Merits and Demerits of Cashless Economy

Good evening to all dear friends.

In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.

But there are demerits also.

Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.

And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.

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.

Cashless money is a good concept, it has more advantages as well as disadvantages:

Advantages:

It's a self-banking process.
Self-banking process means money cannot hack by any person.
People can easily access any part of the world.
It can pay only by a card.
We can purchase things through the card.
This process will reduce the people of holding cash.
It will increase the growth of the economy.
It will benefit the peoples those who are living in village areas.
Less time for all the payments and transactions.
For eg:-fees, bills, online shopping. Etc.

Disadvantages:

Urban peoples can't easily make money by their knowledge (they should have some practice for proper usage).
This system should have proper internet facilities.
Risk has involved in this process for hackers.
Without knowing of account no the money will block.

The cashless economy is the uses of internet to transfer money, payment etc its a very fast way of transfer money or doing payment without being theft and fraud and it save a lot of time as we stand in queue for bank and atm transaction.

But everything has some demerits.
- need skiil to transfer.
- need internet.
- need smartphone.

Cashless economy is one of the better solutions for finding the black money, by using cashless economy no one need to carry a lot of money with them, atm cards will be we sufficient or even we can pay through online transactions by using Android apps such as phonepe and paytm, etc. At the same time we can't give any guarantee that data of a particular person will be secure, authentication of android apps which are useful for transactions must increase.

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.

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.

Good afternoon everyone,

I am aggreeing with the fact that cashless economy has large number of benefits. As it reduces the chances of robbery and people is not required to carry money in their pockets, Saving of paper which is required in printing of currency notes, increase transparency in transaction which reduces the black money transactions. Since there are large number of benefits but there are some disadvantages also like online frauds are increasing day by day, in our country most of the people belongs from agriculture background where they are not much aware about the online facilities and activities.

So as every situation has some pros and cons, then in a cashless economy also there are some pros and cons.

But if create awareness among people for the cashless economy then I will be helpful for the development of our country.

Thank you.

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.

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.