Merits and Demerits of Cashless Economy

Good afternoon my friends.

I am Surya. We are here to discuss the topic Cashless economy, from my point of view.

The Cashless economy is a good step towards development. Some merits of these are as follows-.

1. In the stopping of corruption.
2. Digitalization of country.
3. It forces to educated people to study and get knowledge about the new generation.

As a coin has 2 sides it has also some demerits also those are as follows-.

1. In rural areas where people are not aware of this thing have to suffer.
2. Internet cash comes with many online frauds.
3. Have to share bank details.
4. Need a secure device to access it.

Conclusion:.

From my view, in our modern digitalization country, it's a great step. It will take some time but the future result will be good.

Thank you.

Merits:

* Nowadays everything is through the internet. We access the internet every day. It is also mandatory for our life.
* The only main advantage of this system we don't take money from one place to another place.
*theft also reduced when we transfer money from one to another account.
* in our country I think it is not possible because very few people having pure knowledge of this system.
*but this system will make our country from developing country to a developed country.
*don't require papers to print the money.
*our valuable time absolutely save when we using this system properly.
*we don't go for anywhere to pay the money.

Demerits:
# every fantastic system has demerits.
#uneducated people suffered a lot because they are even don't know how to access the internet.
#our government first provide equal education to all of us.
#then they proceed with this system.
#or our government will provide 100% security when we transfer money from one bank account to another bank account.
That's all.

In my opinion, the merits of the cashless economy are we don't need to carry cash all the time. We can easily transfer money to anywhere in the world also there is no fear of losing money it reduces the chances of theft and stolen of money it also raises the economic standard of the country as more people are aware of internet and technology also transactions are much faster and secure but demerits are only educated people can benefit from this because people living in rural areas are not aware of the online transactions, digital payment methods and technology.

Nowadays everything and everywhere is digitalised. Now India is going to cashless. So this is a very good think to accept as this will help us from many sides. It has lots of merits and demerits.

The merits are:

1. Don't need to carry cash on your wallet.
2. Don't need to make a queue outside the atm.
3. Don't have to go bank for payment or anything else.
4. We can use our money from anywhere anytime.
5. We can transfer our money to any place.
6. We can shop online which is saving our time.
7. We can even order food and medicines and other necessary goods and can save time.
8. No need of paper money means save of trees. Save the world.
9. Government need lot of money to print money which is not required for cashless economy.

And the demerits are:

1. The main demerits is illiteracy. Maximum of aged people does not have much knowledge to use internet.
2. In rural area not everyone has account number on bank.
3. Not everyone has smart phone to do all these things.
4. Internet hacking is one of the major problem.

Good morning everyone.

My name is Jeevan.

The cashless economy has changed the path of our country, economic situations of the country.

The best outcome of implementing cashless economy is.

- transparency & anti-corruption.
- elevation of the standard of India on the international stage as a digitally developed country.

I Am extremely joyful with these as an Indian,

As we all know that India is one of the most populous countries and also the country villages, here two main things come into our consideration.

- Unemployment and the second thing is.
- illiteracy.

Coming to;

1) UN EMPLOYMENT: although there is a slight reduction in the unemployment with the cashless economy there is a more chance of employment if the illiteracy rate can be reduced and pushed into the learning of computer and its programming knowledge.

2) ILLITERACY: though 80-90 % of the present generation is studying, out of the 70% are completely unaware of the process, techniques and benefit of the cashless economy and slow injection of the cashless transactions into their daily life transactions, showing them the benefits of the cashless transactions and bringing awareness can only make this possible.

Hence I conclude that a successful noble and strong development and rise of the standard can only be achieved if the whole mechanises, supports and involves it.

Let's hope for a better India.

Thank you.

Merits of the cashless economy:

Cashless economy saves our time and also it is easy to transfer money one to another. Also, we save the paper.

Demerits:

It's harmful because of hacking. We have to aware of the account information that couldn't be shared with anyone.

Cashless economy not only saves our time but also saves paper. The cashless economy also solves the problem of money in atm.

We do not have await in a long queue in mscb office.

Minting coins or printing of paper notes require money, which is an expense for government or central bank like RBI. If a transition is done from cash to cashless transaction then there would be huge savings for the government and lead to strengthening of our currency.

It also brings transparency in transactions and disables the provision for money hoarding and tax evasion. Also since the banks have more money with them, this leads to lower rates of interest which leads to easy availability of loan and greater economic development.

The main demerits of a cashless economy is the risk involved in hacking of our personal wallets or accounts. Also there is the risk of erasure of the money records from our account in the event of war etc by powerful foreign governments which could lead to crippling of our economic systems.

Therefore in order to get the benefits of cashless economy without any drawbacks we must ensure for the safety from hacking or attacks by terrorist or foreign govenrments.

Merits of Cashless Economy:
1. It does not need to carry cash with him or her everywhere which in turn reduces the chances of theft from the wallet.
2. It saves the time and paperwork.
3. We can transfer anywhere in a few seconds in the world from one to another place.

Demerits of Cashless Economy:
1. Only educated people can do these things.
2. Good internet connection required.
3. We should have very careful while doing transactions.

Merits of the cashless economy:

1. Time can be saved.
2. Every paise can be counted.
3. No transferring of cash from one bank to another.

Demerits of the cashless economy:

1. It cannot be handled by uneducated people.
2. Hacking of accounts may lead to loss of money.
3. Smartphones are required.