Merits and Demerits of Cashless Economy

Nowadays we all are familiar with digital transactions with the internet, and it's a way throughout the generation we can also say that it is one-way development of the country, now each and every item is made online lives like groceries, shopping, medical etc. All people are familiar with digitalization.

By day by day technology also increases and also provides a lot of job opportunities for all people online transactions are more risk than offline transactions but securing a record is safer than a piece of paper.

The Merits are and it easy to carry and need only the internet and easily transferable it is safer for people who don't carry a lot of cash and reduces the paper.

The Demerits are Cyber crimes are high and people are also easily trapped by hackers and old-generation people totally depend upon the young generation.

Hi Everyone,
I know everyone has their own views. I share my thought regarding the cashless economy. I know everything has two prospectors good or bad. it depends to the person. In my point of view, it is good for our generation. everyday new technology comes and I accepted.

Here we mention the Merits of a cashless Economy:

1. It is easy to carry and needs only the internet and is easily transferable.
2. It is safe for people who don't carry a lot of cash.
3. It saves paper.

Demerits of a cashless Economy.
1. Those people don't have much knowledge of how to use a cashless economy.
2. Old generation totally depends on the young generation.
3. People easily trap hackers.
4. physical crime rate is low but the digital crime level is high.

This is my point regarding the cashless Economy.

With the day-by-day digitalization of the country, I believe it is an important step to go digital when it comes to using cash. Every new strategy has some advantages as well as some disadvantages, when talking about a cashless economy I believe the ways in which it has benefitted the people is more vast than its disadvantages.

Going cashless has made it easy for people to use their cash, they don't need to run to their nearest bank for money, and we can use it whenever and wherever we want. The amount of thefts that occur has also been removed. Though there are chances for online thefts that occur only when we are not attentive. Thus I believe going cashless is the right step that is needed for the betterment of the country as well as for the people.

For every topic there consists some pro's as well cons. So now we are going discuss about some pros of a cashless economy.

Nowadays all are familiar with digital transactions over through internet, it's a traditional way for this generation. We can also say that it is one-way development of our country, now everything is made online like glossaries, shopping, tech market, online food, also in small-scale businesses too. Indirectly all people are familiar with digitalization.

By this day by day technology increases and also provides jobs for job seekers, online transactions reduce the risk of theft of someone's property, "secured record is more beneficial than a piece of paper".

Now coming to the cons of a cashless economy, in our country, not all acquire an education. Literacy of India is somewhat low compares to all countries, some rural people may not be familiar with digitalization. They are at the exchange of currency. In order to keep looking after all these issues cashless economy fails in some places. This is all about my perception if it is any fault try to excuse me. Thank you.

There are two sides of any coin same and there are two advantages and disadvantages of the cashless economy first I would like to my opinion on the positive side of the cashless payment digital payment system there are too many effective and time-consuming systems using that there is control many types of theft and crime people can easily pay in anywhere any time so they can save their time and utilise in a proper way also it will more helpful in the COVID time.

And there are some disadvantages also it will be digital payment and when the digital word comes there is most important internet and the internet not properly till now work in many villages so that their people no use that.

Also, it will be affecting to the high range so birds numbers are decreasing day by day so my opinion is it's useful but there are some advantages and disadvantages.

First of all, Hi everyone.

I would like to speak on the topic of the cashless economy.

The question arises what is the cashless economy?

It is a mode of payment without using paper cash since every coin has two faces.

The merits of a cashless economy are.

1. Less time-consuming when compared to the usage of cash.

2. The chances of theft and pickpocketing reduce widely.

3. If we observe the previous condition during the corona pandemic most of the apps even local shopkeepers switched to online mode of transaction.

As we all know about two phases problem.

The first phase is about positives.

A cashless economy saves time, robbery, and pickpocketing.
Reduce paperwork.
Easy to handle.
Every store in one device.
It's helpful for to know past records.
It Reduces paper impact goes to saves trees.

The second phase is about Negatives.

Employment issue because when everyone uses one device on that note human use is less.
More electric use in digital payment.
When we use more internet is bad effects go on fly and other animals.
We know only 20% of birds are left as compared to before time.

Everything has two sides, there's always a bad and good side of things With a Cashless economy the payments are simple and safe. A cashless economy decreases the rate of crimes such as theft, robbery Pickpocketing etc. If somehow anyone forgot their wallet at home, it ll be very for them to make use of UPI.

A cashless economy helps in the sustainability of the environment.

As such many people don't feel safe with the cashless economy as they have increased the number of cybercrimes, many peoples fool people by advertising about they have won the lottery and they just clear their bank accounts.

In my opinion, the merits and demerits of cashless economy are -
Firstly, it save the time of the people while purchasing any products and services
But when it's came many people are not aware about digital payment mostly old people sometimes they give more instead of actual money and peoples use this as their benefits.

There are a lot of benefits of a cashless economy:

* It reduces the chance of theft & the problem of storage.
* Reduces black money in the market And fake currency by State and non-state actors.
* Better tax compliance and collection.
* Easy to control liquidity in the market.
* Reduces the cost of making currency.
* Environmental sustainable because most of the trees are being cut to make paper currency.
* Enhances habits of savings and investment.

Demerits:

* Cyber fraud like account hacking.
* Privacy issues.
* More vulnerable to international shocks.
* Lot of electricity required to make digital currency.
* Lots of pollution because of electricity production by conventional resources.
* Way forward -.
* Cyber security should be strengthened.
* Electricity from renewal resources.
* Technology improvement to make energy efficient currency.