Merits and Demerits of Cashless Economy

Hello,

My name is Sudhanshu Kumar.

Here I am talking about merit and demerits of cashless economy.

MERIT:

1. Pay and accept money in seconds.
2. Protection from spreading duplicate currency.
3. Protection from theft.
4. Prevent inflation.
5. Safe and secure debit and credit.

DEMERIT:

1. Chance to cyber theft.
2. Transaction can't be done in lack of network.

I don't think India is ready for a cashless economy. It is on the way of cashless economy. India needs two to three decades to become a cashless economy. Here is the reason for not becoming India into a completely cashless economy. Right now many people of India are illiterate. There is no proper banking connectivity all over India. There is also no proper connectivity of the Internet. Corruption rate in India also very high tremendous effort of the government also failing in this field. Many labourers in India are dependent on cash for their daily expenses and they are illiterate or half-educated. So to tackle all these things India need more time to be cashless.

Jai hind to all.

Respect Sir and my dear friends.

Today We gather here to discuss an interesting topic and our topic is Merits and demerits of cashless economy.

Merits:

1. Our data and information about the transaction will be safe.
2. Save our time.
3. Reduce corruption.
4. Easiest method to transfer fund one person to another person.
5. No need to go bank and ATM.
6. Rapid growth in online buyers.

Demerits:

1. Chance of hacking.
2. Cyber Threat - As we know that in India there is no strong law against the cyber threat and cybercrimes increasing day by day. As per data 12592 cybercrimes are recorded in 2019.
That's why people hesitate to a cashless transaction.
3. People lost their money in fake transection app because most of them uneducated.

Hello, everyone Jai hind to all of you.

Today, I am going to discuss the merits and demerits of the cashless economy as we all know that there are two faces of every coin so the cashless economy has also two sides. First, I will discuss the good side of the cashless economy. Due to cashless economy, we can save our time because you can pay in a minute by paying, phone pay, other digital apps but in my opinion, India is not ready now for the cashless economy because as we all know that the most of people in India are illiterate so they don't know how to do payments by phone or computers so I think India will be ready for the cashless economy after two or three-decade. Now I will tell you about the bad effect of the cashless economy. There is a lot of risk for cybercrime. As we know that there is not any strict rules in India for cybercrime so it is increasing day by day. So if your account would get hacked then you will lose your money.

Cashless economy is a requirement of 21st era. Cashless economy means the transaction of money, a bill by online banking or digital payment apps.

Merits:.

1. Cashless economy made transaction transparent do it will minimize corruption.
2. It will save travel time, extra cost.
3. With online payment we can send money from one corner to another corner of the country in few seconds.
4. Now people cannot evade tax because all transaction are recorded.
5. E-ticketing, e-services reduce wasting of time.
6. Cashless economy minimise wasting money on cash printing.

Demerits:

1. Cybercrime theft issue arises.
2. Illiterate people can't understand cashless transaction so there are chances of happening fraud by duplicate payment app or duplicate website.

Hello my name is Vasu lets come to the topic which is the cashless economy as we know them to love in 21 century without digitalisation is not possible our pm Modi ji started this campaign in 2015 as we know that everything ha it's pros and coms first talk about its pros. It reduce robbery and theft. Now people can book the tickets of aeroplanes and train just in seconds. One can transact money from one place to another place just in a sec but it increases the risk of cybercrime and hacking.

A warm welcome to everyone participating in this discussion.

I am Mayank, I would like to put some light on the cashless economy which as eventually come into the trends.

So starting with some positives I would tell you that going cashless has made the process of payment fast and efficient.

It has also reduced the extra efforts made by people for the payments from big to small, from goods to services, from country to states.

Going cashless has made all of them a work of seconds.

But digging under the topic to its roots.

It has become the top most reason of frauds and scams happening in the states, has effected a lot of people who are not aware of these malicious activities and news of thefts.

So, I would conclude by saying that though the people are ready for change in terms of payment and commerce but will be requiring knowledge and basic education for going online for the capital transaction.

Hi, This is Rama Krishna Battula.

I would like to express my thoughts on the merits and demerits of the cashless economy.

Merit: Going cashless is simple and easy and all about a transaction between banks.
Demerit: Transaction does online so that there is a chance to theft, fraud and cyber-attack.

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,

Today our Topic is cashless Economy has everything as two sides good and bad. The cashless economy also has merits and Demerits.

Merits-.

- It makes it easy to transaction of money.
- It reduces the time of people to withdraw their cash.
- It make unneccessary to carry cash because everywere online payments are done.

Demerits.
- Due to some network issue transaction are restricted.