Merits and Demerits of Cashless Economy

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.

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.

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.

In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

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

Merits:

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

Demerits:

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

Merits:
1. No need to stand in a queue.
2. Easy to transfer money one account to another all over the world.
3. 2 way authentication made it very secure.
4. Time Saving.

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

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.

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.

The cashless economy will help India to move from developing zone to a developed country.

Advantages:

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

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

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

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

5. Criminal activities will also get reduced.

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

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

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

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

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

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

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

Merits:

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

Demerits:

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

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

Cashless money is a good concept, it has more advantages as well as disadvantages:

Advantages:

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.

Disadvantages:

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.