Merits and Demerits of Cashless Economy

Hello friends.

In my point of view, I just want to say as every coin has two faces similarly everything has its own merits and demerits. But in the case of the cashless economy where there are some demerits also has very much merits which can't be neglected. As with the growth of the cashless economy, bank transaction becomes easy and all the transactions are recorded by the government which leads to reduce the corruption. It saves alot of time and energy.

Hello.

As we all know a good things have both merit and demerit. So, In this case, Digitalisation is very crucial. Because. When. We want to check our balance or transfer money, at that time may be holiday will be there, many people will be in the line. So it's really difficult to overcome from this situation. Hence digitalisation is the only process to overcome from this situation. But also there are some demerits like leakage of data, haking. But in comparing to merits, it is quite less.

All things have merits demerits if I consider with demerits so as will all know that our INDIA economy based on the agriculture so it is very difficult for any farmer to enjoy the cashless INDIA because they are dealing with such a poor person "those people do not have any bank account ". So it is very difficult to grow this because we cannot change the economical tract, . And along with that, there are chances of hacking.

The merits is that there is a less chances of hiding the black money &and the person always give tax to the govt anyhow.

The cashless economy will help in India's economic growth by transparency in money transaction and least corruption. On the other hand, where people are taught how and why to use toilet this seems a big challenge for the government.

Cashless Economy, it means that all the transactions should be performed without any exchange of cash currency. So in my opinion the following are the merits.

It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.

Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.

I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.

I will say only that you can start any new things but if people don't have any information about this then there is no benefit to starting it.

People from urban areas get benefitted from the cashless economy but what about rural areas where people go bank for Money transfer even after the cashless economy.

So, this if government responsibility to get aware of these rural people.

In my opinion, The Cashless economy is a great initiative, it will boost the economy of India. It will reduce corruption and also reduce the black money because it affects the direct taxes. Processes will get quicker and convenient but having said that the 2 hurdle we will have to face or so to say we are facing is.

1. Over 70 % of the population in India resides in the village, though most of them are aware with the internet and all they don't have awareness of transacting money through it, so anyway we need to make everyone aware with this.

2. The second thing which is very important one "cyber security". We need to make the system and processes better and more secure before suggesting anyone to use it.

Thank you.

Hi everyone,

A cashless economy is the best option for Making transaction online and get benefits like Cashback.

Merits -.

1) Saves time and reduce work to go the bank and take or give money in a traditional way.

2) For doing an online transaction -there are many payment applications are available and it gives Cashback offer also, so there is a way to save our money, time etc.

Demerit-.

1) If one doesn't have any mobile, internet then he/she doesn't get any benefit of the cashless economy.

I would like to say some points about the cashless economy as per my experience.

Merits are:
1) Easy, faster and mobile wallet.
2) benefits of cashback.
3) transparent.
4) Reduce corruption.
5) easy shopping with cash back for example in Paytm mall app, Amazon, Flipkart etc.
6) time-saving.

Demerits:

1) Internet connection is mandatorily required.
2) in pre-payment online shopping sometimes (rarely) you may get faulty or something like a different item.
3) if your work not done in online shopping or billing once your money deducted you may get back later or you may get back some percentage of your money that is lesser than the original amount.

-Thank you.

According to my point of view.

Cashless economy is one of the sign for development.

Merits:

-> we can transfer money from any place to other places within a fraction of seconds. (no need to stand in a bank for hours in a queue).
-> it is easy to debit tax by the government. (It will increase the probability of tax payment).
-> people are losing much money in the form of change. (neglecting small thing will leads to the larger difference. ).
-> the cashless economy will reduce the usage of paper. (it saves the environment by not cutting the trees).

Demerits:

-> internet connection is mandatory to transfer money.
-> online transitions are the home for Hackers. If you are unrealisable. They will clean out your account. (don't save your card anywhere. & don't share your personal details to anyone).
-> uneducated people will face many problems.

Thank you, sir.