Merits and Demerits of Cashless Economy

Hello everyone.

My name is Rajdeep Kumar.

Today's given topic is the cashless economy.

In my opinion, a cashless economy is a good initiative for our country. The first-time cashless economywas started in 2016 by our respective prime minister Narendra Modi.

I would like to add some merits and demerits of a cashless economy.

As we know that every coin has two faces.

Merits of a cashless economy.

1. When a cashless economy comes it reduces roadside robbery.
2. You can easily send money from one corner of the country to another corner in just a second.
3. You don't need to go bank because if you to the bank it consumes so much time.
4. Many developed countries like America Japan china etc also used a cashless economy.
5. it reduces corruption.

And some demerits of a cashless economy.

1. Some areas like hills don't have proper network connections.
2. Most of people are not educated, they don't know how to use.
3. Hackers hack money easily.

Conclusion: In my point of view a cashless economy is good for your country it reduces corruption and saves time you can easily pay you don't need to go bank, I know some areas don't have a proper network connection but India is progressing day by day. So one day India will be free from cash and India will become a cashless economy.

Thanks, everyone.

I believe the cashless economy has both merits and demerits. First, coming to merits,

1. Cashless economy is risk-free. Anyone can steal your physical money. With the advent of a cashless economy, even if someone steals your credit/debit card, you can block the card and your money is safe.

2. If everything is cashless, there is no need to print physical money.

3. Tax payment can't be skipped. With the advancement of technology, especially with data analytics, the Government can have an authentic database of transactions done by citizens. If every transaction is cashless, there is no chance to skip tax payment, subsequently reducing the black money.

4. With just a click, you can transfer funds. It saves time and we longer need to wait in long question.

Demerits.

1. 74% is the literacy rate of India. It means 74 among 100 can read and write. Digital literacy is even lesser in India. Before introducing a cashless economy, the government should teach the people how to go cashless through campaigns.

2. Internet connectivity is poor in rural areas. We live in a nation where 60% area is rural. It is important to improve the connectivity prior to going cashless.

3. Not everyone can afford an android. Even though 84 out of 100 in India have mobile phones, the government should provide subsidies for androids.

4. People in India are connected to the usage of physical money. Initially, there can be set back and people may reject the idea of cashless economy.

Hi Guys.

I am Praveen the topic given to us is merits and demerits of cashless economy. So guys, in my opinion, the merits of the cashless economy is much higher than demerits. Due to digitalization and automation now we are able to do transactions like electricity bill, water bill, mobile recharge, online shoping etc. Within a minute without going here and there. Hence it saves time as well as money.

According to environment aspects as we all know that climate change is a big issue for everyone due to deforestation so yes cashless economy reduces less use of paper and eventually deforestation. So we can say the cashless economy is ecofriendly.

Corruption will also reduce because there will be direct transaction no involvement of the third person.

If I talk about demerits then:

In rural areas, people are not that much aware of these schemes and they have some internet issues so they can't take that much advantage of these schemes.

Yes, there is a chance of hacking so you should be aware of it.

Cashless economy means there is no physical case, payment and transaction made through credit card and debit card, mobile banking and internet banking. After launching the program digital India, the govt of India aim to drive people into the caseless economy. This mission boost by announcing the demonization. It has both merit and demerits.

Merit:

Cashless economy reduces dealing the fake and fraud money it also reduces the money getting stolen and lost. It provides us with every detail of our transaction that helps us to keep records and analyze one's expense. Many builders, businesses man and trader used the physical cash to avoid service tax but the implementation of the caseless economy they can't do that.

Demerits:

India is a country where 60 per cent belongs to a rural area and more than half, doesn't have a mobile phone so it is difficult to spread it. Another reason is illiteracy where people do not aware of the use of technology. Hacking and tracking is a big hurdle for the caseless economy.

Merits-

1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.

Demerits:
1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.

Hello everyone,

Today's topic is very much interesting and relevant to the economy of India. A cashless economy means we are doing a transaction of money with the help of the internet or different type of platforms. As we all know that every coin has 2 sides, so a cashless economy also has some merits and demerits accordingly. So, I am going to talk about both things.

Merits:

1) With the help of a cashless economy, we have no need to carry money in our pockets. Because sometimes carry a big amount of money can be harmful to us.

2) A cashless economy gives you a facility of transparent and reliable, payment of hotel bills, restaurant bills, etc.

3) You have no need to go in the long queue of banks, with the help of Paytm, google pay, phone pay you can do any type of transaction of money which is a very easy and helpful thing.

4) "Time is the most prestigious thing in everyone's life' so a cashless economy saves our time and energy.

5) Our honourable PM Mr. Modi always exclaimed on Digitalization and cashless economy because by this we can stop the black money and corrupted people who have lots of black money in their accounts.

Demerits:

1) Cashless is a good technique for us to save time, energy, and efforts, but on the other side India right now is a list of developing countries, a lot of people in India don't have a smartphone, the best internet facility even electricity also. So they can believe in his technology.

2) With the development in technology simultaneously no. Of hackers and thieves also increases day by day, they can hack your bank account in a single second if you are not aware of the precautions.

3) After the 73 years of freedom in India, Village citizens believe only in cash because they aren't aware of the cashless economy. They have no bank account, So it is the duty of govt that they have to arrange campaigns in the remote and backward areas of India.

So, although there are lots of merits and demerits of the cashless economy, eventually I strongly believe in a cashless economy because by this I am utilizing my save time in different activities.

Thank you!

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.

Hello everyone,

This is Bhawna Verma.

I am in favour of the cashless economy because this is a very easy way to pay the money. The cashless system brings down the cost associated with printing, storing and transportation of cash. A lot of eCommerce website offers huge incentives in terms of discounts, cashback to the customers for making a digital transaction for shopping online. And we can do easily these cashless transactions with high security.

THANK YOU FOR GIVING ME A OPPORTUNITY TO REPRESENT MY VIEW.

The cashless economy has many merits as well as some demerits also.

Merits-

# reduces black money.
# reduces the fear of theft of money during travelling.
#saves trees and also printing cost of notes.
# easy to send money as it saves time also.
# 24/7 service.
# government benefits are reaching out to people directly.
# reduces tax evasion as tax directly deducted in each transaction automatically.

Demerits-.

# Cybercrime also increasing. So sometimes transactions are tracked.
# ATM and ATM pins are captured while using ATMs.
# for cashless transaction internet or network of mobile must be good otherwise no transaction can be done.
# most part of India is rural, so they are still unaware of technology. For them it is useless.

That's all about the cashless economy. Thank you.

The cashless economy is a new way of doing business. It's faster, safer and easier than handing over notes or coins to buy things in person.

The cashless economy refers to the transactions made using debit cards and credit cards that are linked to bank accounts.

A lot of people have started using their mobile phones for payments instead of carrying cash around with them so they can save time, effort and money when shopping or paying bills online or at restaurants etc.

The biggest benefit of a cashless economy is that it's safer. With more and more people using cashless transactions, you can be sure that your money isn't going to get lost or stolen.

The following companies use cashless cards:

Small businesses, such as restaurants and shops, are the most likely to use a cashless card system.

Transaction speed is much faster with a cashless system. You can use your phone or card to make purchases in seconds instead of standing in long lines waiting for cashiers to ring up your purchase.

Conclusion:

A cashless economy making life easier for customers and businesses alike, this payment method has only just begun its reign as one of the most popular payment methods around today.