Merits and Demerits of Cashless Economy

Group Discussion

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Baibhav said: (Jun 23, 2019)  
The meaning of cashless economy is a country with least corruption and these are linked vice versa.

If you ask how? Then I would say, cashless economy means transparency in the system and everywhere, and where there comes transparency, the corruption would no more find its way there.

Some facts that I would like to put up in India has 2% cashless economy whereas Singapore has 61%. If you compare the corruption level in Singapore and India it will surely reflect the reason why Singapore has the 61% economy to be cashless.

Besides other advantages, such as being real time, saving paper, saving money printing papers at RBI,

Saves time provides a full proof of the payment, the cashless economy is also suffering from achieving its target. Some of the reasons are, old people still find it satisfying paying cash. Also, vegetable vendors and other road shops who are mostly illiterate hardly know and hence they don't trust on these things.

Besides, due to some internet problem causing transaction done but not credited to others account also creats an atmosphere of dissatisfaction between customer and the shopkeeper.

Rate this: +2 -0

Pallavi Rajput said: (Jun 21, 2019)  
Cashless Economy means using digital currency in our life especially day to day life. The cashless economy moves our economy in the growing phase. Everything has pron and cons. So here are some merits and demerits of cashless economy-.


* Reducing the problem of cash.
* Saving trees because it reduces paper use.
* Saving time.
* Easy to use whenever people feels its requirements.
* Transparency.
* Cashback offer increases excitement among people.


* Illiterate and poor people finds difficulty to use.
* Need internet access.

Rate this: +8 -0

Swathi said: (Jun 21, 2019)  
Hi everyone.

On behalf of the topic cashless economy has more advantages compared to disadvantages.

Firstly we can discuss the advantages.

1. The main advantage is while shopping. We need not want to carry a huge amount.
You can do the online payment by paytm or google pay etc.

2. Next, you can do more work in less time or on the spot.

3. You can make the online transaction for urgent purposes.

That is you need not go to preferred atm or bank.

Rate this: +4 -0

Abhi said: (Jun 20, 2019)  
Hi everyone.

You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:

-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.

-In sitting home, we can make the shopping, send the money to another bank account etc.

-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.

-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.

-It will solve the problem 'Black Money'.

-As we do our transaction online, there is no need for printing the money and transporting, so we save money.

The demerits are:

-We are not well known about the security of money in an online transaction.

-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.

There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.

Rate this: +6 -0

Mahesh said: (Jun 19, 2019)  

1. Cashless economy is not consume so much time so within the fraction of second we can transfer the money to anyone through UPI transaction so we don't have to stand in a long que of bank for withdrawal of money.

2. A most important benefit is that the transparency between the two parties is important so by the cashless economy the transparency is 100 per cent.

3. There is never a fear of money stolen.

4. The use of paper will be reduced.


1. Only useful to those who have a Android mobile or laptop or computer.
2. There is fear of hacking.
3. Illiterate people don't know how to use.

At last, I want to say that the right now our country is considered as a developing country and the cashless economy is one of the step to make our country from developing to a developed country. And for demerits, there also have a solution for hacking cybersecurity is there and by providing proper training to illiterate people after training they can also capable to use Android mobile. So, at last, we have to go for a cashless economy because to change our self and our system with the time it is nature. It doesn't change our system then we will be considered as old lack of technology even though we have technologies.

Rate this: +3 -0

Khushi said: (Jun 19, 2019)  
Good morning one and all who are participating here. I am glad that I have got an opportunity to say something on this topic which play an important role in developing of any country and we know that our country still is developing so we people must know about it. First, the question comes in our mind that what is the cashless economy? the main objective of this cashless economy is to curb black money and eliminate the circulation of fake currency in India economy and all financial transaction are executed electronically rather than using banknotes. And this initiative is taken by our honourable prime minister Narendra Modi on 8th May 2016. Demonetisation is also another factor which helps to reduce corruption in India.

Here are merit and demerit of its:


1. Electronic payment help businessman to boost their customer.

2. Making online payment is handy and it will lead to a slim wallet. We do not need to carry cash.

3. As we know a majority of election funding is done through cash for advertisement etc but if payment is mandatory through online then it is impossible for political parties to spend black money.

4. It makes a true picture of democracy.

5. Through online payment one can see their transaction at any time anywhere there is no restriction.


1. For online transaction, everyone should be educated but in urban areas, there is no proper facility for education. They do not know how to use it so it is very difficult for them.

2. The second thing is people should aware of hackers and cyber theft otherwise anyone can be robbed anywhere.

3. There are still some places where cash is allowed. The reason behind is no proper facility of electricity, internet.

Rate this: +8 -0

Sruthi said: (Jun 15, 2019)  
Good morning to one & all.

Today our group discussion topic is "Merits & demerits of cashless economy". We all know about the concept of cashless economy but I don't know why we won't follow that procedure. Although it is very simple and easy to use. Especially in our country we plan to make innovative ideas but we won't follow them that is the main drawback.

Merits are:

*We can pay our bills at any time from anywhere with complete security.
*No need to withdraw our money from any bank or ATM.
*No chance of money stolen or robbery.
*We can save a lot of time by sitting in the same place.
*The main advantage is we can pay or get each and every rupee so that no money will be wasted.

Demerits are:

*There will not be any disadvantages if we take some safety measures while doing payment through online.
*Of course there may be a chance of getting hacked from the website or from the anonymous people so we should not share our personal data to anybody.
*If anyone is performing online payment for the first time please take some precautions from an experienced one.
*While doing online payment please check that perticular website is authorised or not.

Rate this: +6 -2

Sujit said: (Jun 14, 2019)  
Hi everyone,

We all know about the cashless economy but I want to ping to in our country most of the people lives in the village and they don't know how to use it? So first, we need to educate them about the cashless economy.

So, I want to share some merits and demerits.


1. In a cashless economy, the transactions are transparent so chances of corruption will decrease.
2. Easy to the transaction or transfer the money and time-saving process and also safe.
3. Don't need to state in question in front of ATM or bank for the cash.
4. It is safe for the Thief, sometimes we heard the Thief stole the bag that has much cash.


1. It depends on electronic gadgets that help for the transactions if gadgets are discharged at that time you think you have nothing.
2. Chances of hacking devices.

Rate this: +2 -3

Kunal Rai said: (Jun 13, 2019)  
The Cashless economy is the most powerful weapon in the against of corruption, deforestation and illiterate person etc. Having been used cashless economy the corruption may be overcome by which the cash will be a running condition. Everyone can easily take the money and save our economy in a decimal nothing to be intermediate corrupt person, it will help to save our economy, time, physical labour and life (with the help of deforestation). It will also help the people save the life of the environment and help a person to skill development by which our country GDP will be increased. Now we conclude that cashless economy will play a predominant role in the growth of the economy in our country but due to some technical issue and somewhat rural areas are play less useful.

Rate this: +4 -1

Siri said: (Jun 2, 2019)  
I believe the cashless economy has both merits and demerits. First, coming to merits,

1. Cashless economy is risk-free. Anyone can steal your physical money. With the advent of a cashless economy, even if someone steals your credit/debit card, you can block the card and your money is safe.

2. If everything is cashless, there is no need to print physical money.

3. Tax payment can't be skipped. With the advancement of technology, especially with data analytics, the Government can have an authentic database of transactions done by citizens. If every transaction is cashless, there is no chance to skip tax payment, subsequently reducing the black money.

4. With just a click, you can transfer funds. It saves time and we longer need to wait in long question.


1. 74% is the literacy rate of India. It means 74 among 100 can read and write. Digital literacy is even lesser in India. Before introducing a cashless economy, the government should teach the people how to go cashless through campaigns.

2. Internet connectivity is poor in rural areas. We live in a nation where 60% area is rural. It is important to improve the connectivity prior to going cashless.

3. Not everyone can afford an android. Even though 84 out of 100 in India have mobile phones, the government should provide subsidies for androids.

4. People in India are connected to the usage of physical money. Initially, there can be set back and people may reject the idea of cashless economy.

Rate this: +48 -6

Sridhar said: (May 31, 2019)  
There are both merit and demerit found in cashless economy. Anyone, can't take money with everywhere and can't send or receive money from any other but by the help of cashless economy, it took a few minutes to resolve the problem but in various case it is harmful to mankind due to increase in the cashless transaction also increase in cybercrime. Instantly he removed money from our bank account so it is also advantage and disadvantage for us.

Rate this: +10 -1

Dheeraj said: (May 28, 2019)  
Cashless economy is one of the better solutions for finding the black money, by using cashless economy no one need to carry a lot of money with them, atm cards will be we sufficient or even we can pay through online transactions by using Android apps such as phonepe and paytm, etc. At the same time we can't give any guarantee that data of a particular person will be secure, authentication of android apps which are useful for transactions must increase.

Rate this: +13 -1

Dev Malik said: (May 27, 2019)  
According to my point of view cashless economy has both merits as well as demerits.


1. As it can reduce the cost of printing and transportation of the cash.

2. The most important thing is that people will pay the tax as most of the people on our country didn't pay tax so by doing the economy cashless all the transactions will be through banks and other financial institutions which will help the government also.

3In a cashless economy it is easier to track the black money and illicit transactions, unlike cash-based economy in which money does not come into the banking system. In the case of digital transactions, it is easy to track and monitor suspicious transactions as all the records are available with the banks.


1. In our country more than 90 per cent there are rural people so first and the foremost thing is to change the concepts of those people then the only cashless economy mission can take a boom.

2. Most of the people in the informal sector are daily wage workers so they depend on the cash only.

3. In India, people believe less to make online transactions because of malpractices such as phishing, hacking, etc.

At last, I will conclude that please if we want our country to do progress people have to believe government and government also not to break the belief of people by bringing the best technology in our country as our country is known for the best technology Center.

Thanks a lot.

Rate this: +21 -2

Geetha said: (May 20, 2019)  
The cashless economy has both merits and demerits.

The merits is it lead our country to a digital world.
By using the Cashless transaction.
We can come to know our balance easily in our account by just sitting in one place.
Safe transaction for huge business dealings.


If one letter or number goes wrong the amount is credited to someone's account. Which is totally unsafe.

For uneducated people, hackers can easily withhold their account.

Rate this: +9 -5

Vivek Kumar Singh said: (May 19, 2019)  
In my opinion, the cashless economy is beneficial for us it saves our time. Before this, we have to withdraw our money to do shopping or buy anything. But after this, we can pay anywhere using our mobile app like phone pe or Google pay. When we pay using this app then we also got some cash back.

Apart from merits, there is some demerit of this technology like our data is not safe. Some person misuses our data to steal our money.

Rate this: +4 -0

Rita said: (May 16, 2019)  
Cashless Economy is a big change. So change takes time to accept. So, in between of acceptance. There are certain merits as well as demerits as coins having two sides. Let's come towards firstly positive i.e.merits. Cashless economy helps to do transactions in less time. We don't need to carry wallet everywhere whereas mobile is wallet nowdays due to cashless economy.

In Demerits, Poor people are not aware of cashless economy. So, a certain program will help to spread awareness to them.

Rate this: +8 -2

Deep said: (May 12, 2019)  
Today's topic for group discussion is merits and demerits cashless economy.

First of all, India is not ready for a cashless economy. Though India is becoming a digitally strong country day by day it will take some time for proper implementation of the cashless economy. Due to the lack of knowledge of different individuals, it is not successful in todays time. Many of the village areas people don't even have a smartphone so they can't do online transactions. Even though they have it, due to the lack of knowledge they are afraid to do it as they prefer old ways of money transaction. So we need to educate them first about its advantages and how easy it is to do as it will help us to save time as well as hardships. It can be done sitting at home or anywhere instead of meeting the dealer or someone else to give them cash. It also helps to reduce documentation of money transfer as we can know it from the history of a paytment app like google pay, Bhim, paytm etc. We even get discounts by doing the payment online so it is very useful but we should learn its necessity and how useful it can be in our life.

Rate this: +18 -2

Piyush Priyadarshi said: (May 9, 2019)  
I feel the cashless economy had both the merits and demerits. But though I genuinely feel that in a long run, it will help to boost up our economy and somehow or the other, it will go to replace the system of the third window, i.e "corruption".

Rate this: +8 -7

Ujjawal Raj said: (May 1, 2019)  
India is not totally ready to be cashless.

There are numbers of people in India who are uneducated and some of them only know how to operate a smartphone but when they would do online transactions, they can be a victim of cybercrime.

India shouldn't be cashless before being totally educated and aware of such crimes.

Rate this: +16 -5

Mohd Shahid said: (Apr 27, 2019)  
The cashless economy is the uses of internet to transfer money, payment etc its a very fast way of transfer money or doing payment without being theft and fraud and it save a lot of time as we stand in queue for bank and atm transaction.

But everything has some demerits.
- need skiil to transfer.
- need internet.
- need smartphone.

Rate this: +14 -1

Abhay said: (Apr 25, 2019)  
Hello everyone.

I think the cashless transaction is the best way to transfer the money from one place to another because it saves a lot of times and end the chances of stealing the money. If we transfer our money online then we will not have to stand on the queue of bank/atm.

So it is beneficial for us so much.

As we know everything has a side effect so it also has like the person who is illiterate he can't transfer money online, it also needs internet connection and chances of fraud website to steal your money so these are the big problem.

But overall it is good.

Thank you, everyone.

Rate this: +11 -4

Satyamsaini said: (Apr 23, 2019)  
Cashless economy is the usage of the online transaction for the transfer of money from one account to another.

1. Saves time(fast transaction).
2. Reduce travelling for transfer of money.
3. Reduce the risk of being theft.
4. Reduce the weight of money carrying.
5. No corruption.
6. Transparency of rates/prices.
7. No problem for change of rupees.
8. A permanent record of transactions done.
9. Saves paper and money in printing notes.
10.Less queues in bank and ATM.

1. Difficult for poor and illiterate persons.
2. Need internet connection.
3. Fraud websites for money transfer.

Rate this: +64 -4

Sandyp said: (Apr 21, 2019)  
I think the cashless economic system is very good for big business there no recurred cash for transforing money or storing.

This approach also helps a general people in their daily life.

It's safe over money from robbery but not safe to server hacking.

Rate this: +6 -1

Pavilolita said: (Apr 14, 2019)  
In my point of view, the cashless economy is very good. Because to keep the money in a safe way. To reduce the stolen of money some other people. And easy to transact the money where every we want in the emergency situation. So need to stand in a bank line.

Rate this: +5 -4

Rakesh said: (Apr 11, 2019)  
After GST, today we all using online transaction so if we talk about online business then after GST we all know that it very affected our business because of increasing price. So, I don't think that these online payment modes give us a positive effected, I am the CEO of jingo holidays travel agency so I am just sharing my bad experience. Thanks.

Rate this: +10 -9

Ravikantrk Kumar said: (Apr 2, 2019)  
As per my knowledge, the cashless economy is beneficial for developing our country. And free from carries and pocket cutters while you are travelling. And demerits is that the uneducated person faces problem in the cashless system and probability of hacking also.

Rate this: +24 -4

Ravikant Kumar said: (Apr 2, 2019)  
A cashless economy is good because you have not to carries money in the wallet and not to fear lost of it.

Rate this: +6 -4

Imr said: (Mar 21, 2019)  
Hi, everyone.



- No need to wait in bank lines.
- Machines never go for a lunch break.
- Time-saving.
- Various CASHBACK offers on online payment.
- It's easy to use.
- No fear of pocket cutters.


- Not all people get a salary in a bank account. So they need to deposit, it's time-consuming.
- There is possiblity of bank account hacking.
- An uneducated person can't use the cashless system.
- It needs a high-speed internet connection which is not possible all over the country.
- In remote area it's difficult to use cashless system.

Rate this: +125 -11

Poonam Jain said: (Mar 20, 2019)  
Cashless economy is the best economy. People don't have standing in a line like bank etc. And they are working fast and reduced fear of theft.

Demerits like undeveloped villages, Illiterate people.

Rate this: +16 -10

Shrestha said: (Mar 14, 2019)  
Good evening everyone.

As we know that situation, more specifically of we take the example of a coin, it has two parts - head and tail, likewise every situation has two phases.

So moving towards the topic:

The advantages of the cashless economy are that nowadays the people who know how to use it can pay, can transfer money from one bank account to another as this service is valid 24 * 7 by there UPI accounts. There are various apps introduced like paytm, Google pay, pay pal which help us to pay from sitting in the home and is helpful outside our premises too like if we went out and we don't have cash with us and any of these facilities are provided then we can pay easily and its totally safe, we can even have the list of our future, past, present transactions and mainly we don't have to go to the banks and stand in a queue for a transactions. Now moving towards the demerits - these above-mentioned advantages are only possible if a person is techno-friendly like in rural area many people don't know how to use a mobile phone basically it refers to our past generations who are not so much open towards these technologies so cashless economy here is a failure and its useless in the area where people have no income source or where they can't afford a mobile phone.

Rate this: +52 -5

Sumit said: (Mar 11, 2019)  
Good Morning to all.

Many demerits are there regarding the cashless economy mainly cybercrime. Today as the level of security increases within this the criminal mind is also improving by hacking or by knowing pin, codes etc the many from an account can be transferred to the desired account.

Rate this: +12 -7

Ramya said: (Mar 6, 2019)  
Good morning all.

A cashless economy is powerful and easy transactions.
Easy process.
Urgent processing useful to the people.
No weight.


Not secured.
No hopeful.

Rate this: +27 -10

Pooja said: (Mar 5, 2019)  
Good morning everyone.

The Cashless economy means paperless money. Which is now very common so first talk about its merits.

It's paperless money. And it's easy to carry & use everywhere. It's like your money in card and phone. No one takes it without your permission and its safe and secure also.

If we talk about demerits. Not every person know how to use mobile or cards for payment and especially in rural area. Also in someplace, there is no system for the card and online payment. Where paper money is needed.

Rate this: +30 -6

Saima Nasreen said: (Mar 2, 2019)  
Every coin has its two sides, so the topic which we are discussing also has its pros and cons. Here are some of the points which I am giving.


1. Digital transactions or money transfers using a credit card, debit card, atm cards and UPI has reduced the corruption in India.

2. Tax evasion is undoubtedly one of the main concern which is pushing our country towards poverty, imbalance of development and unemployment. Through digital transactions, the government is getting all set taxes.

3. It has also reduced the terrorists funding.


1. India has abundance of illiterates who are unknown of how to use the digital transactions.

Rate this: +21 -10

Manish Bekal said: (Mar 1, 2019)  
Hi good morning.

The Cashless economy is best preferred for our country since we are used to using cash in most of our transaction.

We use cash because it doesn't flow through the system and is not taxed.

Due to this notion of ours, the country is collecting fewer taxes and overall cash printing cost have gone up but it seems to not flow through the financial system which is bad for the country in every way.

With a cashless economy which is at all-time high tax collection, which the government can use the extra income for more welfare schemes, and also educate the rural masses on benefits of cashless society and also giving them incentives for going cashless.

Rate this: +16 -11

Siddha Bijay Jain said: (Feb 28, 2019)  
Everything has two sides. So as the topic which we are discussing "THE CASHLESS ECONOMY" it has also its pros and cons. So I am just giving some of my points.


1. It will boost the digital transactions including debit card/credit card, ATM transfers, UPI, or any type of transfers which helps in reducing corruption.

2. Digital transactions helps getting the tax system transparent more tax revenue can be generated.

3. It helps in reducing the cost incurred on printing the paper notes. (The very high amount is spent on producing currency notes.

4. Cashless economy reduces the terrorist funding.


1. Illiteracy level is slightly high in India which restricts the effective use of this.

Rate this: +12 -6

Shivani said: (Feb 23, 2019)  
The Cashless economy plays a making and India digital. As every coin pros and cons cashless has also two sides. Cashless economy helps to reduce corruption because of the digital transaction. It also helps in digital India. A cashless economy is more secure than bringing money with ourselves. In an emergency cashless transcation helps a lot. While traveling also it is more benficial because no one can our debit card. Because of that we don't have burden of stealing money. It also helps in GDP growth.

Rate this: +13 -4

K.Revathy said: (Feb 21, 2019)  
From my point of view, the cashless Economy is a kind of digitisation of our nation. In order to compete with developed nation Cashless Economy is a powerfull tool. It also reduces black money easily accessible.

Rate this: +6 -4

Rakesh Kumar Khuntia said: (Feb 21, 2019)  
In my point of view, The advantage of a cashless economy is very important Step or part of making digital India. This program also reduces or prevent being stolen by theft & making peoples safe. The Internet is playing a very role & it is needed to making a cashless economy.

However, the peoples are coming from rural area & uneducated peoples are facing some problem. But for future it's provides great towards India.

Rate this: +4 -1

Ujjwala Bhondave said: (Feb 18, 2019)  
In that subject, my opinion is a cashless economy obviously in benefits but some of the time there is a network problem. Due to this network problem, we can't use this opportunity. Most of the people thought ki I have not to need to carry the money but suppose unfortunately this network problem arrive then what they will do and also if there is no ATM.

So that's why carry the cash with a limit so that not facing that type of problem.

I also add one thought here rural area people and uneducated people can't use this type of opportunity why? I think we are thinking negatively why they should not learn I think online shopping not so difficult but we are just thinking they can't they can't then it never possible and India never becomes digitalize and develop so I think each and every human can use this cashless economy and enjoy it but be careful.

Rate this: +15 -8

Shilpi said: (Feb 18, 2019)  
As we all know that our government is in the process of making India digital, so cashless economy is also a part of digital India. Cashless less economy is one of the best idea implemented by our Indian government. People can make transactions anywhere and anytime without carrying cash. Carrying cash is a very risky thing, as it increases the chances of theft and being stolen. By cashless economy people don't have to worry about carrying cash and being stolen. Though it is a smart move for making India develop but we can't ignore its demerits. People from rural area are not so educated and don't have much udea about technology. They may suffer problems and online transactions also have a risk of online frauds.

So, cashless economy is definitely a great move towards making India technology based but we can't even ignore the problems related with it presently.

Rate this: +37 -2

Tapan said: (Feb 16, 2019)  
Hello. Good afternoon.

This program inaugurated by our PM Narendra Damodardas Mod in the year of 8th Nov 2016.

My opinion, now a generation Aadhar has been using every field for Identification. It's not hacked easily, but nowadays crime in every sector going on Increase. So Aadhar is not secured. Our high court announced that Aadhar is not compulsory for all activities.

So, I think Aadhar is not necessary or not safe for us.

Thank you.

Rate this: +7 -20

Surya Prakash said: (Feb 15, 2019)  
Good afternoon my friends.

I am Surya. We are here to discuss the topic Cashless economy, from my point of view.

The Cashless economy is a good step towards development. Some merits of these are as follows-.

1. In the stopping of corruption.
2. Digitalization of country.
3. It forces to educated people to study and get knowledge about the new generation.

As a coin has 2 sides it has also some demerits also those are as follows-.

1. In rural areas where people are not aware of this thing have to suffer.
2. Internet cash comes with many online frauds.
3. Have to share bank details.
4. Need a secure device to access it.


From my view, in our modern digitalization country, it's a great step. It will take some time but the future result will be good.

Thank you.

Rate this: +27 -3

Nandha said: (Feb 13, 2019)  

* Nowadays everything is through the internet. We access the internet every day. It is also mandatory for our life.
* The only main advantage of this system we don't take money from one place to another place.
*theft also reduced when we transfer money from one to another account.
* in our country I think it is not possible because very few people having pure knowledge of this system.
*but this system will make our country from developing country to a developed country.
*don't require papers to print the money.
*our valuable time absolutely save when we using this system properly.
*we don't go for anywhere to pay the money.

# every fantastic system has demerits.
#uneducated people suffered a lot because they are even don't know how to access the internet.
#our government first provide equal education to all of us.
#then they proceed with this system.
#or our government will provide 100% security when we transfer money from one bank account to another bank account.
That's all.

Rate this: +13 -1

Sourabh said: (Feb 10, 2019)  
In my opinion, the merits of the cashless economy are we don't need to carry cash all the time. We can easily transfer money to anywhere in the world also there is no fear of losing money it reduces the chances of theft and stolen of money it also raises the economic standard of the country as more people are aware of internet and technology also transactions are much faster and secure but demerits are only educated people can benefit from this because people living in rural areas are not aware of the online transactions, digital payment methods and technology.

Rate this: +32 -3

Shruti Biswas said: (Feb 7, 2019)  
Nowadays everything and everywhere is digitalised. Now India is going to cashless. So this is a very good think to accept as this will help us from many sides. It has lots of merits and demerits.

The merits are:

1. Don't need to carry cash on your wallet.
2. Don't need to make a queue outside the atm.
3. Don't have to go bank for payment or anything else.
4. We can use our money from anywhere anytime.
5. We can transfer our money to any place.
6. We can shop online which is saving our time.
7. We can even order food and medicines and other necessary goods and can save time.
8. No need of paper money means save of trees. Save the world.
9. Government need lot of money to print money which is not required for cashless economy.

And the demerits are:

1. The main demerits is illiteracy. Maximum of aged people does not have much knowledge to use internet.
2. In rural area not everyone has account number on bank.
3. Not everyone has smart phone to do all these things.
4. Internet hacking is one of the major problem.

Rate this: +76 -5

Jeevan Yadhidya said: (Feb 1, 2019)  
Good morning everyone.

My name is Jeevan.

The cashless economy has changed the path of our country, economic situations of the country.

The best outcome of implementing cashless economy is.

- transparency & anti-corruption.
- elevation of the standard of India on the international stage as a digitally developed country.

I Am extremely joyful with these as an Indian,

As we all know that India is one of the most populous countries and also the country villages, here two main things come into our consideration.

- Unemployment and the second thing is.
- illiteracy.

Coming to;

1) UN EMPLOYMENT: although there is a slight reduction in the unemployment with the cashless economy there is a more chance of employment if the illiteracy rate can be reduced and pushed into the learning of computer and its programming knowledge.

2) ILLITERACY: though 80-90 % of the present generation is studying, out of the 70% are completely unaware of the process, techniques and benefit of the cashless economy and slow injection of the cashless transactions into their daily life transactions, showing them the benefits of the cashless transactions and bringing awareness can only make this possible.

Hence I conclude that a successful noble and strong development and rise of the standard can only be achieved if the whole mechanises, supports and involves it.

Let's hope for a better India.

Thank you.

Rate this: +49 -7

Samiksha said: (Jan 31, 2019)  
Merits of the cashless economy:

Cashless economy saves our time and also it is easy to transfer money one to another. Also, we save the paper.


It's harmful because of hacking. We have to aware of the account information that couldn't be shared with anyone.

Rate this: +23 -5

Pratik said: (Jan 29, 2019)  
Cashless economy not only saves our time but also saves paper. The cashless economy also solves the problem of money in atm.

We do not have await in a long queue in mscb office.

Rate this: +6 -11

Rajdeep Roy said: (Jan 27, 2019)  
Minting coins or printing of paper notes require money, which is an expense for government or central bank like RBI. If a transition is done from cash to cashless transaction then there would be huge savings for the government and lead to strengthening of our currency.

It also brings transparency in transactions and disables the provision for money hoarding and tax evasion. Also since the banks have more money with them, this leads to lower rates of interest which leads to easy availability of loan and greater economic development.

The main demerits of a cashless economy is the risk involved in hacking of our personal wallets or accounts. Also there is the risk of erasure of the money records from our account in the event of war etc by powerful foreign governments which could lead to crippling of our economic systems.

Therefore in order to get the benefits of cashless economy without any drawbacks we must ensure for the safety from hacking or attacks by terrorist or foreign govenrments.

Rate this: +27 -3

Mohd Murad said: (Jan 27, 2019)  
Merits of Cashless Economy:
1. It does not need to carry cash with him or her everywhere which in turn reduces the chances of theft from the wallet.
2. It saves the time and paperwork.
3. We can transfer anywhere in a few seconds in the world from one to another place.

Demerits of Cashless Economy:
1. Only educated people can do these things.
2. Good internet connection required.
3. We should have very careful while doing transactions.

Rate this: +51 -3

Karthik said: (Jan 26, 2019)  
Merits of the cashless economy:

1. Time can be saved.
2. Every paise can be counted.
3. No transferring of cash from one bank to another.

Demerits of the cashless economy:

1. It cannot be handled by uneducated people.
2. Hacking of accounts may lead to loss of money.
3. Smartphones are required.

Rate this: +17 -2

Bk Yadav said: (Jan 24, 2019)  
Hello everyone.

First, let's have some glimpse about merits-
1. Wastage of materials used for making notes will be avoided.
2. The flow of money cycle in that country will be smooth.
3. The invention of new technologies for online transactions which will create job opportunities.
4. Black money of no use.
5. Will get the products cheaper when online shopping is done.


1. Unavailability of technology like internet all across the country.
2. All don't have smartphones so they rely on cash.
3. Non trusted and unsecured sites for online transactions.
4. Transactions fails many times.
5. Ritual beliefs like Dakshina at temples etc

Thank you.

Rate this: +18 -5

Ankit said: (Jan 22, 2019)  
Hello everyone.

Today we will be going to conclude the merits and demerits of the cashless economy after demonetization government of India start promoting the cashless economy. It's a very good policy for the country like India because in India there are some people who are corrupted for that our government need proper schemes and policy for monitoring so by using cashless economy we can monitor them and have proper transparency.

Some other merits of going cashless is that we can do our payment and transaction on mobile or computer on any time or place.

So ultimately it makes our lives comfortable. And we can also save our precious time. So overall it's a good scheme we should practice and promote this.

As we all know that rose comes with thorns, in the same way, there are some drawback of this scheme

People are getting lazy.

Risk of Hacking of account but there are very less chances.

So we can conclude that if we use this scheme wisely and don't share our account details then ultimately it's a good policy and definitely improve our country on the basis of the economy.

Rate this: +15 -4

Shailesh said: (Jan 19, 2019)  

1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.

1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.

Rate this: +66 -5

Rakhi said: (Jan 19, 2019)  
From my point of view, there are both merits and demerits of a cashless economy.

First of all, it's a very much effective, swift and secure method of online money transaction. And also there will be a minimum case of fraudality and all the transactions will be directly reported to the government.

Also, it may reduce corruption and the amount of increasing black money.

Rate this: +9 -3

Harpreet Kaur said: (Jan 17, 2019)  
Advantages of Cashless Economy:
1. Minimizes risk of theft
2. We can Pay our bills on time by using paytm, phonepe and any other apps
3. Safer and Efficient
4. We can do transaction anytime, anywhere.
5. By using Digital Transaction by can have proper record of all our transactions
6. Reduces chances of black money
7. Reduces paperwork
8. Saves time.

* Disadvantages of Cashless Economy:

1. Non-Availability of cash in all the ATM's
2. As we all know the rate of illiterate people in India is high, so there will be a problem for villagers as they don't know how to use technology
3. One of the main disadvantage of cashless economy is network problem, when we are in the final stage of transaction and there occurs a network problem, the amount will be deducted from our account but the transaction fails due to network problem
4. Fear of cyber hacking, by this fear people get confused whether digital transaction is safe or not.
5. Unawareness of the digital transaction.

Rate this: +27 -4

Smita said: (Jan 12, 2019)  
Hello everyone!

Cashless Economy is that part of digital India which is leading to make India a developed country.

Merits of Cashless Economy:
1. Timely payment.
2. Minimised risk of theft.
3. Safer and efficient.
4. Reduced load of Banks.
5. Easy to pay even a non-rounded figure.
6. Need not to ask for a change to everyone around.

Demerits of Cashless Economy:
1. Poor services of Cellular companies.
2. Non-availability of cash in all ATM's.

Rate this: +22 -5

Tushar Kumar said: (Jan 10, 2019)  
Merits of the cashless economy:

1. The consumer can do transaction easily and from anywhere.
2. It'll consume less time in making payment.
3. There will be a proper record of all the transactions in digital format.
4. Black money will be reduced.
5. Govt. Can collect tax easily.

Demerits of the cashless economy:

1. The illiterate people cannot do the transaction in electronic form and there is still a huge illiterate people in India so this can be a major problem.

2. There will also be a problem if the network is not properly working and the transaction comes to an end in midway and in this case, the money from the will be deducted and the payment will not be successful so this is also a major demerit of cashless economy.

Rate this: +27 -0

Naresh said: (Jan 8, 2019)  

Digital transaction: It is a seamless process which one are more participates involves, with the effect of no need of cash.


1) By using digital payment every payment was recorded and it requires tax for transactions.
2) Increases the revenue status. Because easy mode of pay bills.
3) Empower the citizens to take their subsidy from govt directly their account.
4) Free from long queue.
5) No need to visit bank Every time.
6) No need to regular withdrawal for daily usage.
7) Safe from rubbery.
8) Saves expenditure of money for printing notes.
9) No need of mediator for transforming money.
10) Even 1rupee also transfer by digital payments. And secure.

Demerits :

1) maximum rural people are illiterate.
2) Some are don't have a bank account.
3) due to poverty some are not having minimum a/c balance. So their little amount of money will be taken as a penalty, so they are not interested.
4) Fear of cyber hacking.
5) According to the world bank, rural Indians are unable to open an account. And maintain bank balance.

Thank you, friends.

Rate this: +39 -6

Anji Reddy said: (Jan 5, 2019)  
Cashless transaction is best &better concept.

It was the safe& secure transactions without the involvement of money.

In the case of money is maybe robbing chances but nowadays we can transfer the money through our mobile phones within a fraction of seconds. It will take cashless time for doing the transaction.

Nowadays we are going to a market for buying groceries we can pay the money through the card, not with liquid money. It reduces the corruption in the country. Mainly advantages with the cashless transaction is it will save the paper. Due to cashless transaction peoples are made educated. So cashless transaction is so beneficially in urban& rural areas.

Rate this: +11 -4

Ram said: (Jan 3, 2019)  
Cashless money is a good concept, it has more advantages as well as disadvantages.


It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping, Etc.


Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Rate this: +20 -4

Mayank Shekhar said: (Dec 30, 2018)  
Before see the merits and demerits of Cashless economy first we understand what is cashless economy. Cashless economy is a such type of dispensation in which any type of financial transaction, debits, credits are done by digital process or information and not by any physical thing like coin, note.

Mainly if we will see the merits, its really reduce human efforts like that we have really not need to go to the bank for several hours and also not need to stand in queue, we can easily send and credit money just by apps in mobile, we can pay bills by this in just few minutes, we can pay shopkeepers by it, also cashless economy is really increasing digital marketing like zomato, flipkart, etc. Most important is that it reduces corruption, black money. You can send money in just 2 minutes to your family by paytm, tez, it is also a big merit.

If we will see the demerits lot of people in India are uneducated so really they do not know the process for digital transaction and also lot of people have really not have even bank accounts so they will be victimize from cashless economy. And there also a big demerit that digital money is not safe properly because of cyber attack and others internet problems. Mainly conservative peoples really refrain cashless economy due to safety problem.

Conclusion- Mainly cashless economy helps people in several manner, it reduces human efforts, black money, bribes, extortion, tax problems, but in India it should be not implemented because lot of people does not know how to use it and it have safety problems also.

Rate this: +34 -2

Parth said: (Dec 29, 2018)  
Well, 1st of all, the cashless economy means all legal transactions are to be done without physical money, so when we will adopt this system, there are following merits:

* It is the fastest way of transaction.
* No need to carry physical money with you now, so no more cases of theft, loss of money etc.
* Can do transactions even on holidays, which is something that shouldn't possible without a cashless economy.
* Can reduce the corruption, by some margin, as in some important transactions, the Money will be transferred into the bank account.


* 1st of all it is new system altogether so, as you know not all people have the same mindset, so it will take time to accept this system.
* This is will be easy to understand for the educated people.
*Uneducated people might be called it weird.
To conclude, I would say it is more beneficial to our country.

Rate this: +12 -2

Aditya Jain said: (Dec 23, 2018)  
Good morning to one and all.

Today we are here to discuss the merits and demerits of cashless economy.

The Cashless transaction means we can pay money or can receive money without the involvement of cash, is this sounds interesting, yes it is interesting.

The cashless transaction was increased tremendously after the demonetization on 8 November 2016. Some of the advantages are.

1. Less or low involvement of cash like if I have to pay you Rs. 100 I will simply ask your paytm number and I transfer it in your account.

2. Chances of robbery or theft will be very minimal.

3. The business of companies which offer cashless transaction has boosted up like paytm, phonepe and many more in the same industry.

4. No need to stand in bank lines for hours.

5. We can purchase anything from the market without using money even nowadays a tea stall also has a board paytm accepted here.

Some of the disadvantages are.

1. Many people approx 40% of the population do not know how to do the cashless transaction.

2. Around 30% population of India is residing in rural areas they don't have mobile phones how will they receive or pay.

3. Hackers can easily hack the passwords because of which many people are in the dilemma whether it is a secure mode of payment.

In the end, I would like to say the step for digital India is a good step which will be a positive step for our economy but it will take time for making our economy as a cashless economy. And it is a safe mode of payment.

Rate this: +52 -1

Anand said: (Dec 15, 2018)  
On 8th November 2016, our honourable prime minister Shri Narendra Modi implemented demonetisation banning the use of 500 & 1000 rupee notes. With the implementation, more than 80% of the running currency became merely a piece of paper and situation became pathetic marking the rise of electronic transaction in our country.

Let us discuss some of the advantages of the cashless economy:-
1) Electronic payment will improve transparency and accountability since all the transaction will be governed by income tax hence marking a decrease in black money.

2) printing notes itself cost more than 25 billion which will be reduced.

3) security is provided over cashless transaction which is not possible in physical cash and hence reducing the chances of robbery.

4) One can view transaction history and plan his/her budget accordingly.

Some of the disadvantages are:-

India is a country with most of its population residing in rural areas and lying below the poverty line so it is very hard for them to accept changes. It is a long run for India to become a cashless economy and for that India had to first fight with poverty and illiteracy.

Rate this: +53 -4

Narmatha said: (Dec 13, 2018)  
Cashless money is a good concept, it has more advantages as well as disadvantages:


It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping. Etc.


Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Rate this: +14 -4

Manikanta said: (Dec 6, 2018)  

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.


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: +26 -3

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


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: +59 -5

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: +33 -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: +22 -6

Amarjeet Kumar Giri said: (Nov 14, 2018)  
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.

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: +52 -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.


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


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

Rate this: +11 -1

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: +12 -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 -1

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: +11 -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.


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: +30 -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: +30 -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: +18 -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: +151 -13

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: +16 -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: +18 -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: +47 -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.


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.

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.

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 -9

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 -15

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: +7 -5

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: +5 -6

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 -3

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: +3 -4

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

Rate this: +4 -13

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: +14 -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: +41 -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: +12 -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: +18 -5

Merits and Demerits of Cashless Economy

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