Merits and Demerits of Cashless Economy

Hi everyone.

You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:

-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.

-In sitting home, we can make the shopping, send the money to another bank account etc.

-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.

-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.

-It will solve the problem 'Black Money'.

-As we do our transaction online, there is no need for printing the money and transporting, so we save money.

The demerits are:

-We are not well known about the security of money in an online transaction.

-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.

There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.

Hi everyone.

There are merits and demerits as well. Let's come across to merits side first:

1) there will no more robbery in your houses.
2) anytime anywhere transactions can be done.
3) no need to stand in question and waste your time.
4) Able to transfer accurate money to the opponent. No more additional cost required.

Let's come to the demerit side:

Let's think about the uneducated people, senior citizens of our country, will they able to perform? No, right?


Thank you.

Cashless economy means where the economy is digitalized. Cashless economy specially in India is a term coined by our PM went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. There is some good things associated with this.

Like I) people especially older persons or women do not need to go market with cash which can be theft. They can easily buy something at home without any physical activity.

II) for a person with a child, to save time for their child they do need to go to market, to pay the electric bill or any other things. They can do it at home.

III) when you go to the market you not only spend the money for those particular items but also you have to pay the transportation. But after this, you need not go to outside or pay transportation charge.

IV) when we talk about cashless there is a term that PM Yojanas for farmers, low-income persons. They can not get their total money because brokers do not give them what they deserve. Due to a cashless economy, every person should have a bank account, so the money will be transferred to their account directly.

V) there will be no black money-related issues.

Demerits: As we know India is a developing country and a large number of people do not know about technology. Without money their life becomes complex. What they have to do, how to start, these things make them depressed.

If midnight we need emergencies like medicine or something we should have money. Etc.

The digitalization of India is very beneficial to all.

Educated or uneducated people's it's makes simple to living and many uneducated persons learning many new things. Digitalisation also empowered to create jobs and businesses. But we have to increase the security of digital products. The most important thing is it is save time to transfer the money so it is unconditionally acceptable i.e. digitalisation is beneficial to whole world.

Thank you.

Hello good morning to all.

If I talk about merit and demerits of causeless economy. I will point some of facts regarding this. First of all, it is the easiest way to transfer the money. With in sec we can transfer. And it's save our time also, on contrary of benefits. Its not good where we have network problem, also in rural areas. Because people are not aware of that app like, phone pay, Google pay, paytm etc. And some security issues also regarding this.

We have lots of merits which we can't deny, just because of a cashless economy we are able to do any kind of transaction to anywhere on fingertips. People even wouldn't think that instead of making a long line of the queue in the bank for long hours they will do this kind of thing from where they are and in a very easy way which helps to save our energy as well as time which is very important these days.

So what should we have to do these kinds of transaction firstly everyone should their own ATM card, or debit card so that we can easily transfer money through google pay, phone pe, paytm aap directly to any other account if we have good internet connection as we are the user we all know how much it is useful if we have just phone in my pocket it means we have everything like we can buy any product pay to anyone whosever we need to pay. We can also do card payment directly through debit or credit cards.

So it is a good initiative taken by the government, if we have all the availability then it is one of the ways to make India digital as well as cashless. In fact, in this ways we have all the records of every transaction so there may be no chance of black money we if using this mode of transaction.

And it would only happen if we have all the facilities and awareness but due to lack of proper awareness people are not using this facility in rural areas and they don't know how to use it first it would happen if everyone has a smartphone and proper internet connection government need to focus on this matter at ground level too because those who are not educated they face difficulties even fraud people easily make them fool too so government Should aware and tell them about every aspect as it easily transferable anyone embezzle them from within a sec without of their knowing.

There are lots of fraud people sitting everywhere to make them fool through fake phone call and they take all the details and but nowadays they just send one OTP and take that otp via call and money easily credited to that fraud's account, and we can't do anything.

So it is totally up to ourselves how to keep alert and spread awareness about each pros and cons of cashless economy before using it.

Hi Everyone!

We have a great topic to debate "Merits and Demerits of Cashless Economy".

Well I strongly support cashless Indian economy knowing that a large no. Of people are against of it and they're right and they have the valid points too like in India where 6.7% population is below poverty than how can they afford smartphones and net recharge; India where 26% people are not educated then how can they use the online platform, India where only 55% population is using the internet; Cybersecurity risk is also high, most of the literate population also don't know the cyber threats and many more still I'm supporting this campaign because this is not the single-day campaign. Government is not converting a cash-based economy to cashless economy in one day. It will take months and years so just relax but Yes now India is not ready to go for complete cashless Economy.

Now let's understand the Merits and Demerits.

Demerits:
1: This campaign will be successful only when the literacy rate is 100% but in India only 74% are educated.
2: People must be able to afford smartphones as well as net recharge and Talktime too where in India 7% population is below poverty.
3: A huge money will be spent to make people aware, educated and making them above poverty.
4: Its Demerits for those who are conventional or orthodox or resist to change.

Merits:

1: It will save time and money in today's world time is more important than money.
2: There will be transparency in the transactions so better will be the monitoring.
3: No need to stand in a long queue for the bill payments or tickets booking etc.
4: Better control over the black money, hawala transactions, smuggling, crimes and money laundering.
5: Will help in economic development.
6: It will rein over the corruption which is the root of black money.
7: People can carry a huge amount of money without any fear.
8: No need to carry chiller or coins.
9: Any amount can be transferred from one place to another within seconds.
10: Through online payments, we can track our expenses and can control our expenses and we can also download our bank statement.

So basically there are thousands of the benefits of Cashless Economy.

Thank you so much for devoting your time to read it.

Hi everyone.

We all are here to discuss the cashless economy.

We all know that the online transactions occur through net banking, phone pay, google pay e-wallets etc is known as the cashless economy.

Every technology has two aspects good or worse its totally depends on our thinking.

Good aspects of the cashless economy.

Firstly it eliminates the headache of putting money in the pocket every time. Most of the terrorist's attacks are also reduced due to a cashless economy. The problem of stealing or securing money is also sorted out.

Every department becomes corruption less or bribeless. We get easily accountability of each and every transaction, funds etc.

-Worse aspects of cashless economy.

For a country like India, there is the vast problem of connectivity and accessibility in rural area where there is no network available and also most of rural peoples are not able to operate the smartphones or in case if they will be learned at some extent the 2nd problem in front of is that they easily robbed by hackers and fraud's.

And in the online transaction, if we do by mistake a wrong transaction then we have no option to repent.

But in overall, my point of view cashless economy makes life more easy and fast.

We hope Our government must focus on education because without education nothing is good !

Hi all.

Now, l am going to discuss the topic 'CASHLESS ECONOMY'.

1. Cashless Economy is a part of Digitalization.

2. By using this we can save our time which is more precious for all in modern time.

3. The most important advantage is that we can pay anyone by sitting at home without any disturbance in our work.

4. As we can see that in Corona time it helps a lot.

Like we can pay our electricity bills and water bills etc.

It plays an important role in human life in Corona time.

Thank you.

Hey Everyone,

From my point of view, the cashless economy is the best thing for all of us. It will make our life very easier. And it will beneficial uneducated people who don't have knowledge for banking transaction and they were sitting in a que and waiting and wasting so much time. It's a very easy and simpler process.

Merits:

* We can online pay our payments easily without any problem.
* Cash requirement will become less and no bourdon of taking care of cash.

Demerits:

* Mainly hacking problem.
* Suggestion for my side to everyone: If you are educated and you know the things so can help others so they can also make their life easier and government also have to provide some camps for explaining it in rural areas.

Thank you.