Merits and Demerits of Cashless Economy

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.

Hello everyone.

Today our topic is merits and demerits of cashless economy. As we know every coin has two aspects positive as well as negative aspect. But point is that which one is more. So here, in my opinion, positive aspects are more than a negative one. A want to clarify some of them. Cashless economy is safe as there is no fear of fake currency. And no fear of stealing. We can any payment in one click and in no time. And nowadays it is ideal because we are facing a big problem of Coronavirus which is contagious so we should also promote cashless transaction. And by cashless economy we can save papers and by Saving paper we can save trees and our environment. So, it is safe and it is good. Thanks to all.

Hey guys. First of all, I would like to thank you for giving me such a wonderful chance to share my view.

In this evolving world, a cashless economy is a major step toward an easy way of living e. G it makes it easier to do business transactions at any time without even giving a thought about having cash in hand at that moment. Another plus point is that it takes too little time and as it is cashless so there is less chance of theft.

The best part of this is in time of need of someone, you can send money without following any long-term old bank deposit way.

However everything comes at a cost, so here the cost is online fraud, sometimes network glitches and fewer awarenesses of this technology.

Thank you.

Hello all.

A cashless society is the flow of money that does not exist. Money are flowing directly from the sender to the receiver bank through digital technologies like net banking, UPI, mobile banking etc.
It has two faces as usual merits and demerits.

Merits:
* It saves time a lot.
* It saves fake notes.
* We can see the history any time of all transactions.
* We don't need to carry too much money as it will transfer from the mobile.

Demerits:
* There are many scams as it is a digital process and have a privacy issue.
* Uneducated people face complications through digital transfer.
* We can't rely on this because this works on servers and the internet which is not available in some places.

Hi guys, I thinks there are both merits and demerits of cashless it's depends upon person to person i.e if A person is aware of online things (i.e online transaction ) then they can go caseless and can easily handle online transactions , but if he is not very much aware of frauds that can happen with him with only few information evasion he can loss their money with only few clicks hence it is very much depends upon awareness of people awarness of using online things ..there is no doubt that cashless economy has many benefits but these benefits can reach to people only with their own awarness and consciousness and also with government's initiatives for creating awarness among people for online frauds

Good morning everyone.

Today we have a great day to discuss on cashless economy. In my opinion, cashless is the best way to save time, energy and tree.

But as we know that everything has its own pros and cons. In that way, cashless is good in some case but it is also bad in some case.

First of all, I will talk about its pros :

It is very important for reducing the crime rate, corruption and saving time. Because we spend many times in queue for bank transactions.

If I talk about its cons:

Many trees cut down for producing paper for note. And it is very hazarded for us. In the rural area, there is a lot of network problem. Rustic people are not well acquainted with the digital system and its uses.

Everything has two sides. So as the topic which we are discussing "THE CASHLESS ECONOMY" it has also its pros and cons. So I am just giving some of my points.

PROS:

1. It will boost the digital transactions including debit card/credit card, ATM transfers, UPI, or any type of transfers which helps in reducing corruption.

2. Digital transactions helps getting the tax system transparent more tax revenue can be generated.

3. It helps in reducing the cost incurred on printing the paper notes. (The very high amount is spent on producing currency notes.

4. Cashless economy reduces the terrorist funding.

CONS:

1. Illiteracy level is slightly high in India which restricts the effective use of this.

Hi,

As we all know what is cashless economy. It means all the transactions in the economy only be done through our bank account by using many apps like paytm, google pay, phone pay etc. By using this app all the transactions done through our bank, so there is no loophole for income evasion, corruption or others.

The merit of the cashless transaction - we don't need to take the burden of cash to carry, transaction going to be very secure and safe, getting a lot of offers from many apps for using online payment etc.

The demerit of the cashless economy -It is going to be very tough for the persons who are uneducated because they don't know how to use a phone or the internet for making payments.

Hello everyone. Thank you so much for allowing me to speak on cashless topics merits and demerits.

Merits.

It's easy to transfer money and it does not take too much time to transfer.
It is beneficial for us because we used to carry cash all the time and sometimes it was risky and robbery etc.
One more point is that as we use a lot of UPI accounts such as Google Pay, phone Pay and mobile banking we can see our transactions whenever we require.

Demerits:

It is not good for uneducated people because they don't know how to use and it works.
It is risky for those people who lack knowledge and backing knowledge because they face a lot of issues, and sometimes they lose their money from scams etc.

Hello, Everyone.

1. Cashless economy brought a huge difference in poeple life.

2. It saves our time, a few years back when we have to give someone's money and we don't have cash then it takes a lot time to pay the money but now everyone has their own phone wallet and this transaction can be done in seconds.

3. Almost every class of people are interested in cashless transactions, people who are involving in small businesses like tea seller or even rickshaw business also have their phobe wallet.

4. Now even a small amount of money is easily transferred to the bank's account without going to the bank.

5. We can pay our home's bill like electricity, cable etc without going to the office.