Merits and Demerits of Cashless Economy

I am much convinced with many of the merits written by you people. Some stated that people of the rural area can learn to perform cashless transactions (without much difficulties) if they wish too. But I think before working on cashless or digital India we should work on the ground level development of the country like still there 40,000 villages where electricity is still unaware to the resides. With many transactions together the servers come to death. Many people don't trust being cashless because of many incidents (fraud or errors by site) experienced by them. And being cashless is not so easy when it comes to each n every person for everyday transactions.

I want to say that cashless economy is something that no need of single rupees of money for transaction all the transaction will do through online this is good very good at its merits of this cashless economy age we get much easy to get any transaction the person is sitting at home we can transfer any money easily but I mean demerits has come have a person who has low knowledge of transaction or they don't know how to use smartphones they will get very difficulties in a transaction there are many people who do not remember even phone number how they can remember the password merits goes for only who know to how to use a smartphone how to know transaction.

It is wonderful to discuss. 2 years back I have a mobile and it is only for playing games chatting with friends and spent time on social sites. But when the cashless transaction started. I use my mobile totally different now. I can pay electricity bills, I fill the online forms and do the transactions very easily. And by it, corruption is also Less. But there are issues in rural areas people don't know about the cashless economy and. In cashless transactions. There is an issue of security. But this problem is solved nowadays. So, Only one issue to educate the rural areas people how to use these platforms.

Thank you so much for listening to me patiently.

Hello everyone.

Today we are discussing the cashless economy. The cashless economy has its economic impact on the society.

Due to the cashless, it is now easier transaction through your bank or e- wallet. Because of this, we buy anything online from various platforms without going anywhere. Cashless economic also gives boost our to increase employment opportunity in this sector. Due to cashless banks to able to manage money multiplayer in the economy.

Apart from that it also has the disadvantage of the cashless economy as rising this sector no of cases of fraud is rising. This needs to be addressed so that we insure the cashless economy remains safe.

Hello Everyone.

As we know that we are the youth of modern age and we want more relaxation in our life because we don't want to do hard work. So the cashless economy is very helpful in our daily life. Many people of India are using this facility which is saving money and reducing time. But everything has two sides one is good and another is bad. Nowadays anybody can steal the data and information easily so this is the minus point of this technology. And another problem is many people in our country do not read and write so they do not know about it and poverty is also the major problem of this system they cannot buy expensive mobile phones.

Thank you.

Hello everyone.

The merits of cashless economy is that by this we can save our lots of time. There is no need to go to the bank or atm for the transfer of money, now we can do all these things in a smart way, a lots of website and apps like paytm, tez etc. Are came for making the work easy no need to go through the huge paper work which is saving the tree from cutting. After demonetisation the cashless work was increased rapidly. But there is some people also who don't know how to get benefit of this thing, these are the rural area people, I think there should be proper awareness of these things among those people only then cashless economy will work.

Hi, I am Dhananjay. All points given by the members are very genuine and it is to be considred that changes take time. However, we have begun the era of a cashless economy. Altogether it is also the prime duty of we people to not be depended upon the governement for everything. We can also spread awareness among the locals and educate them on how to part of the cashless economy. At large the transformation will reveal in India in the year to come. One more point the availablity of internet connectivity at a lower price for the rural areas can also speed up the cashless economy. Banks should also promote it by charging less on the cashless transactions.

Cashless economy is the major and important topic in today's era. As it is really beneficial for all of us to discuss it.

It has many merits and demerits.

- As during the pandemic time, it really helpful as the exchange of currency notes can also increase the risk of disease transfer.

- Cashless also helps the easy transfer of money from one place to another.

It has lots of merits but has demerits also.

As it requires proper knowledge of using technology, as it is difficult for poor or illiterate people to use. Even in the remote areas, it is difficult to use due to improper internet connection and also leads to an increase in digital crime rate.

The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

Merits:
1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

Demerits:
1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

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.