Merits and Demerits of Cashless Economy

I think the cashless economic system is very good for big business there no recurred cash for transforing money or storing.

This approach also helps a general people in their daily life.

It's safe over money from robbery but not safe to server hacking.

In my point of view, the cashless economy is very good. Because to keep the money in a safe way. To reduce the stolen of money some other people. And easy to transact the money where every we want in the emergency situation. So need to stand in a bank line.

After GST, today we all using online transaction so if we talk about online business then after GST we all know that it very affected our business because of increasing price. So, I don't think that these online payment modes give us a positive effected, I am the CEO of jingo holidays travel agency so I am just sharing my bad experience. Thanks.

As per my knowledge, the cashless economy is beneficial for developing our country. And free from carries and pocket cutters while you are travelling. And demerits is that the uneducated person faces problem in the cashless system and probability of hacking also.

A cashless economy is good because you have not to carries money in the wallet and not to fear lost of it.

Hi, everyone.

CASHLESS ECONOMY.

Merits:

- No need to wait in bank lines.
- Machines never go for a lunch break.
- Time-saving.
- Various CASHBACK offers on online payment.
- It's easy to use.
- No fear of pocket cutters.

Demerits:

- Not all people get a salary in a bank account. So they need to deposit, it's time-consuming.
- There is possiblity of bank account hacking.
- An uneducated person can't use the cashless system.
- It needs a high-speed internet connection which is not possible all over the country.
- In remote area it's difficult to use cashless system.

Cashless economy is the best economy. People don't have standing in a line like bank etc. And they are working fast and reduced fear of theft.

Demerits like undeveloped villages, Illiterate people.

Good evening everyone.

As we know that situation, more specifically of we take the example of a coin, it has two parts - head and tail, likewise every situation has two phases.

So moving towards the topic:

The advantages of the cashless economy are that nowadays the people who know how to use it can pay, can transfer money from one bank account to another as this service is valid 24 * 7 by there UPI accounts. There are various apps introduced like paytm, Google pay, pay pal which help us to pay from sitting in the home and is helpful outside our premises too like if we went out and we don't have cash with us and any of these facilities are provided then we can pay easily and its totally safe, we can even have the list of our future, past, present transactions and mainly we don't have to go to the banks and stand in a queue for a transactions. Now moving towards the demerits - these above-mentioned advantages are only possible if a person is techno-friendly like in rural area many people don't know how to use a mobile phone basically it refers to our past generations who are not so much open towards these technologies so cashless economy here is a failure and its useless in the area where people have no income source or where they can't afford a mobile phone.

Good Morning to all.

Many demerits are there regarding the cashless economy mainly cybercrime. Today as the level of security increases within this the criminal mind is also improving by hacking or by knowing pin, codes etc the many from an account can be transferred to the desired account.

Good morning all.

A cashless economy is powerful and easy transactions.
Time-saving.
Easy process.
Urgent processing useful to the people.
No weight.

Demerits.

Not secured.
No hopeful.