Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 24 of 44.
Monika said:
6 years ago
Hello everyone,
According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.
According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.
(26)
Arghya chakraborty said:
6 years ago
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.
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.
(17)
JIBANJYOTI said:
6 years ago
Hello everyone.
Thank you for giving me this opportunity to said about merit and demerits of cashless economy.
First of all, I want to describe the merits of a cashless economy.
In cashless economy, we save our paper, transport.
No need of carrying a lot of cash.
The people can view all their transaction and prepare their lifestyle according to the money.
Let's talk about demerits.
In the rural area, many peoples are not aware of the cashless economy.
They confused in every situation.
The most important thing is that some of the people facing many fraud calls.
In a rural area, maximum people have not a smart phone so they can't use an online transaction.
That's all.
Thank you.
Thank you for giving me this opportunity to said about merit and demerits of cashless economy.
First of all, I want to describe the merits of a cashless economy.
In cashless economy, we save our paper, transport.
No need of carrying a lot of cash.
The people can view all their transaction and prepare their lifestyle according to the money.
Let's talk about demerits.
In the rural area, many peoples are not aware of the cashless economy.
They confused in every situation.
The most important thing is that some of the people facing many fraud calls.
In a rural area, maximum people have not a smart phone so they can't use an online transaction.
That's all.
Thank you.
(30)
Ajay bhardwaj said:
6 years ago
Hello everyone.
Today, I would like to bring kind your attention about to cashless economic and how much benificially for Indian eco. First of all, I will discussion toward to merit you all know from comes to technology internet factor is full swings rather than before day. Paperwork, time value knowledge and health and many thinks are reducing.
Demerit: A person doesn't have proper knowledge about it. They are illiterate. Some time hacking problem we are facing.
Today, I would like to bring kind your attention about to cashless economic and how much benificially for Indian eco. First of all, I will discussion toward to merit you all know from comes to technology internet factor is full swings rather than before day. Paperwork, time value knowledge and health and many thinks are reducing.
Demerit: A person doesn't have proper knowledge about it. They are illiterate. Some time hacking problem we are facing.
(8)
Arnab said:
6 years ago
Good evening everyone.
Today we are talking about the merits and demerits of cashless economy. It was a great initiative was taken by our prime minister to make digital India.
Merits:
1. Reduces the cost of printing, storing and transportation of money.
2. There is no need for carrying a lot of cash.
3. The transaction of money is traceable.so there will be less corruption in the country.
4. It provides us with the transparency of work.
5. Secure transaction.
6. We can pay many kinds of bills like the transportation bill, electric bill etc. We can buy movie tickets, pay the food bill in one touch.
Demerits:
1. More than 60%of people in India come from a rural area. 25% of them are illiterate and a large percentage of people illiterate of mobile and computer.so they are not comfortable with this.
2. Security is another big reason for cashless transaction.
3. Sometimes internet speed and electric may problem some tie.
Today we are talking about the merits and demerits of cashless economy. It was a great initiative was taken by our prime minister to make digital India.
Merits:
1. Reduces the cost of printing, storing and transportation of money.
2. There is no need for carrying a lot of cash.
3. The transaction of money is traceable.so there will be less corruption in the country.
4. It provides us with the transparency of work.
5. Secure transaction.
6. We can pay many kinds of bills like the transportation bill, electric bill etc. We can buy movie tickets, pay the food bill in one touch.
Demerits:
1. More than 60%of people in India come from a rural area. 25% of them are illiterate and a large percentage of people illiterate of mobile and computer.so they are not comfortable with this.
2. Security is another big reason for cashless transaction.
3. Sometimes internet speed and electric may problem some tie.
(46)
Rahul809 said:
6 years ago
GoodMorning Everyone,
Merit:
1. No need to take your wallet.
2. Transaction the amount in one click.
3. Paperless work.
4. Secure, safe and directly go to your bank accounts.
With these benefits, people will do more transaction even a small transaction. No need to give the change rupees where change rupees (small coin) is always a shortage in India.
Many companies such as paytm, phonepay, Google UPI, Amazon is looking forward and supporting the cashless economy.
Demerit:
1. Easy to someone to do fraud if personal data is sharing such as UPI password.
2. Many people are not aware of digital payment and afraid to do payment mainly in a rural area, senior citizens.
Conclusion: There is always a merits to connect with digital because it saves time and time is money.
THANKYOU.
Merit:
1. No need to take your wallet.
2. Transaction the amount in one click.
3. Paperless work.
4. Secure, safe and directly go to your bank accounts.
With these benefits, people will do more transaction even a small transaction. No need to give the change rupees where change rupees (small coin) is always a shortage in India.
Many companies such as paytm, phonepay, Google UPI, Amazon is looking forward and supporting the cashless economy.
Demerit:
1. Easy to someone to do fraud if personal data is sharing such as UPI password.
2. Many people are not aware of digital payment and afraid to do payment mainly in a rural area, senior citizens.
Conclusion: There is always a merits to connect with digital because it saves time and time is money.
THANKYOU.
(55)
Sumit Singh said:
6 years ago
Hello, Everyone.
1. Cashless economy brought a huge difference in poeple life.
2. It saves our time, a few years back when we have to give someone's money and we don't have cash then it takes a lot time to pay the money but now everyone has their own phone wallet and this transaction can be done in seconds.
3. Almost every class of people are interested in cashless transactions, people who are involving in small businesses like tea seller or even rickshaw business also have their phobe wallet.
4. Now even a small amount of money is easily transferred to the bank's account without going to the bank.
5. We can pay our home's bill like electricity, cable etc without going to the office.
1. Cashless economy brought a huge difference in poeple life.
2. It saves our time, a few years back when we have to give someone's money and we don't have cash then it takes a lot time to pay the money but now everyone has their own phone wallet and this transaction can be done in seconds.
3. Almost every class of people are interested in cashless transactions, people who are involving in small businesses like tea seller or even rickshaw business also have their phobe wallet.
4. Now even a small amount of money is easily transferred to the bank's account without going to the bank.
5. We can pay our home's bill like electricity, cable etc without going to the office.
(47)
Shivam Singh said:
6 years ago
Hello everyone.
Today we are going to discuss about merits and demerits of cashless economy. With rapid innovation in technology sector, advanced methods and processes are being adopted that are make life easier. Cashless economy is such a thing where trade is done digitally unlike on paper. It is fast and more accurate but it comes with its own problems and that is what we are going to talk about.
Cashless economy has led to less paperwork involvement which can also reduce space required to handle and store the documents. Because of that access to reports and documents has also become easy because everything is just one click away. However it is prone to cyber attacks and a system has to be designed properly to make it hack-proof.
It can also be used nefarious purposes like we can take the example of Bitcoin. It is known that through Bitcoin people conduct underworld and sinister businesses online and because of the technology of bitcoin there is no way to track it. This can cause some serious problems in legal businesses of corruption is money is not traceable.
In brief, system of cashless economy should be designed in such a way that it is easily traceable and hack-proof and only it will be a trustworthy system.
Today we are going to discuss about merits and demerits of cashless economy. With rapid innovation in technology sector, advanced methods and processes are being adopted that are make life easier. Cashless economy is such a thing where trade is done digitally unlike on paper. It is fast and more accurate but it comes with its own problems and that is what we are going to talk about.
Cashless economy has led to less paperwork involvement which can also reduce space required to handle and store the documents. Because of that access to reports and documents has also become easy because everything is just one click away. However it is prone to cyber attacks and a system has to be designed properly to make it hack-proof.
It can also be used nefarious purposes like we can take the example of Bitcoin. It is known that through Bitcoin people conduct underworld and sinister businesses online and because of the technology of bitcoin there is no way to track it. This can cause some serious problems in legal businesses of corruption is money is not traceable.
In brief, system of cashless economy should be designed in such a way that it is easily traceable and hack-proof and only it will be a trustworthy system.
(27)
Aashish said:
6 years ago
Hi everyone,
Everything has prons and cons as such, Cashless economy has also its merit and demerit.
When we talk about the merits of the cashless economy then first thing comes in our mind is it is an easy way to transfer the cash through digitalization.
Secondly, This saves the huge money on print the currency.
Thirdly, you can track every transaction easily. It may help reduce the corruption and malpractice that things affect our economy.
And last but not least it helps grow our economy very swiftly. And it also reduces the threat of fake currency that majorly affects our economy.
When we talk about demerit of cashless economy.
Firstly, we need a proper law and regulations. And it should be implemented on the ground. And I think there is an authority or body like SEBI, RBI who regulate all these things.
Secondly, there is a lack of knowledge may be the big hurdle of the cashless economy and many rumours as well.
And, if we see a cashless economy then the government should remove the limits on e-transaction.
Everything has prons and cons as such, Cashless economy has also its merit and demerit.
When we talk about the merits of the cashless economy then first thing comes in our mind is it is an easy way to transfer the cash through digitalization.
Secondly, This saves the huge money on print the currency.
Thirdly, you can track every transaction easily. It may help reduce the corruption and malpractice that things affect our economy.
And last but not least it helps grow our economy very swiftly. And it also reduces the threat of fake currency that majorly affects our economy.
When we talk about demerit of cashless economy.
Firstly, we need a proper law and regulations. And it should be implemented on the ground. And I think there is an authority or body like SEBI, RBI who regulate all these things.
Secondly, there is a lack of knowledge may be the big hurdle of the cashless economy and many rumours as well.
And, if we see a cashless economy then the government should remove the limits on e-transaction.
(53)
Ankur Vivek said:
6 years ago
Hello Everyone.
Any sort of Organisational, National or International work needs proper management to handle a large amount of all types of data, queries, etc. From this one is very important is the cash. A very large amount of transactions is frequent in any economy. Handling hard cash is a cumbersome task. So, this is eliminated only by replacing it with cashless methods, which are e-payments. Merits of the cashless economy are more and efficient as compared to its disadvantages. Let know the biggest merits - Anytime, Anywhere one can exchange his business transactions at the fingertips. There's no need to maintain an extra ledger for transactions history, Now in the cashless economy, this history is auto-generated.
Regardless of the quantity of amount you can transfer or get transferred in your bank account. The only problem it is a procedure. If every citizen is capable of doing so, it is like a time and money saver for all.
The only demerit is the chance of being a part of fraud or robbery. Cybercrime is a major problem in front of a completely cashless economy. If it is completely secure then it's like a god gift.
Any sort of Organisational, National or International work needs proper management to handle a large amount of all types of data, queries, etc. From this one is very important is the cash. A very large amount of transactions is frequent in any economy. Handling hard cash is a cumbersome task. So, this is eliminated only by replacing it with cashless methods, which are e-payments. Merits of the cashless economy are more and efficient as compared to its disadvantages. Let know the biggest merits - Anytime, Anywhere one can exchange his business transactions at the fingertips. There's no need to maintain an extra ledger for transactions history, Now in the cashless economy, this history is auto-generated.
Regardless of the quantity of amount you can transfer or get transferred in your bank account. The only problem it is a procedure. If every citizen is capable of doing so, it is like a time and money saver for all.
The only demerit is the chance of being a part of fraud or robbery. Cybercrime is a major problem in front of a completely cashless economy. If it is completely secure then it's like a god gift.
(15)
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