Merits and Demerits of Cashless Economy

Hello everyone.

The Merit of a cashless economy is that it can reduce the robbery of money and easy in paying large transaction. It can also easy if we want to make a payment to the people who live in large distance by easily doing cashless transaction. It can also ease the people by helping in not going to bank for deposit their money because in cashless it directly go to the bank account it helps in giving electricity bill, gas bill and many other bill which can help the people in saving time. It also connects people digitally with technology.

Demerits of cashless money.

It may increase the cyber attack people who do not have knowledge about hacking may lose their money in a few minutes. For a cashless economy, it made the mandatory to the people to use the phone and it may also cause people to go to a bank account to getting cash because do not have the facility of using cashless transaction.

Hello everyone.

According to my point of view, the cashless economy is the need of today's world as nowadays time is not money but more than money.

Every coin has two sides.

So, the Merits are;

* Time-saving is one of the best benefits in a cashless economy.
* If we take proper care during the transition there is safe payment can be done.
* Otherwise, if you do not take care during simple payment by giving cash there is the possibility of fake people.
* There is many ways of payment like UPI GPay, phone pay, Paytm.

Demerits:

* Cybercrime is happening.
* Fake advertisement.

But if we take a proper care I think it can be avoided.

Hello everyone, according to me, they are two parts of all things first is merits and the second one is demerits. The first talk about the merits of a cashless economy is beneficial for us. We don't need to carry so much money with us. We can do payment also using Google pay, phone pay, Paytm and mobile banking. It is really good and beneficial for us we don't have any fear of theft. And the demerits are there is a huge risk of hacking accounts. And sometimes online transactions are not secured for all. But the cashless economy is motivates people to use this technology.

Thank you.

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.

As we are here to discuss about the topic cashless economy.

Cashless economy means the transfer of money from one person to another with the help of internet banking. Cashless economy has its own advantages and disadvantages. In India cashless economy becomes popular at the time of demonetization. At that govt of India promotes transaction with the help of internet banking because of due to lack of physical currency. From that time cashless transaction is increasing day by day.

Cashless economy is very beneficial because from this if we want yo transfer money to another person we don't need to go to bank with the help of our smartphone we can easily transfer money. And many other advantages such as robbery also decreases as cashless transactions increasing. Hoarding of black money and corruption also reduces from cashless transactions. Because govt has all the records of money which anyone transfer to other.

Cashless is a new word introduce in Indian people dictionary few years back and various discussions started.

Some of have fear of using online transaction and frauds and someone had some excitation of use new technology for transactions.

But after going long way in last few years lots of people accepted it as daily routine transaction. As its have more advantage over few disadvantages.

ADVANTAGES:
1) We don't need to stand in long rows of banks and ATM's.
2) We don't need to take our Wallet in our pocket before leaving home.
3) We can do any business with small asset.
4) We can grow our business unlimitedly without physical restrictions.
5) We don't need to waste our time by going market.

Disadvantages.

1) Frauds.
2) Fraud E-Commerce sites.
3) Rural people need some more time to become familiar with this new normal.
4) Minors make lots of mistake which may become big problems for their parents.

Hi everyone.

Merits:

No need to carry money.
Save paper save trees.
No fear of money stolen.

Demerits:

Uneducated people's will not use it.
Transaction error.
Hackers hack our money.

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.

Merits-.

1. It helps to put an eye on every transaction and that will reduce the tax evasion.
2. It increases the feeling of security, as we have seen many robbery cases at the time. E of money transfer as a cash amount.
3. It will save the costly paper on which we are dependent on import on a large scale, and thus save the valuable foreign currency.
4. From cashless transaction we can also earn money as many e- wallet are proving cashback.
5. Easy to handle account any time from anywhere this saves precious time.

DEMERITS-.

As everything has its dark side also, so cashless economy have some demerits also.

1. For rural people or people having lack of knowledge get trapped in a web of e- thugs.
2. We have seen cases of hacking of account by hackers which results in loss of entire belonging earned day and night.
3. Lack of awareness increases illegal trading.
4. By giving small greed to poor people rich one fulfil their dreams, or convert their black money into white (as happened during the time of demonetization).
5. Unavailability of pos (point of sale) machine and poor network become an obstacle in the path of cashless economy.

The Cashless economy has two sides of the coin it will very beneficial for people who are educated or good knowledge of smartphone such people can easily go cashless but limitations of this system is a rural area which is nearly unknown about cashless transaction due to illiteracy.