Merits and Demerits of Cashless Economy

Hi everyone.

On behalf of the topic cashless economy has more advantages compared to disadvantages.

Firstly we can discuss the advantages.

1. The main advantage is while shopping. We need not want to carry a huge amount.
You can do the online payment by paytm or google pay etc.

2. Next, you can do more work in less time or on the spot.

3. You can make the online transaction for urgent purposes.

That is you need not go to preferred atm or bank.

Hi everyone.

You know what does cashless economy means that without cash you do your transaction online. When there is an introduction of an innovative idea, the idea has merits and demerits. If we eradicate that demerits and convert that demerit into merit, it will be a game changer in the economy. There is so many advantages in a cashless economy, firstly we discuss that:

-We do more work in less time by going through an online payment method that we don't go to the bank and ATM.

-In sitting home, we can make the shopping, send the money to another bank account etc.

-In previous days, then go to shopping we take more cash to do shopping but now in the era of the cashless economy, there is no need to take that huge money if you have online payment method like google pay, paytm etc.

-Through this, those who are not paying the tax, they definitely pay the tax as there is no offline mode cash, it is only through online mode.

-It will solve the problem 'Black Money'.

-As we do our transaction online, there is no need for printing the money and transporting, so we save money.

The demerits are:

-We are not well known about the security of money in an online transaction.

-Only the educated people are doing as of fear of irresponsible transaction of money in uneducated people.

There are merits and demerits but this is idea is a very innovative idea that would be a game changer in the case of our economy. My opinion is that we support cashless transaction so that we can easily in less time do our transaction. If we teach the people those who are not well known especially rural people. If we teaching them accordingly, they can also use that like they use Facebook, WhatsApp etc.

Merits:

1. Cashless economy is not consume so much time so within the fraction of second we can transfer the money to anyone through UPI transaction so we don't have to stand in a long que of bank for withdrawal of money.

2. A most important benefit is that the transparency between the two parties is important so by the cashless economy the transparency is 100 per cent.

3. There is never a fear of money stolen.

4. The use of paper will be reduced.

Demerits:

1. Only useful to those who have a Android mobile or laptop or computer.
2. There is fear of hacking.
3. Illiterate people don't know how to use.

At last, I want to say that the right now our country is considered as a developing country and the cashless economy is one of the step to make our country from developing to a developed country. And for demerits, there also have a solution for hacking cybersecurity is there and by providing proper training to illiterate people after training they can also capable to use Android mobile. So, at last, we have to go for a cashless economy because to change our self and our system with the time it is nature. It doesn't change our system then we will be considered as old lack of technology even though we have technologies.

Good morning one and all who are participating here. I am glad that I have got an opportunity to say something on this topic which play an important role in developing of any country and we know that our country still is developing so we people must know about it. First, the question comes in our mind that what is the cashless economy? the main objective of this cashless economy is to curb black money and eliminate the circulation of fake currency in India economy and all financial transaction are executed electronically rather than using banknotes. And this initiative is taken by our honourable prime minister Narendra Modi on 8th May 2016. Demonetisation is also another factor which helps to reduce corruption in India.

Here are merit and demerit of its:

Merits:

1. Electronic payment help businessman to boost their customer.

2. Making online payment is handy and it will lead to a slim wallet. We do not need to carry cash.

3. As we know a majority of election funding is done through cash for advertisement etc but if payment is mandatory through online then it is impossible for political parties to spend black money.

4. It makes a true picture of democracy.

5. Through online payment one can see their transaction at any time anywhere there is no restriction.

Demerits:

1. For online transaction, everyone should be educated but in urban areas, there is no proper facility for education. They do not know how to use it so it is very difficult for them.

2. The second thing is people should aware of hackers and cyber theft otherwise anyone can be robbed anywhere.

3. There are still some places where cash is allowed. The reason behind is no proper facility of electricity, internet.

Good morning to one & all.

Today our group discussion topic is "Merits & demerits of cashless economy". We all know about the concept of cashless economy but I don't know why we won't follow that procedure. Although it is very simple and easy to use. Especially in our country we plan to make innovative ideas but we won't follow them that is the main drawback.

Merits are:

*We can pay our bills at any time from anywhere with complete security.
*No need to withdraw our money from any bank or ATM.
*No chance of money stolen or robbery.
*We can save a lot of time by sitting in the same place.
*The main advantage is we can pay or get each and every rupee so that no money will be wasted.

Demerits are:

*There will not be any disadvantages if we take some safety measures while doing payment through online.
*Of course there may be a chance of getting hacked from the website or from the anonymous people so we should not share our personal data to anybody.
*If anyone is performing online payment for the first time please take some precautions from an experienced one.
*While doing online payment please check that perticular website is authorised or not.

Hi everyone,

We all know about the cashless economy but I want to ping to in our country most of the people lives in the village and they don't know how to use it? So first, we need to educate them about the cashless economy.

So, I want to share some merits and demerits.

Merits:

1. In a cashless economy, the transactions are transparent so chances of corruption will decrease.
2. Easy to the transaction or transfer the money and time-saving process and also safe.
3. Don't need to state in question in front of ATM or bank for the cash.
4. It is safe for the Thief, sometimes we heard the Thief stole the bag that has much cash.

Demerits:

1. It depends on electronic gadgets that help for the transactions if gadgets are discharged at that time you think you have nothing.
2. Chances of hacking devices.

The Cashless economy is the most powerful weapon in the against of corruption, deforestation and illiterate person etc. Having been used cashless economy the corruption may be overcome by which the cash will be a running condition. Everyone can easily take the money and save our economy in a decimal nothing to be intermediate corrupt person, it will help to save our economy, time, physical labour and life (with the help of deforestation). It will also help the people save the life of the environment and help a person to skill development by which our country GDP will be increased. Now we conclude that cashless economy will play a predominant role in the growth of the economy in our country but due to some technical issue and somewhat rural areas are play less useful.

I believe the cashless economy has both merits and demerits. First, coming to merits,

1. Cashless economy is risk-free. Anyone can steal your physical money. With the advent of a cashless economy, even if someone steals your credit/debit card, you can block the card and your money is safe.

2. If everything is cashless, there is no need to print physical money.

3. Tax payment can't be skipped. With the advancement of technology, especially with data analytics, the Government can have an authentic database of transactions done by citizens. If every transaction is cashless, there is no chance to skip tax payment, subsequently reducing the black money.

4. With just a click, you can transfer funds. It saves time and we longer need to wait in long question.

Demerits.

1. 74% is the literacy rate of India. It means 74 among 100 can read and write. Digital literacy is even lesser in India. Before introducing a cashless economy, the government should teach the people how to go cashless through campaigns.

2. Internet connectivity is poor in rural areas. We live in a nation where 60% area is rural. It is important to improve the connectivity prior to going cashless.

3. Not everyone can afford an android. Even though 84 out of 100 in India have mobile phones, the government should provide subsidies for androids.

4. People in India are connected to the usage of physical money. Initially, there can be set back and people may reject the idea of cashless economy.

There are both merit and demerit found in cashless economy. Anyone, can't take money with everywhere and can't send or receive money from any other but by the help of cashless economy, it took a few minutes to resolve the problem but in various case it is harmful to mankind due to increase in the cashless transaction also increase in cybercrime. Instantly he removed money from our bank account so it is also advantage and disadvantage for us.

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.