Merits and Demerits of Cashless Economy

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.

Good evening everyone.

As, if we are aware that. Everything has two faces. But from my point of view.

I think Being cashless or being digitalised is not worth.

1. Having cash in pocket we feel more comfortable as if we want to buy some small things. Want to pay Transportation fair or many. Etc. We can't talk about any app.

2. Just a small example. If you want to go to the washroom if you are in outside. Then they charge you Rs2. Will, you said that give me your. Account number. I will transfer it?

3. Being cashless means all cash in one of our close friend (mobile). Right?

If it goes switch off. Or something happened. Can't even you think of to buy? Or to do anything.

Thank you.

Hi, everyone.

CASHLESS ECONOMY.

Merits:

- 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.

Demerits:

- 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.

Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is very fascinating topic which we have to discuss upon.

So Let's start.

Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.

As we all know every initiative have it's own pons and cons so as the cashless economy has.

Now, I am discussing the merits of it.

1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.

Now comes for demerits.

1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.

From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.

THANK YOU !

First of all, Hi everyone.

I would like to speak on the topic of the cashless economy.

The question arises what is the cashless economy?

It is a mode of payment without using paper cash since every coin has two faces.

The merits of a cashless economy are.

1. Less time-consuming when compared to the usage of cash.

2. The chances of theft and pickpocketing reduce widely.

3. If we observe the previous condition during the corona pandemic most of the apps even local shopkeepers switched to online mode of transaction.

Hello all.

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

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

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

Hello, friends good morning /evening.

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

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

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

DEMERITS:

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

Cashless economy is a requirement of 21st era. Cashless economy means the transaction of money, a bill by online banking or digital payment apps.

Merits:.

1. Cashless economy made transaction transparent do it will minimize corruption.
2. It will save travel time, extra cost.
3. With online payment we can send money from one corner to another corner of the country in few seconds.
4. Now people cannot evade tax because all transaction are recorded.
5. E-ticketing, e-services reduce wasting of time.
6. Cashless economy minimise wasting money on cash printing.

Demerits:

1. Cybercrime theft issue arises.
2. Illiterate people can't understand cashless transaction so there are chances of happening fraud by duplicate payment app or duplicate website.

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.

Cashless economy is the usage of the online transaction for the transfer of money from one account to another.

Merits:
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.

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