Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 18 of 44.
Lavita said:
7 years ago
Cashless economy refers to doing all cash/money related activities digitally which includes online transactions, paying the bills, ever-growing money and many more things. As everything has its two faces in the same way the cashless economy has both the merits and demerits.
Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.
Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.
Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.
Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.
(20)
Ram said:
7 years ago
Cashless money is a good concept, it has more advantages as well as disadvantages.
Advantages:
It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping, Etc.
Disadvantages:
Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.
Advantages:
It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping, Etc.
Disadvantages:
Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.
(20)
Panku said:
6 years ago
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.
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.
(20)
Suneeta said:
6 years ago
After demonetization, the cashless economy is introduced in India. The simple reason behind this is that from small to big work we don't need any piece of paper like cash, we don't need to stand in the bank or ATM for withdrawing and forwarding money to someone else. There are many merits of the cashless economy like it save our time, stop corruption, quick and easy transaction, technology advancement. But on the other hand, there are many demerits like if a person is not aware of internet banking then they can't use it there is a problem with security. Day by day the case of fraud transaction increases. People are not so aware of this.
Thanks!
Thanks!
(20)
Vegito said:
6 years ago
Cashless Economy is a Good idea but in India, it is not implemented totally. Some shops or restaurants are not providing options to pay online. In that case, it is very difficult to do the payment. So my opinion we should carry a minimum amount whenever we go outisde.
Merits:
--> It is very easy to do payment with mobile or card.
--> We don't need to carry huge amount to do payment.
--> We can save our time also.
Demerits:
--> Sometimes we face problems when there is no network or internet.
--> In India some hotels or restaurants don't provide cashless options, at that time we may face difficulties.
--> sometimes it might be possible to transfer money online.
---> In my point of view we should carry a minimum amount of cash, whenever we go outisde. We don't depend on a cashless Economy.
Merits:
--> It is very easy to do payment with mobile or card.
--> We don't need to carry huge amount to do payment.
--> We can save our time also.
Demerits:
--> Sometimes we face problems when there is no network or internet.
--> In India some hotels or restaurants don't provide cashless options, at that time we may face difficulties.
--> sometimes it might be possible to transfer money online.
---> In my point of view we should carry a minimum amount of cash, whenever we go outisde. We don't depend on a cashless Economy.
(20)
Chhaya pali said:
5 years ago
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 a payment from anywhere
Demerits:
1) Not much secured,
2) The internet is a must,
3) Mobile or other devices must make a payment,
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.
Merits:
1) No fear of stolen money
2) Saves paperwork
3) Saves time
4) We can make a payment from anywhere
Demerits:
1) Not much secured,
2) The internet is a must,
3) Mobile or other devices must make a payment,
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.
(20)
Likhita Krishna said:
7 years ago
In my opinion, India holds 122th rank on GDP rate. This rank evidently shows that India is in the agile side of development than earlier. Cashless economy reduces the effort of printing money, counterfeiting is eradicated not only that it inspires people and make its necessary for the people to adapt the technology. With lead India to globalize it's people.
(19)
Chaya said:
7 years ago
Cashless economy has merits and equally demerits. Merits like we don't need to carry cash all the time with us whenever we go outside. Risk of money being stolen is also less if we have virtual money. Everytime when we have to fill a form or have to pay somewhere, we can easily use our virtual money. Also many times this happens if we are buying something and it's cost is like RS 99 or something, so by using virtual money we also don't need to pay extra 1 or 2 rupee for small transaction. There are many more merits of cashless economy. Demerits are people who don't have much knowledge of handling virtual money they can lost a big amount because of just one click. Also these virtual services can run only with internet. If we don't have net on time we can't pay or use our money. Overall it is a good decision if comes in act for people but along with this, a proper facility and learning should be there for everyone whether user belongs to new generation of internet or a senior citizen.
(19)
Lakshmiprasanna said:
7 years ago
Hello everyone!
In the cashless economy, we have both merits and demerits and I would like to agree with the statements of merits and demerits give by all the above participants such as.
-we can avoid the corruption.
-we can maintain the transparency.
-we can save the lots of peoples time -.
-we can save lots of paper wastage.
-ink wastage. Etc as merits and.
-lack of knowledge to the illiterate people.
-lack of security ect.
But, still we can work out with the technology to avoid the demerits such as.
-providing the fingerprints, face recognition to avoid security problems.
-Acknowledging the rural people while they buy their smartphone like (govt was giving the training to the people who wants to learn driving and they certify by the driving test) they have to acknowledge them how we can use the smartphones and the how to use cashless economy.
So, everyone can enjoy the cashless economy happily.
Thank you.
In the cashless economy, we have both merits and demerits and I would like to agree with the statements of merits and demerits give by all the above participants such as.
-we can avoid the corruption.
-we can maintain the transparency.
-we can save the lots of peoples time -.
-we can save lots of paper wastage.
-ink wastage. Etc as merits and.
-lack of knowledge to the illiterate people.
-lack of security ect.
But, still we can work out with the technology to avoid the demerits such as.
-providing the fingerprints, face recognition to avoid security problems.
-Acknowledging the rural people while they buy their smartphone like (govt was giving the training to the people who wants to learn driving and they certify by the driving test) they have to acknowledge them how we can use the smartphones and the how to use cashless economy.
So, everyone can enjoy the cashless economy happily.
Thank you.
(19)
Sumeet singh said:
7 years ago
Hi everyone.
The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.
But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.
Because it's better to do something for a change.
The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.
But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.
Because it's better to do something for a change.
(19)
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