Merits and Demerits of Cashless Economy

Hello everyone!

I want to share my views about the merits and demerits of cashless economy. At first I think cashless economy is very advantageous. People buy anything and solve any money related problem with online mode. Here liquid cash do not need to carry. Moreover, previously we cannot carry a lot of cash money because there is lack of security. But in case of cashless money we can transact a lot of money as our wish and there is a few chances to failure. To inaugurate the cashless economy the amount of black money are significantly reduces. For this we can shopping from amazon, flip-kart, etc., any time and there are a cashback option.

But cashless economy has some demerits too. Here for transaction there need to internet connection. If the internet connection is lost, there is chance of failure of transaction. And now in cashless economy hacking is a major problem. And cashless economy facility do not go in rural area.

Merits of the cashless economy:

The first thing is India will have developed with the cashless economy. The money will be safe with us no one can able to steal from us. If the money will be in pending also they may be refunded to the sender account else reviver account but the money is safe. We no need to write anything about transactions in a book because it will store all the data of transactions. At last, we can't able to delete the data of transactions.

Demerits of cashless economy:

The main thing is with the cashless economy the chances of black money will increase. In some cases the money may be in pending due to the busy service then it takes some duration of 2 to 5 days of bank working days. In India many people are uneducated so they didn't know about the online money transaction. There are so fake apps in transactions.

First I would like to explain the merit of a cashless economy. There are lots of benefits in a cashless economy like we can transaction amount within a minute. We don't have to carry money with us. Reduce the risk of theft, We don't have to the problem of currency change. We don't need to stay in the queues of banks and ATM. One best thing is we have each and every transaction records.

If I talk about Demerit: Sometimes we can phase fraudulent, Server issues of Banks, delay of Transactions and one of the major drawbacks is poor and illiterate people don't know how to use this.

Merits:

1. There are many benefits of a cashless economy. I will talk in favor of it. The importance of cashless transactions has grown from the demonetization phase. Nowadays, people preferred cashless transactions because there can be an announcement at any time that after 12'O clock certain notes will be banned.

2. In Cashless transactions you don't have to go anywhere you can make payments even from your home at any time. It saves time. Cashless transactions are faster.

3. The cashless economy will reduce corruption. Every transaction would be on record so this will make any process transparent and smoother.

4. With the cashless economy, people will open more bank accounts as it is needed for doing cashless transactions. So it is beneficial for the country's economy.

Demerits:

1. People in a rural area or older people don't have knowledge of doing cashless transactions.

2. There are chances of hacking or fraud by asking OTP through fake calls.

The cashless economy needs the internet. Without the internet, the cashless economy is failing.

I would like to talk about the topic of cashless economy merits. Well, coming to the cashless economy is obviously advantageous nowadays. It is eco-friendly and mostly imp thing is it reduces time. And also reduces the correption. The cashless economy also leads to technological life that is digital life. By using liquid cash there is a huge chance to lost money anywhere or a chance to corruption so cashless economy reduces these points.

The next I would like to talk about demerits. Coming to demerits, they are less points than merits. Demerits are there is a chance to insecurity to our transactions and also internet problem. The main thing is without internet we can't pay the money.

Good morning/ evening everyone.

I want to share my views about the merits and demerits of a cashless economy. Before telling about the merits and the demerits of the cashless economy we need to understand what the cashless economy actually means. As we know with the advancement of the technology we produced some invaluable systems which are helpful to human beings particularly after the invention of the "Internet" the economic system took a drastic change as we are moving from the cash liquidity to cashless economy by making everything digitalize. Following are pro of the cashless economy:

(1) with the help of cashless initiate, we are able to acquire all services like the ones which we would have not imagined before as we don't need to wait in queues in banks as we can do transitions without the hassle.

(2) The cashless economy saves our important time.

(3) the system of sending the money from one bank to another bank is easy to use.

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.

I think merit of cashless economy is much more than its demerits. Cashless economy is more important for corruption free economy and society. Today we can see how cashless payment is playing vital role for effective implemention of govt schemes like ujwala yojna, pm kisan samman nidhi yojna. By cashless economy govt can easily implement their fruitful schemes to grassroots people who actually needed. Cashless payment should imperative by govt to implement his yojna because by this govt can reached to needy people more easily and the poor can get full benefits of govt schemes.

But there is demerits also because in country like India many people don't known about how to use digital transaction and get benefits. Cashless economy have the biggest threat by cyber crime. Because in country like India where more people don't known how to use cashless transaction can easily become scapegoat.

Hello good morning to all.

If I talk about merit and demerits of causeless economy. I will point some of facts regarding this. First of all, it is the easiest way to transfer the money. With in sec we can transfer. And it's save our time also, on contrary of benefits. Its not good where we have network problem, also in rural areas. Because people are not aware of that app like, phone pay, Google pay, paytm etc. And some security issues also regarding this.

Hi.

Thanks for giving me the opportunity to speak on this topic. There are some merits and demerits of cashless economy.

I think, cashless is a easiest way to spend money everywhere because as we all know, all systems are digital. In digital world we all carry Android mobile phone. So, everywhere we pay money by only one click (no problems for cash, change money) and it is also less time taking for paying money. It is very simplest way to pay money.

Problems is that, for cashless economy is; the person who belongs to the rural area they don't have cellphones, they don't have knowledge about how to pay online money. I think in India this is very serious problems. They only able to pay money by cash.

Thank you.