Merits and Demerits of Cashless Economy

Hello everyone,

A cashless economy is defined as the flow of currency through electronic devices such as debit/credit cards or as the name suggests 'cashless' there is no flow of cash. The cashless economy is having own boon and bean. It is a good initiative taken by the government of India.

Merits:

A cashless economy is useful for the measurement of the accurate flow of money from one bank to another bank.

It is a useful small scale business where clients can send the money within seconds. Customers need not stand in a long queue where they can pay their bills.

Paperwork has reduced and transparency in economic activities.

It will help in the growth of infrastructure and it very for developing country.

Many platforms like amazon pay, phonepe, google pay make people's life easier. People or customers can't carry valuable things with them.

Demerits:

Cybersecurity is the major drawback of the cashless economy. People who are lack technology with the use of mobile and technology will lead to a big problem.

In my opinion, a cashless economy is a revolution for the country. This is a great opportunity to improve our security in the digital world. Overall view on this topic is going significant change in all financial matter.

Hello everyone.

In my opinion, going forward to a cashless economy is the right step for the future. It basically means the digitilization of cash. Like every other system out there in the world, even this has its own merits and demerits. It provides a safer method of transaction through secured banking. In the times of covid it also helps in contactless transactions. Digitalized banking opens the door at home services where an individual need not wait at long queues and spend his/her entire day in the bank. Most of the local vendor nowadays are shifting towards cashless transactions which in turn helps them to keep a legitimate, safe and a reliable method to track their incomes.

Despite its merits, there is one big problem right now which will be eventually sorted out in the future is to reach of the program. Not many people are aware or know how to run online banking websites. Many banking sites don't have a very easy user interface which makes online banking a hectic and time consuming process. Although online banking exists there are some processes which require human verification hence we can say that it isn't completley digitalized.

Hello everyone,

According to me, they are both side effect on the people, like merit and demerits. So, first I talk cashless economy is the best thing to growing yourself and learning new things. Like I am purchasing something from somewhere and I don't have the cash to pay so I use of payment mode like Google pay, phone pay, and mobile banking so, if I know how to use then I get benefits of the cashless economy but if I don't know about this process this system how it works and also I don't have a smartphone so I can't get this benefits. So these all things are really important in our life.

Hello everyone, according to me, they are two parts of all things first is merits and the second one is demerits. The first talk about the merits of a cashless economy is beneficial for us. We don't need to carry so much money with us. We can do payment also using Google pay, phone pay, Paytm and mobile banking. It is really good and beneficial for us we don't have any fear of theft. And the demerits are there is a huge risk of hacking accounts. And sometimes online transactions are not secured for all. But the cashless economy is motivates people to use this technology.

Thank you.

Hey Everyone,

From my point of view, the cashless economy is the best thing for all of us. It will make our life very easier. And it will beneficial uneducated people who don't have knowledge for banking transaction and they were sitting in a que and waiting and wasting so much time. It's a very easy and simpler process.

Merits:

* We can online pay our payments easily without any problem.
* Cash requirement will become less and no bourdon of taking care of cash.

Demerits:

* Mainly hacking problem.
* Suggestion for my side to everyone: If you are educated and you know the things so can help others so they can also make their life easier and government also have to provide some camps for explaining it in rural areas.

Thank you.

Merits of cashless economy:

First, don't fear theft.
Covid time cashless economy is very useful.
All money transfer is using online transaction is used for low corruption.

Demerits:
The cashless economy only useful to the mobile phone users.

Every coin has two sides, so first I speak about merit. It is very process like it take nearly 5sec to transfer money.

Second pointed it solve problem of chain. Like I have 500 rs note and I want to purchase 20 rs product it create problem for shopkeeper to give me chain.

Third point it help government to track money. And stop illegal activities.

Demerits.

Firstly, The technology is new and evolving. So there is lot of people send referral and try to steal your money on app like phone and Google pay.

Second like uneducated parent do not know it properly so they take from their children to transaction. Due to this power comes in children hand due to this some child misuse it.

Merits:

Any online payments can be done within a minute or so.

There is no contact between people which is very essential during this pandemic.

Demerits:

Sometimes the transaction occurs, but it is told that the transaction failed, making us think where the money went.

Cashless is a new word introduce in Indian people dictionary few years back and various discussions started.

Some of have fear of using online transaction and frauds and someone had some excitation of use new technology for transactions.

But after going long way in last few years lots of people accepted it as daily routine transaction. As its have more advantage over few disadvantages.

ADVANTAGES:
1) We don't need to stand in long rows of banks and ATM's.
2) We don't need to take our Wallet in our pocket before leaving home.
3) We can do any business with small asset.
4) We can grow our business unlimitedly without physical restrictions.
5) We don't need to waste our time by going market.

Disadvantages.

1) Frauds.
2) Fraud E-Commerce sites.
3) Rural people need some more time to become familiar with this new normal.
4) Minors make lots of mistake which may become big problems for their parents.

Hii everyone,

Talking about the first merits of a cashless economy.

1. It saves a lot of time for doing transactions as it takes few seconds to transfer money.
2. There is no paperwork to do, all records are digitally available.
3. Nowadays for doing banking we need minimum bank branch visits.

Now coming to demerits:

1. As the cashless economy is growing also online cyber fraud cases are increasing.
2. People living in rural areas or people who are less familiar with digital technology are more victims of such cyber frauds.