Merits and Demerits of Cashless Economy

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.

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.

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

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.

Hello guys this is one of the most important thing and cashless system in India economy but we have draw back also in this cash less economy old age people can use this debit card and credit card they don't know how to use this is one of the draw back. And advantage id for the people are using debit and credit cards we can use any Time any were in stores and shopping malls with ATM cards it's will very helpful to the people.

The cashless economy should be implemented in our nation in a proper way such that people who are illiterate, and from rural areas are not much aware of the online payments so that they should be aware of these Technics as such, they can also use this process in a proper way. Having a cashless economy is very beneficial in our present situation as it replaces many problems. It may lead to the reduction of corruption, increases safety, makes work easy, time consumption will be reduced.

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.

There is a lot of merits to the cashless economy like no hard/physical cash required. This means risk of theft, burn etc. Is minimized. Free from physical wallets, Save time and instantly money transfer from one person to another with full security.

On the other hand, Demerits like Uneducated persons are not aware about it's security reasons and frauds.

This means awareness is require to make our India digital. The whole world is going to digital. Let's take another step in this world changing revolution.

Thank you.

Hi everyone,

Digitalization of India has many merits and demerits as we can say we can save the time, we can record our transaction and it will be more beneficial and save our time and not fear a lost of it. But on the other hand, India has lot of people who are iliterate they don't know about online payments and all. As we see the people from the village they don't know about any digitalization as they don't hve any smartphone, internet connectivity.

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!