Merits and Demerits of Cashless Economy

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.

After GST, today we all using online transaction so if we talk about online business then after GST we all know that it very affected our business because of increasing price. So, I don't think that these online payment modes give us a positive effected, I am the CEO of jingo holidays travel agency so I am just sharing my bad experience. Thanks.

In my point of view, the cashless economy is very good. Because to keep the money in a safe way. To reduce the stolen of money some other people. And easy to transact the money where every we want in the emergency situation. So need to stand in a bank line.

I think the cashless economic system is very good for big business there no recurred cash for transforing money or storing.

This approach also helps a general people in their daily life.

It's safe over money from robbery but not safe to server hacking.

Cashless economy is the usage of the online transaction for the transfer of money from one account to another.

Merits:
1. Saves time(fast transaction).
2. Reduce travelling for transfer of money.
3. Reduce the risk of being theft.
4. Reduce the weight of money carrying.
5. No corruption.
6. Transparency of rates/prices.
7. No problem for change of rupees.
8. A permanent record of transactions done.
9. Saves paper and money in printing notes.
10.Less queues in bank and ATM.

Demerits:
1. Difficult for poor and illiterate persons.
2. Need internet connection.
3. Fraud websites for money transfer.

Hello everyone.

I think the cashless transaction is the best way to transfer the money from one place to another because it saves a lot of times and end the chances of stealing the money. If we transfer our money online then we will not have to stand on the queue of bank/atm.

So it is beneficial for us so much.

As we know everything has a side effect so it also has like the person who is illiterate he can't transfer money online, it also needs internet connection and chances of fraud website to steal your money so these are the big problem.

But overall it is good.

Thank you, everyone.

The cashless economy is the uses of internet to transfer money, payment etc its a very fast way of transfer money or doing payment without being theft and fraud and it save a lot of time as we stand in queue for bank and atm transaction.

But everything has some demerits.
- need skiil to transfer.
- need internet.
- need smartphone.

India is not totally ready to be cashless.

There are numbers of people in India who are uneducated and some of them only know how to operate a smartphone but when they would do online transactions, they can be a victim of cybercrime.

India shouldn't be cashless before being totally educated and aware of such crimes.

I feel the cashless economy had both the merits and demerits. But though I genuinely feel that in a long run, it will help to boost up our economy and somehow or the other, it will go to replace the system of the third window, i.e "corruption".

Today's topic for group discussion is merits and demerits cashless economy.

First of all, India is not ready for a cashless economy. Though India is becoming a digitally strong country day by day it will take some time for proper implementation of the cashless economy. Due to the lack of knowledge of different individuals, it is not successful in todays time. Many of the village areas people don't even have a smartphone so they can't do online transactions. Even though they have it, due to the lack of knowledge they are afraid to do it as they prefer old ways of money transaction. So we need to educate them first about its advantages and how easy it is to do as it will help us to save time as well as hardships. It can be done sitting at home or anywhere instead of meeting the dealer or someone else to give them cash. It also helps to reduce documentation of money transfer as we can know it from the history of a paytment app like google pay, Bhim, paytm etc. We even get discounts by doing the payment online so it is very useful but we should learn its necessity and how useful it can be in our life.