Merits and Demerits of Cashless Economy

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 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.

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.

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.

Hi everyone, I am Manish Nagore according to me we have lot of benefits merits cashless economy. I would like to say that devlopment is necessary for us. If I talk about the cashless economy it's very easier faster as well we all know that when we pay money via paytm, phone pe, google pay these kinds of application so we get cashback also. Another point I would like to add account to account transfer payment very easy. Why I am saying that most of the time it happens we stuck any emergency then we don't have cash. That time someone easily helps with sending the money. It's very useful for as.

Hello everyone,

This is Bhawna Verma.

I am in favour of the cashless economy because this is a very easy way to pay the money. The cashless system brings down the cost associated with printing, storing and transportation of cash. A lot of eCommerce website offers huge incentives in terms of discounts, cashback to the customers for making a digital transaction for shopping online. And we can do easily these cashless transactions with high security.

THANK YOU FOR GIVING ME A OPPORTUNITY TO REPRESENT MY VIEW.

Yes,India is ready for cashless economy.Through this corruption can be aborted from our society . Now a days,our major part of corruption is due to ready cash.Without corruption India would soon become a developed country,thus cashless economy is the only way........

Good Morning All of You,

My name is Anshul Ojha.

I am in favour of the cashless economy because this is a very easy way to pay the money. The cashless system brings down the cost associated with printing, storing and transportation of cash. A lot of eCommerce website offers huge incentives in terms of discounts, cashback to the customers for making a digital transaction for shopping online.

THANK YOU FOR GIVING ME A CHANCE TO REPRESENT THIS TOPIC.

HAVE A NICE DAY.

Good evening everyone.

As, if we are aware that. Everything has two faces. But from my point of view.

I think Being cashless or being digitalised is not worth.

1. Having cash in pocket we feel more comfortable as if we want to buy some small things. Want to pay Transportation fair or many. Etc. We can't talk about any app.

2. Just a small example. If you want to go to the washroom if you are in outside. Then they charge you Rs2. Will, you said that give me your. Account number. I will transfer it?

3. Being cashless means all cash in one of our close friend (mobile). Right?

If it goes switch off. Or something happened. Can't even you think of to buy? Or to do anything.

Thank you.

Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is very fascinating topic which we have to discuss upon.

So Let's start.

Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.

As we all know every initiative have it's own pons and cons so as the cashless economy has.

Now, I am discussing the merits of it.

1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.

Now comes for demerits.

1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.

From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.

THANK YOU !