Merits and Demerits of Cashless Economy

Some of the impacts are;

Paper is saved.
More transparency.
Use of technology.
Security and risk factors are reduced.
Black money is reduced.

In my opinion, The Cashless economy is a great initiative, it will boost the economy of India. It will reduce corruption and also reduce the black money because it affects the direct taxes. Processes will get quicker and convenient but having said that the 2 hurdle we will have to face or so to say we are facing is.

1. Over 70 % of the population in India resides in the village, though most of them are aware with the internet and all they don't have awareness of transacting money through it, so anyway we need to make everyone aware with this.

2. The second thing which is very important one "cyber security". We need to make the system and processes better and more secure before suggesting anyone to use it.

Thank you.

According to my point of view.

Cashless economy is one of the sign for development.

Merits:

-> we can transfer money from any place to other places within a fraction of seconds. (no need to stand in a bank for hours in a queue).
-> it is easy to debit tax by the government. (It will increase the probability of tax payment).
-> people are losing much money in the form of change. (neglecting small thing will leads to the larger difference. ).
-> the cashless economy will reduce the usage of paper. (it saves the environment by not cutting the trees).

Demerits:

-> internet connection is mandatory to transfer money.
-> online transitions are the home for Hackers. If you are unrealisable. They will clean out your account. (don't save your card anywhere. & don't share your personal details to anyone).
-> uneducated people will face many problems.

Thank you, sir.

Without any doubt, the cashless economy is a wonderful concept. It checks the risk of theft of both life and property. Cashless directly or indirectly keeps us burden free. Here the transaction of the bigger amount can be done in a fraction of second but along with that as we know that everything in this world has both merit and demerits so this concept also has the both. The main demerit is that the stealing of important information and data security but although it can be checked by various measures.

Thank you.

From my point of view, the Cashless Economy is good for everyone in these days. We don't need to standup in que of bank for transaction. It will also reduce corruption. Like before in every government scheme, there are lot of scandal which came. People didn't get the money of government Scheme. By this every person can save his time. He can easily transfer their money through mobile. We don't need to go anywhere. Cashless Economy is increasing day by day in India.

For the success of cashless, We need to spread awareness regarding that in people. Cyber Security is also the main factor. Govt and private organization both need to improve Cyber Security.

At last, I would like to say, It is good for everyone. We need to welcome that step.

Merits:

* Nowadays everything is through the internet. We access the internet every day. It is also mandatory for our life.
* The only main advantage of this system we don't take money from one place to another place.
*theft also reduced when we transfer money from one to another account.
* in our country I think it is not possible because very few people having pure knowledge of this system.
*but this system will make our country from developing country to a developed country.
*don't require papers to print the money.
*our valuable time absolutely save when we using this system properly.
*we don't go for anywhere to pay the money.

Demerits:
# every fantastic system has demerits.
#uneducated people suffered a lot because they are even don't know how to access the internet.
#our government first provide equal education to all of us.
#then they proceed with this system.
#or our government will provide 100% security when we transfer money from one bank account to another bank account.
That's all.

The Cashless economy plays a making and India digital. As every coin pros and cons cashless has also two sides. Cashless economy helps to reduce corruption because of the digital transaction. It also helps in digital India. A cashless economy is more secure than bringing money with ourselves. In an emergency cashless transcation helps a lot. While traveling also it is more benficial because no one can our debit card. Because of that we don't have burden of stealing money. It also helps in GDP growth.

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.

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.

There is a lot of merits to the cashless economy like no hard/physical cash required. This means risk of theft, burn etc. Is minimized. Free from physical wallets, Save time and instantly money transfer from one person to another with full security.

On the other hand, Demerits like Uneducated persons are not aware about it's security reasons and frauds.

This means awareness is require to make our India digital. The whole world is going to digital. Let's take another step in this world changing revolution.

Thank you.