Merits and Demerits of Cashless Economy

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.

Good evening everyone present over here. As the topic under discussion is 'MERITS AND DEMERITS OF CASHLESS ECONOMY', I'd like to share my views on it.

The Cashless economy is a great relief for developing countries like INDIA. But the problem lies in achieving this as most of the people are unaware of using mobiles to date. The good thing is India is stepping forward but the biggest threat is about cybersecurity in which we are lacking behind. Online crimes are getting easier because of this cashless economy. The thing is, every coin has two sides. So what matters a lot is the cooperation of the citizens and what bothers lot is the lack of belief that the people have towards the onsite transfer of money.

Thank you.

As we all know about two phases problem.

The first phase is about positives.

A cashless economy saves time, robbery, and pickpocketing.
Reduce paperwork.
Easy to handle.
Every store in one device.
It's helpful for to know past records.
It Reduces paper impact goes to saves trees.

The second phase is about Negatives.

Employment issue because when everyone uses one device on that note human use is less.
More electric use in digital payment.
When we use more internet is bad effects go on fly and other animals.
We know only 20% of birds are left as compared to before time.

Jai hind to all.

Respect Sir and my dear friends.

Today We gather here to discuss an interesting topic and our topic is Merits and demerits of cashless economy.

Merits:

1. Our data and information about the transaction will be safe.
2. Save our time.
3. Reduce corruption.
4. Easiest method to transfer fund one person to another person.
5. No need to go bank and ATM.
6. Rapid growth in online buyers.

Demerits:

1. Chance of hacking.
2. Cyber Threat - As we know that in India there is no strong law against the cyber threat and cybercrimes increasing day by day. As per data 12592 cybercrimes are recorded in 2019.
That's why people hesitate to a cashless transaction.
3. People lost their money in fake transection app because most of them uneducated.

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.

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.

Hi guys, I thinks there are both merits and demerits of cashless it's depends upon person to person i.e if A person is aware of online things (i.e online transaction ) then they can go caseless and can easily handle online transactions , but if he is not very much aware of frauds that can happen with him with only few information evasion he can loss their money with only few clicks hence it is very much depends upon awareness of people awarness of using online things ..there is no doubt that cashless economy has many benefits but these benefits can reach to people only with their own awarness and consciousness and also with government's initiatives for creating awarness among people for online frauds

As we see the positive side of a cashless economy, there are so many benefits like now people are no longer in a compulsion to carry paper money, they can easily carry plastic cards that are debit/credit cards or may use an e-wallet to pay at the store or supermarkets. So now people no longer have the risk of losing money by getting theft or wet.

But on the other side, all people do not know using cashless methods of payment. For example, illitrate people face trouble in this system. Formerly it was also a big issue that everywhere cashless system was not adopted. Some stores were there where the only cash payment was accepted. But nowadays, except only a few places, card payments or e-wallet payment or both are accepted.

In my opinion the whole concept of e-commerce is a very advancing field. Green platform for transactions. People were busy investing their time and money on commercial trading platforms purchasing their requirement when the cashless economy soon became a major roll out for every individual with smartphones in their hand. Since the advancement of e payments money is more transparent. It has saved a lot of time from ATM queues, the collecting re1 toffee which shopkeepers give us in return for coins.

This is quiet a lot of saving which we may not realize in our day to day chores. Whether we have cash in our hands or not its not like we cannot purchase stuff. From buying fruits from a fruit vendor to shopping in malls we are positively advancing in terms of mode of payments. Everybody is switching e payments because its easy to handle. Like everything we know this has its own demerits as well. Expenses have increased comparing to what it was when we use to trade in cash. Every transaction is under scrutiny. Not functional if the internet connectivity is hampered. Thus this facility is still not accessible to certain section of society.

Thank you.

Hello everyone.

So here I got an opportunity to give my points regarding the cashless economy,

I would like to add merits to the topic as this will help the country:

The cashless economy will bring out the fear of theft and dangerous incident to life eg. Robarrey etc.

*Clear and easy payments with the benefits of cashback and other coupons.
*Proper records of payments can be possible.
*Chances of corruption get reduced.
*Distance payment can be done easily.
*No harm to currency,
*Fast way of payment,
*Trustable except in case of hacking or server error.