Merits and Demerits of Cashless Economy

Merit :

Cashless economy is very useful during this lockdown situation.
It's very help full to avoid cobid 19.
Low corruption.
Low risk to thief.

Demerits :

It's required internet connection so it's not possible in all area and village.
High risk by hacking our data.
Required high security by banking application.

Cashless economy is the major and important topic in today's era. As it is really beneficial for all of us to discuss it.

It has many merits and demerits.

- As during the pandemic time, it really helpful as the exchange of currency notes can also increase the risk of disease transfer.

- Cashless also helps the easy transfer of money from one place to another.

It has lots of merits but has demerits also.

As it requires proper knowledge of using technology, as it is difficult for poor or illiterate people to use. Even in the remote areas, it is difficult to use due to improper internet connection and also leads to an increase in digital crime rate.

Hi everyone.

I am Sanjeet I belong to Alwar(Rajasthan)


Today our topic the cashless economy
Let's discuss it.
Every coin have two sides as the cashless economy has two sides
First, we discuss it advantages

Advantages-
Cashless economy is very helpful for us we save them time and energy by this. This economy is provided us with many facilities.
We can online payment easily with sitting one place there is no risks.
We can pay the electricity bill, water bill and other bills.
We can pay online payment it's saved our time and time is very important for us.

Disadvantages-
The cashless economy has some disadvantages with have advantages.
Cashless economy is not successful in the rural area or network problems areas.
This technology is not used by illiterate persons.
Today the thieves hack our bank account and steal the money so this technique is not profitable Completely.
Thanks.

My views on cashless.

In my opinion, a cashless economy is the best option for a developing country. There is less chance of stealing money from the wallet. There is no need to carry money all the time we can use online transaction for payment.

In 2014 online transaction is introducing to the nation. According to the reverse bank of India between 2014 to 2017 online transaction has been done 2000 crore. Rbi also issues the guidelines for the online transaction like do not share your pin with anyone. The cashless economy also restricted corruption and fraud but there are many demerits of the cashless economy like.

Cybercrime is one of the biggest crime problems in a cashless economy many hackers are trying to steal your money if you don't follow the guidelines according to reports some people trying to show fraud transaction to the retailer.

Hi everyone.

In my view, cashless economy is a most worthly thing today.

Merits of it include:

- accurate measurement of money in terms of huge amount to being measured. It helps many of us who forgets money at home when we go outside or even if we don't have money in our pocket but in our bank accounts, the cashless way will help us by the available amount in our hands at any time & anywhere. It also protects us from thieves from stealing money as it is riskier because there might be fighting between us and thieves just because of money.

A cashless economy helps the government by giving a calculation of each rupee and avoids the storage of money as like black money which avoids any malpractice related to money.

As a coin has two sides, this concept also has demerits:

Detailed information must be needed to one who has to do cashless or online mode money transaction.

One wrong key will get someone in huge loss Of money.

Deep care must be taken in order to do online transaction i.e. beneficiaries whole information is required.

Password or OTP for this process must be kept secure otherwise it may lead to loss of money.

Sometimes network issue arises in rural areas as it leads to going transactions in pending mode and we have to wait for it to clear the same.

The allover cashless economy will best initiative, troubleless effortless, but with some precautions.

Hi Everyone,

Merits:
* Lossing of money is less.
* No need to carry much amount of money.
* Easy transaction anywhere and any time.

Demerits :
* Known people only will use.
* Sometimes occurs errors in transactions.
* Be careful while using, hackers will hack accounts.

Hello everyone, there are also more advantages have: if people get an online salary then they get a salary slip, it helps to take a loan through show salary slip.

And also if people continuously buy a product through EMI their CIBIL will get good then they can easily be bought loans.

Merits:

* Track records.
* Reduction of corruption.
* Easily transfer money to anyone at any location.
* Save trees.

Demerits:
* More fraud.
* Illiterate people cannot understand the system.
* If there is any malfunction in the bank server cannot do the transaction.

I would like to add my point that Cashless economy means we can say digital economy which is trackable. It helped us to reduce one of the most dangerous disease "corruption".

It reduces the use of paper, it promotes us to make a payment by digital system which is much more comfortable and easy.

As per my knowledge, merits of the cashless economy is more beneficial over its demerits, like you can pay anyone to anywhere, it reduces theft, our country gets digitalise in way of using different apps like tej, phone pay, paytm and many more advantage of cashless economy.