Merits and Demerits of Cashless Economy

I first go with merits, In olden days, if we go outside means we want to take more money and now it is changed that if mobile is where we can use the apps and we can pay the bills without taking any hard cash.

Another thing nobody wants to wait in front of ATM's for taking Money and paying any bills.

Demerits, Due to that, if the people don't have phone or cards and if they don't know how to use the mobile in a rural area that people will face lot of problems so giving knowledge to the people's who are staying in rural areas and overcome the problem.

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.

Merits:

* Avoids cutting down of trees hence preserves deforestation.
* People don't need to stand in a queue and wait as time is crucial for every person.
*Transaction time is less.
*No biasing, transparency in the transaction.
*No physical presence is needed.
*Transaction can be seen online no need of paper.
*No need to carry a huge amount of money every time.
*Corruption can be reduced.
*Theft is reduced.

Demerits:

*Rural people may not be able to use cashless memory.
*Network problem can arise.
*Refunding money can be difficult.

I would like to share my views on the Cashless Economy.

Nowadays everyone knows how to use a mobile phone. We can transfer money to anyone through phone, after purchasing anything we can pay money by card or we can do online. We don't have to carry huge amounts with us. Now, we can do anything through the internet it may be shopping or ordering food items and many more.

Hi everyone.

There are merits and demerits as well. Let's come across to merits side first:

1) there will no more robbery in your houses.
2) anytime anywhere transactions can be done.
3) no need to stand in question and waste your time.
4) Able to transfer accurate money to the opponent. No more additional cost required.

Let's come to the demerit side:

Let's think about the uneducated people, senior citizens of our country, will they able to perform? No, right?


Thank you.

Good morning everyone. My views on cashless economy.

As a growing country we we need to be enhanced in every aspect one of the biggest achievement would be going cashless from reduction of the cutting trees to reduction of corruption although many of our country citizens does not know how to use these means terror funding can be reduced, theft of information with security implementation, no wastage of time in banks. ATMs and depending on others for doing a payment, one of the biggest merits would be environment would be protected and with a click, payment can be done starting with shopping to fund transfer with just one go.

Hi everyone.

Myself Mohit Kumawat.

First of all, we need to understand what is the cashless economy. It is process through which transfer of money can be done by the online system at home without carrying real currency, no need of a pen, paper and our physical appearance at anywhere.

It has many merits as follows.

- there is no need to carry a lot of cash.
- it makes us to feel secure regarding cash anywhere.
-we can book a hotel, movie tickets, food order etc. And pay electricity bills and water bills easily in just a single minute without going Outside.
-it also supports to reduce corruption in a country like India where corruption is at peak level.
- it provides transparency in our work.

It has some demerits as follows.

-It is difficult to do online work for uneducated people mostly in rural areas.
-Sometimes transaction failed due to technical issues.
-Sometimes problems create relating to Internet speed and electricity.
-Sometimes account can be hacked by Hackers.

In the era of digitalization and automation it is very necessary to grow with them. Cashless economy has numerous aspects. Let me add some of the merits:

1. Environmental friendly. With increasing population in the country like India it is very necessary to stable our paper use in order to not to harm nature. Which is somehow degraded due to cashless economy.

2. Monitoring is improved. Government or citizen doesn't have records if the transaction are in cash whereas in cashless each and every transaction is recorded.

3. The printing cost for the cash is more whereas in cashless this expense will be on hold, and thus economically beneficial.

4. Easy to handle:

Let's me introduce another dimension to this topic:.

1. Japan is a country with cashless based economy still the interest rate for there citizen is 0.04% only and its negative in some banks. So there are several aspects for the value of money if the economy will be cashless.

2. In the remote locations where network is still a issue it is not convenient.

There are several merits and demerits of the cashless economy but it weigh more in merits direction so I believe to have cashless economy.

Myself Sai Omesh.

My words from this topic, Nowadays everyone use the online paying apps with some issues, sometimes its better to tranfer a money throght mobiles, PC's etc.

Every employee deposit money through banks but now no need to go to bank.

Even banks aslo introduce their own apps to transfer a money.

Sometimes and some areas have no internet facilities to tranfer to others this is the main problem and aslo technical issues aslo arise sometimes.

Hello guys.

I am Anjali now the topic is about the merits and demerits of cashless economy. There will be merits as well as demerits in anything. First I want to tell you all about the merits which will have with the cashless economy is fewer chores i.e, thefts easy to access without carrying money. With this, anyone can buy anything from anywhere easily through online transactions. Soo, it is easy and with this cashless economy, there are lots of merits. Now demerit is all the people can not use it because illiterate and urban people are unable to access with lack of knowledge. It can be overcome through giving awareness about the cashless accessing etc. Then it will overcome so there will be no more demerits regarding this. Thank you, guys.