Merits and Demerits of Cashless Economy

It would be more precise to say "Paperless economy" as it would be the correct term because the word 'cash' is sometimes used interchangeably for money kept either in digitized form or hard form.

Merits:

1. Record keeping is easy.
2. Accountability is easy.
3. Less prone to damage due to various environmental and handling factors.
4. Retention for a longer period of time.
5. Environmental impact is negligible as compared to the use of paper.

Demerits:

I would not call it to demerit because it is the area or opportunity for improvement. Due to rapid development in digitization, systems are getting more complex and thus more prone to malfunction/hacked. So, we need to regularly track the performance of the system in order to sustain for the future.

Hello everyone. Thank you so much for allowing me to speak on cashless topics merits and demerits.

Merits.

It's easy to transfer money and it does not take too much time to transfer.
It is beneficial for us because we used to carry cash all the time and sometimes it was risky and robbery etc.
One more point is that as we use a lot of UPI accounts such as Google Pay, phone Pay and mobile banking we can see our transactions whenever we require.

Demerits:

It is not good for uneducated people because they don't know how to use and it works.
It is risky for those people who lack knowledge and backing knowledge because they face a lot of issues, and sometimes they lose their money from scams etc.

All things have merits demerits if I consider with demerits so as will all know that our INDIA economy based on the agriculture so it is very difficult for any farmer to enjoy the cashless INDIA because they are dealing with such a poor person "those people do not have any bank account ". So it is very difficult to grow this because we cannot change the economical tract, . And along with that, there are chances of hacking.

The merits is that there is a less chances of hiding the black money &and the person always give tax to the govt anyhow.

What I believe is that the Cashless economy is a boost for emerging and developing India as it will help it to emerge as a global development centre. Introduction of cashless technology will reduce much of the efforts of a common person, saving time and reducing the stress of standing in long queues in banks or store. It will also help in reducing corruption and theft and help the government in maintaining tracks of transaction thus making the process more transparent and efficient. It also boosts the e-commerce and e-governance sector creating more job opportunity. Also, It increases a nations competencies and reputation among others.

On the other side, it is only beneficial to the educated class of people as they are having the knowledge and skills for exploiting the technology to the fullest. Whereas the uneducated/illiterate people of rural areas will be more of helpless and more prone to errors and problems. Which increases the chances of fraud and information theft leading to the emptying of bank accounts.

The main need is to spread more information and knowledge of the cashless economy, its pro and cons to the rural and uneducated people, helping them understand it and enjoy the benefits.

A ' Cashless economy' another good approach and trending topic after 'digital India'.

India is a place where there is more than 90% transactions are done through cash, so it is really an attractive initiation. If we talk about its prose then it reduces corruption, lessen black money, tax evasion, cost of printing notes, saves time, gives security to our money to some extent too. Its like everthing will be done by just clicking one button. Overall scenario, it is a great boom to e-commerce sector. But there is some hiccups which are as below.

1. First India is a developing country which is rather a labour incentive than to capital incentive. So where most of the labourers work on daily based system of wages.

2. Suppose if you reside in a low network area, how would you complete your transaction ?

3. Security problem :As we all know being digital or cashless both attract cybercrims.

Thus, according to me, a vision of cashless economy is really a good initiation and approach with its own type cons.

Cashless economy is an essential part of our Indian economy now, because lots of transaction are occured online with the help of upi, internet banking and other apps.

Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.

These are some demerits of cashless economy.

1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.

Hello, friends.

I have read maximum people view.

I think the government is not tom jack or harry. Government means many people come together and takes a decision on the particular topic. It must have been discussed well about the cashless economy. Yes, it has merit or demerit. You know every coin has two parts head or tell.

Same here people have two aspects positive or negative.

I will only this that this decision was very good by the Indian government or we must respect our government's decision.

Merits.
1. People can save time.
2. There is no need to be a physical presence.
3. Work can be done easily.
4. Save time and resources.
5. It helps to keep away fraud mostly happen.

Demerit.
1. Need to be educated.
2. One should have a habit of operating it.
3. Not Strong connectivity of the internet.
4. Village people are not as smart as they should be in using mobile.

Hi everyone.

Myself Aryan.

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 of 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 wala and many others in keeping their money safe as they are directly adding to their bank account.

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

Hello everyone.

First, let's have some glimpse about merits-
1. Wastage of materials used for making notes will be avoided.
2. The flow of money cycle in that country will be smooth.
3. The invention of new technologies for online transactions which will create job opportunities.
4. Black money of no use.
5. Will get the products cheaper when online shopping is done.

Demerits:

1. Unavailability of technology like internet all across the country.
2. All don't have smartphones so they rely on cash.
3. Non trusted and unsecured sites for online transactions.
4. Transactions fails many times.
5. Ritual beliefs like Dakshina at temples etc

Thank you.

Cashless economy is the best economy. People don't have standing in a line like bank etc. And they are working fast and reduced fear of theft.

Demerits like undeveloped villages, Illiterate people.