Merits and Demerits of Cashless Economy

The cashless economy better says it as digital Economy As we already know every coin has two faces.

So, this also has merits and demerits.

Merits :
1. Easy transfer of money from one corner of the country to other.
2. Reduces corruption.
3. Reduces cash robbery.
4. Saves trees as no use of paper.

Demerits:

1. Very difficult to understand for uneducated people.
2. Problem for network less prone areas.
3. Chances of a cyber attack on the account.
4. Bank server issues.

Hi everyone'.

I am very grateful to share my opinion about cashless economy. Cashless economy means doing transaction without using paper means having no cash. So, here the merits and demerits of cashless economy are:.

Merits:
1. Cashless economy is very beneficial as we can do online transaction from anywhere in less time.

2. It also reduce cash robbery and corruption as being transactions are visible and transparent.

Demerits:

1. There is a risk of hacking of account as we know nowadays cyber robbery also increasing day by day.

2. Those who don't know how to use cashless money can feel difficulty to use.

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.

It would be more precise to say "Paperless economy" as it would be the correct term because the word 'cash' is sometimes used interchangeably for money kept either in digitized form or hard form.

Merits:

1. Record keeping is easy.
2. Accountability is easy.
3. Less prone to damage due to various environmental and handling factors.
4. Retention for a longer period of time.
5. Environmental impact is negligible as compared to the use of paper.

Demerits:

I would not call it to demerit because it is the area or opportunity for improvement. Due to rapid development in digitization, systems are getting more complex and thus more prone to malfunction/hacked. So, we need to regularly track the performance of the system in order to sustain for the future.

Hello everyone.

My name is Rajdeep Kumar.

Today's given topic is the cashless economy.

In my opinion, a cashless economy is a good initiative for our country. The first-time cashless economywas started in 2016 by our respective prime minister Narendra Modi.

I would like to add some merits and demerits of a cashless economy.

As we know that every coin has two faces.

Merits of a cashless economy.

1. When a cashless economy comes it reduces roadside robbery.
2. You can easily send money from one corner of the country to another corner in just a second.
3. You don't need to go bank because if you to the bank it consumes so much time.
4. Many developed countries like America Japan china etc also used a cashless economy.
5. it reduces corruption.

And some demerits of a cashless economy.

1. Some areas like hills don't have proper network connections.
2. Most of people are not educated, they don't know how to use.
3. Hackers hack money easily.

Conclusion: In my point of view a cashless economy is good for your country it reduces corruption and saves time you can easily pay you don't need to go bank, I know some areas don't have a proper network connection but India is progressing day by day. So one day India will be free from cash and India will become a cashless economy.

Thanks, everyone.

The cashless economy has brought a revolution in financial and economical fields. It has proved beneficial in many ways but also has become a hindrance for many.

Merits:

1. Anytime and anywhere possibility of monetary transactions.
2. Much safer and quicker.
3. Useful in emergency.
4. Effective growth and advancement in technology.
5. Risks of fraud and theft have been reduced.

Demerits:

1. As India have lower literacy rate, many people face problems in understanding the system.
2. Risk of hacking has become prone As details are mentioned.
3. Technical problems can be faced in some cases.
4. Complicated to understand.

The cashless economy has definitely changed the vision of people. A person becomes self-reliant and saves lot of time, energy and work.

Everyone here prefers cashless money as it is safer and more convenient to carry. But on the other hand, it is more venerable to stole and you can't do anything except pray to god.

First of all, thank you for giving me this opportunity to start the discussion, in present time we see more advantages of cashless payment.

* It is very is a process.
* Less time-consuming.
* No mistake in counting the balance.
* Not more crowded in Bank etc.

Disadvantages:

* Fraud ness is more.
* Less secure.
* Less reliable.
* vBalance is finished high rate.

Cashless economy ensures that the loss due to damage of materialistic currency can be prevented. It will become easy for government to have a track of all the money they have circulated in the country. No duplication of currency. But at the same time ensuring high security from online fraud and all related cyber crimes are some of the major concern. And another obstacles is that the accessibility of technology to all groups of people in our society.

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.