Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 22 of 44.
Jay patni said:
6 years ago
As we see the positive side of a cashless economy, there are so many benefits like now people are no longer in a compulsion to carry paper money, they can easily carry plastic cards that are debit/credit cards or may use an e-wallet to pay at the store or supermarkets. So now people no longer have the risk of losing money by getting theft or wet.
But on the other side, all people do not know using cashless methods of payment. For example, illitrate people face trouble in this system. Formerly it was also a big issue that everywhere cashless system was not adopted. Some stores were there where the only cash payment was accepted. But nowadays, except only a few places, card payments or e-wallet payment or both are accepted.
But on the other side, all people do not know using cashless methods of payment. For example, illitrate people face trouble in this system. Formerly it was also a big issue that everywhere cashless system was not adopted. Some stores were there where the only cash payment was accepted. But nowadays, except only a few places, card payments or e-wallet payment or both are accepted.
(32)
Avi said:
6 years ago
Hi guys, I thinks there are both merits and demerits of cashless it's depends upon person to person i.e if A person is aware of online things (i.e online transaction ) then they can go caseless and can easily handle online transactions , but if he is not very much aware of frauds that can happen with him with only few information evasion he can loss their money with only few clicks hence it is very much depends upon awareness of people awarness of using online things ..there is no doubt that cashless economy has many benefits but these benefits can reach to people only with their own awarness and consciousness and also with government's initiatives for creating awarness among people for online frauds
(32)
Samarth Gaur said:
6 years ago
1. According to me if India uses digital mode of payment then there would be less corruption in the country. There would be less tax evasion and the government gets more funds as a tax which can be used for the development of the country.
2. Cash can be steal, lost, torn or rob but if the debit card is lost then would be no loss of hard earned money of citizens.
2. Cash can be steal, lost, torn or rob but if the debit card is lost then would be no loss of hard earned money of citizens.
(42)
Jaya dileep said:
6 years ago
Hey guys, in my opinion, cashless economy is good. Because nowadays there are many robbery activities are carried due to cash in hand. I honor our prime minister for this wonderful idea that has been initiated in India. The cashless economy makes the transaction very easier than before just one click transfer amount from the own place. There is no need of taking cash in the pocket or wallets. We can pay the expenses with the help of ATM cards credit cards which will be more convenient for the people.
"The coin will have its two faces". If there is a merit and then there will be a demerits also,
Even though the cashless economy is good but there are some drawbacks. Without network facility we cannot make a cashless transaction. Then there is trouble with the uneducated people by using the cashless transactions.
"The coin will have its two faces". If there is a merit and then there will be a demerits also,
Even though the cashless economy is good but there are some drawbacks. Without network facility we cannot make a cashless transaction. Then there is trouble with the uneducated people by using the cashless transactions.
(29)
Ruchi Sengar said:
6 years ago
A cashless economy is one of the major outcomes of digitalization. By the time, our honorable PM Shri. Narendra Modi Ji raises the slogan of " Digital India", the cashless economy is in great use.
It is of huge advantage as it first reduces the chances of robbery. In spite of this, it is a way easier as it doesn't require any extra activity to handle and just by one single click, one can transfer money, request money to and from others respectively. The cashless economy also provide a way to shop, pay bills, order food just by simply sitting at home.
"Every coin has two sides".
Likewise, every single thing has two phases i.e., positive and negative.
Demerits of going cashless include cybercrime. As a number of cybercrimes are going on in our country, and if any such crime happens regarding a person's economy then it can strike the person inside out.
Also, the cashless economy has a demerit such as transfer money up to a certain limit. There is a predefined limit assigned to it.
Thank you.
It is of huge advantage as it first reduces the chances of robbery. In spite of this, it is a way easier as it doesn't require any extra activity to handle and just by one single click, one can transfer money, request money to and from others respectively. The cashless economy also provide a way to shop, pay bills, order food just by simply sitting at home.
"Every coin has two sides".
Likewise, every single thing has two phases i.e., positive and negative.
Demerits of going cashless include cybercrime. As a number of cybercrimes are going on in our country, and if any such crime happens regarding a person's economy then it can strike the person inside out.
Also, the cashless economy has a demerit such as transfer money up to a certain limit. There is a predefined limit assigned to it.
Thank you.
(29)
Shelly Agarwal said:
6 years ago
Hey everyone, in my opinion cashless is a great initiative when we see easy way to pay out bills, to make payments for anything, to order anything online become so easy and quick but there are people on the other side who don't know online payment system because of lack of education and facilities to them.
(6)
Abhishek gupta said:
6 years ago
Digitalization is result of a cashless economy.
Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.
The government should also focus on security as hackers can steal money.
Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.
The government should also focus on security as hackers can steal money.
(24)
Nishikant said:
6 years ago
Hi, I'm Nishikant.
Cashless not only eases one 's life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase in economic growth. The expenditure incurred in printing and transportation of currency notes is reduced.
Cashless not only eases one 's life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase in economic growth. The expenditure incurred in printing and transportation of currency notes is reduced.
(7)
Dhananjay said:
6 years ago
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.
(15)
Shannik said:
6 years ago
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.
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.
(18)
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