Merits and Demerits of Cashless Economy

Hi everyone my name is Lalatendu Nayak.

This topic is very much important nowadays.

Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.

Demerits:

Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.

According to me, the cashless economy is one of the major steps for India to become a developed country.

Merits:

Going cashless makes customer to make payment in a flexible way, the technology is so advanced that people started using payments online for many purposes like education, and education is also completely digitalized every person is able to access the education through payment online and it has become a root of many dreams.

Demerits:

Especially in villages, people not having any idea about technology can face problems in this which can also lead to robbery or theft sometimes.

Cashless economy is the major and important topic in today's era. As it is really beneficial for all of us to discuss it.

It has many merits and demerits.

- As during the pandemic time, it really helpful as the exchange of currency notes can also increase the risk of disease transfer.

- Cashless also helps the easy transfer of money from one place to another.

It has lots of merits but has demerits also.

As it requires proper knowledge of using technology, as it is difficult for poor or illiterate people to use. Even in the remote areas, it is difficult to use due to improper internet connection and also leads to an increase in digital crime rate.

According to my point of view, it is safe and secure for all transactions. But as every coin have two sides, so most of the rural people were not having more awareness about the cashless economy so the government should take a step to give some awareness.

Good evening everyone.

Today we are going to discuss on the topic "cashless economy" which is a very fascinating topic which we have to discuss upon.

So Let's start.

Cashless economy means where the economy is digitalized. It is especially coined by our prime minister ahead with its plan to Demonetize the currency note of rupee 500 and 1000.

As we all know every initiative have it's own pons and cons so as the cashless economy has.

Now, I am discussing the merits of it.

1) Now don't have to stand in queue for a long time in banks for small transactions.
2) Now we don't have to walk with a lot of money to purchase something.
3) You can also pay your electricity bill or water bill or any bill through online you do not need to go anywhere.
4) It also helps on our GDP. Which is more important?
5) Black money is totally obsolete because no involvement of the third person is there.

Now comes for demerits.

1) Most of the small cities and villages oblivion of the country.
2) remote areas don't have proper knowledge on how to handle online transactions.
3) Most of the rural areas don't access the internet because of network problems.
4) Most of the people worried about security for cashing transactions.
5) Refunding the money also takes much time.

From my point of view, the cashless economy has both merits and demerit. But I am with merits because they are in the majority and also very helpful. Because it saves time. And time is so important nowadays.

THANK YOU!

Well, there are merits as well as Demerits to every change which is brought about.

An interesting and possible "merit" here is that the "demerits" of Cashless economy, which are low-quality internet and electricity and less awareness among the people, IF attempted to rectify, can fast forward the development of this country. People living in rural areas will be forced out of their nutshells and seeking good education and facilities will become more important for them. This could lead the government to prioritise their needs, collaterally igniting sparks of innovation and creativity in a lot of individuals, thereby plummeting the overall potential of this country to extremely high levels. This innovation can take a different and greater form even after these issues have been sorted.

However, there are some environmental concerns regarding radio waves and their impact on nature. Some studies have stated that an out of control presence of radio waves can affect human life and make them highly susceptible to diseases like cancer.

A simultaneous preparation to control this situation and not let it get out of hand could take not just this country, but the whole mankind to an environment-friendly, at the same time technologically advanced, sustenance.

Nowadays everyone is going for online payments, even a small grocery shop has services, by which customer can pay them online which have many benefits but one important benefit is that people don't have to carry cash with them. And also there are many more merits of cashless payments like you get extra coupons or cash backs when you do a payment online. But again everything has its merits and demerits, the biggest demerit is the network availability/internet connection, your payment can get stuck and sometimes withdraw has been done from your account but the amount does not reach the other person account. Which actually makes us more worried about it. Second important thing is that online payments are not for larger transactions, there's a fixed limit for your daily transactions. But I personally do prefer cashless payments, which makes me less worried about my cash as I don't have to carry much with me. And sometimes cash backs make us happy, right?

Hello everyone,

Today's topic is very much interesting and relevant to the economy of India. A cashless economy means we are doing a transaction of money with the help of the internet or different type of platforms. As we all know that every coin has 2 sides, so a cashless economy also has some merits and demerits accordingly. So, I am going to talk about both things.

Merits:

1) With the help of a cashless economy, we have no need to carry money in our pockets. Because sometimes carry a big amount of money can be harmful to us.

2) A cashless economy gives you a facility of transparent and reliable, payment of hotel bills, restaurant bills, etc.

3) You have no need to go in the long queue of banks, with the help of Paytm, google pay, phone pay you can do any type of transaction of money which is a very easy and helpful thing.

4) "Time is the most prestigious thing in everyone's life' so a cashless economy saves our time and energy.

5) Our honourable PM Mr. Modi always exclaimed on Digitalization and cashless economy because by this we can stop the black money and corrupted people who have lots of black money in their accounts.

Demerits:

1) Cashless is a good technique for us to save time, energy, and efforts, but on the other side India right now is a list of developing countries, a lot of people in India don't have a smartphone, the best internet facility even electricity also. So they can believe in his technology.

2) With the development in technology simultaneously no. Of hackers and thieves also increases day by day, they can hack your bank account in a single second if you are not aware of the precautions.

3) After the 73 years of freedom in India, Village citizens believe only in cash because they aren't aware of the cashless economy. They have no bank account, So it is the duty of govt that they have to arrange campaigns in the remote and backward areas of India.

So, although there are lots of merits and demerits of the cashless economy, eventually I strongly believe in a cashless economy because by this I am utilizing my save time in different activities.

Thank you!

I think cashless economy is great.

We don't have search of changes. We don't have cut down trees. Transaction can be done very easily and accurately.

Hello friends.

I am Himanshu.

As this topic merit and demerit of the cashless economy.

In my point of view, Cashless economy is a better option for the citizens by cashless economy we can use our 100 per cent of cash of the account.

As well as we don't have a tension of stealing and losing of money.

In this pandemic time, we can use UPI and avoid touching.

We don't' have to need the carrying of the money by the cashless economy.

And we can pay easily they gave us many kind of profit.

Hello everyone.

So here I got an opportunity to give my points regarding the cashless economy,

I would like to add merits to the topic as this will help the country:

The cashless economy will bring out the fear of theft and dangerous incident to life eg. Robarrey etc.

*Clear and easy payments with the benefits of cashback and other coupons.
*Proper records of payments can be possible.
*Chances of corruption get reduced.
*Distance payment can be done easily.
*No harm to currency,
*Fast way of payment,
*Trustable except in case of hacking or server error.