Merits and Demerits of Cashless Economy

Good morning one and all who are participating here. I am glad that I have got an opportunity to say something on this topic which play an important role in developing of any country and we know that our country still is developing so we people must know about it. First, the question comes in our mind that what is the cashless economy? the main objective of this cashless economy is to curb black money and eliminate the circulation of fake currency in India economy and all financial transaction are executed electronically rather than using banknotes. And this initiative is taken by our honourable prime minister Narendra Modi on 8th May 2016. Demonetisation is also another factor which helps to reduce corruption in India.

Here are merit and demerit of its:

Merits:

1. Electronic payment help businessman to boost their customer.

2. Making online payment is handy and it will lead to a slim wallet. We do not need to carry cash.

3. As we know a majority of election funding is done through cash for advertisement etc but if payment is mandatory through online then it is impossible for political parties to spend black money.

4. It makes a true picture of democracy.

5. Through online payment one can see their transaction at any time anywhere there is no restriction.

Demerits:

1. For online transaction, everyone should be educated but in urban areas, there is no proper facility for education. They do not know how to use it so it is very difficult for them.

2. The second thing is people should aware of hackers and cyber theft otherwise anyone can be robbed anywhere.

3. There are still some places where cash is allowed. The reason behind is no proper facility of electricity, internet.

Merits:

1. Cashless economy is not consume so much time so within the fraction of second we can transfer the money to anyone through UPI transaction so we don't have to stand in a long que of bank for withdrawal of money.

2. A most important benefit is that the transparency between the two parties is important so by the cashless economy the transparency is 100 per cent.

3. There is never a fear of money stolen.

4. The use of paper will be reduced.

Demerits:

1. Only useful to those who have a Android mobile or laptop or computer.
2. There is fear of hacking.
3. Illiterate people don't know how to use.

At last, I want to say that the right now our country is considered as a developing country and the cashless economy is one of the step to make our country from developing to a developed country. And for demerits, there also have a solution for hacking cybersecurity is there and by providing proper training to illiterate people after training they can also capable to use Android mobile. So, at last, we have to go for a cashless economy because to change our self and our system with the time it is nature. It doesn't change our system then we will be considered as old lack of technology even though we have technologies.

Hi everyone.

You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:

-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.

-In sitting home, we can make the shopping, send the money to another bank account etc.

-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.

-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.

-It will solve the problem 'Black Money'.

-As we do our transaction online, there is no need for printing the money and transporting, so we save money.

The demerits are:

-We are not well known about the security of money in an online transaction.

-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.

There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.

Hi everyone.

On behalf of the topic cashless economy has more advantages compared to disadvantages.

Firstly we can discuss the advantages.

1. The main advantage is while shopping. We need not want to carry a huge amount.
You can do the online payment by paytm or google pay etc.

2. Next, you can do more work in less time or on the spot.

3. You can make the online transaction for urgent purposes.

That is you need not go to preferred atm or bank.

Cashless Economy means using digital currency in our life especially day to day life. The cashless economy moves our economy in the growing phase. Everything has pron and cons. So here are some merits and demerits of cashless economy-.

Merits:

* Reducing the problem of cash.
* Saving trees because it reduces paper use.
* Saving time.
* Easy to use whenever people feels its requirements.
* Transparency.
* Cashback offer increases excitement among people.

Demerits:

* Illiterate and poor people finds difficulty to use.
* Need internet access.

The meaning of cashless economy is a country with least corruption and these are linked vice versa.

If you ask how? Then I would say, cashless economy means transparency in the system and everywhere, and where there comes transparency, the corruption would no more find its way there.

Some facts that I would like to put up in India has 2% cashless economy whereas Singapore has 61%. If you compare the corruption level in Singapore and India it will surely reflect the reason why Singapore has the 61% economy to be cashless.

Besides other advantages, such as being real time, saving paper, saving money printing papers at RBI,

Saves time provides a full proof of the payment, the cashless economy is also suffering from achieving its target. Some of the reasons are, old people still find it satisfying paying cash. Also, vegetable vendors and other road shops who are mostly illiterate hardly know and hence they don't trust on these things.

Besides, due to some internet problem causing transaction done but not credited to others account also creats an atmosphere of dissatisfaction between customer and the shopkeeper.

Hello friends!

As I think, cashless is the system with transparency, easiness and least corruption. As it can be helpful to avoid black money that's why India and most of the countries are shifting towards a cashless economy.

Merits:

* It is quite easy. Cashless payments save our effort to carry money with us.
* In some situations whenever we forget to carry our wallets with us, it is a very good option for payment.
* Online transactions save time as well as paper so eco-friendly also.

Demerits:

* Those who don't know about cashless System find it a difficult one and those who don't want to adopt it, it affects their business.

Hello friends,

As the topic, today is "merits and demerits of the cashless economy", first of all, what is the cashless economy?

It is the way of using digital money instead of physical banknotes and coins.

I think this is a great initiative. Using digital money instead of notes is a SECURE option! we do not have to worry about our money to get stolen by a thief. Also, it is making life easier since no more we carrying huge bundles of notes to buy a fridge/AC/car etc.

Also in my case, there is a demerit too. The risk of getting HACKED! there are a lot of ways by which the money in digital form could be wiped off. Hence we should be aware and also make our family members aware of the ongoing threat.

Hence, I think the cashless economy is a better option if we use it in the right way and also learn to be safe over the internet.

In my view, Cashless economy will be a great solution for many things.

1) for making notes paper is required which in turns causes the trees and green wealth reducing day by day. So digital money will, in turn, provide us the afforestation.

2) There are many people who make fake notes. On the digital state of the transaction, this problem can be solved.

3) Corruption will be almost eliminated because the banks and other agencies can keep an eye on all digital users.

4) When not corruption, we can have the fastest deploying nation.

The cashless economy has made the life of students, housewives, old age people with cell phone very easy. After demonetization by the government, a spike in merchants using online transaction platform has begun.

Now private Indian companies like PayTm, Mobiquik have flurished. This all factors boost the economy of India further simultaneously making payment easier for everyone without standing in queues for hours.