Merits and Demerits of Cashless Economy

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.

Cashless economy is the usage of the online transaction for the transfer of money from one account to another.

Merits:
1. Saves time(fast transaction).
2. Reduce travelling for transfer of money.
3. Reduce the risk of being theft.
4. Reduce the weight of money carrying.
5. No corruption.
6. Transparency of rates/prices.
7. No problem for change of rupees.
8. A permanent record of transactions done.
9. Saves paper and money in printing notes.
10.Less queues in bank and ATM.

Demerits:
1. Difficult for poor and illiterate persons.
2. Need internet connection.
3. Fraud websites for money transfer.

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.

Hi everyone.

Today we are discuss about cashless economy.

Every coin have two faces first is good and second one is bad.

First we discuss about merits.

- cashless economy is reduced our time to make a payment compare to offline cash.

- To reduce the chances of thife and robbery.

-If we forgot our wallet at home we make a payment through online UPI.

Demerits.

The disadvantage of cashless economy is the old people don't know how to use online payment.

Nowadays online hacking is increase Day by day.

In rural areas, the cashless economy is not successful because there is a network issue.

Hello everyone,

According to me, they are both side effect on the people, like merit and demerits. So, first I talk cashless economy is the best thing to growing yourself and learning new things. Like I am purchasing something from somewhere and I don't have the cash to pay so I use of payment mode like Google pay, phone pay, and mobile banking so, if I know how to use then I get benefits of the cashless economy but if I don't know about this process this system how it works and also I don't have a smartphone so I can't get this benefits. So these all things are really important in our life.

Hi everyone, I am Manish Nagore according to me we have lot of benefits merits cashless economy. I would like to say that devlopment is necessary for us. If I talk about the cashless economy it's very easier faster as well we all know that when we pay money via paytm, phone pe, google pay these kinds of application so we get cashback also. Another point I would like to add account to account transfer payment very easy. Why I am saying that most of the time it happens we stuck any emergency then we don't have cash. That time someone easily helps with sending the money. It's very useful for as.

According to me, the cashless economy is one of the major steps for India to become a developed country.

Merits:

Going cashless makes customer to make payment in a flexible way, the technology is so advanced that people started using payments online for many purposes like education, and education is also completely digitalized every person is able to access the education through payment online and it has become a root of many dreams.

Demerits:

Especially in villages, people not having any idea about technology can face problems in this which can also lead to robbery or theft sometimes.

The Cashless economy has both positive and negative aspects. It saves a lot of time that is wasted standing in a queue. Basically it provides ease of transaction. Also it removes the third party involvement in transaction and one has the data for his transaction. So, it reduces corruption also which is one of the biggest advantage.

As well said every coin has two sides so it has some demerits too. Cybersecurity is one of the major issues with this. Many people are not aware of these things so they are easily cheated. Increasing awareness among people can reduce these issues to some extent.

Hello everyone.

I think the cashless transaction is the best way to transfer the money from one place to another because it saves a lot of times and end the chances of stealing the money. If we transfer our money online then we will not have to stand on the queue of bank/atm.

So it is beneficial for us so much.

As we know everything has a side effect so it also has like the person who is illiterate he can't transfer money online, it also needs internet connection and chances of fraud website to steal your money so these are the big problem.

But overall it is good.

Thank you, everyone.