Merits and Demerits of Cashless Economy

Cashless payment include the direct saving of our money in our saving account in a private and secured way. It is an individual daily need which is in various form whether it include shopping, bill paymets, recharge and many more. The major problem solved by this technology is problem of Double Spending which was major problem in ancient time, and cured in form of Bitcoin as peer to peer transanction and become cashless. It saves the lot of time as well as paper work.

The major problem of cashless is awareness, rural people are not aware of this and if they, then they affraid to follow the technique due to some of criminal fraud in this sector.

But now, its very secure, there are various companies working in this sector and made it fully dicentralized and distributed which allow various authoritive domain to cooperate, collaborate and coordinate in rational decision making process.

Every coin has two sides.

As well as this topic has merit and demerit. If talk about the merits. Are server merits?

1) if our country is cashless so we grow our economy because there is no existing black money.

2) Taxpayer increases.

3) Many apps will launch. When the app is launched employment is automatic increases and then when employment increases so demand is also increased when in demand is increases economy automatically more growing.

4) if our country is digestion in the money sector so small banks also grow up because they provide loans and they take interest from people.

If Talk about demerits.

1) Everyone has not purchased a digital phone so how can they survive in this era.

2) And what about cyber security there is a lot of fraud in digitalization and cashless.

3) The person does not know how to use mobile and how to use phone pay and Google Pay how to they use.

Hello, friends.

I have read maximum people view.

I think the government is not tom jack or harry. Government means many people come together and takes a decision on the particular topic. It must have been discussed well about the cashless economy. Yes, it has merit or demerit. You know every coin has two parts head or tell.

Same here people have two aspects positive or negative.

I will only this that this decision was very good by the Indian government or we must respect our government's decision.

Merits.
1. People can save time.
2. There is no need to be a physical presence.
3. Work can be done easily.
4. Save time and resources.
5. It helps to keep away fraud mostly happen.

Demerit.
1. Need to be educated.
2. One should have a habit of operating it.
3. Not Strong connectivity of the internet.
4. Village people are not as smart as they should be in using mobile.

Hello everyone,

My name is Rajneesh Mishra and I would like to put my point on cashless economy.

I think every thing have two face so cashless economy also have merit and demerits.

If we are talking about merit we can easily pay money to anyone with in second so it take less time and we don't need to take more money in pocket. Our money secure by the thief. It is very secure and we have detail of every transaction that we can easily see.

We don't need to stand long queue of bank line we can easily pay to everyone with record and with security.

And if we talking about demerit of cashless economy.

1. Not more educated people so it create problem because there are many hacker they Target to that people and stolen the money with fraud.

Conclusion-India is not ready to totally cashless economy, first thing goverment must take organize the camp for people awareness.

As we all know that our government is in the process of making India digital, so cashless economy is also a part of digital India. Cashless less economy is one of the best idea implemented by our Indian government. People can make transactions anywhere and anytime without carrying cash. Carrying cash is a very risky thing, as it increases the chances of theft and being stolen. By cashless economy people don't have to worry about carrying cash and being stolen. Though it is a smart move for making India develop but we can't ignore its demerits. People from rural area are not so educated and don't have much udea about technology. They may suffer problems and online transactions also have a risk of online frauds.

So, cashless economy is definitely a great move towards making India technology based but we can't even ignore the problems related with it presently.

Well, 1st of all, the cashless economy means all legal transactions are to be done without physical money, so when we will adopt this system, there are following merits:

* It is the fastest way of transaction.
* No need to carry physical money with you now, so no more cases of theft, loss of money etc.
* Can do transactions even on holidays, which is something that shouldn't possible without a cashless economy.
* Can reduce the corruption, by some margin, as in some important transactions, the Money will be transferred into the bank account.

Demerits:

* 1st of all it is new system altogether so, as you know not all people have the same mindset, so it will take time to accept this system.
* This is will be easy to understand for the educated people.
*Uneducated people might be called it weird.
To conclude, I would say it is more beneficial to our country.

I think that a cashless economy does not do any good things.

Anyone can hack your account anytime we cannot use cashless economy until every citizen in India is properly educated about the ways of cashless economy. I think that keeping cash in home feels more secure for example if you try to order a washing machine on an online site and we do online payment we don't mind for money is gone or not which means earn money can be debited twice due to technical errors are our money can be deducted and order may not be placed so cash on delivery is the best option and we feel secure with this option so cashless economy is best when our cybersecurity increases and every citizen is well educated about how to use cashless economy it is good otherwise when when old people and poorly educated people use cashless economy they have the risk of being cheated thank you.

Good afternoon everyone,

I am aggreeing with the fact that cashless economy has large number of benefits. As it reduces the chances of robbery and people is not required to carry money in their pockets, Saving of paper which is required in printing of currency notes, increase transparency in transaction which reduces the black money transactions. Since there are large number of benefits but there are some disadvantages also like online frauds are increasing day by day, in our country most of the people belongs from agriculture background where they are not much aware about the online facilities and activities.

So as every situation has some pros and cons, then in a cashless economy also there are some pros and cons.

But if create awareness among people for the cashless economy then I will be helpful for the development of our country.

Thank you.

There are a lot of benefits of a cashless economy:

* It reduces the chance of theft & the problem of storage.
* Reduces black money in the market And fake currency by State and non-state actors.
* Better tax compliance and collection.
* Easy to control liquidity in the market.
* Reduces the cost of making currency.
* Environmental sustainable because most of the trees are being cut to make paper currency.
* Enhances habits of savings and investment.

Demerits:

* Cyber fraud like account hacking.
* Privacy issues.
* More vulnerable to international shocks.
* Lot of electricity required to make digital currency.
* Lots of pollution because of electricity production by conventional resources.
* Way forward -.
* Cyber security should be strengthened.
* Electricity from renewal resources.
* Technology improvement to make energy efficient currency.

There are two sides of any coin same and there are two advantages and disadvantages of the cashless economy first I would like to my opinion on the positive side of the cashless payment digital payment system there are too many effective and time-consuming systems using that there is control many types of theft and crime people can easily pay in anywhere any time so they can save their time and utilise in a proper way also it will more helpful in the COVID time.

And there are some disadvantages also it will be digital payment and when the digital word comes there is most important internet and the internet not properly till now work in many villages so that their people no use that.

Also, it will be affecting to the high range so birds numbers are decreasing day by day so my opinion is it's useful but there are some advantages and disadvantages.