Merits and Demerits of Cashless Economy

Hello everyone,

I want to give my opinion on the cashless economic is merits and demerits.

First of all, I am talking about that it economic has very important and time-consuming techniques for doing work like as (bill payment, payment-related all other shops, money transfer). All important work-related this economic done from home not go anywhere and without waste your money and time.

Most of us use Google pay, Phone pay, Amazon pay and any other applications for do better work. That's all about merits.

And some demerits are cybercrime, bank account hacked.

Thank you everyone.

Hello everyone,

My name is Raj. As you know that today topic is the cashless economy. In today's world, every country who is more cashless is less burdened with corruption. In this system, the exchange of money is done digitally so there is every chance of embezzlement and also provides a secure and easy mode of payment. But on the other hand, everyone technology has some weakness and this cost very much because in this system if we don't keep or pay our money by a very secure or insured platform a large amount of money can be looted just by one click. So we also have to keep precautionary measures while using the cashless system.

Cashless economy means we do our transaction by cards and many digital apps like Paytm phone pe and others. By this, we do our transaction safely. It also saves our time because in one click we do our transection. But this is not useful for illiterate people. Many parts of India is not access to internet so that it is a problem for those people who live in these areas. But it is very beneficial for progress in the country.

Hello Everyone.

So today our topic name is Merits and Demerits of Cashless Economy.

As we all know, everything has two sides i.e Positive or Negative also.

So first we talk about Merits:

-> It helps us very well because now for electric bill, e-payment and other renting things we don't need to stand in queue for hours.

Demerits:

-> Demerits are it is quite difficult for those who doesn't know how to use the online method and how to transfer money.

The cashless economy is growing and irrespective of whether we like it or not, it is the future.

Let's look at reasons why it is inevitably the way forward,

A) It saves TIME. The bustle of waiting in ATMs/Banks for cash and looking for a change in case of smaller transactions is eliminated. Transactions can be made by the click of a button.

B) It helps the government keep a check on all financial activities. This not only prevents IT frauds but also aids in better management of monetary resources.

C) It makes international transfers much easier, attracting foreign investments and thus giving a boost to the ever-growing international trades.

D) It also makes it easy for individuals to manage their finances, one doesn't have to worry about updating their passbooks or keeping a check on their chits because a cashless economy helps them easily invest online through mutual funds and various other methods.

E) Cashless transactions have made spending money much easier for a middle-class man, one can order food sitting at home and can access entertainment platforms remotely. As a result, there are increased employment opportunities in new sectors.

As fast as cashless transactions have taken control of our economy in recent times, it is important to note that there are various threats that accompany this move,

A) People with half baked financial knowledge find it easier to invest now and hence end up putting their hard-earned money blindly into cryptocurrency, NFTs and similar modes in high hopes that they will receive high dividends only to end up with huge losses the majority of the time.

B) Most people with poor economical backgrounds aren't exposed to the harsh realities of the internet world and fall prey to fraud online stores, brokers and various other scammers.

C) Cashless economy gives you the luxury of spending money sitting at the comfort of your house and this has led to people spending more money on online platforms of big companies. This financially hurts local shops that rely on people physically coming to their store to buy their products.

Hello everyone.

My Name is Abhi and I would like to pay your attention to the topic cashless Economy.

Today we can see that every country engaged.

To improve there economy Where cashless or.

Digital plans. It is important because it reduces black marketing and provides good service. This also helps us to save time and precious money but in other hands, ti is a major problem to implement in a large population like India. The cashless economy always feared to hack and other cybercrime. Ti is a hard nut to crack for an illiterate person to understand it.

Thank you.

I don't think India is ready for a cashless economy. It is on the way of cashless economy. India needs two to three decades to become a cashless economy. Here is the reason for not becoming India into a completely cashless economy. Right now many people of India are illiterate. There is no proper banking connectivity all over India. There is also no proper connectivity of the Internet. Corruption rate in India also very high tremendous effort of the government also failing in this field. Many labourers in India are dependent on cash for their daily expenses and they are illiterate or half-educated. So to tackle all these things India need more time to be cashless.

Today we talk about the merits and demerits of cashless economy.

Merits:
1. It reduces the extra time that you can use in some other works.

2. You don't need to stand in a long queue for paying your electricity bill and railway ticket you directly do this online.

3. In online you have many options pay your amount but in cash, only one option that is cash in online you have a debit card and credit card, google pay, Paytm, phonepe etc.

Demerits:

1. In online some people are scare because they thought it might be a chance of theft, fraud, fishing etc.

2. Some times there will be a technical issue that will happen.

3. One thing that I mentioned is when the payment failed and your amount has deducted from the account it takes 4 to 5 days to back, from my opinion it should be 2 to 3 days than people will be very happy.

Hello friend's,

Yes, that is a good thing but I woul like to say somthing pertaining to the cashless economy, if we want that cashless economy came in future, then at that time, it is absolutely true that corruption can be abolish, which is happening now a days. And also the wastage of time will be reduced, which we spend in the queue of the bank.

But demerit of cashless economy is,

1) the people who don't know about the digital payment they can't avail of this economy and thereby many problems can be occur there.

2) it will create the problems in the retailer's business.

3) it will also create problems for the rural areas people. And also born the Cyber crime etc.

We can only avail all opportunity of cashless economy, when all people's will be educated well.

If people's will be educated it means they all will be aware and before pay any payment online, they will check all terms and conditions and they will read carefully and meanwhile the chances of the mistake will be less over there.

That's my point of view.

The Cashless economy is great. It also saves resources like pen paper and time. But in every sector cashless is not possible so there must be a facility of non-cashless economy. Mostly in groud level.