Merits and Demerits of Cashless Economy

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.