Merits and Demerits of Cashless Economy

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.

First of all, cashless economy is a great economy which is the consequence of digital India. The most important advantage of the cashless economy is every transaction done is noted and has a e-receipts, which promotes less corruption. Other advantage is that the money can be stolen if it is in physical form but it doesn't happen with the digital payments provided that the software and the databases are secure.

At the same time it has its own disadvantages for eg, people from rural background or illiterates can't go cashless but, anyhow this can be compensated by bringing awareness and educating them. Other disadvantage is that the digital money or the transactions has to protected from hackers or cyber criminals.

I hope these challenges are resolved at the earliest.

Cashless economy is good for developing countries like India. There are many advantages of cashless economy such as it reduces the fear of theft, it save the resources used for printing the currency notes, every transaction is noted which reduces corruption, no need to stand in a queue at banks for transaction of money etc.

Main disadvantage is cyber fraud and unawareness of people.

Some ideas change a whole world and that one is cashless and cashless comes from digitisation. Cashless growing rapidly due to easily available of Mobile. Cashless do our work more easy by a single click on button. Like :- If you want to pay money anyone anywhere through cashless traction.

But this is totally depend on network if it network is fail then may snarl in poblem. That is why villages person are not use easily.

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.

Cashless Economy is a big change. So change takes time to accept. So, in between of acceptance. There are certain merits as well as demerits as coins having two sides. Let's come towards firstly positive i.e.merits. Cashless economy helps to do transactions in less time. We don't need to carry wallet everywhere whereas mobile is wallet nowdays due to cashless economy.

In Demerits, Poor people are not aware of cashless economy. So, a certain program will help to spread awareness to them.

In my point of View, There is a Merit and demerit in cashless economy Nowadays Some places are available Online payments methods.

Demerits In cashless economy -There is No safety while Paying Money Still Some places using Direct payment. it's Not safety For Our Money so everyone should Use Online payment.

That's all.

In my opinion, the Cashless Economy is a main economic future of any developing country.

As soon as possible we achieve it we become developed. Many hurdles come in our ways to adopt a cashless economy but good effort makes it possible.

In future cashless economy will become time demand.

Demerit -.

Low technology infrastructures and illiteracy rates discourage us for a cashless economy.

Less Knowledge about the financial aspect is low in society one major demerit of cashless economy.

I am not supporting cashless economy because all types of raw material which is base of industries are purchase from villages Farmer who are not much educated, so. This will become a major problem for them, they don't have even smartphone.

Thank you.

I want to say that India is a developing country. There every type of people live. Some of them who better know how to use a smartphone and how to secure to your account. But most of the people who live in rural areas and they don't know how to use a smartphone and how to secure your account. Because they have no idea about hacking. They have less access to the Internet. So, I have partially support to a cashless economy.