbery etc.
One more point is that as we use a lot of UPI accounts such as Google Pay, phone Pay and mobile banking we can see our transactions whenever we require.

Demerits:

It is not good for uneducated people because they don't know how to use and it works.
It is risky for those people who lack knowledge and backing knowledge because they face a lot of issues, and sometimes they lose their money from scams etc.

The cashless economy is a new way of doing business. It's faster, safer and easier than handing over notes or coins to buy things in person.

The cashless economy refers to the transactions made using debit cards and credit cards that are linked to bank accounts.

A lot of people have started using their mobile phones for payments instead of carrying cash around with them so they can save time, effort and money when shopping or paying bills online or at restaurants etc.

The biggest benefit of a cashless economy is that it's safer. With more and more people using cashless transactions, you can be sure that your money isn't going to get lost or stolen.

The following companies use cashless cards:

Small businesses, such as restaurants and shops, are the most likely to use a cashless card system.

Transaction speed is much faster with a cashless system. You can use your phone or card to make purchases in seconds instead of standing in long lines waiting for cashiers to ring up your purchase.

Conclusion:

A cashless economy making life easier for customers and businesses alike, this payment method has only just begun its reign as one of the most popular payment methods around today.

Hello all.

A cashless society is the flow of money that does not exist. Money are flowing directly from the sender to the receiver bank through digital technologies like net banking, UPI, mobile banking etc.
It has two faces as usual merits and demerits.

Merits:
* It saves time a lot.
* It saves fake notes.
* We can see the history any time of all transactions.
* We don't need to carry too much money as it will transfer from the mobile.

Demerits:
* There are many scams as it is a digital process and have a privacy issue.
* Uneducated people face complications through digital transfer.
* We can't rely on this because this works on servers and the internet which is not available in some places.

Hello, friends good morning /evening.

I am Ajfer Intekhab. Thanks for providing this opportunity to speak on the topic cashless economy. First of all, understand the meaning of a cashless economy. It is an economy which doesn't use any physical cash for transactions but rather it would be directly paid to the receiver account.

In my point of view, every coin has two sides so a cashless economy has both merits as well as demerits.

MERITS:
1. It saves a lot of time in sending money to someone's bank account.
2. Corruption, Robbery and loss due to damaged of cash will be eliminated.
3. Cashless economy helps us in using online services like recharges, booking tickets, and online shopping in a much easier and safer way.

DEMERITS:

1. We may have to face server issues sometimes.
2. Cyber crimes also increase due to a cashless economy as getting money from someone's account is much easier and faster now.
3. Illiterate and unaware sectors of society may not get benefitted from a cashless economy due to a lack of technical knowledge.

Every innovation will have some merits and demerits but since we as humans can live together in a trust-based society, the merits of most innovations outweigh the demerits.

The merits are:.

A) Independence from physical currency:- It gives us the freedom to transact any required amount without the risk and hastle of carrying physical currency.

B) Ease of access:- With rapid rise in technology penetration, cashless transactions are being used by the smallest of vendors to seamlessly transact without any barriers. This technology has proven so easy that even remotest villages have people transacting cashless-ly.

C) Lesser corruption:- With each transaction being digitally recorded and stored, the scope for corruption using cash is reduced hugely. Each transaction is accounted for. Making huge transactions in govt businesses cashless mandatory will remove the scope of corruption.

D) Advanced concepts of crypto-currencies, digital currency and decentralized currencies are the future of our society which allow free markets to exist without govt intervention and single-party manipulation.

Conversely, the following demerits emerge :-.

A) Dependence on technology:- Completely shifting to cashless will make all of us more and more dependent on technology and this at the mercy of the people who control this technology.

B) Lesser privacy:- Since every transaction is being recorded, we also give away our private information such as location, devices used, our choices, etc which takes away our privacy and makes it easier to track our activities. This can be used in malicious ways if someone wants to.

C) Technological illiteracy:- Given the vast population of India, there are a huge number of people who simply do not have access to any technology and are illiterate in that aspect. Making everything cashless will cut off the services to millions of people. Older people become more and more dependent on the younger generation to learn and use this technology.

D) Cyber threats:- Rise in technology also has brought about a rise in cyber threats. Naive people, especially old people, often fall into traps of phishing, scams and extortion because of their limited knowledge of technology. Even major banks face cyber threats from hostile parties trying to damage the country. So cyber threats are a serious demerit of a cashless economy.

Given the above merits and demerits, I believe many of the demerits can be solved by working together to build a trust-based society and technology. If we can create trust between the entities providing the technology and the end users to not misuse each other's situation, then we can steadily build a reliable system of a cashless economy. In general, with a little increased awareness of technology and related threats, most cyber threats can be tackled. Thus, I believe that the merits of a cashless economy is more than the demerits.

Hello everyone, Today I will be sharing the merit and demerit of a cashless economy.

Let us first understand the meaning of the Cashless economy, It is an economy where based on the idea of eliminating of physical cash and replacing it with other alternatives like- the digital rupee, UPI or any other electronic facility.

Let us first discuss the Merits of a cashless economy;

1. The first merit of the cashless economy will be it will eliminate unaccounted money from the economy since every transaction happening in the economy will pass through any banking medium.

2. It will help in countering black money, corruption and anonymous transactions.

3. It will save crores of rupees every year government has to spend on printing cash. The money saved can be used for other alternative welfare measures.

4. Since there is no need to carry physical cash, there are fewer chances of losing cash or any theft.

Demerits.

1. A majority of our elderly population will be deprived of the benefit of a cashless economy due to a lack of technical unawareness.

2. There will be a huge cost in streamlining functioning of the cashless economy that may outweigh its advantage,

3. There will always be a risk of hacking or any other malpractices that make common people prone to any unethical practices.

Hi everyone.

Today we are discuss about cashless economy.

Every coin have two faces first is good and second one is bad.

First we discuss about merits.

- cashless economy is reduced our time to make a payment compare to offline cash.

- To reduce the chances of thife and robbery.

-If we forgot our wallet at home we make a payment through online UPI.

Demerits.

The disadvantage of cashless economy is the old people don't know how to use online payment.

Nowadays online hacking is increase Day by day.

In rural areas, the cashless economy is not successful because there is a network issue.

Good evening everyone.

Today I am going to present my views regarding the topic. Cashless economy.

So first of all, we will see that what is cashless economy.

So it is a mode of payment with using the paper cash or physical currency or it is a digital transaction of money.

I think cashless economy is our step towards the progress as we know that world is progressing day by day and our world has already developed so much. So in this era of progress cashless economy is a good initiative. As we are seeing that.

All the developed countries using cashless economy. As everything has pros and cons. So it too have cons as well as pros.

Advantage.

1. This mode of payment is less time consuming.

2. It will reduce theft.

3. It will reduce corruption and black money.

4. It will also stop counterfeit money.

5. It will reduce the expenses on printing and carrying of physical currency as every year 500crore something ruppes expend on transport and security to carry the physical money from RBI to various banks. It will also reduce the deforestation.

6. People have not to carry huge amount of cash with them. So is reduce robbery as well.

Disadvantages.

1. This mode of payment is useless for illiterate population.

2 old age people have to depend on young people for payment.

3. For country like India where large no of people are still not educated it become difficult to use it.

4. Cyber crime.