Merits and Demerits of Cashless Economy
Points to remember before you participate in this discussion:
- Assume you are one of the members of a real group discussion.
- Take the initiative to participate and contribute your thoughts.
- Contribute your positive thoughts towards providing the solution.
- Post your thoughts here.
Discussion:
434 comments Page 27 of 44.
Pallavi Rajput said:
6 years ago
Cashless Economy means using digital currency in our life especially day to day life. The cashless economy moves our economy in the growing phase. Everything has pron and cons. So here are some merits and demerits of cashless economy-.
Merits:
* Reducing the problem of cash.
* Saving trees because it reduces paper use.
* Saving time.
* Easy to use whenever people feels its requirements.
* Transparency.
* Cashback offer increases excitement among people.
Demerits:
* Illiterate and poor people finds difficulty to use.
* Need internet access.
Merits:
* Reducing the problem of cash.
* Saving trees because it reduces paper use.
* Saving time.
* Easy to use whenever people feels its requirements.
* Transparency.
* Cashback offer increases excitement among people.
Demerits:
* Illiterate and poor people finds difficulty to use.
* Need internet access.
(28)
Bhim said:
7 years ago
Merits of Cashless Economy are as follows:
1) People can easily access from anywhere in the country.
2) Reduce the corruption by the digital payment system.
3) Increase the economic growth of the country.
4) Innovations in the technologies and services.
Demerits of Cashless Economy are:
1) No proper knowledge about the digital payments and transactions.
2) Not aware to the rural people living in the villages.
3) No positive effect to the people who live in the places where no facilities of internet i.e, Villages.
4) High risk of hacking.
1) People can easily access from anywhere in the country.
2) Reduce the corruption by the digital payment system.
3) Increase the economic growth of the country.
4) Innovations in the technologies and services.
Demerits of Cashless Economy are:
1) No proper knowledge about the digital payments and transactions.
2) Not aware to the rural people living in the villages.
3) No positive effect to the people who live in the places where no facilities of internet i.e, Villages.
4) High risk of hacking.
(23)
Sumeet singh said:
7 years ago
Hi everyone.
The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.
But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.
Because it's better to do something for a change.
The topic is about merit and demerits of cashless economy. It's facts that merit is far enough than demerits of cashless economy. But most of my fellow guys said that a major disadvantage of the cashless economy is that people who are illiterate and awareness.
But in my view, if we are not giving them chance to change then they will always be unaware of cashless economy. So supporting cashless economy is a chance that we are giving people to change and move toward technology.
Because it's better to do something for a change.
(19)
Ajit prajapati said:
6 years ago
Hi friends.
I am Ajit Prajapati.
Our topic is merit and demerits of cashless economy.
There are many advantages of cashless economy-.
By this can carry every time a huge amount of money every time via mobile.
It's easy to use and withdraw at any time anywhere.
It is pleasurable by storment of various collective security measures.
It's easy to access by others too with full security, means if want to send money to the second party it is possible shortly you don't have to need to go bank other than it reflects our easy and smart work.
I am Ajit Prajapati.
Our topic is merit and demerits of cashless economy.
There are many advantages of cashless economy-.
By this can carry every time a huge amount of money every time via mobile.
It's easy to use and withdraw at any time anywhere.
It is pleasurable by storment of various collective security measures.
It's easy to access by others too with full security, means if want to send money to the second party it is possible shortly you don't have to need to go bank other than it reflects our easy and smart work.
(12)
Aayushi Singhai said:
5 years ago
Cashless economy boosted by Demonetization.
Merits:
*Cost Reduction.
Reducing cost of printing of cash.
Reducing cost of storing of cash.
Reducing cost of transportation of cash.
*Risk reduction.
*Efficient and convenient.
*Increased transparency.
On the surface, cashlessness seems benign, but when you reflect on it, the insidious racism that underlies a cashless business model becomes clear.
Demerits:
*The major drawback of cashless economy is cybersecurity
*Lack of education.
*Hacking.
*Online banking fraud.
*Internet connectivity.
Merits:
*Cost Reduction.
Reducing cost of printing of cash.
Reducing cost of storing of cash.
Reducing cost of transportation of cash.
*Risk reduction.
*Efficient and convenient.
*Increased transparency.
On the surface, cashlessness seems benign, but when you reflect on it, the insidious racism that underlies a cashless business model becomes clear.
Demerits:
*The major drawback of cashless economy is cybersecurity
*Lack of education.
*Hacking.
*Online banking fraud.
*Internet connectivity.
(30)
Lalatendu Nayak said:
5 years ago
Hi everyone my name is Lalatendu Nayak.
This topic is very much important nowadays.
Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.
Demerits:
Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.
This topic is very much important nowadays.
Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.
Demerits:
Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.
(3)
Sanya Kasaudhan said:
6 years ago
Merits:
* Avoids cutting down of trees hence preserves deforestation.
* People don't need to stand in a queue and wait as time is crucial for every person.
*Transaction time is less.
*No biasing, transparency in the transaction.
*No physical presence is needed.
*Transaction can be seen online no need of paper.
*No need to carry a huge amount of money every time.
*Corruption can be reduced.
*Theft is reduced.
Demerits:
*Rural people may not be able to use cashless memory.
*Network problem can arise.
*Refunding money can be difficult.
* Avoids cutting down of trees hence preserves deforestation.
* People don't need to stand in a queue and wait as time is crucial for every person.
*Transaction time is less.
*No biasing, transparency in the transaction.
*No physical presence is needed.
*Transaction can be seen online no need of paper.
*No need to carry a huge amount of money every time.
*Corruption can be reduced.
*Theft is reduced.
Demerits:
*Rural people may not be able to use cashless memory.
*Network problem can arise.
*Refunding money can be difficult.
(60)
Rishav said:
5 years ago
In my opinion, the cashless economy is beneficial for India and any other country. We can do transaction just in one click. It saves us time. In the modern age, no one wants hard work but all want smart work. But we know every coin has two faces so it's demerits also exist. It is not useful for illiterate people. By increasing education cashless economy grow. So the government should increase education for a successful cashless economy. In a cashless economy, there is less fear of theft. But sometimes hackers are successful in hacking.
(4)
Nikhil krishna kumar said:
1 year ago
Good evening everyone.
I am Nikhil Krishna Kumar.
Firstly,
Thanks for giving me this opportunity and today's topic is cashless economy.
Firstly, we want to understand what is a cashless economy it means there is no physical transaction of money and the money is transferred directly from one bank account to another bank account by using a digital payment method.
Advantages of the cashless economy.
1. Fast and secure transaction of money.
2. Reduce paper consumption.
3 it will reduce theft.
4 it reduces corruption and black money.
I am Nikhil Krishna Kumar.
Firstly,
Thanks for giving me this opportunity and today's topic is cashless economy.
Firstly, we want to understand what is a cashless economy it means there is no physical transaction of money and the money is transferred directly from one bank account to another bank account by using a digital payment method.
Advantages of the cashless economy.
1. Fast and secure transaction of money.
2. Reduce paper consumption.
3 it will reduce theft.
4 it reduces corruption and black money.
(34)
Devansh said:
6 years ago
In my view, Cashless economy will be a great solution for many things.
1) for making notes paper is required which in turns causes the trees and green wealth reducing day by day. So digital money will, in turn, provide us the afforestation.
2) There are many people who make fake notes. On the digital state of the transaction, this problem can be solved.
3) Corruption will be almost eliminated because the banks and other agencies can keep an eye on all digital users.
4) When not corruption, we can have the fastest deploying nation.
1) for making notes paper is required which in turns causes the trees and green wealth reducing day by day. So digital money will, in turn, provide us the afforestation.
2) There are many people who make fake notes. On the digital state of the transaction, this problem can be solved.
3) Corruption will be almost eliminated because the banks and other agencies can keep an eye on all digital users.
4) When not corruption, we can have the fastest deploying nation.
(42)
Post your thoughts here:
Quick links
Quantitative Aptitude
Verbal (English)
Reasoning
Programming
Interview
Placement Papers