Merits and Demerits of Cashless Economy

Hello everyone. Today Our topic is "merits and Demerits of the cashless economy". I completely believe we got to the situation now like we can't separate ourselves from gadgets around us. Just with them, we are completely restricting ourselves to the most comfort zone. One of the best advantages of them is online payments. It has reduced human effort drastically just by clicking mobile phone from where ever we are. Earlier it was very hectic to stand in large queues just to pay some bills like ticket booking, home debits etc. Which is not just but a wastage of time. People now are preferring online transactions over offline payments. It saves a lot of time. Not only payments but these digital life has also given employment to a number of people directly or indirectly. The government also taking initiative to this cashless economy by conducting some digital campaigns, taking decisions like demonetisation, encouraging it by starting programs like digital India. Like a coin has two sides. It also has some demerits. Most of the people including literates are becoming the cyberthreat victims as they were not fully aware of this problem. Hackers are just attracting people by sending some spam msgs. Unknowingly people losing their money just with one click. Most of the illiterate people disclosing their important bank details. This is one of the biggest disadvantages. And we all can't afford to have internet connection all the times. So the government has to take some measurements towards these problems and promote people to use cashless transactions.

In my opinion, cashless economy will be really very good step for India. There are so many benefits of this like, it takes less time, transparency is there, it make the life easy of those people who know this things well.

But we should also not forget this point that there are so many places and people in India who don't get electricity properly, specially in village parts and small towns etc. If those are not getting proper electricity, how can we supposed that those people will use digital gazets to pay or receive money.

So, I think we need to first work on this direction otherwise there will be good come out of it.

I think merits of cashless economy is that we don't have to keep cash with us which will reduce chances of robbery, we can do transaction easily with a proper record of the payment, it will help to reduce corruption, if we have to transfer money to other countries then it is also easy, because of cashless economy people have to open a bank account which will be beneficial for them.

The demerits of cashless economy is chances are there that bank account can be hacked which is risky, and some people might not understand how to use the online money transfer.

According to my perception- cashless economy is good and gradually it becomes part of our nation.

But at present we can't emphasize it to all because lot of people in northen part of India is illitrate they are not able to operate new technology system. They all are face lot of problem in it. But every coin has two face - second one show optimistic part of it by this system people will take a little step to move ahead in technology.

Thank you all.

For now, it's so likely a demerit for us.

1. Cybersecurity will be crucial.
2. Pending transactions will be difficult for both sender and receivers.
3. Even internet available in all the places still many people are not using smartphones. Anyhow it can be card transaction.
4. Banks will give very fewer interest rates.

Hello everyone.

The advantage of a Cashless economy is that,

It reduces paperwork, and do work very fast,

It also saves pen, paperwork and it is very convenient for the government to monitor every transaction easily. Cashless economy empowered County toward development, it reduces time so that it helps in improvements of economy, fast transaction save time which eventually boosts up the economy.

Online fraud can be detected easily and soon comparing cash fraud. A cashless economy improves school, college, hospitals, and other government and non-government official work speed.

Demerits:

Online fraud has been done by founders targeting illiterate people, it increases online fraud.

Conclusion : It would be better for improving the Indian economy and beneficial to save data at single platform.

Cashless economy ensures that the loss due to damage of materialistic currency can be prevented. It will become easy for government to have a track of all the money they have circulated in the country. No duplication of currency. But at the same time ensuring high security from online fraud and all related cyber crimes are some of the major concern. And another obstacles is that the accessibility of technology to all groups of people in our society.

Hello friends.

I am Bipan Kumar.

According to my opinion, the cashless economy is a safe method away from robbery and corruption. In it every person can stay happily without any tension to how I am kept a large amount of money from one place to another place. It is possible with the help of digitalization.

With the merits it's having a demerits also in such cases sometimes when we do transactions through ATM our cash didn't recd but from account has deducted the money that time the person has harrassed.

The cashless economy is the great initiative. It has a result in the diminishing of tree cutting. Papers are being lesser used. It's a simple and very easy way to transact money. But it has demerit also like the area where the facility is not available or online facility is not available will result in some kind of trouble.

In my point of view, the cashless economy is a great initiative of digitalization. Every coin has two faces similarly everything has merits and demerits. First I am going to tell about the merits.


Easy to use, time saving, corruption reduces because direct tax deducted from transaction; saves our energy because not stand in a queue for long time, no use of paper in cashless economy so tree''s are safe, not to break big notes when we don't have change we can use Paytm now days, e-shopping e-banking save are whole day because there no issue of going to purchase and stand in big queue in bank. There are lot of more merits but now talk about demerits.

Rural people are not much aware of online things, and we before suggesting anyone to use it, we have to aware them about frauds on online stuff. So cyber security is a big issue.

We can conclude here that cybersecurity is a big issue which has to solve first and also rural areas problem can be solved by government programme awarding people about the Internet and it's are an individual duty that if we see any people which is not aware of the Internet and helpless in atm we must help them.

Thank you.