Merits and Demerits of Cashless Economy

As we know the cashless economy is a symbol of a developed as well as developing countries. But it has some positive and Negative points.

Cashless economy reducess may problem such as fear of looting money while carring, reduce tax froude. It is very easy, simple and fast way of transfer money from one another. As more and more people pay cashless it boost economy, reduce black money.

But it have some limitations like people still fear of using it due fraud. Some People not know how to use it or even know then they still not use due to economy conditions. Cashless transaction is still not use by every business man.

Hii everyone,

Talking about the first merits of a cashless economy.

1. It saves a lot of time for doing transactions as it takes few seconds to transfer money.
2. There is no paperwork to do, all records are digitally available.
3. Nowadays for doing banking we need minimum bank branch visits.

Now coming to demerits:

1. As the cashless economy is growing also online cyber fraud cases are increasing.
2. People living in rural areas or people who are less familiar with digital technology are more victims of such cyber frauds.

There are some merits and demerits of a cashless economy.

Merits:

1) No fear of stolen money.
2) Saves paperwork.
3) Saves time.
4) We can make payments from anywhere.

Demerits:
1) Not much secured.
2) The internet is a must.
3) Mobile or other devices must make payment.
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.

In my opinion cashless always beneficial for our country. In almost every developed country cashless transaction is used.

Cashless transactions have several benefits such as cashless transaction is saving our time. As many apps launched in the market such as phone pay, Google pay, etc.

We don't have to carry money all the time, it is another advantage. Due to this transaction system, there is no problem of change while buying anything. With the help of these methods, we can complete our work in one snap.

In my opinion, the merits and demerits of cashless economy are -
Firstly, it save the time of the people while purchasing any products and services
But when it's came many people are not aware about digital payment mostly old people sometimes they give more instead of actual money and peoples use this as their benefits.

Hello Friends.

Today we have to go discuss the merits and demerits of cashless economy. Friends as we know that there are lots of advantages or disadvantages of cashless. Firstly we know that in the cashless economy we don't need to carry cash so this is a big advantage for us. If we carry cash we are afraid to carry physical cash. But in the cashless economy, we need not to worry about physical cash we can transact money through any online payment mode like phone pe, Gpay or paytm etc. But there is a big problem in the cashless economy is that we have to face network issue, failed transaction issue as well as If we do transaction to a wrong person we unable to take our money. So, we can say easily that if we use cashless economy with some precautions we surely find it a very good model of payment and in the physical cash economy, this is a good payment mode for the rural area because we know our economic system in a rural area there is not good network facilities. So here we know about a few merits and demerits of cashless economy.

Hello, everyone Jai hind to all of you.

Today, I am going to discuss the merits and demerits of the cashless economy as we all know that there are two faces of every coin so the cashless economy has also two sides. First, I will discuss the good side of the cashless economy. Due to cashless economy, we can save our time because you can pay in a minute by paying, phone pay, other digital apps but in my opinion, India is not ready now for the cashless economy because as we all know that the most of people in India are illiterate so they don't know how to do payments by phone or computers so I think India will be ready for the cashless economy after two or three-decade. Now I will tell you about the bad effect of the cashless economy. There is a lot of risk for cybercrime. As we know that there is not any strict rules in India for cybercrime so it is increasing day by day. So if your account would get hacked then you will lose your money.

Hello everyone I'm Abhijit patua

Definition of cashless economy.

* Cashless economy means that online transaction Where the money will not be exchanged, like called that digital India.


Merits.

* It will take less time.
* There will be no paper cost for the notes.
* Any money can be paid in retail.
* Money is not likely to be wasted.


Demerit.

* Firstly Must be educated to exchange money.
* Always important network connection.
* Everyone needs to have an Android mobile which is not possible in reality.
* Eligible to rely on mobile and Internet connection at all times.

Good evening everyone.

Today I am going to present my views regarding the topic. Cashless economy.

So first of all, we will see that what is cashless economy.

So it is a mode of payment with using the paper cash or physical currency or it is a digital transaction of money.

I think cashless economy is our step towards the progress as we know that world is progressing day by day and our world has already developed so much. So in this era of progress cashless economy is a good initiative. As we are seeing that.

All the developed countries using cashless economy. As everything has pros and cons. So it too have cons as well as pros.

Advantage.

1. This mode of payment is less time consuming.

2. It will reduce theft.

3. It will reduce corruption and black money.

4. It will also stop counterfeit money.

5. It will reduce the expenses on printing and carrying of physical currency as every year 500crore something ruppes expend on transport and security to carry the physical money from RBI to various banks. It will also reduce the deforestation.

6. People have not to carry huge amount of cash with them. So is reduce robbery as well.

Disadvantages.

1. This mode of payment is useless for illiterate population.

2 old age people have to depend on young people for payment.

3. For country like India where large no of people are still not educated it become difficult to use it.

4. Cyber crime.

Hello everyone.

Cashless economy is the best thing it save our time and money. We use so many online payment apps which are very helpful to us. The use of these apps are no more difficult it's very simple. In the rural areas most of the people are also use internet after the Jio came. I know other part of people in rural areas they are no familiar with online transaction or social media but it doesn't mean they can't learn. There are some need of awareness and need of training to them.

Cashless economy save our money. I give you an example I am an engineering student and before the cashless economy in 2015 I have paid my fee through demand draft. I had paid 700 more than the my fee. But in this year I paid my fee by online transaction I didn't pay any extra ammount even I got 200 rupees.

But there are certain demarits in cashless economy like cyber crime, server problem, chamces of data leakage. So we need to work on these demerits and make the digital India.