Merits and Demerits of Cashless Economy

Cashless economy means there is no physical case, payment and transaction made through credit card and debit card, mobile banking and internet banking. After launching the program digital India, the govt of India aim to drive people into the caseless economy. This mission boost by announcing the demonization. It has both merit and demerits.

Merit:

Cashless economy reduces dealing the fake and fraud money it also reduces the money getting stolen and lost. It provides us with every detail of our transaction that helps us to keep records and analyze one's expense. Many builders, businesses man and trader used the physical cash to avoid service tax but the implementation of the caseless economy they can't do that.

Demerits:

India is a country where 60 per cent belongs to a rural area and more than half, doesn't have a mobile phone so it is difficult to spread it. Another reason is illiteracy where people do not aware of the use of technology. Hacking and tracking is a big hurdle for the caseless economy.

Everything has merits and demerits depends on you what way you are looking if talk about the cashless economy it has been boon in pandemic made my life easy there are several transactions you can within seconds with help of an application like Google or phone you don't need to stand in the line of the bank no need to have huge cash in your bag or pocket so it is reducing crime and corruption if I talk about demerits issue of cyber crime hacker may get benefit so for avoiding this problem should be more privacy and policy there are many people are not aware not well educated so they may face the problem.

Hello everyone.

Today our topic is merits and demerits of cashless economy. As we know every coin has two aspects positive as well as negative aspect. But point is that which one is more. So here, in my opinion, positive aspects are more than a negative one. A want to clarify some of them. Cashless economy is safe as there is no fear of fake currency. And no fear of stealing. We can any payment in one click and in no time. And nowadays it is ideal because we are facing a big problem of Coronavirus which is contagious so we should also promote cashless transaction. And by cashless economy we can save papers and by Saving paper we can save trees and our environment. So, it is safe and it is good. Thanks to all.

Hello Friends.

Today we have to go discuss the merits and demerits of cashless economy. Friends as we know that there are lots of advantages or disadvantages of cashless. Firstly we know that in the cashless economy we don't need to carry cash so this is a big advantage for us. If we carry cash we are afraid to carry physical cash. But in the cashless economy, we need not to worry about physical cash we can transact money through any online payment mode like phone pe, Gpay or paytm etc. But there is a big problem in the cashless economy is that we have to face network issue, failed transaction issue as well as If we do transaction to a wrong person we unable to take our money. So, we can say easily that if we use cashless economy with some precautions we surely find it a very good model of payment and in the physical cash economy, this is a good payment mode for the rural area because we know our economic system in a rural area there is not good network facilities. So here we know about a few merits and demerits of cashless economy.

Hi everyone.

We all are here to discuss the cashless economy.

We all know that the online transactions occur through net banking, phone pay, google pay e-wallets etc is known as the cashless economy.

Every technology has two aspects good or worse its totally depends on our thinking.

Good aspects of the cashless economy.

Firstly it eliminates the headache of putting money in the pocket every time. Most of the terrorist's attacks are also reduced due to a cashless economy. The problem of stealing or securing money is also sorted out.

Every department becomes corruption less or bribeless. We get easily accountability of each and every transaction, funds etc.

-Worse aspects of cashless economy.

For a country like India, there is the vast problem of connectivity and accessibility in rural area where there is no network available and also most of rural peoples are not able to operate the smartphones or in case if they will be learned at some extent the 2nd problem in front of is that they easily robbed by hackers and fraud's.

And in the online transaction, if we do by mistake a wrong transaction then we have no option to repent.

But in overall, my point of view cashless economy makes life more easy and fast.

We hope Our government must focus on education because without education nothing is good !

As we know the cashless economy is a symbol of a developed as well as developing countries. But it has some positive and Negative points.

Cashless economy reducess may problem such as fear of looting money while carring, reduce tax froude. It is very easy, simple and fast way of transfer money from one another. As more and more people pay cashless it boost economy, reduce black money.

But it have some limitations like people still fear of using it due fraud. Some People not know how to use it or even know then they still not use due to economy conditions. Cashless transaction is still not use by every business man.

Today we are discussing cashless money.

Merits:

In the 21st century, the cashless payment in India is growing rapidly and also benefits to our overall development of a country because of cashless payment we can easily transfer money whenever require and also can get money from anyone no need to waste our energy and time but as we know every coin or topic has 2 sides one is positive and the negative and cashless payment also have negative because of cashless payment we don't need to stay in the queue for an hour and hour's it saves our time, energy, and also money from the thief.

Demerits:

As we know nowadays the digital crime has bosted various scams schemes running all over the internet and also our data is not safe anyone can hack our data because of our small mistake and also 50-60% of the population of India belongs from the village who don't have good internet connectivity how they can do cashless payment as the cashless payment increase the digital crime also increase if we don't keep alert ourselves.

Thank you.

Hello Everyone.

As we know that we are the youth of modern age and we want more relaxation in our life because we don't want to do hard work. So the cashless economy is very helpful in our daily life. Many people of India are using this facility which is saving money and reducing time. But everything has two sides one is good and another is bad. Nowadays anybody can steal the data and information easily so this is the minus point of this technology. And another problem is many people in our country do not read and write so they do not know about it and poverty is also the major problem of this system they cannot buy expensive mobile phones.

Thank you.

In my opinion, the cashless economy is beneficial for India and any other country. We can do transaction just in one click. It saves us time. In the modern age, no one wants hard work but all want smart work. But we know every coin has two faces so it's demerits also exist. It is not useful for illiterate people. By increasing education cashless economy grow. So the government should increase education for a successful cashless economy. In a cashless economy, there is less fear of theft. But sometimes hackers are successful in hacking.

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.