Merits and Demerits of Cashless Economy

In my point of view, that cashless service will lead India to a level where everybody will free from the cash economy.

In the cash economy, people have to spend there a lot of time. Sometimes people did not have cash in their pocket at the time of billing. So cashless economy is a good choice for eliminating these problems.

Merits:

Less time required.
Indirect your money is safe because someone can snatch your money.
Saving paper.
Easy to proceed.

Demerits:

Low internet speed.
If transaction declined difficult to refund.
Chance of hacking.

From my point of view, the Cashless Economy is good for everyone in these days. We don't need to standup in que of bank for transaction. It will also reduce corruption. Like before in every government scheme, there are lot of scandal which came. People didn't get the money of government Scheme. By this every person can save his time. He can easily transfer their money through mobile. We don't need to go anywhere. Cashless Economy is increasing day by day in India.

For the success of cashless, We need to spread awareness regarding that in people. Cyber Security is also the main factor. Govt and private organization both need to improve Cyber Security.

At last, I would like to say, It is good for everyone. We need to welcome that step.

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.

The Cashless economy is a blessing in disguise for any developing country which wants to develop because it directly benefits the beneficiary without involving any third party. In a country like India where the corruption has imposed its roots from past generation because of which poor people have become poorer and hence this inequality gap has widened, cashless transaction is a 'must' thing to adopt.

Merits of Cashless Economy:

In my point of view, the cashless economy is a great change where cash can be paid even with paise and its major advantage is cash can be transferred at any time to anyone within seconds and some of the employees who spend their free time in making purchases can make online shopping and spend time with their family. The cashless economy can also to some extent reduces corruption as every transaction recorded in the database. No waiting in queue for withdrawing money in banks.

Demerits:

Cyber Security is main problem where hackers can hack all the details of the transaction, govt should give security for personal details including bank details, some of the people are not aware of cashless economy and for them it is a big challenge.

I'm not totally favour of this and not also against of this.

The Cashless economy has some positive side. At first ,we take cash for marketing. But now we take our debit card for marketing Nd forget the budget tention. We can easily transfer money from mobile to mobile. This is a very helpful side of the cashless economy. But there is a negetive side of this. For this cashless economy, our mobile number and Aadhar number is linked with our bank account. So we can easily be hacked by hackers. So I think the cashless economy is good for our country but the government should be more secure the process.

I think that a cashless economy does not do any good things.

Anyone can hack your account anytime we cannot use cashless economy until every citizen in India is properly educated about the ways of cashless economy. I think that keeping cash in home feels more secure for example if you try to order a washing machine on an online site and we do online payment we don't mind for money is gone or not which means earn money can be debited twice due to technical errors are our money can be deducted and order may not be placed so cash on delivery is the best option and we feel secure with this option so cashless economy is best when our cybersecurity increases and every citizen is well educated about how to use cashless economy it is good otherwise when when old people and poorly educated people use cashless economy they have the risk of being cheated thank you.

Hi. It's a great pleasure that India is growing fast. The main tool to development of India is digitalisation and cashless India. As well said that every coin has two sides. There are always some merits and demerits of anything. But according to my perception view cashless India will help to our country to grow fast. Because it reduces the traditional process of banking that stand in line for a half day. But by the cashless system the previous work just happened in 10 min on your fingers with smartphones.

I think there is less demerits than merits which can eliminate by adopting secure technologies.

And one more thing is that first of all we have to remove the fear of fraud by taking learning sessions of cashless India.

Hello friends.

From my point of view, the cashless economy is a better gesture for India so we all should do the cashless transactions with this we are doing lots of fair things with our country too. As the cashless transactions will be the transparent mode of payment and it increases the range of taxpayers which helps the government in revenue generation we have another benefit also it reduces the fake currency and control on black currency. In Sweden, 99% population uses the cashless mode and now many other countries looking forward towards a cashless economy.

Thank you.

Good evening to all dear friends.

In my point of view, the cashless economy is best for our country because it helps us to save our time.
It saves paper use.
It reduces corruption.
We can help in anyone in just a second depends on the network.

But there are demerits also.

Firstly, in some rural areas condition of the network is not good as urban areas to take care of that.

And one more thing some people are not well aware of this process so I think some action should be taken by the government for awareness of people.