Merits and Demerits of Cashless Economy

Good afternoon everyone,

I am aggreeing with the fact that cashless economy has large number of benefits. As it reduces the chances of robbery and people is not required to carry money in their pockets, Saving of paper which is required in printing of currency notes, increase transparency in transaction which reduces the black money transactions. Since there are large number of benefits but there are some disadvantages also like online frauds are increasing day by day, in our country most of the people belongs from agriculture background where they are not much aware about the online facilities and activities.

So as every situation has some pros and cons, then in a cashless economy also there are some pros and cons.

But if create awareness among people for the cashless economy then I will be helpful for the development of our country.

Thank you.

Hello everyone, I'm Suresh, I strongly accept that a cashless economy has lots of benefits. The people of India having many advantages from this project. Today we can send money to anyone in this world by sitting in your home or by the place where you are. This cashless economy helps to reduce robbery because people won't carry money in their pockets. , also it reduces printing paper to make currency notes. In order to do transactions, we still are using applications like PhonePe, google pay, etc, which helps in digital marketing also., most of the Indians are from agriculture backgrounds they are not much aware of this banking transaction or online transaction and all but we can teach them and we can improve it. And also it helps in the reduction of Black money transactions Because everything will be transparency.

Hello everyone,

My name is Rajneesh Mishra and I would like to put my point on cashless economy.

I think every thing have two face so cashless economy also have merit and demerits.

If we are talking about merit we can easily pay money to anyone with in second so it take less time and we don't need to take more money in pocket. Our money secure by the thief. It is very secure and we have detail of every transaction that we can easily see.

We don't need to stand long queue of bank line we can easily pay to everyone with record and with security.

And if we talking about demerit of cashless economy.

1. Not more educated people so it create problem because there are many hacker they Target to that people and stolen the money with fraud.

Conclusion-India is not ready to totally cashless economy, first thing goverment must take organize the camp for people awareness.

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.

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.

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.

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.

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.

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.