Merits and Demerits of Cashless Economy

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.

What do you mean about black money? I am not very familiar with the term. But I agree with the other comments. Cashless economy is a major leap forward to growth. Plus, it's extremely convenient too.

Cashless economy means appealing and ideal. But the thing is our government is yet to perfect its the current monetary system.

1) Government should "abolish" all kinds of manhandling of currency. Currency is global dignity of a country.

2) Mishandling, making of fake currency should be heavily investigated and punished properly to an extent it simply stops.

3) Meanwhile Gov should be formulating and working efficiently towards the secure virtual system. It should join hands to the newest generations for this. And take info from cyber culprits who have done related crimes to make sure it doesn't happen.

4) The change should be slow and perfect.

The cashless economy can minimize paper wastage and reduce all sorts of cash-related crimes. But it brings a whole new set of problems in the cyber level where our country is yet to properly believe and invest in. How can a Gov that cannot yet handle ancient monetary issues cope with the newest ones? It's better to take time and start with a bang; not let hackers make use of naivety.

Good morning.

Cashless economy is the revolution in the digital world whether it is used in the field of business just like as a marketing field, educational field and many other governments and private sector so when our country is used is as a platform of digital interface, also when the user of the cashless economy all over world trade recognition is very vast revolve on the basis of phonpay, google pay so the using of cashless economy whatever we used a currency in modulation.

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.

I am much convinced with many of the merits written by you people. Some stated that people of the rural area can learn to perform cashless transactions (without much difficulties) if they wish too. But I think before working on cashless or digital India we should work on the ground level development of the country like still there 40,000 villages where electricity is still unaware to the resides. With many transactions together the servers come to death. Many people don't trust being cashless because of many incidents (fraud or errors by site) experienced by them. And being cashless is not so easy when it comes to each n every person for everyday transactions.

I would like to say some points about the cashless economy as per my experience.

Merits are:
1) Easy, faster and mobile wallet.
2) benefits of cashback.
3) transparent.
4) Reduce corruption.
5) easy shopping with cash back for example in Paytm mall app, Amazon, Flipkart etc.
6) time-saving.

Demerits:

1) Internet connection is mandatorily required.
2) in pre-payment online shopping sometimes (rarely) you may get faulty or something like a different item.
3) if your work not done in online shopping or billing once your money deducted you may get back later or you may get back some percentage of your money that is lesser than the original amount.

-Thank you.

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.

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.

Cashless economy not only saves our time but also saves paper. The cashless economy also solves the problem of money in atm.

We do not have await in a long queue in mscb office.