Merits and Demerits of Cashless Economy

Hi friends,

Good morning everyone,

Today's our topic for group discussion is 'merits and demerits of the cashless economy'.

So, I'm with the cashless economy, almost all things have its appropriate merits and demerits so it doesn't mean that to avoid or limit the use. We are the part of our country, there are lots of demerits but if cashless economy helps to boost our countries economy then it's our responsibility that to over come on it.

In my opinion, India is one of the devoloping country in the world. We are the responsibility to make our India as developed country. Cashless economy is one of the most important thing for that. We should accept the changes made in the society and learn how to make use certain things. About cashless economy, there are also some disadvantages. Because it's harder for illiterates available in the society to use the facilities. And also many adavantages are there like transfering money in a place where we are, no need carry hot cash, safety will be more, reduction of black money etc.

The Cashless economy is a blessing in disguise for any developing country which wants to develop because it directly benefits the beneficiary without involving any third party. In a country like India where the corruption has imposed its roots from past generation because of which poor people have become poorer and hence this inequality gap has widened, cashless transaction is a 'must' thing to adopt.

In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

In the cash economy, people have to spend there a lot of time. Sometimes people did not have cash in their pocket at the time of billing. So cashless economy is a good choice for eliminating these problems.

Merits:

Less time required.
Indirect your money is safe because someone can snatch your money.
Saving paper.
Easy to proceed.

Demerits:

Low internet speed.
If transaction declined difficult to refund.
Chance of hacking.

Well, 1st of all, the cashless economy means all legal transactions are to be done without physical money, so when we will adopt this system, there are following merits:

* It is the fastest way of transaction.
* No need to carry physical money with you now, so no more cases of theft, loss of money etc.
* Can do transactions even on holidays, which is something that shouldn't possible without a cashless economy.
* Can reduce the corruption, by some margin, as in some important transactions, the Money will be transferred into the bank account.

Demerits:

* 1st of all it is new system altogether so, as you know not all people have the same mindset, so it will take time to accept this system.
* This is will be easy to understand for the educated people.
*Uneducated people might be called it weird.
To conclude, I would say it is more beneficial to our country.

Everything has two sides. So as the topic which we are discussing "THE CASHLESS ECONOMY" it has also its pros and cons. So I am just giving some of my points.

PROS:

1. It will boost the digital transactions including debit card/credit card, ATM transfers, UPI, or any type of transfers which helps in reducing corruption.

2. Digital transactions helps getting the tax system transparent more tax revenue can be generated.

3. It helps in reducing the cost incurred on printing the paper notes. (The very high amount is spent on producing currency notes.

4. Cashless economy reduces the terrorist funding.

CONS:

1. Illiteracy level is slightly high in India which restricts the effective use of this.

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.

Merits:

1. Cashless economy is not consume so much time so within the fraction of second we can transfer the money to anyone through UPI transaction so we don't have to stand in a long que of bank for withdrawal of money.

2. A most important benefit is that the transparency between the two parties is important so by the cashless economy the transparency is 100 per cent.

3. There is never a fear of money stolen.

4. The use of paper will be reduced.

Demerits:

1. Only useful to those who have a Android mobile or laptop or computer.
2. There is fear of hacking.
3. Illiterate people don't know how to use.

At last, I want to say that the right now our country is considered as a developing country and the cashless economy is one of the step to make our country from developing to a developed country. And for demerits, there also have a solution for hacking cybersecurity is there and by providing proper training to illiterate people after training they can also capable to use Android mobile. So, at last, we have to go for a cashless economy because to change our self and our system with the time it is nature. It doesn't change our system then we will be considered as old lack of technology even though we have technologies.

Hi everyone, I am Manish Nagore according to me we have lot of benefits merits cashless economy. I would like to say that devlopment is necessary for us. If I talk about the cashless economy it's very easier faster as well we all know that when we pay money via paytm, phone pe, google pay these kinds of application so we get cashback also. Another point I would like to add account to account transfer payment very easy. Why I am saying that most of the time it happens we stuck any emergency then we don't have cash. That time someone easily helps with sending the money. It's very useful for as.

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.