Merits and Demerits of Cashless Economy

Merits:

1. There are many benefits of a cashless economy. I will talk in favor of it. The importance of cashless transactions has grown from the demonetization phase. Nowadays, people preferred cashless transactions because there can be an announcement at any time that after 12'O clock certain notes will be banned.

2. In Cashless transactions you don't have to go anywhere you can make payments even from your home at any time. It saves time. Cashless transactions are faster.

3. The cashless economy will reduce corruption. Every transaction would be on record so this will make any process transparent and smoother.

4. With the cashless economy, people will open more bank accounts as it is needed for doing cashless transactions. So it is beneficial for the country's economy.

Demerits:

1. People in a rural area or older people don't have knowledge of doing cashless transactions.

2. There are chances of hacking or fraud by asking OTP through fake calls.

The cashless economy needs the internet. Without the internet, the cashless economy is failing.

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.

Merits of the cashless economy:

The first thing is India will have developed with the cashless economy. The money will be safe with us no one can able to steal from us. If the money will be in pending also they may be refunded to the sender account else reviver account but the money is safe. We no need to write anything about transactions in a book because it will store all the data of transactions. At last, we can't able to delete the data of transactions.

Demerits of cashless economy:

The main thing is with the cashless economy the chances of black money will increase. In some cases the money may be in pending due to the busy service then it takes some duration of 2 to 5 days of bank working days. In India many people are uneducated so they didn't know about the online money transaction. There are so fake apps in transactions.

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.

The merit of cashless economy people can keep it safe. As cash is known as form of trust. Its good for shopping and we can know the updated information. If we go from home if we have forgotten to take it we can send money from our mobile itself.

Once cash will become imaginary then it will be easy to handle it. Example for that if a man does lacks of rupees transaction, then keeping this money as hard cash will be more dangerous. Instead of this transaction through account leads to more safety for Cash.

Since coin has 2 faces, at the other hand, if any server not maintained correctly then it would be easy hunt for cyber-criminals. That's it. Thank you for reading this.

In my opinion the whole concept of e-commerce is a very advancing field. Green platform for transactions. People were busy investing their time and money on commercial trading platforms purchasing their requirement when the cashless economy soon became a major roll out for every individual with smartphones in their hand. Since the advancement of e payments money is more transparent. It has saved a lot of time from ATM queues, the collecting re1 toffee which shopkeepers give us in return for coins.

This is quiet a lot of saving which we may not realize in our day to day chores. Whether we have cash in our hands or not its not like we cannot purchase stuff. From buying fruits from a fruit vendor to shopping in malls we are positively advancing in terms of mode of payments. Everybody is switching e payments because its easy to handle. Like everything we know this has its own demerits as well. Expenses have increased comparing to what it was when we use to trade in cash. Every transaction is under scrutiny. Not functional if the internet connectivity is hampered. Thus this facility is still not accessible to certain section of society.

Thank you.

Hello everyone.

I would like to explain about demerits of online transaction, now a days the online transaction is a very common mode of transaction that everyone having phone pay, google pay, Paytm etc and they are very safe and secured to use, but that apps need internet connection, and in somewhere it is unsecure because, now a days the hackers what they are doing means, they will send a common link through that they access your phone, and they will get all the permission needed to hack the apps through that they hack account and all information, people easily come under their intension, and another one is the uneducated people like former's, worker's they don't know how to operate it, because of that India still in the initial stage of cashless India.

Thank you.

It is obviously difficult to implement the cashless economy in a country like India where there is a large number of uneducated crowd and then it is hard to make transactions via e-payment when an internet connection is hampered.

Merits - First I want to tell you all the merits of the cashless economy through a cashless economy everyone can save their time as well as the efficiency of their work. Paperwork will reduce its means of tree will safe.

Demerits - All the people are not aware of this so if the cashless economy increase, so it is a chance that the people who have money in from cash can be struggled, especially in rural areas.