Merits and Demerits of Cashless Economy

Hello everyone. Today Our topic is "merits and Demerits of the cashless economy". I completely believe we got to the situation now like we can't separate ourselves from gadgets around us. Just with them, we are completely restricting ourselves to the most comfort zone. One of the best advantages of them is online payments. It has reduced human effort drastically just by clicking mobile phone from where ever we are. Earlier it was very hectic to stand in large queues just to pay some bills like ticket booking, home debits etc. Which is not just but a wastage of time. People now are preferring online transactions over offline payments. It saves a lot of time. Not only payments but these digital life has also given employment to a number of people directly or indirectly. The government also taking initiative to this cashless economy by conducting some digital campaigns, taking decisions like demonetisation, encouraging it by starting programs like digital India. Like a coin has two sides. It also has some demerits. Most of the people including literates are becoming the cyberthreat victims as they were not fully aware of this problem. Hackers are just attracting people by sending some spam msgs. Unknowingly people losing their money just with one click. Most of the illiterate people disclosing their important bank details. This is one of the biggest disadvantages. And we all can't afford to have internet connection all the times. So the government has to take some measurements towards these problems and promote people to use cashless transactions.

Hi Everyone!

We have a great topic to debate "Merits and Demerits of Cashless Economy".

Well, I strongly support cashless Indian economy knowing that a large no. Of people are against of it and they're right and they have the valid points too like in India where 6.7% population is below poverty than how can they afford smartphones and net recharge; India where 26% people are not educated then how can they use the online platform, India where only 55% population is using the internet; Cybersecurity risk is also high, most of the literate population also don't know the cyber threats and many more still I'm supporting this campaign because this is not the single-day campaign. Government is not converting a cash-based economy to a cashless economy in one day. It will take years so just relax but Yes now India is not ready to go for complete cashless Economy.

Undoubtedly government is working over it and has taken various measures towards it like Digital India campaign, Demonetisation, promoting digital payment, providing a license to payment banks, etc.

Hi Everyone!

We have a great topic to debate "Merits and Demerits of Cashless Economy".

Well I strongly support cashless Indian economy knowing that a large no. Of people are against of it and they're right and they have the valid points too like in India where 6.7% population is below poverty than how can they afford smartphones and net recharge; India where 26% people are not educated then how can they use the online platform, India where only 55% population is using the internet; Cybersecurity risk is also high, most of the literate population also don't know the cyber threats and many more still I'm supporting this campaign because this is not the single-day campaign. Government is not converting a cash-based economy to cashless economy in one day. It will take months and years so just relax but Yes now India is not ready to go for complete cashless Economy.

Now let's understand the Merits and Demerits.

Demerits:
1: This campaign will be successful only when the literacy rate is 100% but in India only 74% are educated.
2: People must be able to afford smartphones as well as net recharge and Talktime too where in India 7% population is below poverty.
3: A huge money will be spent to make people aware, educated and making them above poverty.
4: Its Demerits for those who are conventional or orthodox or resist to change.

Merits:

1: It will save time and money in today's world time is more important than money.
2: There will be transparency in the transactions so better will be the monitoring.
3: No need to stand in a long queue for the bill payments or tickets booking etc.
4: Better control over the black money, hawala transactions, smuggling, crimes and money laundering.
5: Will help in economic development.
6: It will rein over the corruption which is the root of black money.
7: People can carry a huge amount of money without any fear.
8: No need to carry chiller or coins.
9: Any amount can be transferred from one place to another within seconds.
10: Through online payments, we can track our expenses and can control our expenses and we can also download our bank statement.

So basically there are thousands of the benefits of Cashless Economy.

Thank you so much for devoting your time to read it.

I want to say that India is a developing country. There every type of people live. Some of them who better know how to use a smartphone and how to secure to your account. But most of the people who live in rural areas and they don't know how to use a smartphone and how to secure your account. Because they have no idea about hacking. They have less access to the Internet. So, I have partially support to a cashless economy.

I want to say that cashless economy is something that no need of single rupees of money for transaction all the transaction will do through online this is good very good at its merits of this cashless economy age we get much easy to get any transaction the person is sitting at home we can transfer any money easily but I mean demerits has come have a person who has low knowledge of transaction or they don't know how to use smartphones they will get very difficulties in a transaction there are many people who do not remember even phone number how they can remember the password merits goes for only who know to how to use a smartphone how to know transaction.

Major benefits of cashless economy are following.

1. Make transactions efficient and transparent.
2. One can transfer money from anywhere and anytime.
3. Facilitates online shopping and online education.
4. Helps to remove black money from the Indian economy.
5. Removes the middleman and help to deposit money directly into construction workers and farmer account.

Besides benefits, the cashless economy has some demerits.

1. Hackings are increasing nowadays causing threats to money and personal information of people.

2. People who do not have internet access ability are excluded from benefits offered by cashless economy.

3. A large segment of Indian people doesn't have knowledge of the digital transaction.

Cashless economy help for the development of the country. But the government should first educate rural people on how to do the digital transaction. Otherwise, they don't get benefits offered by digital economy.

Advantages:

1. The biggest advantage of cashless economy is "it makes our economic lives simple and fast. At the time when we don't have smartphones, people have to go to the banks, stand in a queue, fill a form, only to deposit some money. Now we can perform these works in minutes.

2. You can get Bank transaction records more frequently.

3. We can not withdraw amounts (e.g- 330,450,211) from ATMs, but it is possible with an online transaction.

Consequences:

1. Most peoples of India are illiterate, or unable to handle a smartphone. That is why they are unable to get the benefits of a cashless system.

2. Chances of cybercrimes increases.

Those peoples can be easily trapped by the cybercriminals, who don't know much about the world of smartphones.

I am not supporting cashless economy because all types of raw material which is base of industries are purchase from villages Farmer who are not much educated, so. This will become a major problem for them, they don't have even smartphone.

Thank you.

MERITS:

1. Digital Economy is a boon for India's economy with a view that it makes transactions more efficient and transparent.

2. In the world of Globalisation, Adaptability to the digital world brings new opportunities for startups and technological efficacy.

3. Subscribing to online courses via cashless transaction brings up-gradation in knowledge and skills at any corner of the world.

4. Long-distance money redressals through smartphone is another merit of cashless economy.

5. In Remote areas, with no sign of ATM's or Bank's, the cashless economy is a lifeline.

6. Even a heavy amount of transactions are made possible through instant bank verification, which makes the process more secured enough.

DEMERITS:

1. Cashless economy is a curse for people having zero understanding about digital world especially Rural uneducated class.

2. The factor of Security is a major deal when performing cashless transactions, cases of fraud and bribery may arise.

3. Practically, Not everyone carries smartphone today, thus this brings an urgency for cash-based monopoly.

4. Govt. Of India's plan to digitise every corner of the nation is still in the long run unless every citizen is made aware about the fundamentals of Digital economy.

5. Direct Bank to Bank transfers via phones makes compulsory for Banks to scrutinize their privacy policy and uphold the sense of confidence among people to use cashless economy without fear.

In this digital world, everything is available in the form of the online, economy so the cashless economy has many merits and demerits too.

MERITS:

1) one can transfer money any time from anywhere.

2) No chances that anyone could hold black money.

3) In a cashless economy all the money stored either in the bank or invested in stock, so it always gives some amount of returns.

DEMERITS:

1) As India is a developing country and most of the people live in a rural area, everyone doesn't have access to the internet and can't be offered any device.

2) Most people don't know how to operate mobile or computer, so there will always be a security concern.

3) Hacker are at the pick nowadays, and they can steal money from people who don't have much idea about security.

Lastly, Not now but in future India have to go with a cashless economy, building strong security, providing people computer awareness.