Merits and Demerits of Cashless Economy

Hello everyone.

Thank you for giving me this opportunity to said about merit and demerits of cashless economy.

First of all, I want to describe the merits of a cashless economy.

In cashless economy, we save our paper, transport.

No need of carrying a lot of cash.

The people can view all their transaction and prepare their lifestyle according to the money.

Let's talk about demerits.

In the rural area, many peoples are not aware of the cashless economy.

They confused in every situation.

The most important thing is that some of the people facing many fraud calls.

In a rural area, maximum people have not a smart phone so they can't use an online transaction.

That's all.

Thank you.

Good evening everyone.

As, if we are aware that. Everything has two faces. But from my point of view.

I think Being cashless or being digitalised is not worth.

1. Having cash in pocket we feel more comfortable as if we want to buy some small things. Want to pay Transportation fair or many. Etc. We can't talk about any app.

2. Just a small example. If you want to go to the washroom if you are in outside. Then they charge you Rs2. Will, you said that give me your. Account number. I will transfer it?

3. Being cashless means all cash in one of our close friend (mobile). Right?

If it goes switch off. Or something happened. Can't even you think of to buy? Or to do anything.

Thank you.

I would like to talk about the topic of cashless economy merits. Well, coming to the cashless economy is obviously advantageous nowadays. It is eco-friendly and mostly imp thing is it reduces time. And also reduces the correption. The cashless economy also leads to technological life that is digital life. By using liquid cash there is a huge chance to lost money anywhere or a chance to corruption so cashless economy reduces these points.

The next I would like to talk about demerits. Coming to demerits, they are less points than merits. Demerits are there is a chance to insecurity to our transactions and also internet problem. The main thing is without internet we can't pay the money.

Every coin has two sides, so first I speak about merit. It is very process like it take nearly 5sec to transfer money.

Second pointed it solve problem of chain. Like I have 500 rs note and I want to purchase 20 rs product it create problem for shopkeeper to give me chain.

Third point it help government to track money. And stop illegal activities.

Demerits.

Firstly, The technology is new and evolving. So there is lot of people send referral and try to steal your money on app like phone and Google pay.

Second like uneducated parent do not know it properly so they take from their children to transaction. Due to this power comes in children hand due to this some child misuse it.

Cashless transaction is best &better concept.

It was the safe& secure transactions without the involvement of money.

In the case of money is maybe robbing chances but nowadays we can transfer the money through our mobile phones within a fraction of seconds. It will take cashless time for doing the transaction.

Nowadays we are going to a market for buying groceries we can pay the money through the card, not with liquid money. It reduces the corruption in the country. Mainly advantages with the cashless transaction is it will save the paper. Due to cashless transaction peoples are made educated. So cashless transaction is so beneficially in urban& rural areas.

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.

I don't think India is ready for a cashless economy. It is on the way of cashless economy. India needs two to three decades to become a cashless economy. Here is the reason for not becoming India into a completely cashless economy. Right now many people of India are illiterate. There is no proper banking connectivity all over India. There is also no proper connectivity of the Internet. Corruption rate in India also very high tremendous effort of the government also failing in this field. Many labourers in India are dependent on cash for their daily expenses and they are illiterate or half-educated. So to tackle all these things India need more time to be cashless.

Hi good morning.

The Cashless economy is best preferred for our country since we are used to using cash in most of our transaction.

We use cash because it doesn't flow through the system and is not taxed.

Due to this notion of ours, the country is collecting fewer taxes and overall cash printing cost have gone up but it seems to not flow through the financial system which is bad for the country in every way.

With a cashless economy which is at all-time high tax collection, which the government can use the extra income for more welfare schemes, and also educate the rural masses on benefits of cashless society and also giving them incentives for going cashless.

I would like to say some points about the cashless economy as per my experience.

Merits are:
1) Easy, faster and mobile wallet.
2) benefits of cashback.
3) transparent.
4) Reduce corruption.
5) easy shopping with cash back for example in Paytm mall app, Amazon, Flipkart etc.
6) time-saving.

Demerits:

1) Internet connection is mandatorily required.
2) in pre-payment online shopping sometimes (rarely) you may get faulty or something like a different item.
3) if your work not done in online shopping or billing once your money deducted you may get back later or you may get back some percentage of your money that is lesser than the original amount.

-Thank you.

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.