Merits and Demerits of Cashless Economy

A warm welcome to everyone participating in this discussion.

I am Mayank, I would like to put some light on the cashless economy which as eventually come into the trends.

So starting with some positives I would tell you that going cashless has made the process of payment fast and efficient.

It has also reduced the extra efforts made by people for the payments from big to small, from goods to services, from country to states.

Going cashless has made all of them a work of seconds.

But digging under the topic to its roots.

It has become the top most reason of frauds and scams happening in the states, has effected a lot of people who are not aware of these malicious activities and news of thefts.

So, I would conclude by saying that though the people are ready for change in terms of payment and commerce but will be requiring knowledge and basic education for going online for the capital transaction.

Cashless is a new word introduce in Indian people dictionary few years back and various discussions started.

Some of have fear of using online transaction and frauds and someone had some excitation of use new technology for transactions.

But after going long way in last few years lots of people accepted it as daily routine transaction. As its have more advantage over few disadvantages.

ADVANTAGES:
1) We don't need to stand in long rows of banks and ATM's.
2) We don't need to take our Wallet in our pocket before leaving home.
3) We can do any business with small asset.
4) We can grow our business unlimitedly without physical restrictions.
5) We don't need to waste our time by going market.

Disadvantages.

1) Frauds.
2) Fraud E-Commerce sites.
3) Rural people need some more time to become familiar with this new normal.
4) Minors make lots of mistake which may become big problems for their parents.

Hello everyone.

The Merit of a cashless economy is that it can reduce the robbery of money and easy in paying large transaction. It can also easy if we want to make a payment to the people who live in large distance by easily doing cashless transaction. It can also ease the people by helping in not going to bank for deposit their money because in cashless it directly go to the bank account it helps in giving electricity bill, gas bill and many other bill which can help the people in saving time. It also connects people digitally with technology.

Demerits of cashless money.

It may increase the cyber attack people who do not have knowledge about hacking may lose their money in a few minutes. For a cashless economy, it made the mandatory to the people to use the phone and it may also cause people to go to a bank account to getting cash because do not have the facility of using cashless transaction.

In this digital world, everything is available in the form of the online, economy so the cashless economy has many merits and demerits too.

MERITS:

1) one can transfer money any time from anywhere.

2) No chances that anyone could hold black money.

3) In a cashless economy all the money stored either in the bank or invested in stock, so it always gives some amount of returns.

DEMERITS:

1) As India is a developing country and most of the people live in a rural area, everyone doesn't have access to the internet and can't be offered any device.

2) Most people don't know how to operate mobile or computer, so there will always be a security concern.

3) Hacker are at the pick nowadays, and they can steal money from people who don't have much idea about security.

Lastly, Not now but in future India have to go with a cashless economy, building strong security, providing people computer awareness.

This topic is very good. Because cashless economy is very very beneficial in today's life. Cashless economy has both merits and demerits.

(Merits) :
In this timeless life our life is very busy in the work and students are busy in there study. So they have no time to stand in line and do all works by going in market. But by cashless economy all works we are doing by phone or computer by phone pay and paytm app. And cashless economy is also useful to send money to whom who are live out of station.

(Demerits) :

Demerits of cashless economy is defined as increase in unemployment. And main problem of cashless economy is that people stored there money in phone and give security to that so this is very riske because many hacker hack your security and stole your money.

So, there are many demerits and merits cashless economy. So, the person who use cashless economy system then use it safely.

Thankyou.

According to my point of view.

Cashless economy is one of the sign for development.

Merits:

-> we can transfer money from any place to other places within a fraction of seconds. (no need to stand in a bank for hours in a queue).
-> it is easy to debit tax by the government. (It will increase the probability of tax payment).
-> people are losing much money in the form of change. (neglecting small thing will leads to the larger difference. ).
-> the cashless economy will reduce the usage of paper. (it saves the environment by not cutting the trees).

Demerits:

-> internet connection is mandatory to transfer money.
-> online transitions are the home for Hackers. If you are unrealisable. They will clean out your account. (don't save your card anywhere. & don't share your personal details to anyone).
-> uneducated people will face many problems.

Thank you, sir.

Hi everyone.

I am Sanjeet I belong to Alwar(Rajasthan)


Today our topic the cashless economy
Let's discuss it.
Every coin have two sides as the cashless economy has two sides
First, we discuss it advantages

Advantages-
Cashless economy is very helpful for us we save them time and energy by this. This economy is provided us with many facilities.
We can online payment easily with sitting one place there is no risks.
We can pay the electricity bill, water bill and other bills.
We can pay online payment it's saved our time and time is very important for us.

Disadvantages-
The cashless economy has some disadvantages with have advantages.
Cashless economy is not successful in the rural area or network problems areas.
This technology is not used by illiterate persons.
Today the thieves hack our bank account and steal the money so this technique is not profitable Completely.
Thanks.

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.

I think merit of cashless economy is much more than its demerits. Cashless economy is more important for corruption free economy and society. Today we can see how cashless payment is playing vital role for effective implemention of govt schemes like ujwala yojna, pm kisan samman nidhi yojna. By cashless economy govt can easily implement their fruitful schemes to grassroots people who actually needed. Cashless payment should imperative by govt to implement his yojna because by this govt can reached to needy people more easily and the poor can get full benefits of govt schemes.

But there is demerits also because in country like India many people don't known about how to use digital transaction and get benefits. Cashless economy have the biggest threat by cyber crime. Because in country like India where more people don't known how to use cashless transaction can easily become scapegoat.

I believe there is more advantages of the cashless economy than it's disadvantage like cashless money transfer is more transparent, hence more manageable (means less corruption) , easy to transfer funds, requires less time.

For instance, if one lives in Delhi wants to transfer funds to Mumbai he can transfer that using internet banking or using a mobile wallet, credit card etc. So it was easy, it took less time than going to the bank and then transfer money.

Most of the times blank money gets accumulated because the bank (government) has no way to keep track of transactions happening, but in a cashless economy, the bank can keep track of it and if the applicable tax will be charged on those transactions.

Now coming to disadvantage, one of the biggest disadvantages is lack of security,

As now it has become rather easy for a thief to steal money by sitting in front of the computer.