Merits and Demerits of Cashless Economy

Merits of Cashless Economy are as follows:

1) People can easily access from anywhere in the country.
2) Reduce the corruption by the digital payment system.
3) Increase the economic growth of the country.
4) Innovations in the technologies and services.

Demerits of Cashless Economy are:
1) No proper knowledge about the digital payments and transactions.
2) Not aware to the rural people living in the villages.
3) No positive effect to the people who live in the places where no facilities of internet i.e, Villages.
4) High risk of hacking.

Cashless Economy is a good concept and so many advantages of this like;

- Do not need to carry cash with us.
- There is no problem of charge when the transaction is even in odd value.
- Use of paper is reduced and that's why trees are safe.
- by the cashless economy, corruption is reduced.
- Time is reduced for any type of transaction.
- For transfer of money in saveral accounts there is no need to stand in queue in banks.
- By doing online payments work stress is reduced.

Now, as we discussed above there is so many advantages of the cashless economy but it has also some demerits like
- In our country small retailers are not able to do online payments they are able to deal with only in cash transactions
- Sometimes when we are doing online payments than some amount of fees we have to pay that is not good
- So many people don't have any Idea about cashless economy because they are uneducated
- sometimes people are having half knowledge of digital payments, therefore, they are exposed to cybercrime and losing their money.

Hello friend's,

Yes, that is a good thing but I woul like to say somthing pertaining to the cashless economy, if we want that cashless economy came in future, then at that time, it is absolutely true that corruption can be abolish, which is happening now a days. And also the wastage of time will be reduced, which we spend in the queue of the bank.

But demerit of cashless economy is,

1) the people who don't know about the digital payment they can't avail of this economy and thereby many problems can be occur there.

2) it will create the problems in the retailer's business.

3) it will also create problems for the rural areas people. And also born the Cyber crime etc.

We can only avail all opportunity of cashless economy, when all people's will be educated well.

If people's will be educated it means they all will be aware and before pay any payment online, they will check all terms and conditions and they will read carefully and meanwhile the chances of the mistake will be less over there.

That's my point of view.

Hello friends.

Good afternoon.

I would like to express my view on cashless economy. By changing and enhancing the technology, instent needs a cashless economy play a major role for easily working. Which help us remove a robbery cases. It is beneficial for people who are living in urban area.

Demerits - mostly a rural areas literacy rate is low this is a one of the demerits in India in case of cashless.

Hello everyone.

The merits of cashless economy is that by this we can save our lots of time. There is no need to go to the bank or atm for the transfer of money, now we can do all these things in a smart way, a lots of website and apps like paytm, tez etc. Are came for making the work easy no need to go through the huge paper work which is saving the tree from cutting. After demonetisation the cashless work was increased rapidly. But there is some people also who don't know how to get benefit of this thing, these are the rural area people, I think there should be proper awareness of these things among those people only then cashless economy will work.

Hello everyone.

Cashless economy is the best thing it save our time and money. We use so many online payment apps which are very helpful to us. The use of these apps are no more difficult it's very simple. In the rural areas most of the people are also use internet after the Jio came. I know other part of people in rural areas they are no familiar with online transaction or social media but it doesn't mean they can't learn. There are some need of awareness and need of training to them.

Cashless economy save our money. I give you an example I am an engineering student and before the cashless economy in 2015 I have paid my fee through demand draft. I had paid 700 more than the my fee. But in this year I paid my fee by online transaction I didn't pay any extra ammount even I got 200 rupees.

But there are certain demarits in cashless economy like cyber crime, server problem, chamces of data leakage. So we need to work on these demerits and make the digital India.

I am much convinced with many of the merits written by you people. Some stated that people of the rural area can learn to perform cashless transactions (without much difficulties) if they wish too. But I think before working on cashless or digital India we should work on the ground level development of the country like still there 40,000 villages where electricity is still unaware to the resides. With many transactions together the servers come to death. Many people don't trust being cashless because of many incidents (fraud or errors by site) experienced by them. And being cashless is not so easy when it comes to each n every person for everyday transactions.

Cashless Economy is a good idea but to implement this we should a well security. The merit of cashless economy is that transaction can be done very fast and the amount of papers used for creating Cash can be reduced. And no one store their Black money. The Demerit is that not only the educated peoples are living here. There are some uneducated peoples for them handling these things Is quite risky. Some people may take advantage of this and if there is no well security given the cash can be hacked even the richest person can become poor in seconds.

Hello

The Cashless economy is one of the great things of digital India.

Merit: there are Lots of merits of the cashless transaction following are some of them
1. Transparent economy
2. Time-saving of people
3. It will reduce the work load of banks
4. It helps to reduce corruption means the bank can easily record each and every transaction

Demerits:
1. A cashless economy is difficult for the rural area of India because near about 60 to 80 per cent population stay in the rural area they are not very aware of the cashless transaction
2. Also, the internet connectivity is a major problem for the cashless transaction.

Hello everyone!

I will go with the positive side first, "Cashless revolution" is playing a beautiful role in India's growth and development. We don't have to carry our wallet with us every time to pay. Transactions have become a way easier and efficient for everyone. It even saves our time to some extent. But as it is said, every coin have it's two sides!

Negativity/Demerits of the cashless economy are also there. Demonstration played a great role in lifting up some so-called *brands* and increased there market value to the skies. Today everyone is dependent on it. Even a small roadside vendor is having such applications for money transfer. It is a big source of income for the company. I think cashless transactions to have the same condition so as the cash paying system with reference to fraud.

In the end,I want to conclude that, it may be cash or cashless if there is the willingness of anti-corruption in mind in every individual's mind, no one can stop India's economic growth.

Thanks.