Merits and Demerits of Cashless Economy

According to me, the cashless economy is good but it is not successful because it can be used only educated people but if I would like to say about many uneducated people and they so work daily salary based and they don't know about how to use anything like debit card and any other applications it can be very difficult so it can be demerits for our contact people it should not be done.

Hi friends.

In My point of view, the cashless is very best because my country, not development is corruption so this corruption is less my country development used to cashless methods so very best to the cashless method.

The cashless economy is geat for educated people but not suited for uneducated people.

The Cashless economy is great. It also saves resources like pen paper and time. But in every sector cashless is not possible so there must be a facility of non-cashless economy. Mostly in groud level.

Cashless economy refers to doing all cash/money related activities digitally which includes online transactions, paying the bills, ever-growing money and many more things. As everything has its two faces in the same way the cashless economy has both the merits and demerits.

Some of the merits include it is very easy for doing transactions, it saves our time, it saves money as we get a bonus while online transaction, it prevents unnecessary cutting of trees for getting paper and there is no theft related concern.

Some of the demerits include it is not an easy task for a rural and uneducated person to do online transactions as they don't have enough knowledge, internet connectivity is must for doing online payments and proper internet connectivity is one of the biggest issues, security issues are there are changes of hacking.

Cashless Economy refers to the money which is not in terms of paper format which is used for buying or selling something. Economy is nothing but a tool which is used in helping the things to buy or sell something which is needed for us. In earlier the coins are used which further replaced by paper material and now the economy took a shapeless structure where it can be used by avoiding usage of paper material and any another material which is used in olden days.

While speaking about the merits of the cashless economy are.

1. Easy transactions can be made.
2. Flexible to carry anywhere and anytime.
3. No need for cutting down trees for paper manufacturing.
4. Thefts cannot be stolen easily.

If we talk about the demerits of the cashless economy.

1. Internet connection is must where some areas are not so developed in the usage of the internet like rural areas.
2. Less secure if it is hacked.
3. Money circulation may damage in a country where it affects the Indian economy.
4. Can not be reliable for illiterate people.
5. Electronic devices knowledge must be there for usage of cashless economy.

In my opinion, India is one of the devoloping country in the world. We are the responsibility to make our India as developed country. Cashless economy is one of the most important thing for that. We should accept the changes made in the society and learn how to make use certain things. About cashless economy, there are also some disadvantages. Because it's harder for illiterates available in the society to use the facilities. And also many adavantages are there like transfering money in a place where we are, no need carry hot cash, safety will be more, reduction of black money etc.

Cashless economy is an essential part of our Indian economy now, because lots of transaction are occured online with the help of upi, internet banking and other apps.

Indian govt working on improving cashless economy because with the help of this we can improve our GDP and everything will become transparent, but till now there are some demerits which may minimise in future.

These are some demerits of cashless economy.

1. Its is not secure enough.
2. All data is on cloud so it can hack easily.
3. It is not spread over rural area.

Cashless economy is one of the recent reforms undertaken by the government of India. Nevertheless, as every coin has two sides, even this also has its own merits and demerits.

First of all, I would like to discuss the merits of cashless economy.

1. It was a commendable initiative by the government to curb private illegal transactions of black money via cash and rather make the system transparent to reduce tax evasion.

2. It eliminated the frustration of civilians standing in big queues in banks for even small transactions.

3. It became lot easier for people to keep a track record of their expenses via online apps and internet banking rather than noting them down.

4. It made shopping go very smooth, where people could just pay for any item using mobile phones when in earlier times they had to carry huge cash with lingering fear of theft.

5. It saved resources like paper and ink and even time as all the online transactions are too fast and even accurate as there's no question of counting mistakes and all.

6. Earlier, on holidays, when banks remain closed, people really faced a lot of trouble for emergency needs, but this problem too was solved with cashless economy.

7. Within few minutes money can be transferred into the bank accounts of anyone who is in need, that too round the clock.

Now, coming to the limitations or demerits of cashless economy.

1. The biggest concern is the breach or leakage of bank account details by hackers. So, it is the government's prime duty to secure the transactions and details of every citizen or else people will lose trust on this system.

2. Cashless economy is a boon for the urban population but people residing in rural areas are not that educated and awate that they could understand these technology based apps and Internet banking. It becomes a challenge for the government to have training courses in villages to ensure that atleast one member in each family is trained for online transactions to avoid cyber crime and leakage of data and proper understanding of the cashless system.

3. Even senior citizens who don't have much knowledge about these things find it really difficult to operate mobile phones.

There are some merits and demerits of a cashless economy.

Merits:
1) No fear of stolen money
2) Saves paperwork
3) Saves time
4) We can make payment from anywhere

Demerits:
1) Not much secured
2) The internet is a must
3) Mobile or other devices must make payment
4) we can't refresh or can't go back during transactions
5) Only educated people can do