Merits and Demerits of Cashless Economy

Cashless Economy is a big change. So change takes time to accept. So, in between of acceptance. There are certain merits as well as demerits as coins having two sides. Let's come towards firstly positive i.e.merits. Cashless economy helps to do transactions in less time. We don't need to carry wallet everywhere whereas mobile is wallet nowdays due to cashless economy.

In Demerits, Poor people are not aware of cashless economy. So, a certain program will help to spread awareness to them.

In my opinion, the cashless economy is beneficial for us it saves our time. Before this, we have to withdraw our money to do shopping or buy anything. But after this, we can pay anywhere using our mobile app like phone pe or Google pay. When we pay using this app then we also got some cash back.

Apart from merits, there is some demerit of this technology like our data is not safe. Some person misuses our data to steal our money.

The cashless economy has both merits and demerits.

The merits is it lead our country to a digital world.
By using the Cashless transaction.
We can come to know our balance easily in our account by just sitting in one place.
Safe transaction for huge business dealings.

Demerits:

If one letter or number goes wrong the amount is credited to someone's account. Which is totally unsafe.

For uneducated people, hackers can easily withhold their account.

According to my point of view cashless economy has both merits as well as demerits.

Merits.

1. As it can reduce the cost of printing and transportation of the cash.

2. The most important thing is that people will pay the tax as most of the people on our country didn't pay tax so by doing the economy cashless all the transactions will be through banks and other financial institutions which will help the government also.

3In a cashless economy it is easier to track the black money and illicit transactions, unlike cash-based economy in which money does not come into the banking system. In the case of digital transactions, it is easy to track and monitor suspicious transactions as all the records are available with the banks.

DEMERITS.

1. In our country more than 90 per cent there are rural people so first and the foremost thing is to change the concepts of those people then the only cashless economy mission can take a boom.

2. Most of the people in the informal sector are daily wage workers so they depend on the cash only.

3. In India, people believe less to make online transactions because of malpractices such as phishing, hacking, etc.

At last, I will conclude that please if we want our country to do progress people have to believe government and government also not to break the belief of people by bringing the best technology in our country as our country is known for the best technology Center.

Thanks a lot.

Cashless economy is one of the better solutions for finding the black money, by using cashless economy no one need to carry a lot of money with them, atm cards will be we sufficient or even we can pay through online transactions by using Android apps such as phonepe and paytm, etc. At the same time we can't give any guarantee that data of a particular person will be secure, authentication of android apps which are useful for transactions must increase.

There are both merit and demerit found in cashless economy. Anyone, can't take money with everywhere and can't send or receive money from any other but by the help of cashless economy, it took a few minutes to resolve the problem but in various case it is harmful to mankind due to increase in the cashless transaction also increase in cybercrime. Instantly he removed money from our bank account so it is also advantage and disadvantage for us.

I believe the cashless economy has both merits and demerits. First, coming to merits,

1. Cashless economy is risk-free. Anyone can steal your physical money. With the advent of a cashless economy, even if someone steals your credit/debit card, you can block the card and your money is safe.

2. If everything is cashless, there is no need to print physical money.

3. Tax payment can't be skipped. With the advancement of technology, especially with data analytics, the Government can have an authentic database of transactions done by citizens. If every transaction is cashless, there is no chance to skip tax payment, subsequently reducing the black money.

4. With just a click, you can transfer funds. It saves time and we longer need to wait in long question.

Demerits.

1. 74% is the literacy rate of India. It means 74 among 100 can read and write. Digital literacy is even lesser in India. Before introducing a cashless economy, the government should teach the people how to go cashless through campaigns.

2. Internet connectivity is poor in rural areas. We live in a nation where 60% area is rural. It is important to improve the connectivity prior to going cashless.

3. Not everyone can afford an android. Even though 84 out of 100 in India have mobile phones, the government should provide subsidies for androids.

4. People in India are connected to the usage of physical money. Initially, there can be set back and people may reject the idea of cashless economy.

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.

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.

Good morning to one & all.

Today our group discussion topic is "Merits & demerits of cashless economy". We all know about the concept of cashless economy but I don't know why we won't follow that procedure. Although it is very simple and easy to use. Especially in our country we plan to make innovative ideas but we won't follow them that is the main drawback.

Merits are:

*We can pay our bills at any time from anywhere with complete security.
*No need to withdraw our money from any bank or ATM.
*No chance of money stolen or robbery.
*We can save a lot of time by sitting in the same place.
*The main advantage is we can pay or get each and every rupee so that no money will be wasted.

Demerits are:

*There will not be any disadvantages if we take some safety measures while doing payment through online.
*Of course there may be a chance of getting hacked from the website or from the anonymous people so we should not share our personal data to anybody.
*If anyone is performing online payment for the first time please take some precautions from an experienced one.
*While doing online payment please check that perticular website is authorised or not.