Merits and Demerits of Cashless Economy

The merit of cashless economy people can keep it safe. As cash is known as form of trust. Its good for shopping and we can know the updated information. If we go from home if we have forgotten to take it we can send money from our mobile itself.

It's useful for time management. We can pay any bills or payments within a second. And also we reduce the robbering and it's also the solution of money losing problem.

Cashless economy is obviously a good concept but it comes at the cost of privacy of people. This concept reduces the need for holding cash and through this concept, the circulation of fake currency can be regulated. But to go cashless means getting digitalized for which literacy is a must which is a limitation for Indian economy. Also, for digitization, accounts are linked with cards which may lead to the hacking of private information.

In my opinion, cashless economy is good for those people who have basic idea of e-banking and the improvement of technology. Without a proper knowledge of online transactions it is better not to share our card details to unknown person because they may misuse them for their own benefits.

Adding two more points 1) it reduces the paper usage for printing cash 2) it reduces our time and effort to going bank for transactions.

The Cashless economy is the great discovery in our civilization. By this technique, we can do business with the help of the internet. The consumers can buy any products at a reasonable price. But it has the disadvantage. The rural areas has not the facility of internet connection and the people are not so up to date. The hackers can collect the all the information of consumers if he or she has not the proper antivirus software.

Hello everyone, in my opinion, the cashless is a very wonderful concept because it is very useful for the people government has taken this initiative so that it can reach to each and every person in the world. But it has certain drawbacks like our data is not safe.

And important information.

The Cashless economy has both positive and negative aspects. It saves a lot of time that is wasted standing in a queue. Basically it provides ease of transaction. Also it removes the third party involvement in transaction and one has the data for his transaction. So, it reduces corruption also which is one of the biggest advantage.

As well said every coin has two sides so it has some demerits too. Cybersecurity is one of the major issues with this. Many people are not aware of these things so they are easily cheated. Increasing awareness among people can reduce these issues to some extent.

Cashless transaction is best &better concept.

It was the safe& secure transactions without the involvement of money.

In the case of money is maybe robbing chances but nowadays we can transfer the money through our mobile phones within a fraction of seconds. It will take cashless time for doing the transaction.

Nowadays we are going to a market for buying groceries we can pay the money through the card, not with liquid money. It reduces the corruption in the country. Mainly advantages with the cashless transaction is it will save the paper. Due to cashless transaction peoples are made educated. So cashless transaction is so beneficially in urban& rural areas.

From my point of view, there are both merits and demerits of a cashless economy.

First of all, it's a very much effective, swift and secure method of online money transaction. And also there will be a minimum case of fraudality and all the transactions will be directly reported to the government.

Also, it may reduce corruption and the amount of increasing black money.

Hello everyone.

I think the cashless transaction is the best way to transfer the money from one place to another because it saves a lot of times and end the chances of stealing the money. If we transfer our money online then we will not have to stand on the queue of bank/atm.

So it is beneficial for us so much.

As we know everything has a side effect so it also has like the person who is illiterate he can't transfer money online, it also needs internet connection and chances of fraud website to steal your money so these are the big problem.

But overall it is good.

Thank you, everyone.