Merits and Demerits of Cashless Economy

Hey guys. First of all, I would like to thank you for giving me such a wonderful chance to share my view.

In this evolving world, a cashless economy is a major step toward an easy way of living e. G it makes it easier to do business transactions at any time without even giving a thought about having cash in hand at that moment. Another plus point is that it takes too little time and as it is cashless so there is less chance of theft.

The best part of this is in time of need of someone, you can send money without following any long-term old bank deposit way.

However everything comes at a cost, so here the cost is online fraud, sometimes network glitches and fewer awarenesses of this technology.

Thank you.

As we all know everything has basically merits and demerits.

Taking about its merits.

1. It is less time-consuming as compared to the cash holding economy in the terms of money transfer, balance inquiry and in many ways.

2. In any situation, it is not possible to come out from their house or shelters so on that time it is beneficial for some of the situations when it can be a useful emergency in-country, many pandemics etc.

3. In my opinion, it is safer than cash holding economy. Because security is too high in these platforms.

4 - it will definitely reduce the corruption in our country.

5- it will provide a good boost to Indian GDP By giving high employment in the country.

Talking about the demerits.

1. In the terms of security it should be improved because many apps consist of many bugs, and those bugs became a great opportunity for the hacker.

2. So in India, everyone doesn't have a phone, because most of the people in India are lower middle class and if they have so, there are many places in India where there is not even a connection of the internet, on such areas it is not possible to use.

Everything has two sides, there's always a bad and good side of things With a Cashless economy the payments are simple and safe. A cashless economy decreases the rate of crimes such as theft, robbery Pickpocketing etc. If somehow anyone forgot their wallet at home, it ll be very for them to make use of UPI.

A cashless economy helps in the sustainability of the environment.

As such many people don't feel safe with the cashless economy as they have increased the number of cybercrimes, many peoples fool people by advertising about they have won the lottery and they just clear their bank accounts.

Hello,

My name is Sudhanshu Kumar.

Here I am talking about merit and demerits of cashless economy.

MERIT:

1. Pay and accept money in seconds.
2. Protection from spreading duplicate currency.
3. Protection from theft.
4. Prevent inflation.
5. Safe and secure debit and credit.

DEMERIT:

1. Chance to cyber theft.
2. Transaction can't be done in lack of network.

I feel that the cashless economy need to be implemented in India. As people cannot Carry much amount with them, where ever they go. By this online transaction are made easy, online exams are conducted, reduction in usage of paper, as only 50% of people make use of it, by the year 2020 it can be made compulsory. The demerits in it is that there are still illiterate people in India, who cannot transaction the money.

Hi good morning.

The Cashless economy is best preferred for our country since we are used to using cash in most of our transaction.

We use cash because it doesn't flow through the system and is not taxed.

Due to this notion of ours, the country is collecting fewer taxes and overall cash printing cost have gone up but it seems to not flow through the financial system which is bad for the country in every way.

With a cashless economy which is at all-time high tax collection, which the government can use the extra income for more welfare schemes, and also educate the rural masses on benefits of cashless society and also giving them incentives for going cashless.

India is not totally ready to be cashless.

There are numbers of people in India who are uneducated and some of them only know how to operate a smartphone but when they would do online transactions, they can be a victim of cybercrime.

India shouldn't be cashless before being totally educated and aware of such crimes.

I first go with merits, In olden days, if we go outside means we want to take more money and now it is changed that if mobile is where we can use the apps and we can pay the bills without taking any hard cash.

Another thing nobody wants to wait in front of ATM's for taking Money and paying any bills.

Demerits, Due to that, if the people don't have phone or cards and if they don't know how to use the mobile in a rural area that people will face lot of problems so giving knowledge to the people's who are staying in rural areas and overcome the problem.

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.

Merits of the cashless economy:

The first thing is India will have developed with the cashless economy. The money will be safe with us no one can able to steal from us. If the money will be in pending also they may be refunded to the sender account else reviver account but the money is safe. We no need to write anything about transactions in a book because it will store all the data of transactions. At last, we can't able to delete the data of transactions.

Demerits of cashless economy:

The main thing is with the cashless economy the chances of black money will increase. In some cases the money may be in pending due to the busy service then it takes some duration of 2 to 5 days of bank working days. In India many people are uneducated so they didn't know about the online money transaction. There are so fake apps in transactions.