Merits and Demerits of Cashless Economy

Hi Everyone,
I know everyone has their own views. I share my thought regarding the cashless economy. I know everything has two prospectors good or bad. it depends to the person. In my point of view, it is good for our generation. everyday new technology comes and I accepted.

Here we mention the Merits of a cashless Economy:

1. It is easy to carry and needs only the internet and is easily transferable.
2. It is safe for people who don't carry a lot of cash.
3. It saves paper.

Demerits of a cashless Economy.
1. Those people don't have much knowledge of how to use a cashless economy.
2. Old generation totally depends on the young generation.
3. People easily trap hackers.
4. physical crime rate is low but the digital crime level is high.

This is my point regarding the cashless Economy.

The cashless economy has many merits as well as some demerits also.

Merits-

# reduces black money.
# reduces the fear of theft of money during travelling.
#saves trees and also printing cost of notes.
# easy to send money as it saves time also.
# 24/7 service.
# government benefits are reaching out to people directly.
# reduces tax evasion as tax directly deducted in each transaction automatically.

Demerits-.

# Cybercrime also increasing. So sometimes transactions are tracked.
# ATM and ATM pins are captured while using ATMs.
# for cashless transaction internet or network of mobile must be good otherwise no transaction can be done.
# most part of India is rural, so they are still unaware of technology. For them it is useless.

That's all about the cashless economy. Thank you.

GoodMorning Everyone,

Merit:

1. No need to take your wallet.
2. Transaction the amount in one click.
3. Paperless work.
4. Secure, safe and directly go to your bank accounts.

With these benefits, people will do more transaction even a small transaction. No need to give the change rupees where change rupees (small coin) is always a shortage in India.

Many companies such as paytm, phonepay, Google UPI, Amazon is looking forward and supporting the cashless economy.

Demerit:

1. Easy to someone to do fraud if personal data is sharing such as UPI password.
2. Many people are not aware of digital payment and afraid to do payment mainly in a rural area, senior citizens.

Conclusion: There is always a merits to connect with digital because it saves time and time is money.

THANKYOU.

Advantages:

1. The biggest advantage of cashless economy is "it makes our economic lives simple and fast. At the time when we don't have smartphones, people have to go to the banks, stand in a queue, fill a form, only to deposit some money. Now we can perform these works in minutes.

2. You can get Bank transaction records more frequently.

3. We can not withdraw amounts (e.g- 330,450,211) from ATMs, but it is possible with an online transaction.

Consequences:

1. Most peoples of India are illiterate, or unable to handle a smartphone. That is why they are unable to get the benefits of a cashless system.

2. Chances of cybercrimes increases.

Those peoples can be easily trapped by the cybercriminals, who don't know much about the world of smartphones.

Good morning everyone.

Today is discussed on the topic CASHLESS ECONOMY:

The Cashless economy is promoted by our respected prime minister NARENDRA MODI.

1st of all, I would like to say thank.

India is one of the developed countries in the world so we should to corporate.

The cashless economy as like net banking google pay phone pe etc.

It is very useful for us because it is saved to time tree pen and paper. In a cashless economy, no any persons are black money store because if you store money or any other country transaction then your record is available so it very useful to us.

It has some demerits.
1: It is not more many securities.
2: It is not uneducated people.
3: In this process always should internet connection.
4: Password problem.
However, it is good technology.

Good afternoon my friends.

I am Surya. We are here to discuss the topic Cashless economy, from my point of view.

The Cashless economy is a good step towards development. Some merits of these are as follows-.

1. In the stopping of corruption.
2. Digitalization of country.
3. It forces to educated people to study and get knowledge about the new generation.

As a coin has 2 sides it has also some demerits also those are as follows-.

1. In rural areas where people are not aware of this thing have to suffer.
2. Internet cash comes with many online frauds.
3. Have to share bank details.
4. Need a secure device to access it.

Conclusion:.

From my view, in our modern digitalization country, it's a great step. It will take some time but the future result will be good.

Thank you.

First of all, cashless economy is a great economy which is the consequence of digital India. The most important advantage of the cashless economy is every transaction done is noted and has a e-receipts, which promotes less corruption. Other advantage is that the money can be stolen if it is in physical form but it doesn't happen with the digital payments provided that the software and the databases are secure.

At the same time it has its own disadvantages for eg, people from rural background or illiterates can't go cashless but, anyhow this can be compensated by bringing awareness and educating them. Other disadvantage is that the digital money or the transactions has to protected from hackers or cyber criminals.

I hope these challenges are resolved at the earliest.

Hello everyone.

I would like to explain about demerits of online transaction, now a days the online transaction is a very common mode of transaction that everyone having phone pay, google pay, Paytm etc and they are very safe and secured to use, but that apps need internet connection, and in somewhere it is unsecure because, now a days the hackers what they are doing means, they will send a common link through that they access your phone, and they will get all the permission needed to hack the apps through that they hack account and all information, people easily come under their intension, and another one is the uneducated people like former's, worker's they don't know how to operate it, because of that India still in the initial stage of cashless India.

Thank you.

The Cashless economy is the most powerful weapon in the against of corruption, deforestation and illiterate person etc. Having been used cashless economy the corruption may be overcome by which the cash will be a running condition. Everyone can easily take the money and save our economy in a decimal nothing to be intermediate corrupt person, it will help to save our economy, time, physical labour and life (with the help of deforestation). It will also help the people save the life of the environment and help a person to skill development by which our country GDP will be increased. Now we conclude that cashless economy will play a predominant role in the growth of the economy in our country but due to some technical issue and somewhat rural areas are play less useful.

Merits of Cashless Economy:

In my point of view, the cashless economy is a great change where cash can be paid even with paise and its major advantage is cash can be transferred at any time to anyone within seconds and some of the employees who spend their free time in making purchases can make online shopping and spend time with their family. The cashless economy can also to some extent reduces corruption as every transaction recorded in the database. No waiting in queue for withdrawing money in banks.

Demerits:

Cyber Security is main problem where hackers can hack all the details of the transaction, govt should give security for personal details including bank details, some of the people are not aware of cashless economy and for them it is a big challenge.