Merits and Demerits of Cashless Economy

Hello everyone!

I want to share my views about the merits and demerits of cashless economy. At first I think cashless economy is very advantageous. People buy anything and solve any money related problem with online mode. Here liquid cash do not need to carry. Moreover, previously we cannot carry a lot of cash money because there is lack of security. But in case of cashless money we can transact a lot of money as our wish and there is a few chances to failure. To inaugurate the cashless economy the amount of black money are significantly reduces. For this we can shopping from amazon, flip-kart, etc., any time and there are a cashback option.

But cashless economy has some demerits too. Here for transaction there need to internet connection. If the internet connection is lost, there is chance of failure of transaction. And now in cashless economy hacking is a major problem. And cashless economy facility do not go in rural area.

Hello everyone.

First of all, I want to talk about the merits.

1. It reduces paperwork and their expenses.
2. It also reduces the chances of mistakes and will make work faster and easier.
3. It will make rupee currency strong than a dollar because all our economy we can show to the international market.
4. It reduces the rate of interest and promotes to FDI.
5. It gives an opportunity to common people to improve their economy by taking a loan for the business.
6. It gives all information about the people's transactions so that government can resist corruption by making sight on them.
7. It also enhances GDP and makes ease of payment methods.
8. It saves trees and the expenditure to make paper currency.
9. In this, if someone fraud with others, the record of cashless show how much money given to the person so helpfully in detection clues in crimes.
10. Overall it saves huge time which can be utilised to do work and economy of a country grows with them.

Demerits.

1. It increases cybercrime.
2. It totally depends on our gadgets such as mobiles, computers etc so can't use without these gadgets.

I'm not totally favour of this and not also against of this.

The Cashless economy has some positive side. At first ,we take cash for marketing. But now we take our debit card for marketing Nd forget the budget tention. We can easily transfer money from mobile to mobile. This is a very helpful side of the cashless economy. But there is a negetive side of this. For this cashless economy, our mobile number and Aadhar number is linked with our bank account. So we can easily be hacked by hackers. So I think the cashless economy is good for our country but the government should be more secure the process.

Hello everyone.

Today we will be going to conclude the merits and demerits of the cashless economy after demonetization government of India start promoting the cashless economy. It's a very good policy for the country like India because in India there are some people who are corrupted for that our government need proper schemes and policy for monitoring so by using cashless economy we can monitor them and have proper transparency.

Some other merits of going cashless is that we can do our payment and transaction on mobile or computer on any time or place.

So ultimately it makes our lives comfortable. And we can also save our precious time. So overall it's a good scheme we should practice and promote this.

As we all know that rose comes with thorns, in the same way, there are some drawback of this scheme

People are getting lazy.

Risk of Hacking of account but there are very less chances.

So we can conclude that if we use this scheme wisely and don't share our account details then ultimately it's a good policy and definitely improve our country on the basis of the economy.

In that subject, my opinion is a cashless economy obviously in benefits but some of the time there is a network problem. Due to this network problem, we can't use this opportunity. Most of the people thought ki I have not to need to carry the money but suppose unfortunately this network problem arrive then what they will do and also if there is no ATM.

So that's why carry the cash with a limit so that not facing that type of problem.

I also add one thought here rural area people and uneducated people can't use this type of opportunity why? I think we are thinking negatively why they should not learn I think online shopping not so difficult but we are just thinking they can't they can't then it never possible and India never becomes digitalize and develop so I think each and every human can use this cashless economy and enjoy it but be careful.

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.

Hi, I am Dhananjay. All points given by the members are very genuine and it is to be considred that changes take time. However, we have begun the era of a cashless economy. Altogether it is also the prime duty of we people to not be depended upon the governement for everything. We can also spread awareness among the locals and educate them on how to part of the cashless economy. At large the transformation will reveal in India in the year to come. One more point the availablity of internet connectivity at a lower price for the rural areas can also speed up the cashless economy. Banks should also promote it by charging less on the cashless transactions.

Cashless economy is an economy in which digital transactions are included. It has mobile banking, useof debit card or credit card. It focuses on the digital transactions.

Merits of cashless economy:

1. If we are using digital transactions for our payments then we will not carry cash in our pocket. Thus, it will reduce theft.

2. The digital transactions has increased the flow of money in the market and therefore it has increased the market efficiency.

3. Cashless transactions are transparent in nature and we can keep record of all the transactions.

4. People can pay their bills online and there is no need to go bank so, there will be no wastage of time.

Disadvantages of cashless economy:

1. Digital transactions are attacked by hackers and data thefs. They can hack your transactions and thus, we can loose our money.

2. India is a vast country and there are so many rural people who are not aware of these digital payments and transactions. So, it is hard to reach every person. Most people are not able to use different online websites and applications.

3. Cashless economy needs good internet connection which is not there in the every part of the country. Strong internet connections which can reach to a larger number of people at different urban and rural areas will reduce this problem.

Hi everyone,

Thanks for giving me this opportunity to share my opinion. Cashless economy is one of the important tools for every developing country.

Merits:
It reduces time and makes transactions safe. It decreases theft. It makes the world into digitalization.

Demerits:
Still, some rural people are not aware of digitalization. The data may theft by hackers.

Hello friends.

I am Himanshu.

As this topic merit and demerit of the cashless economy.

In my point of view, Cashless economy is a better option for the citizens by cashless economy we can use our 100 per cent of cash of the account.

As well as we don't have a tension of stealing and losing of money.

In this pandemic time, we can use UPI and avoid touching.

We don't' have to need the carrying of the money by the cashless economy.

And we can pay easily they gave us many kind of profit.