Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 28 of 44.
Anand Kumar said:
5 years ago
Every situation has two sides Merits & Demerits. First of all, I want to say about Merits.
That is if we are handling cashless money means we can more safe from any kind of Roberry/Save time.
But sometime that will be a problem for us just like suppose we are paying money to others by using any other application/internet banking so at that time some technical issue it can be stopped. Just down of bank server. So at that time you unable to pay to others.
So, in my point of view, in this topic here some demerits are also there.
That is if we are handling cashless money means we can more safe from any kind of Roberry/Save time.
But sometime that will be a problem for us just like suppose we are paying money to others by using any other application/internet banking so at that time some technical issue it can be stopped. Just down of bank server. So at that time you unable to pay to others.
So, in my point of view, in this topic here some demerits are also there.
(21)
Kamlesh singh said:
7 years ago
Cashless economy is an essential part of our Indian economy now, because lots of transaction are occured online with the help of upi, internet banking and other apps.
Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.
These are some demerits of cashless economy.
1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.
Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.
These are some demerits of cashless economy.
1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.
(18)
Shailesh said:
7 years ago
Merits-
1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.
Demerits:
1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.
1. Every transaction can be recorded.
2. Money can be transferred anywhere in a click.
3. The individual will have details of every transaction.
4. Tax revenue will increase.
5. Corruption will reduce
6. Reduce human efforts i.e. individual don't need to go in a bank or ATM.
7. Electricity bill or other bills can be paid on time.
8. There is no chance of robbery.
Demerits:
1. People in rural areas are unaware of internet
2. The transaction can be hacked.
3. Most of the people from the rural area don't have bank accounts.
(67)
Rishabh said:
4 years ago
Hii everyone,
Talking about the first merits of a cashless economy.
1. It saves a lot of time for doing transactions as it takes few seconds to transfer money.
2. There is no paperwork to do, all records are digitally available.
3. Nowadays for doing banking we need minimum bank branch visits.
Now coming to demerits:
1. As the cashless economy is growing also online cyber fraud cases are increasing.
2. People living in rural areas or people who are less familiar with digital technology are more victims of such cyber frauds.
Talking about the first merits of a cashless economy.
1. It saves a lot of time for doing transactions as it takes few seconds to transfer money.
2. There is no paperwork to do, all records are digitally available.
3. Nowadays for doing banking we need minimum bank branch visits.
Now coming to demerits:
1. As the cashless economy is growing also online cyber fraud cases are increasing.
2. People living in rural areas or people who are less familiar with digital technology are more victims of such cyber frauds.
(21)
Vipin said:
5 years ago
Good morning friends, My name is Vipin Saroj.
I live at Pratapgarh in Uttar Pradesh. Let me start the discussion on the given topic MERIT AND DEMERIT OF CASHLESS ECONOMY. The cashless economy has more benefit. Like to protect corruption. With cashless, we can easily pay all the payment like bill, shopping and other things. But the cashless economy also has the demerit. The cyberattack is very dangerous for cashless. And it is not comfortable for everyone because some illiterate person does not understand the cashless economy.
I live at Pratapgarh in Uttar Pradesh. Let me start the discussion on the given topic MERIT AND DEMERIT OF CASHLESS ECONOMY. The cashless economy has more benefit. Like to protect corruption. With cashless, we can easily pay all the payment like bill, shopping and other things. But the cashless economy also has the demerit. The cyberattack is very dangerous for cashless. And it is not comfortable for everyone because some illiterate person does not understand the cashless economy.
(51)
Abhishek gupta said:
6 years ago
Digitalization is result of a cashless economy.
Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.
The government should also focus on security as hackers can steal money.
Cashless economy is great initiative by our Prime Minister. Cashless transactions help to reduce bribes in public sector, colleges as well in the private sector. We have every record of transaction which can be used in future. It saves timer as well as our effort, but country like India have very low literacy rate. The government should form a certain organisation to let every one aware of digitalisation.
The government should also focus on security as hackers can steal money.
(24)
Deepak said:
7 years ago
Good evening to all dear friends.
In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.
But there are demerits also.
Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.
And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.
In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.
But there are demerits also.
Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.
And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.
(14)
Raj Kiran said:
5 years ago
Merit :
Cashless Economy is very useful For Indian Economic because is Reduce the chance of black money. If all transactions Shall online Either big or small have Proper Record.
Demerit :
Now Many people haven't Smart phone and proper knowledge of the online transaction, the case of fraud call is increasing Day by day due to lack of proper knowledge. So At the moment Everything shouldn't Online.
Conclusion:
We support the Cashless System because it is very helpful for everybody and we should aware of its importance.
Cashless Economy is very useful For Indian Economic because is Reduce the chance of black money. If all transactions Shall online Either big or small have Proper Record.
Demerit :
Now Many people haven't Smart phone and proper knowledge of the online transaction, the case of fraud call is increasing Day by day due to lack of proper knowledge. So At the moment Everything shouldn't Online.
Conclusion:
We support the Cashless System because it is very helpful for everybody and we should aware of its importance.
(19)
Shivani said:
3 years ago
First of all, Hi everyone.
I would like to speak on the topic of the cashless economy.
The question arises what is the cashless economy?
It is a mode of payment without using paper cash since every coin has two faces.
The merits of a cashless economy are.
1. Less time-consuming when compared to the usage of cash.
2. The chances of theft and pickpocketing reduce widely.
3. If we observe the previous condition during the corona pandemic most of the apps even local shopkeepers switched to online mode of transaction.
I would like to speak on the topic of the cashless economy.
The question arises what is the cashless economy?
It is a mode of payment without using paper cash since every coin has two faces.
The merits of a cashless economy are.
1. Less time-consuming when compared to the usage of cash.
2. The chances of theft and pickpocketing reduce widely.
3. If we observe the previous condition during the corona pandemic most of the apps even local shopkeepers switched to online mode of transaction.
(115)
Ravikant kaushik said:
6 years ago
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.
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.
(13)
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