Merits and Demerits of Cashless Economy

Hi everyone'.

I am very grateful to share my opinion about cashless economy. Cashless economy means doing transaction without using paper means having no cash. So, here the merits and demerits of cashless economy are:.

Merits:
1. Cashless economy is very beneficial as we can do online transaction from anywhere in less time.

2. It also reduce cash robbery and corruption as being transactions are visible and transparent.

Demerits:

1. There is a risk of hacking of account as we know nowadays cyber robbery also increasing day by day.

2. Those who don't know how to use cashless money can feel difficulty to use.

Hello, friends good morning /evening.

I am Rajneesh Yadav. Thanks for giving me big opportunity to speak on the topic cashless economy.

In my point of view, every topic has two aspects so cashless economy has also one his merits another demerits.

MERITS.

1. Now a days cashless economy plays a very important role in human life.
2. Corruption, Robbery will be reduce by cashless economic system.
3. Cashless economy help us to send money one place to another place easily.

DEMERITS:

1. Sever issue, internet problem this is the big problem of cashless economy.
2. Now a days cyber crime is also involved in cashless economy that reduce all money in few second from account.
3. We can check high privacy policy which application which provides us cashless election.

Every innovation will have some merits and demerits but since we as humans can live together in a trust-based society, the merits of most innovations outweigh the demerits.

The merits are:.

A) Independence from physical currency:- It gives us the freedom to transact any required amount without the risk and hastle of carrying physical currency.

B) Ease of access:- With rapid rise in technology penetration, cashless transactions are being used by the smallest of vendors to seamlessly transact without any barriers. This technology has proven so easy that even remotest villages have people transacting cashless-ly.

C) Lesser corruption:- With each transaction being digitally recorded and stored, the scope for corruption using cash is reduced hugely. Each transaction is accounted for. Making huge transactions in govt businesses cashless mandatory will remove the scope of corruption.

D) Advanced concepts of crypto-currencies, digital currency and decentralized currencies are the future of our society which allow free markets to exist without govt intervention and single-party manipulation.

Conversely, the following demerits emerge :-.

A) Dependence on technology:- Completely shifting to cashless will make all of us more and more dependent on technology and this at the mercy of the people who control this technology.

B) Lesser privacy:- Since every transaction is being recorded, we also give away our private information such as location, devices used, our choices, etc which takes away our privacy and makes it easier to track our activities. This can be used in malicious ways if someone wants to.

C) Technological illiteracy:- Given the vast population of India, there are a huge number of people who simply do not have access to any technology and are illiterate in that aspect. Making everything cashless will cut off the services to millions of people. Older people become more and more dependent on the younger generation to learn and use this technology.

D) Cyber threats:- Rise in technology also has brought about a rise in cyber threats. Naive people, especially old people, often fall into traps of phishing, scams and extortion because of their limited knowledge of technology. Even major banks face cyber threats from hostile parties trying to damage the country. So cyber threats are a serious demerit of a cashless economy.

Given the above merits and demerits, I believe many of the demerits can be solved by working together to build a trust-based society and technology. If we can create trust between the entities providing the technology and the end users to not misuse each other's situation, then we can steadily build a reliable system of a cashless economy. In general, with a little increased awareness of technology and related threats, most cyber threats can be tackled. Thus, I believe that the merits of a cashless economy is more than the demerits.

Hello Everyone!

Today's topic is "Merits and Demerits of Cashless Economy".

So, to start with I want to explain what a cashless economy actually is. We are all aware of the UPI, mpockets, net banking, credit and debit cards and most recently the crypto-currencies. What all these actually do is nothing but give you the liberty to not carry your purse full of cash but then also being able to transfer or transaction of money in things.

I will be giving the possible merits that of course most of us are already experiencing are,

1. It is possible that you have money in your bank account but are out of cash now, this is the time when being cashless pays off.

2. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.

3. You want to buy something expensive, handling that much cash may be proved to be really a hazard, while just a single swipe of your credit or debit card will be more than enough.

So,

Secure, easy, faster and authorization these are the fields where the cashless economy have its merits.

But, as there is a saying every coin has two sides one of it is good and the other bad, so, Cashless Economy is also no exception.

Possible demerits are,

1. You should be more alert while using digital currencies, if one's personal account details are known to someone else then they can easily hack through that account.

2. Sometimes the transactions are wrongly made due to the lesser speed of concerned internet connection, though we get the refund it causes a problem initially.

3. Till now the cashless economy hasn't been broadening for all the citizen of our country as an integral part of them are still finding it difficult to meet their both ends.

Finally, I want to conclude by saying that the merits of the Cashless Economy are obviously broader than the demerits it has which can be avoided with proper care while using. I personally am using it for quite a few years and obviously, it made my life simpler.

Thank You.

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.

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.

Hello everyone.

Thank you for giving me this opportunity to said about merit and demerits of cashless economy.

First of all, I want to describe the merits of a cashless economy.

In cashless economy, we save our paper, transport.

No need of carrying a lot of cash.

The people can view all their transaction and prepare their lifestyle according to the money.

Let's talk about demerits.

In the rural area, many peoples are not aware of the cashless economy.

They confused in every situation.

The most important thing is that some of the people facing many fraud calls.

In a rural area, maximum people have not a smart phone so they can't use an online transaction.

That's all.

Thank you.

Cashless economy boosted by Demonetization.

Merits:
*Cost Reduction.
Reducing cost of printing of cash.
Reducing cost of storing of cash.
Reducing cost of transportation of cash.
*Risk reduction.
*Efficient and convenient.
*Increased transparency.

On the surface, cashlessness seems benign, but when you reflect on it, the insidious racism that underlies a cashless business model becomes clear.

Demerits:
*The major drawback of cashless economy is cybersecurity
*Lack of education.
*Hacking.
*Online banking fraud.
*Internet connectivity.

In my point of view, cashless economy is very beneficial for our country. Because the number of tex payer in our country is very low so with the help of it we can improve our economy and we can also stop corruption which is in the form of black money. Our government can save the money which waste on the printing of cash. But it has its demerit also cyber crime cases are increasing rapidly. And it is not suitable for every person.

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.

Conclusion:.

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.