Merits and Demerits of Cashless Economy

Hello everyone,

This helps to curb corruption and the flow of black money which results in an increase of economic growth.

I think merits of cashless economy is that we don't have to keep cash with us which will reduce chances of robbery, we can do transaction easily with a proper record of the payment, it will help to reduce corruption, if we have to transfer money to other countries then it is also easy, because of cashless economy people have to open a bank account which will be beneficial for them.

The demerits of cashless economy is chances are there that bank account can be hacked which is risky, and some people might not understand how to use the online money transfer.

Hello everyone,

The Cashless economy means an economy or market without cash or cash flow in the market. And use some alternative methods for transaction of money. So it means to use an online platform like a Paytm, phonepe and google pay etc. To transaction of money. It have both pros and cons.

The cashless economy provides us more viable and flexible system of money transaction. Now we don't need to stand in long lines in banks, so it saves both time and energy of a person. By using online methods all the things can be done by using mobile, so now we don't need to carry cash with us always. Now just by one click, we can complete all our essential task at any palace. It also decreases the corruption in our country, because now any many government schemes, people are getting their money directly in their account, rather than to take less money from middle people in the system. Digital platform make peoples life more flexible and easier.

Every good thing has some default, so here are also some issue to implement this scheme in our country where most of the people live in rural areas. And people are not aware of the digital or online transaction. We need to aware those people about frauds making by some unsocial people. And there is also the chance of hacking in the online system. So we need to ensure our security system more robust and viable to use these online platforms.

So in the final, I would like to say that it is good to adopt cashless economy for our country, so that we can complete our all task without any difficulty and with save of time and energy. What we need is just some efforts to aware people about the cashless economy and governments effort towards the security of its citizen's account.

Thank you.

Every situation has two sides Merits & Demerits. First of all, I want to say about Merits.

That is if we are handling cashless money means we can more safe from any kind of Roberry/Save time.

But sometime that will be a problem for us just like suppose we are paying money to others by using any other application/internet banking so at that time some technical issue it can be stopped. Just down of bank server. So at that time you unable to pay to others.

So, in my point of view, in this topic here some demerits are also there.

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.

Hello friends.

I am Himanshu.

As this topic merit and demerit of the cashless economy.

In my point of view, Cashless economy is a better option for the citizens by cashless economy we can use our 100 per cent of cash of the account.

As well as we don't have a tension of stealing and losing of money.

In this pandemic time, we can use UPI and avoid touching.

We don't' have to need the carrying of the money by the cashless economy.

And we can pay easily they gave us many kind of profit.

I think cashless economy is great.

We don't have search of changes. We don't have cut down trees. Transaction can be done very easily and accurately.

Hello everyone,

Today's topic is very much interesting and relevant to the economy of India. A cashless economy means we are doing a transaction of money with the help of the internet or different type of platforms. As we all know that every coin has 2 sides, so a cashless economy also has some merits and demerits accordingly. So, I am going to talk about both things.

Merits:

1) With the help of a cashless economy, we have no need to carry money in our pockets. Because sometimes carry a big amount of money can be harmful to us.

2) A cashless economy gives you a facility of transparent and reliable, payment of hotel bills, restaurant bills, etc.

3) You have no need to go in the long queue of banks, with the help of Paytm, google pay, phone pay you can do any type of transaction of money which is a very easy and helpful thing.

4) "Time is the most prestigious thing in everyone's life' so a cashless economy saves our time and energy.

5) Our honourable PM Mr. Modi always exclaimed on Digitalization and cashless economy because by this we can stop the black money and corrupted people who have lots of black money in their accounts.

Demerits:

1) Cashless is a good technique for us to save time, energy, and efforts, but on the other side India right now is a list of developing countries, a lot of people in India don't have a smartphone, the best internet facility even electricity also. So they can believe in his technology.

2) With the development in technology simultaneously no. Of hackers and thieves also increases day by day, they can hack your bank account in a single second if you are not aware of the precautions.

3) After the 73 years of freedom in India, Village citizens believe only in cash because they aren't aware of the cashless economy. They have no bank account, So it is the duty of govt that they have to arrange campaigns in the remote and backward areas of India.

So, although there are lots of merits and demerits of the cashless economy, eventually I strongly believe in a cashless economy because by this I am utilizing my save time in different activities.

Thank you!

Nowadays everyone is going for online payments, even a small grocery shop has services, by which customer can pay them online which have many benefits but one important benefit is that people don't have to carry cash with them. And also there are many more merits of cashless payments like you get extra coupons or cash backs when you do a payment online. But again everything has its merits and demerits, the biggest demerit is the network availability/internet connection, your payment can get stuck and sometimes withdraw has been done from your account but the amount does not reach the other person account. Which actually makes us more worried about it. Second important thing is that online payments are not for larger transactions, there's a fixed limit for your daily transactions. But I personally do prefer cashless payments, which makes me less worried about my cash as I don't have to carry much with me. And sometimes cash backs make us happy, right?

Well, there are merits as well as Demerits to every change which is brought about.

An interesting and possible "merit" here is that the "demerits" of Cashless economy, which are low-quality internet and electricity and less awareness among the people, IF attempted to rectify, can fast forward the development of this country. People living in rural areas will be forced out of their nutshells and seeking good education and facilities will become more important for them. This could lead the government to prioritise their needs, collaterally igniting sparks of innovation and creativity in a lot of individuals, thereby plummeting the overall potential of this country to extremely high levels. This innovation can take a different and greater form even after these issues have been sorted.

However, there are some environmental concerns regarding radio waves and their impact on nature. Some studies have stated that an out of control presence of radio waves can affect human life and make them highly susceptible to diseases like cancer.

A simultaneous preparation to control this situation and not let it get out of hand could take not just this country, but the whole mankind to an environment-friendly, at the same time technologically advanced, sustenance.