Merits and Demerits of Cashless Economy

Merits of the cashless economy:

1. Time can be saved.
2. Every paise can be counted.
3. No transferring of cash from one bank to another.

Demerits of the cashless economy:

1. It cannot be handled by uneducated people.
2. Hacking of accounts may lead to loss of money.
3. Smartphones are required.

Today's topic for group discussion is merits and demerits cashless economy.

First of all, India is not ready for a cashless economy. Though India is becoming a digitally strong country day by day it will take some time for proper implementation of the cashless economy. Due to the lack of knowledge of different individuals, it is not successful in todays time. Many of the village areas people don't even have a smartphone so they can't do online transactions. Even though they have it, due to the lack of knowledge they are afraid to do it as they prefer old ways of money transaction. So we need to educate them first about its advantages and how easy it is to do as it will help us to save time as well as hardships. It can be done sitting at home or anywhere instead of meeting the dealer or someone else to give them cash. It also helps to reduce documentation of money transfer as we can know it from the history of a paytment app like google pay, Bhim, paytm etc. We even get discounts by doing the payment online so it is very useful but we should learn its necessity and how useful it can be in our life.

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.

Hello everyone.

Myself Arpit Patel.

In my point of view, the cashless economy has more benefits than disadvantages. It helps people to do a quick transfer of money to others which saves time. There is no problem with change, one can give any amount of money from 1 rupee to lakhs. This is also benefitting those who have a small business like vegetable sellers, panipuri and many others in keeping their money safe as they are directly adding to their bank account.

Also, there is less probability of corruption if the government is planning some scheme for the poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials.

It is obviously difficult to implement the cashless economy in a country like India where there is a large number of uneducated crowd and then it is hard to make transactions via e-payment when an internet connection is hampered.

Merit :

Cashless Economy is very useful For Indian Economic because is Reduce the chance of black money. If all transactions Shall online Either big or small have Proper Record.

Demerit :

Now Many people haven't Smart phone and proper knowledge of the online transaction, the case of fraud call is increasing Day by day due to lack of proper knowledge. So At the moment Everything shouldn't Online.

Conclusion:
We support the Cashless System because it is very helpful for everybody and we should aware of its importance.

A warm welcome to everyone participating in this discussion.

I am Mayank, I would like to put some light on the cashless economy which as eventually come into the trends.

So starting with some positives I would tell you that going cashless has made the process of payment fast and efficient.

It has also reduced the extra efforts made by people for the payments from big to small, from goods to services, from country to states.

Going cashless has made all of them a work of seconds.

But digging under the topic to its roots.

It has become the top most reason of frauds and scams happening in the states, has effected a lot of people who are not aware of these malicious activities and news of thefts.

So, I would conclude by saying that though the people are ready for change in terms of payment and commerce but will be requiring knowledge and basic education for going online for the capital transaction.

Hi.

I am Shravan.

A cashless economy means there is no physical contact between the receiver and sender.

Merits:

It very uses full for government to monitor heavy transactions. And it helps to reduce corruption. It helps to reduce the paperwork. It saves time. Overall it is very safe who well educated about technology and operations in net banking.

Demerits:

In India technology developed only in metropolitan cities. Awareness about online frauds was not up to the mark. It is very tough to go for cashless payments who don't have a proper education in online payment.

Everything has merits and demerits depends on you what way you are looking if talk about the cashless economy it has been boon in pandemic made my life easy there are several transactions you can within seconds with help of an application like Google or phone you don't need to stand in the line of the bank no need to have huge cash in your bag or pocket so it is reducing crime and corruption if I talk about demerits issue of cyber crime hacker may get benefit so for avoiding this problem should be more privacy and policy there are many people are not aware not well educated so they may face the problem.

Merits of cashless economy:

First, don't fear theft.
Covid time cashless economy is very useful.
All money transfer is using online transaction is used for low corruption.

Demerits:
The cashless economy only useful to the mobile phone users.