Merits and Demerits of Cashless Economy

According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.

Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is a very fascinating topic which we have to discuss upon.

So Let's start.

Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.

As we all know every initiative have it's own pons and cons so as the cashless economy has.

Now, I am discussing the merits of it.

1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.

Now comes for demerits.

1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.

From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.

THANK YOU!

Cashless economy is the major and important topic in today's era. As it is really beneficial for all of us to discuss it.

It has many merits and demerits.

- As during the pandemic time, it really helpful as the exchange of currency notes can also increase the risk of disease transfer.

- Cashless also helps the easy transfer of money from one place to another.

It has lots of merits but has demerits also.

As it requires proper knowledge of using technology, as it is difficult for poor or illiterate people to use. Even in the remote areas, it is difficult to use due to improper internet connection and also leads to an increase in digital crime rate.

According to me, the cashless economy is one of the major steps for India to become a developed country.

Merits:

Going cashless makes customer to make payment in a flexible way, the technology is so advanced that people started using payments online for many purposes like education, and education is also completely digitalized every person is able to access the education through payment online and it has become a root of many dreams.

Demerits:

Especially in villages, people not having any idea about technology can face problems in this which can also lead to robbery or theft sometimes.

Hi everyone my name is Lalatendu Nayak.

This topic is very much important nowadays.

Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.

Demerits:

Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.

Hi everyone,

Thanks for giving me this opportunity to share my opinion. Cashless economy is one of the important tools for every developing country.

Merits:
It reduces time and makes transactions safe. It decreases theft. It makes the world into digitalization.

Demerits:
Still, some rural people are not aware of digitalization. The data may theft by hackers.

In my opinion, cashless economy will be really very good step for India. There are so many benefits of this like, it takes less time, transparency is there, it make the life easy of those people who know this things well.

But we should also not forget this point that there are so many places and people in India who don't get electricity properly, specially in village parts and small towns etc. If those are not getting proper electricity, how can we supposed that those people will use digital gazets to pay or receive money.

So, I think we need to first work on this direction otherwise there will be good come out of it.

Cashless economy is an economy in which digital transactions are included. It has mobile banking, useof debit card or credit card. It focuses on the digital transactions.

Merits of cashless economy:

1. If we are using digital transactions for our payments then we will not carry cash in our pocket. Thus, it will reduce theft.

2. The digital transactions has increased the flow of money in the market and therefore it has increased the market efficiency.

3. Cashless transactions are transparent in nature and we can keep record of all the transactions.

4. People can pay their bills online and there is no need to go bank so, there will be no wastage of time.

Disadvantages of cashless economy:

1. Digital transactions are attacked by hackers and data thefs. They can hack your transactions and thus, we can loose our money.

2. India is a vast country and there are so many rural people who are not aware of these digital payments and transactions. So, it is hard to reach every person. Most people are not able to use different online websites and applications.

3. Cashless economy needs good internet connection which is not there in the every part of the country. Strong internet connections which can reach to a larger number of people at different urban and rural areas will reduce this problem.

Hi everyone, I support for the cashless economy because it has more merits.

Merits :

1. No need to go for current bill offices, dish bill office .. Etc we can pay from the place where we are within seconds. So, there will be no wastage of time like going and standing in queues.

2. Transparency in transaction prevents blank money.
3. Most services like e-ticket booking for buses and other transport services, booking for hotels. Etc all these makes it very flexible for people and convenient too.

Demerits:

1. These are helpful for educated people and it causes difficulties for uneducated people because they don't any to use smartphones.

2. These make it difficult for people who do not have smartphone-like village people.

Conclusion:
We cannot make all or completely online or cash less economy.

Cashless economy is an economic system where a small amount of cash is used in transactions. Cashless economy is based on transactions made by credit cards, debit cards, wallets or digital modes.

Why a cashless society?

* To avoid Black money transactions.
* Avoid time-consuming.
* To avoid the risk.
* Easy to handle.
* Environment friendly.
* Helps to increase security.
* Helps to reduce illegal businesses.
* Helps to effective transactions.
* Avoid criminal activities.

Disadvantages
* Unable to access because of large-scale illiteracy.
* Unavailability of the internet in the large portion of the country.
* Lack of security of data stored on due to low cybersecurity measures.
* Unavailability of plastic money with people of rural area.
* Lack of adequate infrastructure and knowledge.

Hi everyone,

Our today's topic is "Merits and Demerits of Cashless Economy" which is very broad term in itself.

So, in my point of view, pros & cons totally depend on us, if we have a better/complete knowledge of cashless economy then there will be no cons right!

Do you think around 50%-60% population which is educated, they use smartphones and they know how to use the internet, all they aware of cybercrime or digital robbery?

Before discussing merits and demerits I think awareness is a must.