Merits and Demerits of Cashless Economy

From my point of view, there are both merits and demerits of a cashless economy.

First of all, it's a very much effective, swift and secure method of online money transaction. And also there will be a minimum case of fraudality and all the transactions will be directly reported to the government.

Also, it may reduce corruption and the amount of increasing black money.

Merits-

1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.

Demerits:
1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.

Hello everyone.

Today we will be going to conclude the merits and demerits of the cashless economy after demonetization government of India start promoting the cashless economy. It's a very good policy for the country like India because in India there are some people who are corrupted for that our government need proper schemes and policy for monitoring so by using cashless economy we can monitor them and have proper transparency.

Some other merits of going cashless is that we can do our payment and transaction on mobile or computer on any time or place.

So ultimately it makes our lives comfortable. And we can also save our precious time. So overall it's a good scheme we should practice and promote this.

As we all know that rose comes with thorns, in the same way, there are some drawback of this scheme

People are getting lazy.

Risk of Hacking of account but there are very less chances.

So we can conclude that if we use this scheme wisely and don't share our account details then ultimately it's a good policy and definitely improve our country on the basis of the economy.

Hello everyone.

First, let's have some glimpse about merits-
1. Wastage of materials used for making notes will be avoided.
2. The flow of money cycle in that country will be smooth.
3. The invention of new technologies for online transactions which will create job opportunities.
4. Black money of no use.
5. Will get the products cheaper when online shopping is done.

Demerits:

1. Unavailability of technology like internet all across the country.
2. All don't have smartphones so they rely on cash.
3. Non trusted and unsecured sites for online transactions.
4. Transactions fails many times.
5. Ritual beliefs like Dakshina at temples etc

Thank you.

Merits of the cashless economy:

1. Time can be saved.
2. Every paise can be counted.
3. No transferring of cash from one bank to another.

Demerits of the cashless economy:

1. It cannot be handled by uneducated people.
2. Hacking of accounts may lead to loss of money.
3. Smartphones are required.

Merits of Cashless Economy:
1. It does not need to carry cash with him or her everywhere which in turn reduces the chances of theft from the wallet.
2. It saves the time and paperwork.
3. We can transfer anywhere in a few seconds in the world from one to another place.

Demerits of Cashless Economy:
1. Only educated people can do these things.
2. Good internet connection required.
3. We should have very careful while doing transactions.

Minting coins or printing of paper notes require money, which is an expense for government or central bank like RBI. If a transition is done from cash to cashless transaction then there would be huge savings for the government and lead to strengthening of our currency.

It also brings transparency in transactions and disables the provision for money hoarding and tax evasion. Also since the banks have more money with them, this leads to lower rates of interest which leads to easy availability of loan and greater economic development.

The main demerits of a cashless economy is the risk involved in hacking of our personal wallets or accounts. Also there is the risk of erasure of the money records from our account in the event of war etc by powerful foreign governments which could lead to crippling of our economic systems.

Therefore in order to get the benefits of cashless economy without any drawbacks we must ensure for the safety from hacking or attacks by terrorist or foreign govenrments.

Cashless economy not only saves our time but also saves paper. The cashless economy also solves the problem of money in atm.

We do not have await in a long queue in mscb office.

Merits of the cashless economy:

Cashless economy saves our time and also it is easy to transfer money one to another. Also, we save the paper.

Demerits:

It's harmful because of hacking. We have to aware of the account information that couldn't be shared with anyone.

Good morning everyone.

My name is Jeevan.

The cashless economy has changed the path of our country, economic situations of the country.

The best outcome of implementing cashless economy is.

- transparency & anti-corruption.
- elevation of the standard of India on the international stage as a digitally developed country.

I Am extremely joyful with these as an Indian,

As we all know that India is one of the most populous countries and also the country villages, here two main things come into our consideration.

- Unemployment and the second thing is.
- illiteracy.

Coming to;

1) UN EMPLOYMENT: although there is a slight reduction in the unemployment with the cashless economy there is a more chance of employment if the illiteracy rate can be reduced and pushed into the learning of computer and its programming knowledge.

2) ILLITERACY: though 80-90 % of the present generation is studying, out of the 70% are completely unaware of the process, techniques and benefit of the cashless economy and slow injection of the cashless transactions into their daily life transactions, showing them the benefits of the cashless transactions and bringing awareness can only make this possible.

Hence I conclude that a successful noble and strong development and rise of the standard can only be achieved if the whole mechanises, supports and involves it.

Let's hope for a better India.

Thank you.