Merits and Demerits of Cashless Economy

In that subject, my opinion is a cashless economy obviously in benefits but some of the time there is a network problem. Due to this network problem, we can't use this opportunity. Most of the people thought ki I have not to need to carry the money but suppose unfortunately this network problem arrive then what they will do and also if there is no ATM.

So that's why carry the cash with a limit so that not facing that type of problem.

I also add one thought here rural area people and uneducated people can't use this type of opportunity why? I think we are thinking negatively why they should not learn I think online shopping not so difficult but we are just thinking they can't they can't then it never possible and India never becomes digitalize and develop so I think each and every human can use this cashless economy and enjoy it but be careful.

Hello to all readers.

In addition to the merits & demerits that are listed above. I would like to throw lights on additional points relevant to cashless economy.

Merits :

Easy to buy goods /make utility payment.
Remains record of each transaction made.
Saves ample of time in this busy world.

Demerits :

Our country people has shortage of electricity and internet facility.
Education awareness come secondary when above problem will get sorted.
Our country is very economical, so cashless transactions for products worth of Rs. 20 to 50 is not worth.
Interaction with outer world will become more professional than friendlier.
Banks hefty charges for amount of transactions you make.
When we possess cash we have fear of thieves, similarly if we completely do all transactions on cashless basis thieves will continue their job by hacking account.

My views on cashless.

In my opinion, a cashless economy is the best option for a developing country. There is less chance of stealing money from the wallet. There is no need to carry money all the time we can use online transaction for payment.

In 2014 online transaction is introducing to the nation. According to the reverse bank of India between 2014 to 2017 online transaction has been done 2000 crore. Rbi also issues the guidelines for the online transaction like do not share your pin with anyone. The cashless economy also restricted corruption and fraud but there are many demerits of the cashless economy like.

Cybercrime is one of the biggest crime problems in a cashless economy many hackers are trying to steal your money if you don't follow the guidelines according to reports some people trying to show fraud transaction to the retailer.

Merits of the cashless economy:

The first thing is India will have developed with the cashless economy. The money will be safe with us no one can able to steal from us. If the money will be in pending also they may be refunded to the sender account else reviver account but the money is safe. We no need to write anything about transactions in a book because it will store all the data of transactions. At last, we can't able to delete the data of transactions.

Demerits of cashless economy:

The main thing is with the cashless economy the chances of black money will increase. In some cases the money may be in pending due to the busy service then it takes some duration of 2 to 5 days of bank working days. In India many people are uneducated so they didn't know about the online money transaction. There are so fake apps in transactions.

Hello friends,

As the topic, today is "merits and demerits of the cashless economy", first of all, what is the cashless economy?

It is the way of using digital money instead of physical banknotes and coins.

I think this is a great initiative. Using digital money instead of notes is a SECURE option! we do not have to worry about our money to get stolen by a thief. Also, it is making life easier since no more we carrying huge bundles of notes to buy a fridge/AC/car etc.

Also in my case, there is a demerit too. The risk of getting HACKED! there are a lot of ways by which the money in digital form could be wiped off. Hence we should be aware and also make our family members aware of the ongoing threat.

Hence, I think the cashless economy is a better option if we use it in the right way and also learn to be safe over the internet.

Nowadays we all are familiar with digital transactions with the internet, and it's a way throughout the generation we can also say that it is one-way development of the country, now each and every item is made online lives like groceries, shopping, medical etc. All people are familiar with digitalization.

By day by day technology also increases and also provides a lot of job opportunities for all people online transactions are more risk than offline transactions but securing a record is safer than a piece of paper.

The Merits are and it easy to carry and need only the internet and easily transferable it is safer for people who don't carry a lot of cash and reduces the paper.

The Demerits are Cyber crimes are high and people are also easily trapped by hackers and old-generation people totally depend upon the young generation.

Cashless economy refers to doing all cash/money related activities digitally which includes online transactions, paying the bills, ever-growing money and many more things. As everything has its two faces in the same way the cashless economy has both the merits and demerits.

Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.

Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.

Cashless money is a good concept, it has more advantages as well as disadvantages:

Advantages:

It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping. Etc.

Disadvantages:

Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Cashless money is a good concept, it has more advantages as well as disadvantages.

Advantages:

It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping, Etc.

Disadvantages:

Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

Today we talk about the merits and demerits of cashless economy.

Merits:
1. It reduces the extra time that you can use in some other works.

2. You don't need to stand in a long queue for paying your electricity bill and railway ticket you directly do this online.

3. In online you have many options pay your amount but in cash, only one option that is cash in online you have a debit card and credit card, google pay, Paytm, phonepe etc.

Demerits:

1. In online some people are scare because they thought it might be a chance of theft, fraud, fishing etc.

2. Some times there will be a technical issue that will happen.

3. One thing that I mentioned is when the payment failed and your amount has deducted from the account it takes 4 to 5 days to back, from my opinion it should be 2 to 3 days than people will be very happy.