Merits and Demerits of Cashless Economy

Hello everyone.

Myself Arpit Patel.

In my point of view, the cashless economy has more benefits than disadvantages. It helps people to do a quick transfer of money to others which saves time. There is no problem with change, one can give any amount of money from 1 rupee to lakhs. This is also benefitting those who have a small business like vegetable sellers, panipuri and many others in keeping their money safe as they are directly adding to their bank account.

Also, there is less probability of corruption if the government is planning some scheme for the poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials.

Merits:

1. It will help us to reduce the black money from the society.
2. It will make the transaction easy.
3. We do not have to worry about the cash crunch in our economy.
4. We can indirectly save papers.

Demerits:

1. We can not make a cashless transaction without internet connectivity.

Hello, guys. There are too many merits an demerits of cashless economy in India.

PM, Narendra Modi started digital India it helps lots but something disadvantages are also there, first I discuss the merits. The main advantages of cashless economy is you have to don't take money with you anywhere with you. You can directly transaction with mobile or your card. You can pay the bill for electricity etc are pay directly with your home is your time is save and also free of travels. You can do at your home directly.

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.

Hello Everyone.

Any sort of Organisational, National or International work needs proper management to handle a large amount of all types of data, queries, etc. From this one is very important is the cash. A very large amount of transactions is frequent in any economy. Handling hard cash is a cumbersome task. So, this is eliminated only by replacing it with cashless methods, which are e-payments. Merits of the cashless economy are more and efficient as compared to its disadvantages. Let know the biggest merits - Anytime, Anywhere one can exchange his business transactions at the fingertips. There's no need to maintain an extra ledger for transactions history, Now in the cashless economy, this history is auto-generated.

Regardless of the quantity of amount you can transfer or get transferred in your bank account. The only problem it is a procedure. If every citizen is capable of doing so, it is like a time and money saver for all.

The only demerit is the chance of being a part of fraud or robbery. Cybercrime is a major problem in front of a completely cashless economy. If it is completely secure then it's like a god gift.

Hi everyone,

Everything has prons and cons as such, Cashless economy has also its merit and demerit.

When we talk about the merits of the cashless economy then first thing comes in our mind is it is an easy way to transfer the cash through digitalization.

Secondly, This saves the huge money on print the currency.

Thirdly, you can track every transaction easily. It may help reduce the corruption and malpractice that things affect our economy.

And last but not least it helps grow our economy very swiftly. And it also reduces the threat of fake currency that majorly affects our economy.

When we talk about demerit of cashless economy.

Firstly, we need a proper law and regulations. And it should be implemented on the ground. And I think there is an authority or body like SEBI, RBI who regulate all these things.

Secondly, there is a lack of knowledge may be the big hurdle of the cashless economy and many rumours as well.

And, if we see a cashless economy then the government should remove the limits on e-transaction.

Hello everyone.

Today we are going to discuss about merits and demerits of cashless economy. With rapid innovation in technology sector, advanced methods and processes are being adopted that are make life easier. Cashless economy is such a thing where trade is done digitally unlike on paper. It is fast and more accurate but it comes with its own problems and that is what we are going to talk about.

Cashless economy has led to less paperwork involvement which can also reduce space required to handle and store the documents. Because of that access to reports and documents has also become easy because everything is just one click away. However it is prone to cyber attacks and a system has to be designed properly to make it hack-proof.

It can also be used nefarious purposes like we can take the example of Bitcoin. It is known that through Bitcoin people conduct underworld and sinister businesses online and because of the technology of bitcoin there is no way to track it. This can cause some serious problems in legal businesses of corruption is money is not traceable.

In brief, system of cashless economy should be designed in such a way that it is easily traceable and hack-proof and only it will be a trustworthy system.

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.

GoodMorning Everyone,

Merit:

1. No need to take your wallet.
2. Transaction the amount in one click.
3. Paperless work.
4. Secure, safe and directly go to your bank accounts.

With these benefits, people will do more transaction even a small transaction. No need to give the change rupees where change rupees (small coin) is always a shortage in India.

Many companies such as paytm, phonepay, Google UPI, Amazon is looking forward and supporting the cashless economy.

Demerit:

1. Easy to someone to do fraud if personal data is sharing such as UPI password.
2. Many people are not aware of digital payment and afraid to do payment mainly in a rural area, senior citizens.

Conclusion: There is always a merits to connect with digital because it saves time and time is money.

THANKYOU.

Good evening everyone.

Today we are talking about the merits and demerits of cashless economy. It was a great initiative was taken by our prime minister to make digital India.

Merits:

1. Reduces the cost of printing, storing and transportation of money.
2. There is no need for carrying a lot of cash.
3. The transaction of money is traceable.so there will be less corruption in the country.
4. It provides us with the transparency of work.
5. Secure transaction.
6. We can pay many kinds of bills like the transportation bill, electric bill etc. We can buy movie tickets, pay the food bill in one touch.

Demerits:

1. More than 60%of people in India come from a rural area. 25% of them are illiterate and a large percentage of people illiterate of mobile and computer.so they are not comfortable with this.
2. Security is another big reason for cashless transaction.
3. Sometimes internet speed and electric may problem some tie.