Merits and Demerits of Cashless Economy

Good Morning All of You,

My name is Anshul Ojha.

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.

THANK YOU FOR GIVING ME A CHANCE TO REPRESENT THIS TOPIC.

HAVE A NICE DAY.

Yes,India is ready for cashless economy.Through this corruption can be aborted from our society . Now a days,our major part of corruption is due to ready cash.Without corruption India would soon become a developed country,thus cashless economy is the only way........

Hey guys I'm sonia nd I think that India is not fully ready for cashless economy.

Cashless economy is an economy that promotes digitalisation so firstly, indians should know that how to get benefits from digitalization, for that everyone should be literate and educated because if you don't know how to excess digitalization then you can be cheated. India's population is increasing day by day and everybody knows the financial condition of India where literacy rate is very low, here everybody do not get the chance to get education due to uneven distribution of income poor are becoming poorer and the rich are becoming richer day by day. Only educated people have excess to cashless economy.

The government should take initiative to guide and me them jnderstand that what is the cashless economy.

Hello to all readers.

In addition to the merits & demerits that are listed above. I would like to throw lights on additional points relevant to cashless economy.

Merits :

Easy to buy goods /make utility payment.
Remains record of each transaction made.
Saves ample of time in this busy world.

Demerits :

Our country people has shortage of electricity and internet facility.
Education awareness come secondary when above problem will get sorted.
Our country is very economical, so cashless transactions for products worth of Rs. 20 to 50 is not worth.
Interaction with outer world will become more professional than friendlier.
Banks hefty charges for amount of transactions you make.
When we possess cash we have fear of thieves, similarly if we completely do all transactions on cashless basis thieves will continue their job by hacking account.

On this GD topic, Cashless Economy.

My view is that cashless Economy helps in Digital India. Online payment helps everywhere in villages as well as smart city's. The money transfers fastly everywhere every time.

Everything has some Merits and demerits demerit is that most of the people are not know well about the initiative.

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.

Hi everyone!

I think cashless economy has its own merits and demerits.

Merits :

A cashless economy is very beneficial for us. Because in this era of a cashless economy we can save our time. And with the help of this, we did not want to carry a huge amount of money with us for any work. And it also helps us in shopping. Because we all have apps like paytm, phonepay etc that helps us to pay easily and it also help us to recharge our phones.

Demerits :

If there are advantages of anything so obviously there is disadvantages also.

Because there is not much awareness of the cashless economy in rural areas and there is also a shortage of network connection so it is difficult for them to use a cashless economy effectively. And the main problem is hacking.

Online payment and transactions are not secured fully that's why it is the main disadvantage of a cashless economy.

Finally, the cashless economy has many advantages and disadvantages too.

Thank you.

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!

According to my opinion, today we discuss the merit and demerit cashless economy as we know everything has pros and cons first I discuss the merit of the cashless economy today we can complete all our work in a very short period like bank work as money transaction and the transfer we can save a lot of time to use this method. Its demerit 1when we work in important things and we face server problem and sometimes hijackers hacked my bank account and with a drawl, it's money we use.

Hello, all of you, today we are here to discuss merits and demerits of the cashless economy so let's break the ice cashless economy is best there is no doubt about it but it has many cons. First thing should be discussed is hacking this word create an image of threat in our mind everybody wants to know how much his transaction is secure so that is I think is big cons about cashless economy know I want to know yours view if you have any.