Merits and Demerits of Cashless Economy

Hello friends.

In my point of view, I just want to say as every coin has two faces similarly everything has its own merits and demerits. But in the case of the cashless economy where there are some demerits also has very much merits which can't be neglected. As with the growth of the cashless economy, bank transaction becomes easy and all the transactions are recorded by the government which leads to reduce the corruption. It saves alot of time and energy.

Hello everyone!

Cashless Economy is that part of digital India which is leading to make India a developed country.

Merits of Cashless Economy:
1. Timely payment.
2. Minimised risk of theft.
3. Safer and efficient.
4. Reduced load of Banks.
5. Easy to pay even a non-rounded figure.
6. Need not to ask for a change to everyone around.

Demerits of Cashless Economy:
1. Poor services of Cellular companies.
2. Non-availability of cash in all ATM's.

Merits of the cashless economy:

Cashless economy saves our time and also it is easy to transfer money one to another. Also, we save the paper.

Demerits:

It's harmful because of hacking. We have to aware of the account information that couldn't be shared with anyone.

As per my knowledge, the cashless economy is beneficial for developing our country. And free from carries and pocket cutters while you are travelling. And demerits is that the uneducated person faces problem in the cashless system and probability of hacking also.

Digitalization is result of a cashless economy.

Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.

The government should also focus on security as hackers can steal money.

I would like to talk about the topic of cashless economy merits. Well, coming to the cashless economy is obviously advantageous nowadays. It is eco-friendly and mostly imp thing is it reduces time. And also reduces the correption. The cashless economy also leads to technological life that is digital life. By using liquid cash there is a huge chance to lost money anywhere or a chance to corruption so cashless economy reduces these points.

The next I would like to talk about demerits. Coming to demerits, they are less points than merits. Demerits are there is a chance to insecurity to our transactions and also internet problem. The main thing is without internet we can't pay the money.

Merits of Cashless Economy are as follows:

1) People can easily access from anywhere in the country.
2) Reduce the corruption by the digital payment system.
3) Increase the economic growth of the country.
4) Innovations in the technologies and services.

Demerits of Cashless Economy are:
1) No proper knowledge about the digital payments and transactions.
2) Not aware to the rural people living in the villages.
3) No positive effect to the people who live in the places where no facilities of internet i.e, Villages.
4) High risk of hacking.

Hello everyone!

I will go with the positive side first, "Cashless revolution" is playing a beautiful role in India's growth and development. We don't have to carry our wallet with us every time to pay. Transactions have become a way easier and efficient for everyone. It even saves our time to some extent. But as it is said, every coin have it's two sides!

Negativity/Demerits of the cashless economy are also there. Demonstration played a great role in lifting up some so-called *brands* and increased there market value to the skies. Today everyone is dependent on it. Even a small roadside vendor is having such applications for money transfer. It is a big source of income for the company. I think cashless transactions to have the same condition so as the cash paying system with reference to fraud.

In the end,I want to conclude that, it may be cash or cashless if there is the willingness of anti-corruption in mind in every individual's mind, no one can stop India's economic growth.

Thanks.

Of course, the cashless economy very beneficial for us to progress in our country. It helps us to provide money any time and anywhere in the universe. Earlier on the occasion of festival banks are off, ATM was not available in villages so people have to suffer many problems for money. But now digitization has removed this problem. But every villagers are not able for using mobiles Internet. So there are same problems people have to face. I see when I go to bank there bankers were not providing good service to illiterate peoples, and they are not use the digital facilities. This are the some problems which India have to face.

Hi all. Today's topic of discussion is the Merits and Demerits of cashless economy. According to my perception of view, Merits are far enough in number as compared to demerits.

Merit:

The Main advantage of the cashless economy is peoples can save their valuable time which gonna waste in the queue for transactions (in without cashless economy) Now With cashless transaction people can make it by a single click. So transactions can me made paperlessly and this paperless transaction leads to deforestation decrease which is good for our environment.

The main disadvantage of the cashless economy is people need to be educated to work with the internet which is very less in villages.

The internet connection in villages is very slow.