Merits and Demerits of Cashless Economy

Hi, friends.

First of all, I am telling about demerits of the cashless economy in India.

I am talking about India because all we are living in India.

In my opinion, the cashless economy is a bane for our county. Now the question is raises why and how the cashless economy is a bane for our country.

Simply answer is digital or financial Illiteracy is one of the main cause because literate people or hacker easily cheat that type of people and such a person doesn't know the importance of ID, passwords as well as OTP.

Then how the government imagine cashless economy is good for our country.

Second thing, If you peep another side our GDP is continuously reduced after the campaign of cashless economy.

In the year of 2015 our GDP rate is 8.16 % but now our GDP is only 7 % and these reductions prove the our country is not ready for cashless Economy.

Third things are.

Our cyber security, India's cybersecurity is very poor and according to SWH record 350% cyber attack done in India and aprx all attack related to credit card or debit card.

Our Infrastructure is also poor.

Only 4 lakh ATM in our country, pos machines also not work properly.

And the last thing I want to share with you.

The biggest fear are theft of identity.

Hi friends,

Good morning everyone,

Today's our topic for group discussion is 'merits and demerits of the cashless economy'.

So, I'm with the cashless economy, almost all things have its appropriate merits and demerits so it doesn't mean that to avoid or limit the use. We are the part of our country, there are lots of demerits but if cashless economy helps to boost our countries economy then it's our responsibility that to over come on it.

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.

Hello everyone.

First of all, I want to talk about the merits.

1. It reduces paperwork and their expenses.
2. It also reduces the chances of mistakes and will make work faster and easier.
3. It will make rupee currency strong than a dollar because all our economy we can show to the international market.
4. It reduces the rate of interest and promotes to FDI.
5. It gives an opportunity to common people to improve their economy by taking a loan for the business.
6. It gives all information about the people's transactions so that government can resist corruption by making sight on them.
7. It also enhances GDP and makes ease of payment methods.
8. It saves trees and the expenditure to make paper currency.
9. In this, if someone fraud with others, the record of cashless show how much money given to the person so helpfully in detection clues in crimes.
10. Overall it saves huge time which can be utilised to do work and economy of a country grows with them.

Demerits.

1. It increases cybercrime.
2. It totally depends on our gadgets such as mobiles, computers etc so can't use without these gadgets.

The Cashless economy has two sides of the coin it will very beneficial for people who are educated or good knowledge of smartphone such people can easily go cashless but limitations of this system is a rural area which is nearly unknown about cashless transaction due to illiteracy.

Hello everyone.

I am with cashless economy, Today each and every new phone support online transaction facility by which you can transact the money at any time through your phone, as you debit cash from atm there are some conditions of transactions (eg. Like 4-5in a week), the UPI is totally different from it and you can transact at any time without any type of deduction.

It also offers some bonus while transaction.

Transaction records are available so that you can check your weekly or monthly expenditure from it with high accuracy.

It is very secure.

The conclusion is that In an atm we can't transact rupees in order like (eg. 670) but from a cashless transaction we can transact money in any order, that means there is no reason to hold changes in your pocket if you use cashless transaction.

Thank you.

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.

The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

Merits:
1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

Demerits:
1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

Merit:

Cashless economy is hassle free from the bundle of cash that we usually keeps with us while travelling and concern about losing it or being theft. It is more secure now to keep and transfer wherever we want and to whomsoever we want.

Demerit:

As the use of online transaction is increasing and the world is going digital so the cyber theft is also increasing. If in 10 years from now cyber crime/theft related to this do not increase then it could say that cashless economy is better or the best.

Hello Everyone!

Today's topic is "Merits and Demerits of Cashless Economy".

So, to start with I want to explain what a cashless economy actually is. We are all aware of the UPI, mpockets, net banking, credit and debit cards and most recently the crypto-currencies. What all these actually do is nothing but give you the liberty to not carry your purse full of cash but then also being able to transfer or transaction of money in things.

I will be giving the possible merits that of course most of us are already experiencing are,

1. It is possible that you have money in your bank account but are out of cash now, this is the time when being cashless pays off.

2. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.

3. You want to buy something expensive, handling that much cash may be proved to be really a hazard, while just a single swipe of your credit or debit card will be more than enough.

So,

Secure, easy, faster and authorization these are the fields where the cashless economy have its merits.

But, as there is a saying every coin has two sides one of it is good and the other bad, so, Cashless Economy is also no exception.

Possible demerits are,

1. You should be more alert while using digital currencies, if one's personal account details are known to someone else then they can easily hack through that account.

2. Sometimes the transactions are wrongly made due to the lesser speed of concerned internet connection, though we get the refund it causes a problem initially.

3. Till now the cashless economy hasn't been broadening for all the citizen of our country as an integral part of them are still finding it difficult to meet their both ends.

Finally, I want to conclude by saying that the merits of the Cashless Economy are obviously broader than the demerits it has which can be avoided with proper care while using. I personally am using it for quite a few years and obviously, it made my life simpler.

Thank You.