Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 2 of 44.
Jhanshirao said:
6 years ago
Hello friends!
My name is Jhanshirao. I am going to talking about topic cashless economy, before we are going to this topic.
I think any thing have two faces. It is also like that cashless economy is have merits and demerits.
Lets going to topic, cashless economy is little bit worth in India. Not allover the India.
Some organizations are accept this cashless.
Talking about merits:
It is very useful to buy anything from your home and pay that amount through digitaliziations apps such as : googlepay, phone pay, paytm. These are all are banking apps.
It is very efficiency and enhance to us.
To reduce blackmoney, there is no third person involve in this.
And to protect our money from thief's. And no tension and worry about our money will safe. The main fact was.
If went with your money that was 10000 are more. It doesn't matter, we must focus on our mobile phone only for text messages and singles are used to see social media in insta or twitter. But phone is necessary at all time. So in my point of you all the digitaliziation apps are securely available in our phones why we are see another eye will strain for.
Comes to demerits:
The main fault was network problem. For example I face these issue I am in journey going to vizag. And just arriving gotlam. At that time I am send money through google pay, at that time signals were gone. What I am doing at that time?
After sometime signals got in this time my money is pending. Just small notification is displayed that was your money was debited. It will refund in 7 days.
What I do at that time ?receiver say it is urgent to me small rid of his friend.
So these are all are not worth at this time.
And another demerit was if you are going to outside only depend on your apps like gp or pp, suddenly if you are.
Feel go to washroom. At that time you pay 2rs for that. You say "hey urgent tell me your bank account number I will transfer two rupees "are you say like these? no, so at that time minimum amount put in your pockets when you going to outside not only depends on your smartphones.
THANK YOU.
My name is Jhanshirao. I am going to talking about topic cashless economy, before we are going to this topic.
I think any thing have two faces. It is also like that cashless economy is have merits and demerits.
Lets going to topic, cashless economy is little bit worth in India. Not allover the India.
Some organizations are accept this cashless.
Talking about merits:
It is very useful to buy anything from your home and pay that amount through digitaliziations apps such as : googlepay, phone pay, paytm. These are all are banking apps.
It is very efficiency and enhance to us.
To reduce blackmoney, there is no third person involve in this.
And to protect our money from thief's. And no tension and worry about our money will safe. The main fact was.
If went with your money that was 10000 are more. It doesn't matter, we must focus on our mobile phone only for text messages and singles are used to see social media in insta or twitter. But phone is necessary at all time. So in my point of you all the digitaliziation apps are securely available in our phones why we are see another eye will strain for.
Comes to demerits:
The main fault was network problem. For example I face these issue I am in journey going to vizag. And just arriving gotlam. At that time I am send money through google pay, at that time signals were gone. What I am doing at that time?
After sometime signals got in this time my money is pending. Just small notification is displayed that was your money was debited. It will refund in 7 days.
What I do at that time ?receiver say it is urgent to me small rid of his friend.
So these are all are not worth at this time.
And another demerit was if you are going to outside only depend on your apps like gp or pp, suddenly if you are.
Feel go to washroom. At that time you pay 2rs for that. You say "hey urgent tell me your bank account number I will transfer two rupees "are you say like these? no, so at that time minimum amount put in your pockets when you going to outside not only depends on your smartphones.
THANK YOU.
(36)
Abdul Haque said:
6 years ago
Hi friend's
As per my point of view. the cashless economy has n number of merits and fewer demerits and nobody can deny the merits of a cashless economy First we should understand what is the cashless economy. Cashless economy means our transaction will be based on credit card, debit card, wallets, netbanking, and by using some transaction app like Phonepay, Google play, paytm and many more no need to use hard cash. It has been many days since govt of India brought the proposal to make India cashless it is an incredible idea but it is still not implemented caused may be several but measure cause is less awareness, less literacy, and less education now let me highlight the merits and demerits first.later we will explain many more.
Merits:
1. The transaction will be easy.
2. Time and energy will be saved.
3. Paperwork will be less.
4. Corruption will be less.
5. Literacy and education will increase.
6. Awareness will increase.
7. The Indian economy will grow rapidly.
8. All the transition-related work will be in my hand.
9. It will help the country to become digital and so on.
Demerits:
1. Smartphone and internet is required.
2. The network problem will increase.
3. The bank account is required.
4. Adequate awareness is required and so on.
Now, I want to share some crucial suggestion with you guys and government of India I am not denying the merits of cashless but before making the cashless economy government of India should spread awareness about an online transaction, adequate internet education still 40% of Indian don't know how to sign on paper especially the people who come from a rural area so first educate them and government should give attention to making digital India because for online transaction everywhere the internet is required. But after becoming cashless nobody needs to go bank, wait in a queue for a long time and so on.
Thank you.
As per my point of view. the cashless economy has n number of merits and fewer demerits and nobody can deny the merits of a cashless economy First we should understand what is the cashless economy. Cashless economy means our transaction will be based on credit card, debit card, wallets, netbanking, and by using some transaction app like Phonepay, Google play, paytm and many more no need to use hard cash. It has been many days since govt of India brought the proposal to make India cashless it is an incredible idea but it is still not implemented caused may be several but measure cause is less awareness, less literacy, and less education now let me highlight the merits and demerits first.later we will explain many more.
Merits:
1. The transaction will be easy.
2. Time and energy will be saved.
3. Paperwork will be less.
4. Corruption will be less.
5. Literacy and education will increase.
6. Awareness will increase.
7. The Indian economy will grow rapidly.
8. All the transition-related work will be in my hand.
9. It will help the country to become digital and so on.
Demerits:
1. Smartphone and internet is required.
2. The network problem will increase.
3. The bank account is required.
4. Adequate awareness is required and so on.
Now, I want to share some crucial suggestion with you guys and government of India I am not denying the merits of cashless but before making the cashless economy government of India should spread awareness about an online transaction, adequate internet education still 40% of Indian don't know how to sign on paper especially the people who come from a rural area so first educate them and government should give attention to making digital India because for online transaction everywhere the internet is required. But after becoming cashless nobody needs to go bank, wait in a queue for a long time and so on.
Thank you.
(18)
Prashantro said:
6 years ago
In a cashless economy, the exchange takes place in the form of a commitment by a third party, i.e. Plastic cards, mobile banks etc. You have a commitment, but not the hard cash with you, It is with the service provider which you are using for transaction. He will allow you to use it whenever you want but own it all the time. If you are not using it, he has its possession and he can invest it to gain from it. If they use it stocks, it is used for value creation in the economy. If it is invested in bonds, the government has the liquidity to spend it in infrastructure development. In any way, the money is not going to be idle as it would be if it was in the form of cash with you.
You use the cashless commitment just like a cash. However each transaction made by you marks its footprint on whosoever has possessed it for the number of times. It gives a tool to the income tax department for all the transaction a person has done. So, accounting for his tax deliverable becomes more transparent and it becomes difficult to hide it.
The people who hold it has also an advantage of its safety, given that there is no threat to cyber hacks (which is very rare, given the security feature in the modern IT sector). Generally, the government gives the license of banking/transaction license with very tough criteria which ensure that your money is safe in their hands.
But since the government controls the financial institutions, it can limit your power to spend it in certain situations. Your spending power can be blocked if the government/judiciary finds you guilty of fraud. So in a way, your independence is lesser in the cashless scenario. Many times we hear the news of freezing the account of people/organizations in case of legal cases. Overall, the cashless economy makes the system more transparent where you as well as the government are safe, if one is legally correct.
You use the cashless commitment just like a cash. However each transaction made by you marks its footprint on whosoever has possessed it for the number of times. It gives a tool to the income tax department for all the transaction a person has done. So, accounting for his tax deliverable becomes more transparent and it becomes difficult to hide it.
The people who hold it has also an advantage of its safety, given that there is no threat to cyber hacks (which is very rare, given the security feature in the modern IT sector). Generally, the government gives the license of banking/transaction license with very tough criteria which ensure that your money is safe in their hands.
But since the government controls the financial institutions, it can limit your power to spend it in certain situations. Your spending power can be blocked if the government/judiciary finds you guilty of fraud. So in a way, your independence is lesser in the cashless scenario. Many times we hear the news of freezing the account of people/organizations in case of legal cases. Overall, the cashless economy makes the system more transparent where you as well as the government are safe, if one is legally correct.
(10)
Himanshu said:
7 years ago
The Cashless economy refers to performing all the money related transactions via the internet or any other method which doesn't involve the use of physical currency. Earlier people had to carry cash whenever they had to do a transaction. Also if the amount was large there was always a fear of either the cash being stolen or lost. Along with this, we had to stand for hours in a queue to complete our payment, spending a majority of our time and energy. But with the introduction of a cashless economy, all these problems have been solved. Now you need not carry even a single penny in many places, thanks to the services like paytm and other online methods. You can now complete your transaction in an instant no matter where you are. All you need is a device with internet access. Along with this earlier people had to face a lot of problems during the public holidays as the banks used to be closed or had limited working hours but due to the cashless economy, you won't have to solely be dependent on banks as the service itself is 24x7. Therefore, it can be said that the concept of cashless economy has been a life changer as it has got many advantages over the traditional banking methods.
Now coming to the other part as we know nothing is perfect in the world. Same is with the cashless economy. It too has got some demerits. Talking about the rural areas the people are not well aware thus are easily becoming victims of fraud and as a result, are losing their trust towards this concept. Also there are cyber crimes incidents, thus putting the people's money at risk.
A sort of another disadvantage is that you can't do your transaction if you have got a poor internet connectivity.
But has a whole, as per the observation, the cashless economy has acted as a boon thus simplifying our lifestyles and has been adopted by many people thus making it successfull.
Now coming to the other part as we know nothing is perfect in the world. Same is with the cashless economy. It too has got some demerits. Talking about the rural areas the people are not well aware thus are easily becoming victims of fraud and as a result, are losing their trust towards this concept. Also there are cyber crimes incidents, thus putting the people's money at risk.
A sort of another disadvantage is that you can't do your transaction if you have got a poor internet connectivity.
But has a whole, as per the observation, the cashless economy has acted as a boon thus simplifying our lifestyles and has been adopted by many people thus making it successfull.
(50)
AJIT INANIYAN said:
5 years ago
Hello everyone,
The Cashless economy means an economy or market without cash or cash flow in the market. And use some alternative methods for transaction of money. So it means to use an online platform like a Paytm, phonepe and google pay etc. To transaction of money. It have both pros and cons.
The cashless economy provides us more viable and flexible system of money transaction. Now we don't need to stand in long lines in banks, so it saves both time and energy of a person. By using online methods all the things can be done by using mobile, so now we don't need to carry cash with us always. Now just by one click, we can complete all our essential task at any palace. It also decreases the corruption in our country, because now any many government schemes, people are getting their money directly in their account, rather than to take less money from middle people in the system. Digital platform make peoples life more flexible and easier.
Every good thing has some default, so here are also some issue to implement this scheme in our country where most of the people live in rural areas. And people are not aware of the digital or online transaction. We need to aware those people about frauds making by some unsocial people. And there is also the chance of hacking in the online system. So we need to ensure our security system more robust and viable to use these online platforms.
So in the final, I would like to say that it is good to adopt cashless economy for our country, so that we can complete our all task without any difficulty and with save of time and energy. What we need is just some efforts to aware people about the cashless economy and governments effort towards the security of its citizen's account.
Thank you.
The Cashless economy means an economy or market without cash or cash flow in the market. And use some alternative methods for transaction of money. So it means to use an online platform like a Paytm, phonepe and google pay etc. To transaction of money. It have both pros and cons.
The cashless economy provides us more viable and flexible system of money transaction. Now we don't need to stand in long lines in banks, so it saves both time and energy of a person. By using online methods all the things can be done by using mobile, so now we don't need to carry cash with us always. Now just by one click, we can complete all our essential task at any palace. It also decreases the corruption in our country, because now any many government schemes, people are getting their money directly in their account, rather than to take less money from middle people in the system. Digital platform make peoples life more flexible and easier.
Every good thing has some default, so here are also some issue to implement this scheme in our country where most of the people live in rural areas. And people are not aware of the digital or online transaction. We need to aware those people about frauds making by some unsocial people. And there is also the chance of hacking in the online system. So we need to ensure our security system more robust and viable to use these online platforms.
So in the final, I would like to say that it is good to adopt cashless economy for our country, so that we can complete our all task without any difficulty and with save of time and energy. What we need is just some efforts to aware people about the cashless economy and governments effort towards the security of its citizen's account.
Thank you.
(56)
Anushka Lohia said:
5 years ago
According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.
Good evening everyone.
Today we are going to discuss on the topic "cashless economy" which is a very fascinating topic which we have to discuss upon.
So Let's start.
Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.
As we all know every initiative have it's own pons and cons so as the cashless economy has.
Now, I am discussing the merits of it.
1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.
Now comes for demerits.
1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.
From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.
THANK YOU!
Good evening everyone.
Today we are going to discuss on the topic "cashless economy" which is a very fascinating topic which we have to discuss upon.
So Let's start.
Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.
As we all know every initiative have it's own pons and cons so as the cashless economy has.
Now, I am discussing the merits of it.
1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.
Now comes for demerits.
1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.
From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.
THANK YOU!
(18)
Khushi said:
6 years ago
Good morning one and all who are participating here. I am glad that I have got an opportunity to say something on this topic which play an important role in developing of any country and we know that our country still is developing so we people must know about it. First, the question comes in our mind that what is the cashless economy? the main objective of this cashless economy is to curb black money and eliminate the circulation of fake currency in India economy and all financial transaction are executed electronically rather than using banknotes. And this initiative is taken by our honourable prime minister Narendra Modi on 8th May 2016. Demonetisation is also another factor which helps to reduce corruption in India.
Here are merit and demerit of its:
Merits:
1. Electronic payment help businessman to boost their customer.
2. Making online payment is handy and it will lead to a slim wallet. We do not need to carry cash.
3. As we know a majority of election funding is done through cash for advertisement etc but if payment is mandatory through online then it is impossible for political parties to spend black money.
4. It makes a true picture of democracy.
5. Through online payment one can see their transaction at any time anywhere there is no restriction.
Demerits:
1. For online transaction, everyone should be educated but in urban areas, there is no proper facility for education. They do not know how to use it so it is very difficult for them.
2. The second thing is people should aware of hackers and cyber theft otherwise anyone can be robbed anywhere.
3. There are still some places where cash is allowed. The reason behind is no proper facility of electricity, internet.
Here are merit and demerit of its:
Merits:
1. Electronic payment help businessman to boost their customer.
2. Making online payment is handy and it will lead to a slim wallet. We do not need to carry cash.
3. As we know a majority of election funding is done through cash for advertisement etc but if payment is mandatory through online then it is impossible for political parties to spend black money.
4. It makes a true picture of democracy.
5. Through online payment one can see their transaction at any time anywhere there is no restriction.
Demerits:
1. For online transaction, everyone should be educated but in urban areas, there is no proper facility for education. They do not know how to use it so it is very difficult for them.
2. The second thing is people should aware of hackers and cyber theft otherwise anyone can be robbed anywhere.
3. There are still some places where cash is allowed. The reason behind is no proper facility of electricity, internet.
(13)
Abhi said:
6 years ago
Hi everyone.
You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:
-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.
-In sitting home, we can make the shopping, send the money to another bank account etc.
-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.
-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.
-It will solve the problem 'Black Money'.
-As we do our transaction online, there is no need for printing the money and transporting, so we save money.
The demerits are:
-We are not well known about the security of money in an online transaction.
-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.
There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.
You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:
-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.
-In sitting home, we can make the shopping, send the money to another bank account etc.
-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.
-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.
-It will solve the problem 'Black Money'.
-As we do our transaction online, there is no need for printing the money and transporting, so we save money.
The demerits are:
-We are not well known about the security of money in an online transaction.
-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.
There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.
(17)
Mishkat khan said:
7 years ago
The cashless economy will help India to move from developing zone to a developed country.
Advantages:
1. With cashless economy people don't have to waste their time in the long queues, in the bank, waiting for the required transaction to be done.
2. There will be no need to carry money to any place and hence there will be no risk of theft.
3. The problem of change that exists for every now and then can be eliminated by the cashless economy.
4. Corruption can also be reduced to some extent because all the transactions details will get stored in a database and there will be no risk of losing data because of having many backups.
5. Criminal activities will also get reduced.
6. The cashless economy will make India paperless economy and hence there will be a reduction in the usage of paper. This will, in turn, reduce deforestation.
7. The transaction can be done to any account at any place and at any time.
8. Nowadays whenever banks are closed or ATMs are closed people face lot of problems but if it is cashless economy this kind of problems will be completely eliminated as the transaction can be done sitting at home.
9. It has made the shopping go easy as there is no need to carry money to every shop.
10. At any time and at any place we cannot run short of money as cashless economy means carrying account along with ourselves.
11. Are precious time will not be wasted anymore and we don't have to be physically present anywhere during the transactions.
Therefore cashless economy is needed to make India a developed country and rural people should also be educated about how to access new apps that are useful for the transaction.
Advantages:
1. With cashless economy people don't have to waste their time in the long queues, in the bank, waiting for the required transaction to be done.
2. There will be no need to carry money to any place and hence there will be no risk of theft.
3. The problem of change that exists for every now and then can be eliminated by the cashless economy.
4. Corruption can also be reduced to some extent because all the transactions details will get stored in a database and there will be no risk of losing data because of having many backups.
5. Criminal activities will also get reduced.
6. The cashless economy will make India paperless economy and hence there will be a reduction in the usage of paper. This will, in turn, reduce deforestation.
7. The transaction can be done to any account at any place and at any time.
8. Nowadays whenever banks are closed or ATMs are closed people face lot of problems but if it is cashless economy this kind of problems will be completely eliminated as the transaction can be done sitting at home.
9. It has made the shopping go easy as there is no need to carry money to every shop.
10. At any time and at any place we cannot run short of money as cashless economy means carrying account along with ourselves.
11. Are precious time will not be wasted anymore and we don't have to be physically present anywhere during the transactions.
Therefore cashless economy is needed to make India a developed country and rural people should also be educated about how to access new apps that are useful for the transaction.
(62)
Sadhana said:
5 years ago
Hello everyone. Today Our topic is "merits and Demerits of the cashless economy". I completely believe we got to the situation now like we can't separate ourselves from gadgets around us. Just with them, we are completely restricting ourselves to the most comfort zone. One of the best advantages of them is online payments. It has reduced human effort drastically just by clicking mobile phone from where ever we are. Earlier it was very hectic to stand in large queues just to pay some bills like ticket booking, home debits etc. Which is not just but a wastage of time. People now are preferring online transactions over offline payments. It saves a lot of time. Not only payments but these digital life has also given employment to a number of people directly or indirectly. The government also taking initiative to this cashless economy by conducting some digital campaigns, taking decisions like demonetisation, encouraging it by starting programs like digital India. Like a coin has two sides. It also has some demerits. Most of the people including literates are becoming the cyberthreat victims as they were not fully aware of this problem. Hackers are just attracting people by sending some spam msgs. Unknowingly people losing their money just with one click. Most of the illiterate people disclosing their important bank details. This is one of the biggest disadvantages. And we all can't afford to have internet connection all the times. So the government has to take some measurements towards these problems and promote people to use cashless transactions.
(9)
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