Merits and Demerits of Cashless Economy

Hello everyone!

Today we are discussing about merits and demerits of cashless economy.

In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.

However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.

Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.

So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.

Thank You!

Cashless payment include the direct saving of our money in our saving account in a private and secured way. It is an individual daily need which is in various form whether it include shopping, bill paymets, recharge and many more. The major problem solved by this technology is problem of Double Spending which was major problem in ancient time, and cured in form of Bitcoin as peer to peer transanction and become cashless. It saves the lot of time as well as paper work.

The major problem of cashless is awareness, rural people are not aware of this and if they, then they affraid to follow the technique due to some of criminal fraud in this sector.

But now, its very secure, there are various companies working in this sector and made it fully dicentralized and distributed which allow various authoritive domain to cooperate, collaborate and coordinate in rational decision making process.

Hello, my self Mangesh and it is very glad to me to be part of this discussion.

According to me, In recent time the used of cashless facilities has increases, which is a great thing to achieve the growth in the overall economy. There a lot of benefits of cashless such as it save the time, cost and many more. I don't think so that the cashless economy has a disadvantage but only fact that data security is an important factor to be considered. I n my opinion after making any platform for a cashless transaction, along with that we should educated the people especially the backword section of our country regarding there uses and it's benefits.

India is the second-largest smartphone market, would benefit a lot from going cashless. Every year India's smartphone penetration grows exponentially. India's biggest problem it's corruption will be greatly addressed. Using online transaction means there will be a online receipt of a transaction which cannot be removed from the company's server or either of the people.

- A successful example of the digital economy would be Africa in which 92% of the economy is cashless. People have to create a mpesa account which can be accessed through SMS service and money can be transferred through the same way.

- Another example is Sweden in the the entire economy is cashless. In addition to being corruption free, the country has also low crime rates in terms of snatching and stabbing during robbery.

- Bringing the economy to a digital platform will make it easier to trace back black money or laundering cases.

- This vision is in effect in India. The government launched a program in 2015 DIGITAL INDIA with a similar objective.

1. Curbing the issue of black money.
2. Digitizing government services.
3. Digital literacy to the masses.

- Cashless economy means no standing in queues,

Accessing government services, reduce the hassle of paperwork.

- Digital literacy may be the biggest plus point as education means empowerment and people are empowered the country's progress.

- A similar trend picked up the pace from the last 2year which was BITCOIN, a cryptocurrency, decentralized network of payment with its own form of money which each transaction is recorded in every user so that the receipt of that transaction is never erased.

- In addition to being advantageous economically, technology-wise it will be fruitful as developing the platform will need engineers and it's maintenance too, so technological advancements will take place.

- As the transaction can be traced back it will a great help legally.

- Environmentally it will be good as our paper dependency will be greatly reduced.

Demerits:

1. The people in rural will have to be trained to deal with the online platform.

2. The biggest threat will be CYBERSECURITY. Keeping the network afloat means there should be no downtime in the servers and cyber threats will have to carefully monitored and scrutinized.

Hackings, viruses will have to be controlled.

India last year had about 30million cybersecurity threats. If the cashless economy continues by 2025 India will need about 10 million cybersecurity professional which would deal in building the network, maintaining it, averting viruses, hackings, back door entries, etc.

But in conclusion, a cashless economy will benefit a lot creating more jobs better jobs, literacy rate will be increased, government services will take a shorter time, corruption will take toll for the good and India dream of a 5 trillion economy will be fulfilled.

Merits - First I want to tell you all the merits of the cashless economy through a cashless economy everyone can save their time as well as the efficiency of their work. Paperwork will reduce its means of tree will safe.

Demerits - All the people are not aware of this so if the cashless economy increase, so it is a chance that the people who have money in from cash can be struggled, especially in rural areas.

It is obviously difficult to implement the cashless economy in a country like India where there is a large number of uneducated crowd and then it is hard to make transactions via e-payment when an internet connection is hampered.

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.

In my opinion the whole concept of e-commerce is a very advancing field. Green platform for transactions. People were busy investing their time and money on commercial trading platforms purchasing their requirement when the cashless economy soon became a major roll out for every individual with smartphones in their hand. Since the advancement of e payments money is more transparent. It has saved a lot of time from ATM queues, the collecting re1 toffee which shopkeepers give us in return for coins.

This is quiet a lot of saving which we may not realize in our day to day chores. Whether we have cash in our hands or not its not like we cannot purchase stuff. From buying fruits from a fruit vendor to shopping in malls we are positively advancing in terms of mode of payments. Everybody is switching e payments because its easy to handle. Like everything we know this has its own demerits as well. Expenses have increased comparing to what it was when we use to trade in cash. Every transaction is under scrutiny. Not functional if the internet connectivity is hampered. Thus this facility is still not accessible to certain section of society.

Thank you.

Once cash will become imaginary then it will be easy to handle it. Example for that if a man does lacks of rupees transaction, then keeping this money as hard cash will be more dangerous. Instead of this transaction through account leads to more safety for Cash.

Since coin has 2 faces, at the other hand, if any server not maintained correctly then it would be easy hunt for cyber-criminals. That's it. Thank you for reading this.

The merit of cashless economy people can keep it safe. As cash is known as form of trust. Its good for shopping and we can know the updated information. If we go from home if we have forgotten to take it we can send money from our mobile itself.