Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 25 of 44.
Aditya said:
7 years ago
Cashless Economy, it means that all the transactions should be performed without any exchange of cash currency. So in my opinion the following are the merits.
It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.
Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.
I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.
It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.
Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.
I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.
(7)
Jitendra kumar said:
5 years ago
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.
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.
(15)
Jerry Lamba said:
4 years ago
Hello everyone, according to me, they are two parts of all things first is merits and the second one is demerits. The first talk about the merits of a cashless economy is beneficial for us. We don't need to carry so much money with us. We can do payment also using Google pay, phone pay, Paytm and mobile banking. It is really good and beneficial for us we don't have any fear of theft. And the demerits are there is a huge risk of hacking accounts. And sometimes online transactions are not secured for all. But the cashless economy is motivates people to use this technology.
Thank you.
Thank you.
(11)
Deepika said:
7 years ago
In my opinion, India is one of the devoloping country in the world. We are the responsibility to make our India as developed country. Cashless economy is one of the most important thing for that. We should accept the changes made in the society and learn how to make use certain things. About cashless economy, there are also some disadvantages. Because it's harder for illiterates available in the society to use the facilities. And also many adavantages are there like transfering money in a place where we are, no need carry hot cash, safety will be more, reduction of black money etc.
(12)
Shahzaman Khair said:
5 years ago
First I would like to explain the merit of a cashless economy. There are lots of benefits in a cashless economy like we can transaction amount within a minute. We don't have to carry money with us. Reduce the risk of theft, We don't have to the problem of currency change. We don't need to stay in the queues of banks and ATM. One best thing is we have each and every transaction records.
If I talk about Demerit: Sometimes we can phase fraudulent, Server issues of Banks, delay of Transactions and one of the major drawbacks is poor and illiterate people don't know how to use this.
If I talk about Demerit: Sometimes we can phase fraudulent, Server issues of Banks, delay of Transactions and one of the major drawbacks is poor and illiterate people don't know how to use this.
(42)
Akhil sharma said:
7 years ago
Hello friends.
From my point of view, the cashless economy is a better gesture for India so we all should do the cashless transactions with this we are doing lots of fair things with our country too. As the cashless transactions will be the transparent mode of payment and it increases the range of taxpayers which helps the government in revenue generation we have another benefit also it reduces the fake currency and control on black currency. In Sweden, 99% population uses the cashless mode and now many other countries looking forward towards a cashless economy.
Thank you.
From my point of view, the cashless economy is a better gesture for India so we all should do the cashless transactions with this we are doing lots of fair things with our country too. As the cashless transactions will be the transparent mode of payment and it increases the range of taxpayers which helps the government in revenue generation we have another benefit also it reduces the fake currency and control on black currency. In Sweden, 99% population uses the cashless mode and now many other countries looking forward towards a cashless economy.
Thank you.
(14)
Abhijit patua said:
4 years ago
Hello everyone I'm Abhijit patua
Definition of cashless economy.
* Cashless economy means that online transaction Where the money will not be exchanged, like called that digital India.
Merits.
* It will take less time.
* There will be no paper cost for the notes.
* Any money can be paid in retail.
* Money is not likely to be wasted.
Demerit.
* Firstly Must be educated to exchange money.
* Always important network connection.
* Everyone needs to have an Android mobile which is not possible in reality.
* Eligible to rely on mobile and Internet connection at all times.
Definition of cashless economy.
* Cashless economy means that online transaction Where the money will not be exchanged, like called that digital India.
Merits.
* It will take less time.
* There will be no paper cost for the notes.
* Any money can be paid in retail.
* Money is not likely to be wasted.
Demerit.
* Firstly Must be educated to exchange money.
* Always important network connection.
* Everyone needs to have an Android mobile which is not possible in reality.
* Eligible to rely on mobile and Internet connection at all times.
(20)
Lopal said:
3 years ago
As we all know about two phases problem.
The first phase is about positives.
A cashless economy saves time, robbery, and pickpocketing.
Reduce paperwork.
Easy to handle.
Every store in one device.
It's helpful for to know past records.
It Reduces paper impact goes to saves trees.
The second phase is about Negatives.
Employment issue because when everyone uses one device on that note human use is less.
More electric use in digital payment.
When we use more internet is bad effects go on fly and other animals.
We know only 20% of birds are left as compared to before time.
The first phase is about positives.
A cashless economy saves time, robbery, and pickpocketing.
Reduce paperwork.
Easy to handle.
Every store in one device.
It's helpful for to know past records.
It Reduces paper impact goes to saves trees.
The second phase is about Negatives.
Employment issue because when everyone uses one device on that note human use is less.
More electric use in digital payment.
When we use more internet is bad effects go on fly and other animals.
We know only 20% of birds are left as compared to before time.
(33)
Shravan said:
4 years ago
Hi.
I am Shravan.
A cashless economy means there is no physical contact between the receiver and sender.
Merits:
It very uses full for government to monitor heavy transactions. And it helps to reduce corruption. It helps to reduce the paperwork. It saves time. Overall it is very safe who well educated about technology and operations in net banking.
Demerits:
In India technology developed only in metropolitan cities. Awareness about online frauds was not up to the mark. It is very tough to go for cashless payments who don't have a proper education in online payment.
I am Shravan.
A cashless economy means there is no physical contact between the receiver and sender.
Merits:
It very uses full for government to monitor heavy transactions. And it helps to reduce corruption. It helps to reduce the paperwork. It saves time. Overall it is very safe who well educated about technology and operations in net banking.
Demerits:
In India technology developed only in metropolitan cities. Awareness about online frauds was not up to the mark. It is very tough to go for cashless payments who don't have a proper education in online payment.
(19)
Imr said:
6 years ago
Hi, everyone.
CASHLESS ECONOMY.
Merits:
- No need to wait in bank lines.
- Machines never go for a lunch break.
- Time-saving.
- Various CASHBACK offers on online payment.
- It's easy to use.
- No fear of pocket cutters.
Demerits:
- Not all people get a salary in a bank account. So they need to deposit, it's time-consuming.
- There is possiblity of bank account hacking.
- An uneducated person can't use the cashless system.
- It needs a high-speed internet connection which is not possible all over the country.
- In remote area it's difficult to use cashless system.
CASHLESS ECONOMY.
Merits:
- No need to wait in bank lines.
- Machines never go for a lunch break.
- Time-saving.
- Various CASHBACK offers on online payment.
- It's easy to use.
- No fear of pocket cutters.
Demerits:
- Not all people get a salary in a bank account. So they need to deposit, it's time-consuming.
- There is possiblity of bank account hacking.
- An uneducated person can't use the cashless system.
- It needs a high-speed internet connection which is not possible all over the country.
- In remote area it's difficult to use cashless system.
(138)
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