Merits and Demerits of Cashless Economy

Merits:

In our day to day life, technology is grown. We have to minimize energy, time and to increase efficiency in every work, so we need to improve as like cashless economy for the above-mentioned particulars.

Demerits:

We have to create knowledge about "cashless economy" to every uneducated people and make them access, I think this is one of the major problems if we try to provide a solution for this problem, this issue has also gone away.

The cashless economy has merit but the number of demerits, for example, we have some transaction app like Google pay, pytm and etc this app is very much security means frauds people hacking this account by Google or any other by any way or if we have some net banking technology there is also some risk.

Cashless Economy is a Good idea but in India, it is not implemented totally. Some shops or restaurants are not providing options to pay online. In that case, it is very difficult to do the payment. So my opinion we should carry a minimum amount whenever we go outisde.

Merits:

--> It is very easy to do payment with mobile or card.

--> We don't need to carry huge amount to do payment.

--> We can save our time also.

Demerits:

--> Sometimes we face problems when there is no network or internet.

--> In India some hotels or restaurants don't provide cashless options, at that time we may face difficulties.

--> sometimes it might be possible to transfer money online.

---> In my point of view we should carry a minimum amount of cash, whenever we go outisde. We don't depend on a cashless Economy.

I would like to say fee points only about the cashless system. We know that every system have some merits and demerits also so due to the cashless economy we can save the currency from wear and tear no thefting occurs as well as our money is safe we from other such issues while having no internet service available in your area then you may got trouble with this cashless economy. So if it have 70% positive point then we can not deny that it also have at-least 30% of trouble issues.

That's it.

Hello friends!

My name is Jhanshirao. I am going to talking about topic cashless economy, before we are going to this topic.

I think any thing have two faces. It is also like that cashless economy is have merits and demerits.

Lets going to topic, cashless economy is little bit worth in India. Not allover the India.
Some organizations are accept this cashless.

Talking about merits:

It is very useful to buy anything from your home and pay that amount through digitaliziations apps such as : googlepay, phone pay, paytm. These are all are banking apps.

It is very efficiency and enhance to us.

To reduce blackmoney, there is no third person involve in this.

And to protect our money from thief's. And no tension and worry about our money will safe. The main fact was.

If went with your money that was 10000 are more. It doesn't matter, we must focus on our mobile phone only for text messages and singles are used to see social media in insta or twitter. But phone is necessary at all time. So in my point of you all the digitaliziation apps are securely available in our phones why we are see another eye will strain for.

Comes to demerits:

The main fault was network problem. For example I face these issue I am in journey going to vizag. And just arriving gotlam. At that time I am send money through google pay, at that time signals were gone. What I am doing at that time?

After sometime signals got in this time my money is pending. Just small notification is displayed that was your money was debited. It will refund in 7 days.

What I do at that time ?receiver say it is urgent to me small rid of his friend.

So these are all are not worth at this time.

And another demerit was if you are going to outside only depend on your apps like gp or pp, suddenly if you are.

Feel go to washroom. At that time you pay 2rs for that. You say "hey urgent tell me your bank account number I will transfer two rupees "are you say like these? no, so at that time minimum amount put in your pockets when you going to outside not only depends on your smartphones.

THANK YOU.

Hi Friends.

Every coin has two faces right, one face will be the head and the another face will be the tale, so this also applies to the cashless economy also it will be having its own merits as a one face (head) and having its own demerits as an another face(tale), so we need to carry a some little bit of an amount to avoid the problems which are caused by the cashless economy and we need to create some awareness about the merits and demerits of the cashless economy by conducting some seminars and guest lectures to educate and to promote the cashless economy among the people.

Thank you everyone.

Everything has its pros and cons. However, I believe that there are more advantages compared to its disadvantages. The major benefit of adopting a cashless economy will be the reduction in corruption which is the problem of almost every economy. Secondly, cashless economy will reduce the burden and cost for government to print money.

Similarly, it will reduce the risk of physical theft of money. Also, one can pay and receive money sitting at home. Banking institution do not need to transfer the whole cash vault from one place to another, as money can be transferred in single click from computer.

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.

In my point of view there are many merits when compared to dermits using cashless economy because by using the online transactions we can save our time cashless economy van also avoid corruption in India.

The dermits are in India still there is a iileteracy so they don't know how to do transactions in online and there is a network problems in rural areas.

On this GD topic, Cashless Economy.

My view is that cashless Economy helps in Digital India. Online payment helps everywhere in villages as well as smart city's. The money transfers fastly everywhere every time.

Everything has some Merits and demerits demerit is that most of the people are not know well about the initiative.