Merits and Demerits of Cashless Economy

Hi Guys.

I am Praveen the topic given to us is merits and demerits of cashless economy. So guys, in my opinion, the merits of the cashless economy is much higher than demerits. Due to digitalization and automation now we are able to do transactions like electricity bill, water bill, mobile recharge, online shoping etc. Within a minute without going here and there. Hence it saves time as well as money.

According to environment aspects as we all know that climate change is a big issue for everyone due to deforestation so yes cashless economy reduces less use of paper and eventually deforestation. So we can say the cashless economy is ecofriendly.

Corruption will also reduce because there will be direct transaction no involvement of the third person.

If I talk about demerits then:

In rural areas, people are not that much aware of these schemes and they have some internet issues so they can't take that much advantage of these schemes.

Yes, there is a chance of hacking so you should be aware of it.

Hello, guys. There are too many merits an demerits of cashless economy in India.

PM, Narendra Modi started digital India it helps lots but something disadvantages are also there, first I discuss the merits. The main advantages of cashless economy is you have to don't take money with you anywhere with you. You can directly transaction with mobile or your card. You can pay the bill for electricity etc are pay directly with your home is your time is save and also free of travels. You can do at your home directly.

Merits:

1. It will help us to reduce the black money from the society.
2. It will make the transaction easy.
3. We do not have to worry about the cash crunch in our economy.
4. We can indirectly save papers.

Demerits:

1. We can not make a cashless transaction without internet connectivity.

Hello everyone.

Myself Arpit Patel.

In my point of view, the cashless economy has more benefits than disadvantages. It helps people to do a quick transfer of money to others which saves time. There is no problem with change, one can give any amount of money from 1 rupee to lakhs. This is also benefitting those who have a small business like vegetable sellers, panipuri and many others in keeping their money safe as they are directly adding to their bank account.

Also, there is less probability of corruption if the government is planning some scheme for the poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials.

Hello guys.

I am Anjali now the topic is about the merits and demerits of cashless economy. There will be merits as well as demerits in anything. First I want to tell you all about the merits which will have with the cashless economy is fewer chores i.e, thefts easy to access without carrying money. With this, anyone can buy anything from anywhere easily through online transactions. Soo, it is easy and with this cashless economy, there are lots of merits. Now demerit is all the people can not use it because illiterate and urban people are unable to access with lack of knowledge. It can be overcome through giving awareness about the cashless accessing etc. Then it will overcome so there will be no more demerits regarding this. Thank you, guys.

Myself Sai Omesh.

My words from this topic, Nowadays everyone use the online paying apps with some issues, sometimes its better to tranfer a money throght mobiles, PC's etc.

Every employee deposit money through banks but now no need to go to bank.

Even banks aslo introduce their own apps to transfer a money.

Sometimes and some areas have no internet facilities to tranfer to others this is the main problem and aslo technical issues aslo arise sometimes.

In the era of digitalization and automation it is very necessary to grow with them. Cashless economy has numerous aspects. Let me add some of the merits:

1. Environmental friendly. With increasing population in the country like India it is very necessary to stable our paper use in order to not to harm nature. Which is somehow degraded due to cashless economy.

2. Monitoring is improved. Government or citizen doesn't have records if the transaction are in cash whereas in cashless each and every transaction is recorded.

3. The printing cost for the cash is more whereas in cashless this expense will be on hold, and thus economically beneficial.

4. Easy to handle:

Let's me introduce another dimension to this topic:.

1. Japan is a country with cashless based economy still the interest rate for there citizen is 0.04% only and its negative in some banks. So there are several aspects for the value of money if the economy will be cashless.

2. In the remote locations where network is still a issue it is not convenient.

There are several merits and demerits of the cashless economy but it weigh more in merits direction so I believe to have cashless economy.

Hi everyone.

Myself Mohit Kumawat.

First of all, we need to understand what is the cashless economy. It is process through which transfer of money can be done by the online system at home without carrying real currency, no need of a pen, paper and our physical appearance at anywhere.

It has many merits as follows.

- there is no need to carry a lot of cash.
- it makes us to feel secure regarding cash anywhere.
-we can book a hotel, movie tickets, food order etc. And pay electricity bills and water bills easily in just a single minute without going Outside.
-it also supports to reduce corruption in a country like India where corruption is at peak level.
- it provides transparency in our work.

It has some demerits as follows.

-It is difficult to do online work for uneducated people mostly in rural areas.
-Sometimes transaction failed due to technical issues.
-Sometimes problems create relating to Internet speed and electricity.
-Sometimes account can be hacked by Hackers.

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.

Hi everyone.

There are merits and demerits as well. Let's come across to merits side first:

1) there will no more robbery in your houses.
2) anytime anywhere transactions can be done.
3) no need to stand in question and waste your time.
4) Able to transfer accurate money to the opponent. No more additional cost required.

Let's come to the demerit side:

Let's think about the uneducated people, senior citizens of our country, will they able to perform? No, right?


Thank you.