Merits and Demerits of Cashless Economy

After demonetization, the cashless economy is introduced in India. The simple reason behind this is that from small to big work we don't need any piece of paper like cash, we don't need to stand in the bank or ATM for withdrawing and forwarding money to someone else. There are many merits of the cashless economy like it save our time, stop corruption, quick and easy transaction, technology advancement. But on the other hand, there are many demerits like if a person is not aware of internet banking then they can't use it there is a problem with security. Day by day the case of fraud transaction increases. People are not so aware of this.

Thanks!

Hello Everyone.

Cashless Economy means using mobile transactions not physical transactions by using apps like Phonepe, Gapy, Paytm Etc.

By using Mobile Transactions physical transactions can be reduced and robbery of the cash can be reduced but using mobile transactions is also a threat of Cyber security services some fake Websites can loot many by hacking. & Cashless payment can be difficult for illiterate people they can be confused by it.

So everything has a positive & negative.

Main Advantage of the cashless Economy is we can pay the amount without any care that we have change or not. & the transaction can be fast and Safe.

Hello, my self Mangesh and it is very glad to me to be part of this discussion.

According to me, In recent time the used of cashless facilities has increases, which is a great thing to achieve the growth in the overall economy. There a lot of benefits of cashless such as it save the time, cost and many more. I don't think so that the cashless economy has a disadvantage but only fact that data security is an important factor to be considered. I n my opinion after making any platform for a cashless transaction, along with that we should educated the people especially the backword section of our country regarding there uses and it's benefits.

Every coin has its two sides, so the topic which we are discussing also has its pros and cons. Here are some of the points which I am giving.

PROS:

1. Digital transactions or money transfers using a credit card, debit card, atm cards and UPI has reduced the corruption in India.

2. Tax evasion is undoubtedly one of the main concern which is pushing our country towards poverty, imbalance of development and unemployment. Through digital transactions, the government is getting all set taxes.

3. It has also reduced the terrorists funding.

CONS:

1. India has abundance of illiterates who are unknown of how to use the digital transactions.

Hello everyone.

According to my point of view, the cashless economy is the need of today's world as nowadays time is not money but more than money.

Every coin has two sides.

So, the Merits are;

* Time-saving is one of the best benefits in a cashless economy.
* If we take proper care during the transition there is safe payment can be done.
* Otherwise, if you do not take care during simple payment by giving cash there is the possibility of fake people.
* There is many ways of payment like UPI GPay, phone pay, Paytm.

Demerits:

* Cybercrime is happening.
* Fake advertisement.

But if we take a proper care I think it can be avoided.

Hello everyone,

My name is Raj. As you know that today topic is the cashless economy. In today's world, every country who is more cashless is less burdened with corruption. In this system, the exchange of money is done digitally so there is every chance of embezzlement and also provides a secure and easy mode of payment. But on the other hand, everyone technology has some weakness and this cost very much because in this system if we don't keep or pay our money by a very secure or insured platform a large amount of money can be looted just by one click. So we also have to keep precautionary measures while using the cashless system.

Hello friends!

As I think, cashless is the system with transparency, easiness and least corruption. As it can be helpful to avoid black money that's why India and most of the countries are shifting towards a cashless economy.

Merits:

* It is quite easy. Cashless payments save our effort to carry money with us.
* In some situations whenever we forget to carry our wallets with us, it is a very good option for payment.
* Online transactions save time as well as paper so eco-friendly also.

Demerits:

* Those who don't know about cashless System find it a difficult one and those who don't want to adopt it, it affects their business.

The cashless economy has its own merits and demerits.

If we discuss merits.

India is populated country every government office and banks are always crowded in order to complete the required task you have to waste some of your working hours and have to stand in queue doing nothing hence cashless economy makes every transaction easy.

And coming to demerits.

India is a country with more no. Of villages where most people are illiterates or unaware of cashless payments because of which they are not ready to go cashless.

Hence before making India as the cashless economy, it's the duty of government to implement it in a good manner.

Good morning everyone. My views on cashless economy.

As a growing country we we need to be enhanced in every aspect one of the biggest achievement would be going cashless from reduction of the cutting trees to reduction of corruption although many of our country citizens does not know how to use these means terror funding can be reduced, theft of information with security implementation, no wastage of time in banks. ATMs and depending on others for doing a payment, one of the biggest merits would be environment would be protected and with a click, payment can be done starting with shopping to fund transfer with just one go.

As we know everything has it's own merits and demerits. My view is it has lots of benefits we can easily transfer money we don't need to go to the bank regularly. We can pay anywhere easily. And don't need to carry cash so there is no fear. And it's an advanced technology so we should go with this.

But ya there is a bad side as well like security issues. And in villages, there are no any facilities like Paytm and Google pay. So I may get in trouble.

But the thing is if we use it appropriately then it will really beneficial for us. So I think it's good to be cashless with some knowledge to how to use online transaction apps.