Merits and Demerits of Cashless Economy


Group Discussion

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Manikanta said: (Dec 6, 2018)  
Merits:

The Cashless economy means self-banking process.
It would be a good thing to develop our self and time-saving theme.
Most of the thing banking so many people come and go the credit and debit process will be clumsy.
Self-banking means like an ownership transfer and credits.
The main problem is to avoid currency problems in atm machines to deposit money the big line is there and to spend more time, in this service is most useful.
And educate our self and improve our levels and self-dependency like that.

Demerits:

The disadvantage is all are not educated persons, that are not using this method.
One of the most problems is "Hacking".
They are own secure to the money.

Ex: once you can log in this server after completion of your work definitely log out button to click and back to the page.

Rate this: +8 -1


Mishkat Khan said: (Dec 1, 2018)  
The cashless economy will help India to move from developing zone to a developed country.

Advantages:

1. With cashless economy people don't have to waste their time in the long queues, in the bank, waiting for the required transaction to be done.

2. There will be no need to carry money to any place and hence there will be no risk of theft.

3. The problem of change that exists for every now and then can be eliminated by the cashless economy.

4. Corruption can also be reduced to some extent because all the transactions details will get stored in a database and there will be no risk of losing data because of having many backups.

5. Criminal activities will also get reduced.

6. The cashless economy will make India paperless economy and hence there will be a reduction in the usage of paper. This will, in turn, reduce deforestation.

7. The transaction can be done to any account at any place and at any time.

8. Nowadays whenever banks are closed or ATMs are closed people face lot of problems but if it is cashless economy this kind of problems will be completely eliminated as the transaction can be done sitting at home.

9. It has made the shopping go easy as there is no need to carry money to every shop.

10. At any time and at any place we cannot run short of money as cashless economy means carrying account along with ourselves.

11. Are precious time will not be wasted anymore and we don't have to be physically present anywhere during the transactions.

Therefore cashless economy is needed to make India a developed country and rural people should also be educated about how to access new apps that are useful for the transaction.

Rate this: +22 -0


Charan said: (Nov 22, 2018)  
The cashless economy has its own merits and demerits.

If we discuss merits.

India is populated country every government office and banks are always crowded in order to complete the required task you have to waste some of your working hours and have to stand in queue doing nothing hence cashless economy makes every transaction easy.

And coming to demerits.

India is a country with more no. Of villages where most people are illiterates or unaware of cashless payments because of which they are not ready to go cashless.

Hence before making India as the cashless economy, it's the duty of government to implement it in a good manner.

Rate this: +23 -2


Abhishek Rautela said: (Nov 20, 2018)  
In my point of view, India is not ready to go cashless because of poverty and unemployment. These are the two barriers which are creating a problem to go cashless. First of all, we have to work on this then we can go cashless. In India, many people have no money to buy an android phone because of this they are unable to make payment. And second, in India, many people have no basic education because of this they have no knowledge of how to operate a phone. At the time of demonetisation, many big companies went to door to door and told them about the benefit of the cashless economy. They also gave them cashback benefit which motivates the consumer to deal without money. One negative point is that many people have the perception that cashless transaction is not a safe way to make payment. The government did a lot of things to promote the cashless economy. They should find out some different ideas to promote the cashless economy. If the government remove all the negative point of the cashless economy then people will adopt it.

Rate this: +17 -3


Amarjeet Kumar Giri said: (Nov 14, 2018)  
Merits:
1. No need to stand in a queue.
2. Easy to transfer money one account to another all over the world.
3. 2 way authentication made it very secure.
4. Time Saving.

Demerits:
1. it is effortless, making people lazy.
2. Chances of failure due to the low-speed internet.
3. Take time to refund when transaction declined.
4. it is not for everyone.
5. not useful everywhere.

Rate this: +37 -3


Mohd Irfan said: (Nov 14, 2018)  
In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

In the cash economy, people have to spend there a lot of time. Sometimes people did not have cash in their pocket at the time of billing. So cashless economy is a good choice for eliminating these problems.

Merits:

Less time required.
Indirect your money is safe because someone can snatch your money.
Saving paper.
Easy to proceed.

Demerits:

Low internet speed.
If transaction declined difficult to refund.
Chance of hacking.

Rate this: +9 -0


Akshay said: (Nov 13, 2018)  
From my point of view, the Cashless Economy is good for everyone in these days. We don't need to standup in que of bank for transaction. It will also reduce corruption. Like before in every government scheme, there are lot of scandal which came. People didn't get the money of government Scheme. By this every person can save his time. He can easily transfer their money through mobile. We don't need to go anywhere. Cashless Economy is increasing day by day in India.

For the success of cashless, We need to spread awareness regarding that in people. Cyber Security is also the main factor. Govt and private organization both need to improve Cyber Security.

At last, I would like to say, It is good for everyone. We need to welcome that step.

Rate this: +10 -1


Suraj said: (Nov 13, 2018)  
The Cashless economy has both positive and negative aspects. It saves a lot of time that is wasted standing in a queue. Basically it provides ease of transaction. Also it removes the third party involvement in transaction and one has the data for his transaction. So, it reduces corruption also which is one of the biggest advantage.

As well said every coin has two sides so it has some demerits too. Cybersecurity is one of the major issues with this. Many people are not aware of these things so they are easily cheated. Increasing awareness among people can reduce these issues to some extent.

Rate this: +10 -0


Shradhanjali Khatei said: (Nov 5, 2018)  
The Cashless economy is a blessing in disguise for any developing country which wants to develop because it directly benefits the beneficiary without involving any third party. In a country like India where the corruption has imposed its roots from past generation because of which poor people have become poorer and hence this inequality gap has widened, cashless transaction is a 'must' thing to adopt.

Rate this: +10 -6


Himaja said: (Nov 3, 2018)  
Merits of Cashless Economy:

In my point of view, the cashless economy is a great change where cash can be paid even with paise and its major advantage is cash can be transferred at any time to anyone within seconds and some of the employees who spend their free time in making purchases can make online shopping and spend time with their family. The cashless economy can also to some extent reduces corruption as every transaction recorded in the database. No waiting in queue for withdrawing money in banks.

Demerits:

Cyber Security is main problem where hackers can hack all the details of the transaction, govt should give security for personal details including bank details, some of the people are not aware of cashless economy and for them it is a big challenge.

Rate this: +29 -4


Suzi said: (Oct 31, 2018)  
I'm not totally favour of this and not also against of this.

The Cashless economy has some positive side. At first ,we take cash for marketing. But now we take our debit card for marketing Nd forget the budget tention. We can easily transfer money from mobile to mobile. This is a very helpful side of the cashless economy. But there is a negetive side of this. For this cashless economy, our mobile number and Aadhar number is linked with our bank account. So we can easily be hacked by hackers. So I think the cashless economy is good for our country but the government should be more secure the process.

Rate this: +14 -2


Sandy said: (Oct 30, 2018)  
I think that a cashless economy does not do any good things.

Anyone can hack your account anytime we cannot use cashless economy until every citizen in India is properly educated about the ways of cashless economy. I think that keeping cash in home feels more secure for example if you try to order a washing machine on an online site and we do online payment we don't mind for money is gone or not which means earn money can be debited twice due to technical errors are our money can be deducted and order may not be placed so cash on delivery is the best option and we feel secure with this option so cashless economy is best when our cybersecurity increases and every citizen is well educated about how to use cashless economy it is good otherwise when when old people and poorly educated people use cashless economy they have the risk of being cheated thank you.

Rate this: +9 -7


Sainath Waghchaure said: (Oct 30, 2018)  
Hi. It's a great pleasure that India is growing fast. The main tool to development of India is digitalisation and cashless India. As well said that every coin has two sides. There are always some merits and demerits of anything. But according to my perception view cashless India will help to our country to grow fast. Because it reduces the traditional process of banking that stand in line for a half day. But by the cashless system the previous work just happened in 10 min on your fingers with smartphones.

I think there is less demerits than merits which can eliminate by adopting secure technologies.

And one more thing is that first of all we have to remove the fear of fraud by taking learning sessions of cashless India.

Rate this: +29 -2


Akhil Sharma said: (Oct 29, 2018)  
Hello friends.

From my point of view, the cashless economy is a better gesture for India so we all should do the cashless transactions with this we are doing lots of fair things with our country too. As the cashless transactions will be the transparent mode of payment and it increases the range of taxpayers which helps the government in revenue generation we have another benefit also it reduces the fake currency and control on black currency. In Sweden, 99% population uses the cashless mode and now many other countries looking forward towards a cashless economy.

Thank you.

Rate this: +14 -0


Deepak said: (Oct 27, 2018)  
Good evening to all dear friends.

In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.

But there are demerits also.

Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.

And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.

Rate this: +13 -2


Sumeet Singh said: (Oct 27, 2018)  
Hi everyone.

The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.

But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.

Because it's better to do something for a change.

Rate this: +17 -3


Vishal Tyagi said: (Oct 20, 2018)  
Good morning everyone.

Today's topic is merits and demerits of cashless economy.

First of all, the cashless economy is that where people do transaction digital. These are many tools of doing cashless transaction i.e. Paytm, Google pay etc.

Every coin has two sides so the cashless economy has merits and demerits in our economy.

Merits of cashless economy.

1. It reduces the time of people. Nowadays people have not required to standing a bank line to do the transaction.
2. It encourages our economy to become paperless.
3. Easy and secure payment system.
4. Access anywhere.
5. Reduces corruption and make all the transaction record digitally.
6. Reduces criminal activities.

Demerits of the cashless economy:

1. Low internet speed cause of failure of the transaction.
2. Difficult to use for uneducated people.
3. Sometimes bank declines payment and not easily refund money.

Thank you.

Rate this: +139 -12


Surekha said: (Oct 17, 2018)  
I feel that the cashless economy need to be implemented in India. As people cannot Carry much amount with them, where ever they go. By this online transaction are made easy, online exams are conducted, reduction in usage of paper, as only 50% of people make use of it, by the year 2020 it can be made compulsory. The demerits in it is that there are still illiterate people in India, who cannot transaction the money.

Rate this: +15 -10


Aryan said: (Oct 15, 2018)  
Hi everyone.

Myself Aryan.

In my point of view, the cashless economy has more benefits than disadvantages. It helps people to do a quick transfer of money to others which saves time. There is no problem of change, one can give any amount of money from 1 rupee to lakhs. This is also benefitting those who have a small business like vegetable sellers, panipuri wala and many others in keeping their money safe as they are directly adding to their bank account.

Also, this there is less probability of corruption if the government is planning some scheme for poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials.

Rate this: +17 -7


Krishna said: (Oct 13, 2018)  
Hello friends.

As we know that economic development is more inclined toward technology. A cashless economy is also a part thereof and has so many positive aspects as well as negative aspect.

Positive aspects:

1. Reliable and time saving for the transaction of money from one user to another user accounts.
2. Transparency at the governance and individual level ex: many government schemes or fund benefit can be directly put into the beneficiary account.
3. Control on corruption to some extent.
4. Mitigation in the environmental issue (use of paper to print money or some time metal also).
5. Availability of money transfer system for 24 * 7 hrs.
6. Increment in the Security causes decreament in the risk.

Negative aspects:

1. Many people are not aware about cashless economy so they are unable to use it.
2. Literacy is a major factor because it is the primary need to operate it.
3. Chances of failure of transaction and will take more time in refunds create unwanted annoyance in people, But it happens sometime.
4. Less probability of hacking of data.
5. Unavailability of internet connection create a barrier in cashless economy.

Rate this: +46 -9


Satyam Singh Baghel said: (Oct 10, 2018)  
Hi all. Today's topic of discussion is the Merits and Demerits of cashless economy. According to my perception of view, Merits are far enough in number as compared to demerits.

Merit:

The Main advantage of the cashless economy is peoples can save their valuable time which gonna waste in the queue for transactions (in without cashless economy) Now With cashless transaction people can make it by a single click. So transactions can me made paperlessly and this paperless transaction leads to deforestation decrease which is good for our environment.

The main disadvantage of the cashless economy is people need to be educated to work with the internet which is very less in villages.

The internet connection in villages is very slow.

Rate this: +23 -3


Shailendra Anjana said: (Oct 9, 2018)  
Hello, friends.

I have read maximum people view.

I think the government is not tom jack or harry. Government means many people come together and takes a decision on the particular topic. It must have been discussed well about the cashless economy. Yes, it has merit or demerit. You know every coin has two parts head or tell.

Same here people have two aspects positive or negative.

I will only this that this decision was very good by the Indian government or we must respect our government's decision.

Merits.
1. People can save time.
2. There is no need to be a physical presence.
3. Work can be done easily.
4. Save time and resources.
5. It helps to keep away fraud mostly happen.

Demerit.
1. Need to be educated.
2. One should have a habit of operating it.
3. Not Strong connectivity of the internet.
4. Village people are not as smart as they should be in using mobile.

Rate this: +18 -8


Rupesh Kumar said: (Oct 9, 2018)  
Good morning everyone.

Today is discussed on the topic CASHLESS ECONOMY:

The Cashless economy is promoted by our respected prime minister NARENDRA MODI.

1st of all, I would like to say thank.

India is one of the developed countries in the world so we should to corporate.

The cashless economy as like net banking google pay phone pe etc.

It is very useful for us because it is saved to time tree pen and paper. In a cashless economy, no any persons are black money store because if you store money or any other country transaction then your record is available so it very useful to us.

It has some demerits.
1: It is not more many securities.
2: It is not uneducated people.
3: In this process always should internet connection.
4: Password problem.
However, it is good technology.

Rate this: +10 -14


Shaikh Shoaib said: (Oct 7, 2018)  
The Cashless economy is very precious as well as accurate method while transaction. The main factor is that to save the trees and our valuable time.

Two hours work gets done in a few seconds.

The only one demerits is the cashless economy is useful for only educated person.

Rate this: +6 -4


Pavan said: (Oct 7, 2018)  
Hi friends.

As my friend, told the cashless economy is a good initiative by the government. My this it is easy to know the how much transaction is going on and by this we can track the black money holders and their will be an esay calculations.

Rate this: +4 -4


Manish Nagore said: (Oct 6, 2018)  
According to me, the cashless economy is good but it is not successful because it can be used only educated people but if I would like to say about many uneducated people and they so work daily salary based and they don't know about how to use anything like debit card and any other applications it can be very difficult so it can be demerits for our contact people it should not be done.

Rate this: +6 -1


Ram said: (Oct 6, 2018)  
Hi friends.

In My point of view, the cashless is very best because my country, not development is corruption so this corruption is less my country development used to cashless methods so very best to the cashless method.

Rate this: +1 -4


Kanagaraj said: (Oct 6, 2018)  
The cashless economy is geat for educated people but not suited for uneducated people.

Rate this: +4 -11


Sudhansu said: (Oct 5, 2018)  
The Cashless economy is great. It also saves resources like pen paper and time. But in every sector cashless is not possible so there must be a facility of non-cashless economy. Mostly in groud level.

Rate this: +13 -4


Lavita said: (Oct 4, 2018)  
Cashless economy refers to doing all cash/money related activities digitally which includes online transactions, paying the bills, ever-growing money and many more things. As everything has its two faces in the same way the cashless economy has both the merits and demerits.

Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.

Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.

Rate this: +20 -3


Harthik Karthik said: (Oct 2, 2018)  
Cashless Economy refers to the money which is not in terms of paper format which is used for buying or selling something. Economy is nothing but a tool which is used in helping the things to buy or sell something which is needed for us. In earlier the coins are used which further replaced by paper material and now the economy took a shapeless structure where it can be used by avoiding usage of paper material and any another material which is used in olden days.

While speaking about the merits of the cashless economy are.

1. Easy transactions can be made.
2. Flexible to carry anywhere and anytime.
3. No need for cutting down trees for paper manufacturing.
4. Thefts cannot be stolen easily.

If we talk about the demerits of the cashless economy.

1. Internet connection is must where some areas are not so developed in the usage of the internet like rural areas.
2. Less secure if it is hacked.
3. Money circulation may damage in a country where it affects the Indian economy.
4. Can not be reliable for illiterate people.
5. Electronic devices knowledge must be there for usage of cashless economy.

Rate this: +40 -8


Deepika said: (Oct 2, 2018)  
In my opinion, India is one of the devoloping country in the world. We are the responsibility to make our India as developed country. Cashless economy is one of the most important thing for that. We should accept the changes made in the society and learn how to make use certain things. About cashless economy, there are also some disadvantages. Because it's harder for illiterates available in the society to use the facilities. And also many adavantages are there like transfering money in a place where we are, no need carry hot cash, safety will be more, reduction of black money etc.

Rate this: +10 -3


Kamlesh Singh said: (Oct 2, 2018)  
Cashless economy is an essential part of our Indian economy now, because lots of transaction are occured online with the help of upi, internet banking and other apps.

Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.

These are some demerits of cashless economy.

1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.

Rate this: +15 -5


Kahkashan Resham said: (Oct 1, 2018)  
Cashless economy is one of the recent reforms undertaken by the government of India. Nevertheless, as every coin has two sides, even this also has its own merits and demerits.

First of all, I would like to discuss the merits of cashless economy.

1. It was a commendable initiative by the government to curb private illegal transactions of black money via cash and rather make the system transparent to reduce tax evasion.

2. It eliminated the frustration of civilians standing in big queues in banks for even small transactions.

3. It became lot easier for people to keep a track record of their expenses via online apps and internet banking rather than noting them down.

4. It made shopping go very smooth, where people could just pay for any item using mobile phones when in earlier times they had to carry huge cash with lingering fear of theft.

5. It saved resources like paper and ink and even time as all the online transactions are too fast and even accurate as there's no question of counting mistakes and all.

6. Earlier, on holidays, when banks remain closed, people really faced a lot of trouble for emergency needs, but this problem too was solved with cashless economy.

7. Within few minutes money can be transferred into the bank accounts of anyone who is in need, that too round the clock.

Now, coming to the limitations or demerits of cashless economy.

1. The biggest concern is the breach or leakage of bank account details by hackers. So, it is the government's prime duty to secure the transactions and details of every citizen or else people will lose trust on this system.

2. Cashless economy is a boon for the urban population but people residing in rural areas are not that educated and awate that they could understand these technology based apps and Internet banking. It becomes a challenge for the government to have training courses in villages to ensure that atleast one member in each family is trained for online transactions to avoid cyber crime and leakage of data and proper understanding of the cashless system.

3. Even senior citizens who don't have much knowledge about these things find it really difficult to operate mobile phones.

Rate this: +40 -2


Swati said: (Sep 28, 2018)  
There are some merits and demerits of a cashless economy.

Merits:
1) No fear of stolen money
2) Saves paperwork
3) Saves time
4) We can make payment from anywhere

Demerits:
1) Not much secured
2) The internet is a must
3) Mobile or other devices must make payment
4) we can't refresh or can't go back during transactions
5) Only educated people can do

Rate this: +44 -9


Ritesh Bhagat said: (Sep 27, 2018)  
Hi, friends.

First of all, I am telling about demerits of the cashless economy in India.

I am talking about India because all we are living in India.

In my opinion, the cashless economy is a bane for our county. Now the question is raises why and how the cashless economy is a bane for our country.

Simply answer is digital or financial Illiteracy is one of the main cause because literate people or hacker easily cheat that type of people and such a person doesn't know the importance of ID, passwords as well as OTP.

Then how the government imagine cashless economy is good for our country.

Second thing, If you peep another side our GDP is continuously reduced after the campaign of cashless economy.

In the year of 2015 our GDP rate is 8.16 % but now our GDP is only 7 % and these reductions prove the our country is not ready for cashless Economy.

Third things are.

Our cyber security, India's cybersecurity is very poor and according to SWH record 350% cyber attack done in India and aprx all attack related to credit card or debit card.

Our Infrastructure is also poor.

Only 4 lakh ATM in our country, pos machines also not work properly.

And the last thing I want to share with you.

The biggest fear are theft of identity.

Rate this: +52 -8


Akhil Tathe said: (Sep 27, 2018)  
Hi friends,

Good morning everyone,

Today's our topic for group discussion is 'merits and demerits of the cashless economy'.

So, I'm with the cashless economy, almost all things have its appropriate merits and demerits so it doesn't mean that to avoid or limit the use. We are the part of our country, there are lots of demerits but if cashless economy helps to boost our countries economy then it's our responsibility that to over come on it.

Rate this: +12 -11


Ashok Waghmare said: (Sep 27, 2018)  
A cashless economy is one step ahead for India.

Do you think is India really capable of cashless technology. As there are the majority of people live in rural area. There is a big issue in the area there may not single atm or even there is no range for mobile then how they learn to how to transfer money using UPI or buy some goods with paytm. This major demirts for cashless India. And merits are we can get discount by the online transaction, we no need to carry money every time so its safe.

Rate this: +7 -4


Mukesh Panwar said: (Sep 26, 2018)  
Hello everyone.

First of all, I want to talk about the merits.

1. It reduces paperwork and their expenses.
2. It also reduces the chances of mistakes and will make work faster and easier.
3. It will make rupee currency strong than a dollar because all our economy we can show to the international market.
4. It reduces the rate of interest and promotes to FDI.
5. It gives an opportunity to common people to improve their economy by taking a loan for the business.
6. It gives all information about the people's transactions so that government can resist corruption by making sight on them.
7. It also enhances GDP and makes ease of payment methods.
8. It saves trees and the expenditure to make paper currency.
9. In this, if someone fraud with others, the record of cashless show how much money given to the person so helpfully in detection clues in crimes.
10. Overall it saves huge time which can be utilised to do work and economy of a country grows with them.

Demerits.

1. It increases cybercrime.
2. It totally depends on our gadgets such as mobiles, computers etc so can't use without these gadgets.

Rate this: +15 -3


Jayesh Deore said: (Sep 26, 2018)  
The Cashless economy has two sides of the coin it will very beneficial for people who are educated or good knowledge of smartphone such people can easily go cashless but limitations of this system is a rural area which is nearly unknown about cashless transaction due to illiteracy.

Rate this: +10 -2


Sachin Nema said: (Sep 22, 2018)  
Hello everyone.

I am with cashless economy, Today each and every new phone support online transaction facility by which you can transact the money at any time through your phone, as you debit cash from atm there are some conditions of transactions (eg. Like 4-5in a week), the UPI is totally different from it and you can transact at any time without any type of deduction.

It also offers some bonus while transaction.

Transaction records are available so that you can check your weekly or monthly expenditure from it with high accuracy.

It is very secure.

The conclusion is that In an atm we can't transact rupees in order like (eg. 670) but from a cashless transaction we can transact money in any order, that means there is no reason to hold changes in your pocket if you use cashless transaction.

Thank you.

Rate this: +38 -5


Naga said: (Sep 21, 2018)  
Hi friends.

Today our GD topic is the merits and demerits of the cashless economy. In my opinion, the cashless economy is better. Because with cash if you go to buy a gold jewellery there's a chance to stole the money.

Rate this: +8 -42


Charu said: (Sep 20, 2018)  
The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

Merits:
1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

Demerits:
1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

Rate this: +51 -5


Sayyed Md Qasim Rehan said: (Sep 20, 2018)  
Merit:

Cashless economy is hassle free from the bundle of cash that we usually keeps with us while travelling and concern about losing it or being theft. It is more secure now to keep and transfer wherever we want and to whomsoever we want.

Demerit:

As the use of online transaction is increasing and the world is going digital so the cyber theft is also increasing. If in 10 years from now cyber crime/theft related to this do not increase then it could say that cashless economy is better or the best.

Rate this: +6 -5


Pallab Sarkar said: (Sep 20, 2018)  
Hello Everyone!

Today's topic is "Merits and Demerits of Cashless Economy".

So, to start with I want to explain what a cashless economy actually is. We are all aware of the UPI, mpockets, net banking, credit and debit cards and most recently the crypto-currencies. What all these actually do is nothing but give you the liberty to not carry your purse full of cash but then also being able to transfer or transaction of money in things.

I will be giving the possible merits that of course most of us are already experiencing are,

1. It is possible that you have money in your bank account but are out of cash now, this is the time when being cashless pays off.

2. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.

3. You want to buy something expensive, handling that much cash may be proved to be really a hazard, while just a single swipe of your credit or debit card will be more than enough.

So,

Secure, easy, faster and authorization these are the fields where the cashless economy have its merits.

But, as there is a saying every coin has two sides one of it is good and the other bad, so, Cashless Economy is also no exception.

Possible demerits are,

1. You should be more alert while using digital currencies, if one's personal account details are known to someone else then they can easily hack through that account.

2. Sometimes the transactions are wrongly made due to the lesser speed of concerned internet connection, though we get the refund it causes a problem initially.

3. Till now the cashless economy hasn't been broadening for all the citizen of our country as an integral part of them are still finding it difficult to meet their both ends.

Finally, I want to conclude by saying that the merits of the Cashless Economy are obviously broader than the demerits it has which can be avoided with proper care while using. I personally am using it for quite a few years and obviously, it made my life simpler.

Thank You.

Rate this: +29 -2


Lakshmiprasanna said: (Sep 17, 2018)  
Hello everyone!

In the cashless economy, we have both merits and demerits and I would like to agree with the statements of merits and demerits give by all the above participants such as.

-we can avoid the corruption.
-we can maintain the transparency.
-we can save the lots of peoples time -.
-we can save lots of paper wastage.
-ink wastage. Etc as merits and.
-lack of knowledge to the illiterate people.
-lack of security ect.

But, still we can work out with the technology to avoid the demerits such as.

-providing the fingerprints, face recognition to avoid security problems.
-Acknowledging the rural people while they buy their smartphone like (govt was giving the training to the people who wants to learn driving and they certify by the driving test) they have to acknowledge them how we can use the smartphones and the how to use cashless economy.

So, everyone can enjoy the cashless economy happily.

Thank you.

Rate this: +18 -0


Yeshwanth said: (Sep 16, 2018)  
This topic is very interest but the cashless economy decreases the unemployment. Due to this unemployment Very big problem in India but we need to terminate this cashless economy due to the next generation it is very problematic.

Rate this: +5 -19


Mitali Srivastava said: (Sep 15, 2018)  
Hello everyone, in my opinion, the cashless is a very wonderful concept because it is very useful for the people government has taken this initiative so that it can reach to each and every person in the world. But it has certain drawbacks like our data is not safe.

And important information.

Rate this: +11 -2


Virat said: (Sep 15, 2018)  
Hello everyone.

According to me, the cashless economy is the need of this generation, no one has time to stand in the bank queues.

Also, our govt takes initiative so that it reaches to each n every person in the country, in the remote areas too. Bheem app is so easy to operate even an illiterate person can handle it very well.

But we need to give time and keep patience.

Everything has drawbacks but the cashless transaction has more pros than cons.

Rate this: +5 -1


Tarunshavul said: (Sep 14, 2018)  
Because of the cashless economy paper and printing ink can be saved which is more useful for nowa days.

Rate this: +3 -0


Ambica Sahu said: (Sep 12, 2018)  
Without any doubt, the cashless economy is a wonderful concept. It checks the risk of theft of both life and property. Cashless directly or indirectly keeps us burden free. Here the transaction of the bigger amount can be done in a fraction of second but along with that as we know that everything in this world has both merit and demerits so this concept also has the both. The main demerit is that the stealing of important information and data security but although it can be checked by various measures.

Thank you.

Rate this: +13 -2


Mukul Kumar said: (Sep 12, 2018)  
Some ideas change a whole world and that one is cashless and cashless comes from digitisation. Cashless growing rapidly due to easily available of Mobile. Cashless do our work more easy by a single click on button. Like :- If you want to pay money anyone anywhere through cashless traction.

But this is totally depend on network if it network is fail then may snarl in poblem. That is why villages person are not use easily.

Rate this: +9 -2


Surya Dubey said: (Sep 10, 2018)  
It is wonderful to discuss. 2 years back I have a mobile and it is only for playing games chatting with friends and spent time on social sites. But when the cashless transaction started. I use my mobile totally different now. I can pay electricity bills, I fill the online forms and do the transactions very easily. And by it, corruption is also Less. But there are issues in rural areas people don't know about the cashless economy and. In cashless transactions. There is an issue of security. But this problem is solved nowadays. So, Only one issue to educate the rural areas people how to use these platforms.

Thank you so much for listening to me patiently.

Rate this: +44 -5


Rutika said: (Sep 8, 2018)  
Of course, the cashless economy very beneficial for us to progress in our country. It helps us to provide money any time and anywhere in the universe. Earlier on the occasion of festival banks are off, ATM was not available in villages so people have to suffer many problems for money. But now digitization has removed this problem. But every villagers are not able for using mobiles Internet. So there are same problems people have to face. I see when I go to bank there bankers were not providing good service to illiterate peoples, and they are not use the digital facilities. This are the some problems which India have to face.

Rate this: +23 -7


Arijit Das said: (Sep 7, 2018)  
If I say about merits about cashless economy, then there are lots for the people who are living in urban areas. We can easily get transaction anywhere, we shouldn't have wait for a long time in queues, specially for railway tickets. For shopping, we should not have to carry cash, which sometimes creates a bit risky from robber and many more.

But when it comes to the people belonging in core of heart, basically in rural areas. They even didn't have proper electricity connection, they had the connection for the name sake. People use to charge their mobile in local markets at a cost of around Rs. 20 for full charge. So, What can the cashless economy make change their life.

In short, I want to say that cashless economy is benefiting only to the people who are residing in urban areas or who have proper financial knowledge. We should think about the rural people more, that how differently cashless economy could benefit them.

Rate this: +20 -2


Sreemanti Dey said: (Sep 6, 2018)  
The Cashless economy is the great discovery in our civilization. By this technique, we can do business with the help of the internet. The consumers can buy any products at a reasonable price. But it has the disadvantage. The rural areas has not the facility of internet connection and the people are not so up to date. The hackers can collect the all the information of consumers if he or she has not the proper antivirus software.

Rate this: +11 -4


Divyansh Patni said: (Sep 5, 2018)  
This topic is very good. Because cashless economy is very very beneficial in today's life. Cashless economy has both merits and demerits.

(Merits) :
In this timeless life our life is very busy in the work and students are busy in there study. So they have no time to stand in line and do all works by going in market. But by cashless economy all works we are doing by phone or computer by phone pay and paytm app. And cashless economy is also useful to send money to whom who are live out of station.

(Demerits) :

Demerits of cashless economy is defined as increase in unemployment. And main problem of cashless economy is that people stored there money in phone and give security to that so this is very riske because many hacker hack your security and stole your money.

So, there are many demerits and merits cashless economy. So, the person who use cashless economy system then use it safely.

Thankyou.

Rate this: +25 -10


Aanand Patidar said: (Sep 5, 2018)  
As per my knowledge, merits of the cashless economy is more beneficial over its demerits, like you can pay anyone to anywhere, it reduces theft, our country gets digitalise in way of using different apps like tej, phone pay, paytm and many more advantage of cashless economy.

Rate this: +12 -5


Shahil Siddiqui said: (Sep 3, 2018)  
I would like to share some aspects about Cashless Economy. This is a great initiative arises due to digital India Campaign. The merits of Cashless Economy are:

1) Cases of money thefts are reduced and people feel more secure with their money.

2) Reduction in Tax invasion.

3) People do not have to wait in long queues for money transactions which in turn saves precious time.

4) Senior citizens do not suffer difficulties as their pensions are directly transferred to their accounts.

5) Advancement in Technology as more and more robust apps (such as Tez, Phone-pay) are developed for transactions.

6) Paper and printing ink is saved.

As every coin has two faces, similarly for cashless economy demerits are:.

1) Only urban society make full use of cashless economy as they know how to use different apps while rural societies face problem in transactions.

2) high risk of data privacy.

3) Credit card fraud.

Rate this: +38 -12


Ayush said: (Sep 3, 2018)  
Cashless economy is good for developing countries like India. There are many advantages of cashless economy such as it reduces the fear of theft, it save the resources used for printing the currency notes, every transaction is noted which reduces corruption, no need to stand in a queue at banks for transaction of money etc.

Main disadvantage is cyber fraud and unawareness of people.

Rate this: +8 -1


Sathish said: (Sep 2, 2018)  
I would like to share an incident which happened to me. I went to a roadside shop and had four idli which costs 20 but I don't have liquid cash. The shop owner told me to pay through paytm I was shocked but happy. Then he told that pay rs 25 because he would be charged for the transaction. From this, I came to know that cashless made the value of 20 to 25, which means that its a loss for me. So, I conclude that the cashless transaction decreases the value of money.

Rate this: +7 -46


Sathish said: (Sep 2, 2018)  
In my opinion I would like to add some demerits. The cashless economy is much useful rural people but it's a total burden for urban pepole. The urban people is not aware of technology and they need some assistance and they are charged extra for it. For paying an electric bill in a browsing centre one urban people has to spend atleast 20rs which is a big one for ordinary urban pepole. So cashless economy increased burden to the urban people.

Rate this: +4 -40


Himanshu said: (Aug 31, 2018)  
The Cashless economy refers to performing all the money related transactions via the internet or any other method which doesn't involve the use of physical currency. Earlier people had to carry cash whenever they had to do a transaction. Also if the amount was large there was always a fear of either the cash being stolen or lost. Along with this, we had to stand for hours in a queue to complete our payment, spending a majority of our time and energy. But with the introduction of a cashless economy, all these problems have been solved. Now you need not carry even a single penny in many places, thanks to the services like paytm and other online methods. You can now complete your transaction in an instant no matter where you are. All you need is a device with internet access. Along with this earlier people had to face a lot of problems during the public holidays as the banks used to be closed or had limited working hours but due to the cashless economy, you won't have to solely be dependent on banks as the service itself is 24x7. Therefore, it can be said that the concept of cashless economy has been a life changer as it has got many advantages over the traditional banking methods.

Now coming to the other part as we know nothing is perfect in the world. Same is with the cashless economy. It too has got some demerits. Talking about the rural areas the people are not well aware thus are easily becoming victims of fraud and as a result, are losing their trust towards this concept. Also there are cyber crimes incidents, thus putting the people's money at risk.

A sort of another disadvantage is that you can't do your transaction if you have got a poor internet connectivity.

But has a whole, as per the observation, the cashless economy has acted as a boon thus simplifying our lifestyles and has been adopted by many people thus making it successfull.

Rate this: +49 -4


Ankita said: (Aug 31, 2018)  
I want to add that it has brought transparency as all the transactions can be tracked hence majorly impacting terror funding organisation as most of the fund that was collected was black money and can't be tracked.

Demerits, I think the major demerit is accessibility. Digital medium of transaction is not available all over India.

Rate this: +7 -0


Chaya said: (Aug 29, 2018)  
Cashless economy has merits and equally demerits. Merits like we don't need to carry cash all the time with us whenever we go outside. Risk of money being stolen is also less if we have virtual money. Everytime when we have to fill a form or have to pay somewhere, we can easily use our virtual money. Also many times this happens if we are buying something and it's cost is like RS 99 or something, so by using virtual money we also don't need to pay extra 1 or 2 rupee for small transaction. There are many more merits of cashless economy. Demerits are people who don't have much knowledge of handling virtual money they can lost a big amount because of just one click. Also these virtual services can run only with internet. If we don't have net on time we can't pay or use our money. Overall it is a good decision if comes in act for people but along with this, a proper facility and learning should be there for everyone whether user belongs to new generation of internet or a senior citizen.

Rate this: +19 -3


Anjali said: (Aug 29, 2018)  
I would like to add my point that Cashless economy means we can say digital economy which is trackable. It helped us to reduce one of the most dangerous disease "corruption".

It reduces the use of paper, it promotes us to make a payment by digital system which is much more comfortable and easy.

Rate this: +12 -2


Khushboo Singh said: (Aug 28, 2018)  
The cashless economy has many merits as well as some demerits also.

Merits-

# reduces black money.
# reduces the fear of theft of money during travelling.
#saves trees and also printing cost of notes.
# easy to send money as it saves time also.
# 24/7 service.
# government benefits are reaching out to people directly.
# reduces tax evasion as tax directly deducted in each transaction automatically.

Demerits-.

# Cybercrime also increasing. So sometimes transactions are tracked.
# ATM and ATM pins are captured while using ATMs.
# for cashless transaction internet or network of mobile must be good otherwise no transaction can be done.
# most part of India is rural, so they are still unaware of technology. For them it is useless.

That's all about the cashless economy. Thank you.

Rate this: +62 -7


Ajaya said: (Aug 28, 2018)  
Cashless economy is good, it will save our time. And this system will give the chace to some uneducated people to learn some new technologies so that they will know the thrill of the life and technologies.

It's not possible only by the governments it is the responsibility of all the educated people also so that all rural area people also get the benefits of technology and our country also move forward.

Overall it's good till the misusing of the technology.

Rate this: +5 -2


Afsha Ghani said: (Aug 27, 2018)  
A ' Cashless economy' another good approach and trending topic after 'digital India'.

India is a place where there is more than 90% transactions are done through cash, so it is really an attractive initiation. If we talk about its prose then it reduces corruption, lessen black money, tax evasion, cost of printing notes, saves time, gives security to our money to some extent too. Its like everthing will be done by just clicking one button. Overall scenario, it is a great boom to e-commerce sector. But there is some hiccups which are as below.

1. First India is a developing country which is rather a labour incentive than to capital incentive. So where most of the labourers work on daily based system of wages.

2. Suppose if you reside in a low network area, how would you complete your transaction ?

3. Security problem :As we all know being digital or cashless both attract cybercrims.

Thus, according to me, a vision of cashless economy is really a good initiation and approach with its own type cons.

Rate this: +18 -1


Akansha Nigam said: (Aug 26, 2018)  
A cashless economy means economic state whereby transaction are not done by the physical banknotes but rather through the digital transformation between the two parties. In simple words we can say that if we do transaction by our bank cards is a cashless transaction.

It has huge benefits, If we have all the resources to use it especially in urban cities. It stops crimes, like nobody can steal your money, keeping cards is easy apart from carrying good amount of money in your bag.

It generally doesn't have much demerits but the basic demerit is like if we don't have money in our hand we have to run for ATM.

But nowadays paytm, phone pay application are providing the best services to make it convenient and successful. Slowly, being cashless will be our second nature. It just needs little patience by the people if India, and Govt has to put some efforts to modernize the rural place and we should appreciate many program, schemes and campaign organized by our Government.

Thanks.

Rate this: +4 -1


Suraj said: (Aug 25, 2018)  
According to me, the merits of cashless economy is saving time and not going to any bank make transactions speedy.

Demerits of cashless economy is risk of hacking and internet connection mandatory.

Rate this: +5 -0


Kriti said: (Aug 24, 2018)  
Merits-.

1. It helps to put an eye on every transaction and that will reduce the tax evasion.
2. It increases the feeling of security, as we have seen many robbery cases at the time. E of money transfer as a cash amount.
3. It will save the costly paper on which we are dependent on import on a large scale, and thus save the valuable foreign currency.
4. From cashless transaction we can also earn money as many e- wallet are proving cashback.
5. Easy to handle account any time from anywhere this saves precious time.

DEMERITS-.

As everything has its dark side also, so cashless economy have some demerits also.

1. For rural people or people having lack of knowledge get trapped in a web of e- thugs.
2. We have seen cases of hacking of account by hackers which results in loss of entire belonging earned day and night.
3. Lack of awareness increases illegal trading.
4. By giving small greed to poor people rich one fulfil their dreams, or convert their black money into white (as happened during the time of demonetization).
5. Unavailability of pos (point of sale) machine and poor network become an obstacle in the path of cashless economy.

Rate this: +10 -1


Saivamsi said: (Aug 23, 2018)  
In my opinion, cashless economy is good for those people who have basic idea of e-banking and the improvement of technology. Without a proper knowledge of online transactions it is better not to share our card details to unknown person because they may misuse them for their own benefits.

Adding two more points 1) it reduces the paper usage for printing cash 2) it reduces our time and effort to going bank for transactions.

Rate this: +11 -3


Likhita Krishna said: (Aug 20, 2018)  
In my opinion, India holds 122th rank on GDP rate. This rank evidently shows that India is in the agile side of development than earlier. Cashless economy reduces the effort of printing money, counterfeiting is eradicated not only that it inspires people and make its necessary for the people to adapt the technology. With lead India to globalize it's people.

Rate this: +19 -7


Vish said: (Aug 19, 2018)  
In my opinion, the cashless economy is good. But only for urban areas not for rural areas because maximum person doesn't aware from these kind of things like online payment, cards net banking etc. As we know every coin has two sides similarly cashless economy is very efficient to Stop trees cutting and making paper free world. It also benefits to reduce our hard work to stand in a queue for a money payment or withdraw anything.

Rate this: +49 -1


Kishu_K said: (Aug 18, 2018)  
What I believe is that the Cashless economy is a boost for emerging and developing India as it will help it to emerge as a global development centre. Introduction of cashless technology will reduce much of the efforts of a common person, saving time and reducing the stress of standing in long queues in banks or store. It will also help in reducing corruption and theft and help the government in maintaining tracks of transaction thus making the process more transparent and efficient. It also boosts the e-commerce and e-governance sector creating more job opportunity. Also, It increases a nations competencies and reputation among others.

On the other side, it is only beneficial to the educated class of people as they are having the knowledge and skills for exploiting the technology to the fullest. Whereas the uneducated/illiterate people of rural areas will be more of helpless and more prone to errors and problems. Which increases the chances of fraud and information theft leading to the emptying of bank accounts.

The main need is to spread more information and knowledge of the cashless economy, its pro and cons to the rural and uneducated people, helping them understand it and enjoy the benefits.

Rate this: +18 -5


Mahi said: (Aug 18, 2018)  
I would like to share my comments on the merits of a cashless economy. As money is the most important part of our lives even for fulfilling the basic necessities of life we want money as earlier barter system was being followed and then currency came into existence. With the growing scope of ebanking now things can be transacted online by the click of just one button money gets transferred from one account to another.

Merits of cashless economy.

1. It saves, the printing expenditure on making currency as a huge amt of the country goes on such task.

2. It makes the transactions safe secure and of course speedy.

3. It reduces the chances of theft and misplacement of cash anywhere.

4. It helps in developing of the economy as in cashless every individual will know how to access the net and how to deal with things online.

5 It helps in reducing the commission of the fraud of meditators that increases the cost of things uselessly.

As I would like to conclude and one must make the less use of cash as possible due to all the reasons that are being discussed in the above mention points.

Thank You

Rate this: +51 -1


Zara said: (Aug 17, 2018)  
The demerits of the cashless economy have been overcome by its merits.

Merits.

* Easy flow of money.
* Easy to use.
* Saves a lot of time.
* Quick transactions.
* Helps in development.
* No fear of losing money.
* Effortless transactions.
* 24 hours service.
* Opportunity to make transactions in different countries.

Demerits. The demerits may be due to a fault by us or it may also be because of some technical problem. So people should carefully follow the instructions.

Rate this: +20 -0


Himanshuthakur said: (Aug 16, 2018)  
In my point of view, the cashless economy is a great initiative of digitalization. Every coin has two faces similarly everything has merits and demerits. First I am going to tell about the merits.


Easy to use, time saving, corruption reduces because direct tax deducted from transaction; saves our energy because not stand in a queue for long time, no use of paper in cashless economy so tree''s are safe, not to break big notes when we don't have change we can use Paytm now days, e-shopping e-banking save are whole day because there no issue of going to purchase and stand in big queue in bank. There are lot of more merits but now talk about demerits.

Rural people are not much aware of online things, and we before suggesting anyone to use it, we have to aware them about frauds on online stuff. So cyber security is a big issue.

We can conclude here that cybersecurity is a big issue which has to solve first and also rural areas problem can be solved by government programme awarding people about the Internet and it's are an individual duty that if we see any people which is not aware of the Internet and helpless in atm we must help them.

Thank you.

Rate this: +7 -1


Sravan Ghanta said: (Aug 16, 2018)  
According to my point of view.

Cashless economy is one of the sign for development.

Merits:

-> we can transfer money from any place to other places within a fraction of seconds. (no need to stand in a bank for hours in a queue).
-> it is easy to debit tax by the government. (It will increase the probability of tax payment).
-> people are losing much money in the form of change. (neglecting small thing will leads to the larger difference. ).
-> the cashless economy will reduce the usage of paper. (it saves the environment by not cutting the trees).

Demerits:

-> internet connection is mandatory to transfer money.
-> online transitions are the home for Hackers. If you are unrealisable. They will clean out your account. (don't save your card anywhere. & don't share your personal details to anyone).
-> uneducated people will face many problems.

Thank you, sir.

Rate this: +11 -2


D'Raj Chavda said: (Aug 14, 2018)  
I would like to say some points about the cashless economy as per my experience.

Merits are:
1) Easy, faster and mobile wallet.
2) benefits of cashback.
3) transparent.
4) Reduce corruption.
5) easy shopping with cash back for example in Paytm mall app, Amazon, Flipkart etc.
6) time-saving.

Demerits:

1) Internet connection is mandatorily required.
2) in pre-payment online shopping sometimes (rarely) you may get faulty or something like a different item.
3) if your work not done in online shopping or billing once your money deducted you may get back later or you may get back some percentage of your money that is lesser than the original amount.

-Thank you.

Rate this: +6 -2


Vivek said: (Aug 14, 2018)  
Hi everyone,

A cashless economy is the best option for Making transaction online and get benefits like Cashback.

Merits -.

1) Saves time and reduce work to go the bank and take or give money in a traditional way.

2) For doing an online transaction -there are many payment applications are available and it gives Cashback offer also, so there is a way to save our money, time etc.

Demerit-.

1) If one doesn't have any mobile, internet then he/she doesn't get any benefit of the cashless economy.

Rate this: +2 -1


Chirag Shah said: (Aug 14, 2018)  
In my opinion, The Cashless economy is a great initiative, it will boost the economy of India. It will reduce corruption and also reduce the black money because it affects the direct taxes. Processes will get quicker and convenient but having said that the 2 hurdle we will have to face or so to say we are facing is.

1. Over 70 % of the population in India resides in the village, though most of them are aware with the internet and all they don't have awareness of transacting money through it, so anyway we need to make everyone aware with this.

2. The second thing which is very important one "cyber security". We need to make the system and processes better and more secure before suggesting anyone to use it.

Thank you.

Rate this: +13 -1


Ankush said: (Aug 14, 2018)  
I will say only that you can start any new things but if people don't have any information about this then there is no benefit to starting it.

People from urban areas get benefitted from the cashless economy but what about rural areas where people go bank for Money transfer even after the cashless economy.

So, this if government responsibility to get aware of these rural people.

Rate this: +3 -2


Aditya said: (Aug 12, 2018)  
Cashless Economy, it means that all the transactions should be performed without any exchange of cash currency. So in my opinion the following are the merits.

It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.

Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.

I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.

Rate this: +6 -3


Asit said: (Aug 11, 2018)  
The cashless economy will help in India's economic growth by transparency in money transaction and least corruption. On the other hand, where people are taught how and why to use toilet this seems a big challenge for the government.

Rate this: +3 -3


Sanjib Chakraborty said: (Aug 9, 2018)  
All things have merits demerits if I consider with demerits so as will all know that our INDIA economy based on the agriculture so it is very difficult for any farmer to enjoy the cashless INDIA because they are dealing with such a poor person "those people do not have any bank account ". So it is very difficult to grow this because we cannot change the economical tract, . And along with that, there are chances of hacking.

The merits is that there is a less chances of hiding the black money &and the person always give tax to the govt anyhow.

Rate this: +18 -3


Manas Ranjan Ojha said: (Aug 7, 2018)  
Hello.

As we all know a good things have both merit and demerit. So, In this case, Digitalisation is very crucial. Because. When. We want to check our balance or transfer money, at that time may be holiday will be there, many people will be in the line. So it's really difficult to overcome from this situation. Hence digitalisation is the only process to overcome from this situation. But also there are some demerits like leakage of data, haking. But in comparing to merits, it is quite less.

Rate this: +5 -4


Gauri said: (Aug 7, 2018)  
Hello friends.

In my point of view, I just want to say as every coin has two faces similarly everything has its own merits and demerits. But in the case of the cashless economy where there are some demerits also has very much merits which can't be neglected. As with the growth of the cashless economy, bank transaction becomes easy and all the transactions are recorded by the government which leads to reduce the corruption. It saves alot of time and energy.

Rate this: +24 -4


Snigdha said: (Aug 7, 2018)  
Hello everyone!

I will go with the positive side first, "Cashless revolution" is playing a beautiful role in India's growth and development. We don't have to carry our wallet with us every time to pay. Transactions have become a way easier and efficient for everyone. It even saves our time to some extent. But as it is said, every coin have it's two sides!

Negativity/Demerits of the cashless economy are also there. Demonstration played a great role in lifting up some so-called *brands* and increased there market value to the skies. Today everyone is dependent on it. Even a small roadside vendor is having such applications for money transfer. It is a big source of income for the company. I think cashless transactions to have the same condition so as the cash paying system with reference to fraud.

In the end,I want to conclude that, it may be cash or cashless if there is the willingness of anti-corruption in mind in every individual's mind, no one can stop India's economic growth.

Thanks.

Rate this: +23 -6


Rahul said: (Aug 6, 2018)  
Hello

The Cashless economy is one of the great things of digital India.

Merit: there are Lots of merits of the cashless transaction following are some of them
1. Transparent economy
2. Time-saving of people
3. It will reduce the work load of banks
4. It helps to reduce corruption means the bank can easily record each and every transaction

Demerits:
1. A cashless economy is difficult for the rural area of India because near about 60 to 80 per cent population stay in the rural area they are not very aware of the cashless transaction
2. Also, the internet connectivity is a major problem for the cashless transaction.

Rate this: +33 -1


Ann said: (Aug 6, 2018)  
Cashless Economy is a good idea but to implement this we should a well security. The merit of cashless economy is that transaction can be done very fast and the amount of papers used for creating Cash can be reduced. And no one store their Black money. The Demerit is that not only the educated peoples are living here. There are some uneducated peoples for them handling these things Is quite risky. Some people may take advantage of this and if there is no well security given the cash can be hacked even the richest person can become poor in seconds.

Rate this: +5 -0


Kriti said: (Aug 6, 2018)  
I am much convinced with many of the merits written by you people. Some stated that people of the rural area can learn to perform cashless transactions (without much difficulties) if they wish too. But I think before working on cashless or digital India we should work on the ground level development of the country like still there 40,000 villages where electricity is still unaware to the resides. With many transactions together the servers come to death. Many people don't trust being cashless because of many incidents (fraud or errors by site) experienced by them. And being cashless is not so easy when it comes to each n every person for everyday transactions.

Rate this: +6 -0


Om Prakash said: (Aug 6, 2018)  
Hello everyone.

Cashless economy is the best thing it save our time and money. We use so many online payment apps which are very helpful to us. The use of these apps are no more difficult it's very simple. In the rural areas most of the people are also use internet after the Jio came. I know other part of people in rural areas they are no familiar with online transaction or social media but it doesn't mean they can't learn. There are some need of awareness and need of training to them.

Cashless economy save our money. I give you an example I am an engineering student and before the cashless economy in 2015 I have paid my fee through demand draft. I had paid 700 more than the my fee. But in this year I paid my fee by online transaction I didn't pay any extra ammount even I got 200 rupees.

But there are certain demarits in cashless economy like cyber crime, server problem, chamces of data leakage. So we need to work on these demerits and make the digital India.

Rate this: +20 -5


Manu said: (Aug 6, 2018)  
Hello everyone.

The merits of cashless economy is that by this we can save our lots of time. There is no need to go to the bank or atm for the transfer of money, now we can do all these things in a smart way, a lots of website and apps like paytm, tez etc. Are came for making the work easy no need to go through the huge paper work which is saving the tree from cutting. After demonetisation the cashless work was increased rapidly. But there is some people also who don't know how to get benefit of this thing, these are the rural area people, I think there should be proper awareness of these things among those people only then cashless economy will work.

Rate this: +3 -0


Sanjay Kumar said: (Aug 4, 2018)  
Hello friends.

Good afternoon.

I would like to express my view on cashless economy. By changing and enhancing the technology, instent needs a cashless economy play a major role for easily working. Which help us remove a robbery cases. It is beneficial for people who are living in urban area.

Demerits - mostly a rural areas literacy rate is low this is a one of the demerits in India in case of cashless.

Rate this: +4 -4


Pavan Kumar said: (Aug 3, 2018)  
Hello friend's,

Yes, that is a good thing but I woul like to say somthing pertaining to the cashless economy, if we want that cashless economy came in future, then at that time, it is absolutely true that corruption can be abolish, which is happening now a days. And also the wastage of time will be reduced, which we spend in the queue of the bank.

But demerit of cashless economy is,

1) the people who don't know about the digital payment they can't avail of this economy and thereby many problems can be occur there.

2) it will create the problems in the retailer's business.

3) it will also create problems for the rural areas people. And also born the Cyber crime etc.

We can only avail all opportunity of cashless economy, when all people's will be educated well.

If people's will be educated it means they all will be aware and before pay any payment online, they will check all terms and conditions and they will read carefully and meanwhile the chances of the mistake will be less over there.

That's my point of view.

Rate this: +13 -1


Jagdish Bhaliya said: (Aug 2, 2018)  
Cashless Economy is a good concept and so many advantages of this like;

- Do not need to carry cash with us.
- There is no problem of charge when the transaction is even in odd value.
- Use of paper is reduced and that's why trees are safe.
- by the cashless economy, corruption is reduced.
- Time is reduced for any type of transaction.
- For transfer of money in saveral accounts there is no need to stand in queue in banks.
- By doing online payments work stress is reduced.

Now, as we discussed above there is so many advantages of the cashless economy but it has also some demerits like
- In our country small retailers are not able to do online payments they are able to deal with only in cash transactions
- Sometimes when we are doing online payments than some amount of fees we have to pay that is not good
- So many people don't have any Idea about cashless economy because they are uneducated
- sometimes people are having half knowledge of digital payments, therefore, they are exposed to cybercrime and losing their money.

Rate this: +33 -1


Bhim said: (Aug 1, 2018)  
Merits of Cashless Economy are as follows:

1) People can easily access from anywhere in the country.
2) Reduce the corruption by the digital payment system.
3) Increase the economic growth of the country.
4) Innovations in the technologies and services.

Demerits of Cashless Economy are:
1) No proper knowledge about the digital payments and transactions.
2) Not aware to the rural people living in the villages.
3) No positive effect to the people who live in the places where no facilities of internet i.e, Villages.
4) High risk of hacking.

Rate this: +13 -0


Payal said: (Aug 1, 2018)  
Cashless economy is obviously a good concept but it comes at the cost of privacy of people. This concept reduces the need for holding cash and through this concept, the circulation of fake currency can be regulated. But to go cashless means getting digitalized for which literacy is a must which is a limitation for Indian economy. Also, for digitization, accounts are linked with cards which may lead to the hacking of private information.

Rate this: +6 -0


Merits and Demerits of Cashless Economy

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