Merits and Demerits of Cashless Economy

Hello everyone myself Abhishek Yadav from Bangalore district of Karnataka.

As per cashless economy is concerned I think that it will be beneficial for our country.

As we know that there's a lot of work like paying bills to government and many more can be done online as we also know that our population is growing day by day so the government also need to increase there offices workers rather than that if it goes online we will be able to do stress fewer works.

As per demerits is concerned nowadays due to unemployment hacking and frauds has gone on another level which Ultimately does the loss of people I think the government should launch some skims for knowing properly use of technology.

That's all my opinion.

Have a nice day thanks.

From my point of view, the Cashless Economy is good for everyone in these days. We don't need to standup in que of bank for transaction. It will also reduce corruption. Like before in every government scheme, there are lot of scandal which came. People didn't get the money of government Scheme. By this every person can save his time. He can easily transfer their money through mobile. We don't need to go anywhere. Cashless Economy is increasing day by day in India.

For the success of cashless, We need to spread awareness regarding that in people. Cyber Security is also the main factor. Govt and private organization both need to improve Cyber Security.

At last, I would like to say, It is good for everyone. We need to welcome that step.

Hey Everyone,

From my point of view, the cashless economy is the best thing for all of us. It will make our life very easier. And it will beneficial uneducated people who don't have knowledge for banking transaction and they were sitting in a que and waiting and wasting so much time. It's a very easy and simpler process.

Merits:

* We can online pay our payments easily without any problem.
* Cash requirement will become less and no bourdon of taking care of cash.

Demerits:

* Mainly hacking problem.
* Suggestion for my side to everyone: If you are educated and you know the things so can help others so they can also make their life easier and government also have to provide some camps for explaining it in rural areas.

Thank you.

Hi all. Today's topic of discussion is the Merits and Demerits of cashless economy. According to my perception of view, Merits are far enough in number as compared to demerits.

Merit:

The Main advantage of the cashless economy is peoples can save their valuable time which gonna waste in the queue for transactions (in without cashless economy) Now With cashless transaction people can make it by a single click. So transactions can me made paperlessly and this paperless transaction leads to deforestation decrease which is good for our environment.

The main disadvantage of the cashless economy is people need to be educated to work with the internet which is very less in villages.

The internet connection in villages is very slow.

Merits of the cashless economy:

1. The consumer can do transaction easily and from anywhere.
2. It'll consume less time in making payment.
3. There will be a proper record of all the transactions in digital format.
4. Black money will be reduced.
5. Govt. Can collect tax easily.

Demerits of the cashless economy:

1. The illiterate people cannot do the transaction in electronic form and there is still a huge illiterate people in India so this can be a major problem.

2. There will also be a problem if the network is not properly working and the transaction comes to an end in midway and in this case, the money from the will be deducted and the payment will not be successful so this is also a major demerit of cashless economy.

As we see the positive side of a cashless economy, there are so many benefits like now people are no longer in a compulsion to carry paper money, they can easily carry plastic cards that are debit/credit cards or may use an e-wallet to pay at the store or supermarkets. So now people no longer have the risk of losing money by getting theft or wet.

But on the other side, all people do not know using cashless methods of payment. For example, illitrate people face trouble in this system. Formerly it was also a big issue that everywhere cashless system was not adopted. Some stores were there where the only cash payment was accepted. But nowadays, except only a few places, card payments or e-wallet payment or both are accepted.

Hello everyone,

Thank you so much to the jury panel for providing us such a emerging topic.

I believe there are far more benifits of cashless economy as compared to its flaws.

Cash in itself carries a risk; including from the risk of theft, risk of tearing up, risk of fade out, risk of carrying, risk of loss, risk of transmiting disease, etc. The cashless economy will help us to get rid of all these risks. People don't need to carry a bundles of cash with them, they don't have to worry about theft, loss, fade out, and tearing of cash. Also in current pendamic situation, cashless economy will save us from transmiting the disease through cash. All the parties involved in transaction will get benifit from cashless economy.

Hi. It's a great pleasure that India is growing fast. The main tool to development of India is digitalisation and cashless India. As well said that every coin has two sides. There are always some merits and demerits of anything. But according to my perception view cashless India will help to our country to grow fast. Because it reduces the traditional process of banking that stand in line for a half day. But by the cashless system the previous work just happened in 10 min on your fingers with smartphones.

I think there is less demerits than merits which can eliminate by adopting secure technologies.

And one more thing is that first of all we have to remove the fear of fraud by taking learning sessions of cashless India.

In my opinion, The Cashless economy is a great initiative, it will boost the economy of India. It will reduce corruption and also reduce the black money because it affects the direct taxes. Processes will get quicker and convenient but having said that the 2 hurdle we will have to face or so to say we are facing is.

1. Over 70 % of the population in India resides in the village, though most of them are aware with the internet and all they don't have awareness of transacting money through it, so anyway we need to make everyone aware with this.

2. The second thing which is very important one "cyber security". We need to make the system and processes better and more secure before suggesting anyone to use it.

Thank you.

Good evening everyone present over here. As the topic under discussion is 'MERITS AND DEMERITS OF CASHLESS ECONOMY', I'd like to share my views on it.

The Cashless economy is a great relief for developing countries like INDIA. But the problem lies in achieving this as most of the people are unaware of using mobiles to date. The good thing is India is stepping forward but the biggest threat is about cybersecurity in which we are lacking behind. Online crimes are getting easier because of this cashless economy. The thing is, every coin has two sides. So what matters a lot is the cooperation of the citizens and what bothers lot is the lack of belief that the people have towards the onsite transfer of money.

Thank you.