Merits and Demerits of Cashless Economy

In my point of view, India is not ready to go cashless because of poverty and unemployment. These are the two barriers which are creating a problem to go cashless. First of all, we have to work on this then we can go cashless. In India, many people have no money to buy an android phone because of this they are unable to make payment. And second, in India, many people have no basic education because of this they have no knowledge of how to operate a phone. At the time of demonetisation, many big companies went to door to door and told them about the benefit of the cashless economy. They also gave them cashback benefit which motivates the consumer to deal without money. One negative point is that many people have the perception that cashless transaction is not a safe way to make payment. The government did a lot of things to promote the cashless economy. They should find out some different ideas to promote the cashless economy. If the government remove all the negative point of the cashless economy then people will adopt it.

Merits:.

First of all, when it comes to Cashless money. The person who knew to hack is only able to steal the money from your bank account.

There is no physical money, so no chances for roadside robbers.

We don't want to go to the bank and stand in a queue.

Fake paper money's difficulties do not happen.

Demerits:

Network issues stop to make digital transfers at emergency times.

We are giving our bank data's to private applications instead of government-related banks.

So, Chances of misuse will be there.

Merits:.

When it comes to making a cashless or digital economy it doesn't only make you save a large amount of time which you could've wasted roaming around govt offices but also it is very affordable.

2. We have been seeing the transformation that has come after adopting Aadhar. How direct benefits are going to the people's Bank account and how it made the system transparent.

Demerits:

There could be online cyber frauds that are on the rise these days.

2. A large population of our country do not trust this system.

3. A large chunk of the rural population would find themselves disconnected.

All in all, we can conclude that a cashless economy is beneficial for all in this country but people should be given appropriate knowledge about how to deal with fraud. If we want to make a modern India we should adopt the current technology at the right time but at the same time we must not leave behind those who are not much digitised.

The demerits of the cashless economy have been overcome by its merits.

Merits.

* Easy flow of money.
* Easy to use.
* Saves a lot of time.
* Quick transactions.
* Helps in development.
* No fear of losing money.
* Effortless transactions.
* 24 hours service.
* Opportunity to make transactions in different countries.

Demerits. The demerits may be due to a fault by us or it may also be because of some technical problem. So people should carefully follow the instructions.

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.

I think merit of cashless economy is much more than its demerits. Cashless economy is more important for corruption free economy and society. Today we can see how cashless payment is playing vital role for effective implemention of govt schemes like ujwala yojna, pm kisan samman nidhi yojna. By cashless economy govt can easily implement their fruitful schemes to grassroots people who actually needed. Cashless payment should imperative by govt to implement his yojna because by this govt can reached to needy people more easily and the poor can get full benefits of govt schemes.

But there is demerits also because in country like India many people don't known about how to use digital transaction and get benefits. Cashless economy have the biggest threat by cyber crime. Because in country like India where more people don't known how to use cashless transaction can easily become scapegoat.

If I say about merits about cashless economy, then there are lots for the people who are living in urban areas. We can easily get transaction anywhere, we shouldn't have wait for a long time in queues, specially for railway tickets. For shopping, we should not have to carry cash, which sometimes creates a bit risky from robber and many more.

But when it comes to the people belonging in core of heart, basically in rural areas. They even didn't have proper electricity connection, they had the connection for the name sake. People use to charge their mobile in local markets at a cost of around Rs. 20 for full charge. So, What can the cashless economy make change their life.

In short, I want to say that cashless economy is benefiting only to the people who are residing in urban areas or who have proper financial knowledge. We should think about the rural people more, that how differently cashless economy could benefit them.

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.

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.

Every situation has two sides Merits & Demerits. First of all, I want to say about Merits.

That is if we are handling cashless money means we can more safe from any kind of Roberry/Save time.

But sometime that will be a problem for us just like suppose we are paying money to others by using any other application/internet banking so at that time some technical issue it can be stopped. Just down of bank server. So at that time you unable to pay to others.

So, in my point of view, in this topic here some demerits are also there.