Merits and Demerits of Cashless Economy

Hi friends.

Today our GD topic is the merits and demerits of the cashless economy. In my opinion, the cashless economy is better. Because with cash if you go to buy a gold jewellery there's a chance to stole the money.

I feel the cashless economy had both the merits and demerits. But though I genuinely feel that in a long run, it will help to boost up our economy and somehow or the other, it will go to replace the system of the third window, i.e "corruption".

Hello everyone.

Today, I would like to bring kind your attention about to cashless economic and how much benificially for Indian eco. First of all, I will discussion toward to merit you all know from comes to technology internet factor is full swings rather than before day. Paperwork, time value knowledge and health and many thinks are reducing.

Demerit: A person doesn't have proper knowledge about it. They are illiterate. Some time hacking problem we are facing.

Hello Friends,

Cashless economy is very useful in day to day life. But as Coin has two faces like wise our topic also has two faces.

Clashless is more benificial, the corruption will avoid by using cashess, It is easy to record on our money.

Few years ago there will be cange in currancy, there will no effect of it on cashless payment.

Demerits are in villages people not have much knowledge of cashless economy. Also due to some issue if our mobile phone is switchoff then it is not possible to pay via cashless.

Hello everyone.

Today we are discussing the cashless economy. The cashless economy has its economic impact on the society.

Due to the cashless, it is now easier transaction through your bank or e- wallet. Because of this, we buy anything online from various platforms without going anywhere. Cashless economic also gives boost our to increase employment opportunity in this sector. Due to cashless banks to able to manage money multiplayer in the economy.

Apart from that it also has the disadvantage of the cashless economy as rising this sector no of cases of fraud is rising. This needs to be addressed so that we insure the cashless economy remains safe.

Cashless Economy, it means that all the transactions should be performed without any exchange of cash currency. So in my opinion the following are the merits.

It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.

Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.

I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.

I want to add that it has brought transparency as all the transactions can be tracked hence majorly impacting terror funding organisation as most of the fund that was collected was black money and can't be tracked.

Demerits, I think the major demerit is accessibility. Digital medium of transaction is not available all over India.

I would like to share an incident which happened to me. I went to a roadside shop and had four idli which costs 20 but I don't have liquid cash. The shop owner told me to pay through paytm I was shocked but happy. Then he told that pay rs 25 because he would be charged for the transaction. From this, I came to know that cashless made the value of 20 to 25, which means that its a loss for me. So, I conclude that the cashless transaction decreases the value of money.

A cashless economy is one step ahead for India.

Do you think is India really capable of cashless technology. As there are the majority of people live in rural area. There is a big issue in the area there may not single atm or even there is no range for mobile then how they learn to how to transfer money using UPI or buy some goods with paytm. This major demirts for cashless India. And merits are we can get discount by the online transaction, we no need to carry money every time so its safe.

The Cashless economy is very precious as well as accurate method while transaction. The main factor is that to save the trees and our valuable time.

Two hours work gets done in a few seconds.

The only one demerits is the cashless economy is useful for only educated person.