Merits and Demerits of Cashless Economy
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434 comments Page 33 of 44.
Rupesh kumar said:
7 years ago
Good morning everyone.
Today is discussed on the topic CASHLESS ECONOMY:
The Cashless economy is promoted by our respected prime minister NARENDRA MODI.
1st of all, I would like to say thank.
India is one of the developed countries in the world so we should to corporate.
The cashless economy as like net banking google pay phone pe etc.
It is very useful for us because it is saved to time tree pen and paper. In a cashless economy, no any persons are black money store because if you store money or any other country transaction then your record is available so it very useful to us.
It has some demerits.
1: It is not more many securities.
2: It is not uneducated people.
3: In this process always should internet connection.
4: Password problem.
However, it is good technology.
Today is discussed on the topic CASHLESS ECONOMY:
The Cashless economy is promoted by our respected prime minister NARENDRA MODI.
1st of all, I would like to say thank.
India is one of the developed countries in the world so we should to corporate.
The cashless economy as like net banking google pay phone pe etc.
It is very useful for us because it is saved to time tree pen and paper. In a cashless economy, no any persons are black money store because if you store money or any other country transaction then your record is available so it very useful to us.
It has some demerits.
1: It is not more many securities.
2: It is not uneducated people.
3: In this process always should internet connection.
4: Password problem.
However, it is good technology.
(10)
Rakesh said:
6 years ago
After GST, today we all using online transaction so if we talk about online business then after GST we all know that it very affected our business because of increasing price. So, I don't think that these online payment modes give us a positive effected, I am the CEO of jingo holidays travel agency so I am just sharing my bad experience. Thanks.
(10)
Geetha said:
6 years ago
The cashless economy has both merits and demerits.
The merits is it lead our country to a digital world.
By using the Cashless transaction.
We can come to know our balance easily in our account by just sitting in one place.
Safe transaction for huge business dealings.
Demerits:
If one letter or number goes wrong the amount is credited to someone's account. Which is totally unsafe.
For uneducated people, hackers can easily withhold their account.
The merits is it lead our country to a digital world.
By using the Cashless transaction.
We can come to know our balance easily in our account by just sitting in one place.
Safe transaction for huge business dealings.
Demerits:
If one letter or number goes wrong the amount is credited to someone's account. Which is totally unsafe.
For uneducated people, hackers can easily withhold their account.
(10)
Swathi said:
6 years ago
Hi everyone.
On behalf of the topic cashless economy has more advantages compared to disadvantages.
Firstly we can discuss the advantages.
1. The main advantage is while shopping. We need not want to carry a huge amount.
You can do the online payment by paytm or google pay etc.
2. Next, you can do more work in less time or on the spot.
3. You can make the online transaction for urgent purposes.
That is you need not go to preferred atm or bank.
On behalf of the topic cashless economy has more advantages compared to disadvantages.
Firstly we can discuss the advantages.
1. The main advantage is while shopping. We need not want to carry a huge amount.
You can do the online payment by paytm or google pay etc.
2. Next, you can do more work in less time or on the spot.
3. You can make the online transaction for urgent purposes.
That is you need not go to preferred atm or bank.
(10)
Sai Omesh said:
6 years ago
Myself Sai Omesh.
My words from this topic, Nowadays everyone use the online paying apps with some issues, sometimes its better to tranfer a money throght mobiles, PC's etc.
Every employee deposit money through banks but now no need to go to bank.
Even banks aslo introduce their own apps to transfer a money.
Sometimes and some areas have no internet facilities to tranfer to others this is the main problem and aslo technical issues aslo arise sometimes.
My words from this topic, Nowadays everyone use the online paying apps with some issues, sometimes its better to tranfer a money throght mobiles, PC's etc.
Every employee deposit money through banks but now no need to go to bank.
Even banks aslo introduce their own apps to transfer a money.
Sometimes and some areas have no internet facilities to tranfer to others this is the main problem and aslo technical issues aslo arise sometimes.
(10)
Ranganadh said:
6 years ago
Hi Friends.
Every coin has two faces right, one face will be the head and the another face will be the tale, so this also applies to the cashless economy also it will be having its own merits as a one face (head) and having its own demerits as an another face(tale), so we need to carry a some little bit of an amount to avoid the problems which are caused by the cashless economy and we need to create some awareness about the merits and demerits of the cashless economy by conducting some seminars and guest lectures to educate and to promote the cashless economy among the people.
Thank you everyone.
Every coin has two faces right, one face will be the head and the another face will be the tale, so this also applies to the cashless economy also it will be having its own merits as a one face (head) and having its own demerits as an another face(tale), so we need to carry a some little bit of an amount to avoid the problems which are caused by the cashless economy and we need to create some awareness about the merits and demerits of the cashless economy by conducting some seminars and guest lectures to educate and to promote the cashless economy among the people.
Thank you everyone.
(10)
Jyothi said:
5 years ago
Hello everyone!
Today we are discussing about merits and demerits of cashless economy.
In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.
However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.
Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.
So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.
Thank You!
Today we are discussing about merits and demerits of cashless economy.
In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.
However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.
Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.
So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.
Thank You!
(10)
Prashantro said:
5 years ago
In a cashless economy, the exchange takes place in the form of a commitment by a third party, i.e. Plastic cards, mobile banks etc. You have a commitment, but not the hard cash with you, It is with the service provider which you are using for transaction. He will allow you to use it whenever you want but own it all the time. If you are not using it, he has its possession and he can invest it to gain from it. If they use it stocks, it is used for value creation in the economy. If it is invested in bonds, the government has the liquidity to spend it in infrastructure development. In any way, the money is not going to be idle as it would be if it was in the form of cash with you.
You use the cashless commitment just like a cash. However each transaction made by you marks its footprint on whosoever has possessed it for the number of times. It gives a tool to the income tax department for all the transaction a person has done. So, accounting for his tax deliverable becomes more transparent and it becomes difficult to hide it.
The people who hold it has also an advantage of its safety, given that there is no threat to cyber hacks (which is very rare, given the security feature in the modern IT sector). Generally, the government gives the license of banking/transaction license with very tough criteria which ensure that your money is safe in their hands.
But since the government controls the financial institutions, it can limit your power to spend it in certain situations. Your spending power can be blocked if the government/judiciary finds you guilty of fraud. So in a way, your independence is lesser in the cashless scenario. Many times we hear the news of freezing the account of people/organizations in case of legal cases. Overall, the cashless economy makes the system more transparent where you as well as the government are safe, if one is legally correct.
You use the cashless commitment just like a cash. However each transaction made by you marks its footprint on whosoever has possessed it for the number of times. It gives a tool to the income tax department for all the transaction a person has done. So, accounting for his tax deliverable becomes more transparent and it becomes difficult to hide it.
The people who hold it has also an advantage of its safety, given that there is no threat to cyber hacks (which is very rare, given the security feature in the modern IT sector). Generally, the government gives the license of banking/transaction license with very tough criteria which ensure that your money is safe in their hands.
But since the government controls the financial institutions, it can limit your power to spend it in certain situations. Your spending power can be blocked if the government/judiciary finds you guilty of fraud. So in a way, your independence is lesser in the cashless scenario. Many times we hear the news of freezing the account of people/organizations in case of legal cases. Overall, the cashless economy makes the system more transparent where you as well as the government are safe, if one is legally correct.
(10)
Gurudatt Puranik said:
5 years ago
CASHLESS in other words means digitalisation. Digitalization is one of the primary motives of the government today.
Everything on earth has merits and demerits. In one hand, digitalization ensures security, ease of transactions, reduction in threats, volatility and stress-free businesses. There are umpty number of platforms that provide digitalized transactions and can help in easy movement of money without much prerequisites. With these in hand, there should not be any requirement of maintaining a bank passbook, visiting your broker often to check the balance etc.
On the other hand, despite the large database of the internet, only about 530 million of the Indian population had access to the internet in 2018-19. And most of the people who live in villages are not aware of how the digitalized world works.
Cashless economy has most of it's effect on the younger generation as they are more prone to such technological revolutions.
A cashless economy becomes a great step towards digitalization when people are aware of basic knowledge and requirements.
Everything on earth has merits and demerits. In one hand, digitalization ensures security, ease of transactions, reduction in threats, volatility and stress-free businesses. There are umpty number of platforms that provide digitalized transactions and can help in easy movement of money without much prerequisites. With these in hand, there should not be any requirement of maintaining a bank passbook, visiting your broker often to check the balance etc.
On the other hand, despite the large database of the internet, only about 530 million of the Indian population had access to the internet in 2018-19. And most of the people who live in villages are not aware of how the digitalized world works.
Cashless economy has most of it's effect on the younger generation as they are more prone to such technological revolutions.
A cashless economy becomes a great step towards digitalization when people are aware of basic knowledge and requirements.
(10)
Amrutha Jose said:
5 years ago
Major benefits of cashless economy are following.
1. Make transactions efficient and transparent.
2. One can transfer money from anywhere and anytime.
3. Facilitates online shopping and online education.
4. Helps to remove black money from the Indian economy.
5. Removes the middleman and help to deposit money directly into construction workers and farmer account.
Besides benefits, the cashless economy has some demerits.
1. Hackings are increasing nowadays causing threats to money and personal information of people.
2. People who do not have internet access ability are excluded from benefits offered by cashless economy.
3. A large segment of Indian people doesn't have knowledge of the digital transaction.
Cashless economy help for the development of the country. But the government should first educate rural people on how to do the digital transaction. Otherwise, they don't get benefits offered by digital economy.
1. Make transactions efficient and transparent.
2. One can transfer money from anywhere and anytime.
3. Facilitates online shopping and online education.
4. Helps to remove black money from the Indian economy.
5. Removes the middleman and help to deposit money directly into construction workers and farmer account.
Besides benefits, the cashless economy has some demerits.
1. Hackings are increasing nowadays causing threats to money and personal information of people.
2. People who do not have internet access ability are excluded from benefits offered by cashless economy.
3. A large segment of Indian people doesn't have knowledge of the digital transaction.
Cashless economy help for the development of the country. But the government should first educate rural people on how to do the digital transaction. Otherwise, they don't get benefits offered by digital economy.
(10)
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