Merits and Demerits of Cashless Economy

Everything has two sides. So as the topic which we are discussing "THE CASHLESS ECONOMY" it has also its pros and cons. So I am just giving some of my points.

PROS:

1. It will boost the digital transactions including debit card/credit card, ATM transfers, UPI, or any type of transfers which helps in reducing corruption.

2. Digital transactions helps getting the tax system transparent more tax revenue can be generated.

3. It helps in reducing the cost incurred on printing the paper notes. (The very high amount is spent on producing currency notes.

4. Cashless economy reduces the terrorist funding.

CONS:

1. Illiteracy level is slightly high in India which restricts the effective use of this.

Hi good morning.

The Cashless economy is best preferred for our country since we are used to using cash in most of our transaction.

We use cash because it doesn't flow through the system and is not taxed.

Due to this notion of ours, the country is collecting fewer taxes and overall cash printing cost have gone up but it seems to not flow through the financial system which is bad for the country in every way.

With a cashless economy which is at all-time high tax collection, which the government can use the extra income for more welfare schemes, and also educate the rural masses on benefits of cashless society and also giving them incentives for going cashless.

Every coin has its two sides, so the topic which we are discussing also has its pros and cons. Here are some of the points which I am giving.

PROS:

1. Digital transactions or money transfers using a credit card, debit card, atm cards and UPI has reduced the corruption in India.

2. Tax evasion is undoubtedly one of the main concern which is pushing our country towards poverty, imbalance of development and unemployment. Through digital transactions, the government is getting all set taxes.

3. It has also reduced the terrorists funding.

CONS:

1. India has abundance of illiterates who are unknown of how to use the digital transactions.

Good morning everyone.

The Cashless economy means paperless money. Which is now very common so first talk about its merits.

It's paperless money. And it's easy to carry & use everywhere. It's like your money in card and phone. No one takes it without your permission and its safe and secure also.

If we talk about demerits. Not every person know how to use mobile or cards for payment and especially in rural area. Also in someplace, there is no system for the card and online payment. Where paper money is needed.

Good morning all.

A cashless economy is powerful and easy transactions.
Time-saving.
Easy process.
Urgent processing useful to the people.
No weight.

Demerits.

Not secured.
No hopeful.

Good Morning to all.

Many demerits are there regarding the cashless economy mainly cybercrime. Today as the level of security increases within this the criminal mind is also improving by hacking or by knowing pin, codes etc the many from an account can be transferred to the desired account.

Good evening everyone.

As we know that situation, more specifically of we take the example of a coin, it has two parts - head and tail, likewise every situation has two phases.

So moving towards the topic:

The advantages of the cashless economy are that nowadays the people who know how to use it can pay, can transfer money from one bank account to another as this service is valid 24 * 7 by there UPI accounts. There are various apps introduced like paytm, Google pay, pay pal which help us to pay from sitting in the home and is helpful outside our premises too like if we went out and we don't have cash with us and any of these facilities are provided then we can pay easily and its totally safe, we can even have the list of our future, past, present transactions and mainly we don't have to go to the banks and stand in a queue for a transactions. Now moving towards the demerits - these above-mentioned advantages are only possible if a person is techno-friendly like in rural area many people don't know how to use a mobile phone basically it refers to our past generations who are not so much open towards these technologies so cashless economy here is a failure and its useless in the area where people have no income source or where they can't afford a mobile phone.

Cashless economy is the best economy. People don't have standing in a line like bank etc. And they are working fast and reduced fear of theft.

Demerits like undeveloped villages, Illiterate people.

Hi, everyone.

CASHLESS ECONOMY.

Merits:

- No need to wait in bank lines.
- Machines never go for a lunch break.
- Time-saving.
- Various CASHBACK offers on online payment.
- It's easy to use.
- No fear of pocket cutters.

Demerits:

- Not all people get a salary in a bank account. So they need to deposit, it's time-consuming.
- There is possiblity of bank account hacking.
- An uneducated person can't use the cashless system.
- It needs a high-speed internet connection which is not possible all over the country.
- In remote area it's difficult to use cashless system.

A cashless economy is good because you have not to carries money in the wallet and not to fear lost of it.