Merits and Demerits of Cashless Economy

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.

Hi everyone,

In my opinion, the cashless economy is in comparison to cash eco. Has many benefits and advantages.

There was a time when we use to deal with every financial activity with cash only whether it was purchasing property, vehicle or any other commercial transactions and no doubt there were problems in doing so.

Problems such as long queues in banks, shops, corruption due to no transactional record, delay in work etc.

Upcoming decades after 2040 will have a cashless economy, this will save time along with paper and inks that we use now for printing notes.

In my opinion, the merits of the cashless economy are we don't need to carry cash all the time. We can easily transfer money to anywhere in the world also there is no fear of losing money it reduces the chances of theft and stolen of money it also raises the economic standard of the country as more people are aware of internet and technology also transactions are much faster and secure but demerits are only educated people can benefit from this because people living in rural areas are not aware of the online transactions, digital payment methods and technology.

Hello everyone.

So here I got an opportunity to give my points regarding the cashless economy,

I would like to add merits to the topic as this will help the country:

The cashless economy will bring out the fear of theft and dangerous incident to life eg. Robarrey etc.

*Clear and easy payments with the benefits of cashback and other coupons.
*Proper records of payments can be possible.
*Chances of corruption get reduced.
*Distance payment can be done easily.
*No harm to currency,
*Fast way of payment,
*Trustable except in case of hacking or server error.

Merits:

1.There is transparency in transactions.
2.There is no black money.
3.Recorded data is available.
4.No cost for printing and storage of cash.
5.There is no destruction of print currency notes.
6.faster economy.

Demerits:

1. It depends upon technical infrastructure.
2. Always need for internet connection.
3. Very hard for places that are less connective.
4. Rely on networks every time.
5. There is a chance of lose data in cashless economy.
6. Higher security is required in cyberspace.
7. Literacy and education should be 100% required.

I think merits of cashless economy is that we don't have to keep cash with us which will reduce chances of robbery, we can do transaction easily with a proper record of the payment, it will help to reduce corruption, if we have to transfer money to other countries then it is also easy, because of cashless economy people have to open a bank account which will be beneficial for them.

The demerits of cashless economy is chances are there that bank account can be hacked which is risky, and some people might not understand how to use the online money transfer.

I first go with merits, In olden days, if we go outside means we want to take more money and now it is changed that if mobile is where we can use the apps and we can pay the bills without taking any hard cash.

Another thing nobody wants to wait in front of ATM's for taking Money and paying any bills.

Demerits, Due to that, if the people don't have phone or cards and if they don't know how to use the mobile in a rural area that people will face lot of problems so giving knowledge to the people's who are staying in rural areas and overcome the problem.

Cashless Economy is a good idea but to implement this we should a well security. The merit of cashless economy is that transaction can be done very fast and the amount of papers used for creating Cash can be reduced. And no one store their Black money. The Demerit is that not only the educated peoples are living here. There are some uneducated peoples for them handling these things Is quite risky. Some people may take advantage of this and if there is no well security given the cash can be hacked even the richest person can become poor in seconds.

All things have merits demerits if I consider with demerits so as will all know that our INDIA economy based on the agriculture so it is very difficult for any farmer to enjoy the cashless INDIA because they are dealing with such a poor person "those people do not have any bank account ". So it is very difficult to grow this because we cannot change the economical tract, . And along with that, there are chances of hacking.

The merits is that there is a less chances of hiding the black money &and the person always give tax to the govt anyhow.

In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

In the cash economy, people have to spend there a lot of time. Sometimes people did not have cash in their pocket at the time of billing. So cashless economy is a good choice for eliminating these problems.

Merits:

Less time required.
Indirect your money is safe because someone can snatch your money.
Saving paper.
Easy to proceed.

Demerits:

Low internet speed.
If transaction declined difficult to refund.
Chance of hacking.