Merits and Demerits of Cashless Economy

Hello, friends good morning /evening.

I am Rajneesh Yadav. Thanks for giving me big opportunity to speak on the topic cashless economy.

In my point of view, every topic has two aspects so cashless economy has also one his merits another demerits.

MERITS.

1. Now a days cashless economy plays a very important role in human life.
2. Corruption, Robbery will be reduce by cashless economic system.
3. Cashless economy help us to send money one place to another place easily.

DEMERITS:

1. Sever issue, internet problem this is the big problem of cashless economy.
2. Now a days cyber crime is also involved in cashless economy that reduce all money in few second from account.
3. We can check high privacy policy which application which provides us cashless election.

Hello friends.

Today, our topic is the cashless economy.

According to my point of view, the cashless economy is very important for our country because the world is growing too fast and we need it. Cashless economy is the root of Indian economic development. Every coin has two faces good or bad so it depends upon you how to use it. We should be learnt how to use it. If we don't know how to use online transaction it's our mistakes. If we go to the shop and suddenly ATM card is not working in the ATM machine at that time we can use an online transaction. Hence we can say how much benefits of cashless economy.

Now I am explaining the demerits of cashless economy. Cybercrime is increasing after the establishment of the cashless economy so we should be awarded.

The cashless economy has brought a revolution in financial and economical fields. It has proved beneficial in many ways but also has become a hindrance for many.

Merits:

1. Anytime and anywhere possibility of monetary transactions.
2. Much safer and quicker.
3. Useful in emergency.
4. Effective growth and advancement in technology.
5. Risks of fraud and theft have been reduced.

Demerits:

1. As India have lower literacy rate, many people face problems in understanding the system.
2. Risk of hacking has become prone As details are mentioned.
3. Technical problems can be faced in some cases.
4. Complicated to understand.

The cashless economy has definitely changed the vision of people. A person becomes self-reliant and saves lot of time, energy and work.

Hello good morning.

Today we can discuss abou merit and demerits of cashless economy. I think that there are more merits than demerits and also everything it's merits and demerits.

Merits.

1. Indian government take the decision of cashless country so it is helpful to reduce corruption.

2. We can save time with the help of this. Because We can excess the money anytime and anywhere on our mobile application like G pay, phone pay.

3. As we know about the cash so trees are cut and made cash due to which cashless economy is ecofriendly.

Demerits.

1. In rural area, there is a network problem and they are not excess that one.

2. In village people are not aware about mobile application.

So awareness is important to and helpful to cashless India.

Thanks.

With the day-by-day digitalization of the country, I believe it is an important step to go digital when it comes to using cash. Every new strategy has some advantages as well as some disadvantages, when talking about a cashless economy I believe the ways in which it has benefitted the people is more vast than its disadvantages.

Going cashless has made it easy for people to use their cash, they don't need to run to their nearest bank for money, and we can use it whenever and wherever we want. The amount of thefts that occur has also been removed. Though there are chances for online thefts that occur only when we are not attentive. Thus I believe going cashless is the right step that is needed for the betterment of the country as well as for the people.

Jai hind to all.

Respect Sir and my dear friends.

Today We gather here to discuss an interesting topic and our topic is Merits and demerits of cashless economy.

Merits:

1. Our data and information about the transaction will be safe.
2. Save our time.
3. Reduce corruption.
4. Easiest method to transfer fund one person to another person.
5. No need to go bank and ATM.
6. Rapid growth in online buyers.

Demerits:

1. Chance of hacking.
2. Cyber Threat - As we know that in India there is no strong law against the cyber threat and cybercrimes increasing day by day. As per data 12592 cybercrimes are recorded in 2019.
That's why people hesitate to a cashless transaction.
3. People lost their money in fake transection app because most of them uneducated.

It would be more precise to say "Paperless economy" as it would be the correct term because the word 'cash' is sometimes used interchangeably for money kept either in digitized form or hard form.

Merits:

1. Record keeping is easy.
2. Accountability is easy.
3. Less prone to damage due to various environmental and handling factors.
4. Retention for a longer period of time.
5. Environmental impact is negligible as compared to the use of paper.

Demerits:

I would not call it to demerit because it is the area or opportunity for improvement. Due to rapid development in digitization, systems are getting more complex and thus more prone to malfunction/hacked. So, we need to regularly track the performance of the system in order to sustain for the future.

Cashless economy is a requirement of 21st era. Cashless economy means the transaction of money, a bill by online banking or digital payment apps.

Merits:.

1. Cashless economy made transaction transparent do it will minimize corruption.
2. It will save travel time, extra cost.
3. With online payment we can send money from one corner to another corner of the country in few seconds.
4. Now people cannot evade tax because all transaction are recorded.
5. E-ticketing, e-services reduce wasting of time.
6. Cashless economy minimise wasting money on cash printing.

Demerits:

1. Cybercrime theft issue arises.
2. Illiterate people can't understand cashless transaction so there are chances of happening fraud by duplicate payment app or duplicate website.

As per my point of view, we all know what is the cashless economy. Definitely, any advancing is going to happen in our life there are some merits and demerits and we have to check it. Merits are definitely saved our time, it also prevents corruption, there is transparency in the transaction because we have the history of the transaction. But while thinking on the demerits I think there is only one. That is human error. If we are going to do online transactions then definitely we have to take attention to certain points. Then only there are only merits. And also if we are stepping up in any advancing we have to make their base like we have to make a strong network, reliable and easy to understand service, so anyone can take the opportunity of it.

Hello guys.

I am Anjali now the topic is about the merits and demerits of cashless economy. There will be merits as well as demerits in anything. First I want to tell you all about the merits which will have with the cashless economy is fewer chores i.e, thefts easy to access without carrying money. With this, anyone can buy anything from anywhere easily through online transactions. Soo, it is easy and with this cashless economy, there are lots of merits. Now demerit is all the people can not use it because illiterate and urban people are unable to access with lack of knowledge. It can be overcome through giving awareness about the cashless accessing etc. Then it will overcome so there will be no more demerits regarding this. Thank you, guys.