Merits and Demerits of Cashless Economy

Cashless Economy is a Good idea but in India, it is not implemented totally. Some shops or restaurants are not providing options to pay online. In that case, it is very difficult to do the payment. So my opinion we should carry a minimum amount whenever we go outisde.

Merits:

--> It is very easy to do payment with mobile or card.

--> We don't need to carry huge amount to do payment.

--> We can save our time also.

Demerits:

--> Sometimes we face problems when there is no network or internet.

--> In India some hotels or restaurants don't provide cashless options, at that time we may face difficulties.

--> sometimes it might be possible to transfer money online.

---> In my point of view we should carry a minimum amount of cash, whenever we go outisde. We don't depend on a cashless Economy.

Hello everyone, I'm Suresh, I strongly accept that a cashless economy has lots of benefits. The people of India having many advantages from this project. Today we can send money to anyone in this world by sitting in your home or by the place where you are. This cashless economy helps to reduce robbery because people won't carry money in their pockets. , also it reduces printing paper to make currency notes. In order to do transactions, we still are using applications like PhonePe, google pay, etc, which helps in digital marketing also., most of the Indians are from agriculture backgrounds they are not much aware of this banking transaction or online transaction and all but we can teach them and we can improve it. And also it helps in the reduction of Black money transactions Because everything will be transparency.

Hey guys, in my opinion, cashless economy is good. Because nowadays there are many robbery activities are carried due to cash in hand. I honor our prime minister for this wonderful idea that has been initiated in India. The cashless economy makes the transaction very easier than before just one click transfer amount from the own place. There is no need of taking cash in the pocket or wallets. We can pay the expenses with the help of ATM cards credit cards which will be more convenient for the people.

"The coin will have its two faces". If there is a merit and then there will be a demerits also,

Even though the cashless economy is good but there are some drawbacks. Without network facility we cannot make a cashless transaction. Then there is trouble with the uneducated people by using the cashless transactions.

Hello everyone.

I am with cashless economy, Today each and every new phone support online transaction facility by which you can transact the money at any time through your phone, as you debit cash from atm there are some conditions of transactions (eg. Like 4-5in a week), the UPI is totally different from it and you can transact at any time without any type of deduction.

It also offers some bonus while transaction.

Transaction records are available so that you can check your weekly or monthly expenditure from it with high accuracy.

It is very secure.

The conclusion is that In an atm we can't transact rupees in order like (eg. 670) but from a cashless transaction we can transact money in any order, that means there is no reason to hold changes in your pocket if you use cashless transaction.

Thank you.

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.

Hi everyone,

We all know about the cashless economy but I want to ping to in our country most of the people lives in the village and they don't know how to use it? So first, we need to educate them about the cashless economy.

So, I want to share some merits and demerits.

Merits:

1. In a cashless economy, the transactions are transparent so chances of corruption will decrease.
2. Easy to the transaction or transfer the money and time-saving process and also safe.
3. Don't need to state in question in front of ATM or bank for the cash.
4. It is safe for the Thief, sometimes we heard the Thief stole the bag that has much cash.

Demerits:

1. It depends on electronic gadgets that help for the transactions if gadgets are discharged at that time you think you have nothing.
2. Chances of hacking devices.

Merits:

The Cashless economy means self-banking process.
It would be a good thing to develop our self and time-saving theme.
Most of the thing banking so many people come and go the credit and debit process will be clumsy.
Self-banking means like an ownership transfer and credits.
The main problem is to avoid currency problems in atm machines to deposit money the big line is there and to spend more time, in this service is most useful.
And educate our self and improve our levels and self-dependency like that.

Demerits:

The disadvantage is all are not educated persons, that are not using this method.
One of the most problems is "Hacking".
They are own secure to the money.

Ex: once you can log in this server after completion of your work definitely log out button to click and back to the page.

Hello everyone.

The advantage of a Cashless economy is that,

It reduces paperwork, and do work very fast,

It also saves pen, paperwork and it is very convenient for the government to monitor every transaction easily. Cashless economy empowered County toward development, it reduces time so that it helps in improvements of economy, fast transaction save time which eventually boosts up the economy.

Online fraud can be detected easily and soon comparing cash fraud. A cashless economy improves school, college, hospitals, and other government and non-government official work speed.

Demerits:

Online fraud has been done by founders targeting illiterate people, it increases online fraud.

Conclusion : It would be better for improving the Indian economy and beneficial to save data at single platform.

Hey guys I'm sonia nd I think that India is not fully ready for cashless economy.

Cashless economy is an economy that promotes digitalisation so firstly, indians should know that how to get benefits from digitalization, for that everyone should be literate and educated because if you don't know how to excess digitalization then you can be cheated. India's population is increasing day by day and everybody knows the financial condition of India where literacy rate is very low, here everybody do not get the chance to get education due to uneven distribution of income poor are becoming poorer and the rich are becoming richer day by day. Only educated people have excess to cashless economy.

The government should take initiative to guide and me them jnderstand that what is the cashless 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.