Merits and Demerits of Cashless Economy

Hello friends.

It is modern era and now all things are updating with a new technology which not only saves our time but also reduce our tension. A cashless economy is one of the best ideas. It has many advantages. Firstly, it saves our time now we don't need to stand up in the long queue for deposit and withdraw money. It also reduces the tension of being robbed. There is no need to carry notes with us because of ATMs, credit cards etc. Replace cash. It is safe and easy to carry. Now transactions become easy with online payment within seconds to any part of the country or world. But it requires some knowledge of using technology. In rural areas, there is often remain the problem of network. There remains the fear of being hacked if we don't follow all rules and regulations.

At last, I want to say that it has more advantages than disadvantages so the awareness should be increased so that all people take benefit of it.

Thank you.

Hello everyone,

Thank you so much to the jury panel for providing us such a emerging topic.

I believe there are far more benifits of cashless economy as compared to its flaws.

Cash in itself carries a risk; including from the risk of theft, risk of tearing up, risk of fade out, risk of carrying, risk of loss, risk of transmiting disease, etc. The cashless economy will help us to get rid of all these risks. People don't need to carry a bundles of cash with them, they don't have to worry about theft, loss, fade out, and tearing of cash. Also in current pendamic situation, cashless economy will save us from transmiting the disease through cash. All the parties involved in transaction will get benifit from cashless economy.

There are some merits and demerits of a cashless economy.

Merits:

1) No fear of stolen money.
2) Saves paperwork.
3) Saves time.
4) We can make payments from anywhere.

Demerits:
1) Not much secured.
2) The internet is a must.
3) Mobile or other devices must make payment.
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.

Hellow everyone.

Thank you so much to the jury panel for providing us with such an aware topic.

In my point of view, the cashless economy provide. Safety. Security. And our data are safe. It is enough to have the benefits.

Let's come to its Merits.

* it reduces curation.
*it reduces the printing of money.
*it helps to do faster transactions everywhere in the country.

Let's discuss its demerits.

*it needs a strong network connection.
*it needs literate people.

Hi Everyone,

Merits:
* Lossing of money is less.
* No need to carry much amount of money.
* Easy transaction anywhere and any time.

Demerits :
* Known people only will use.
* Sometimes occurs errors in transactions.
* Be careful while using, hackers will hack accounts.

Hi everyone.

Merits:

No need to carry money.
Save paper save trees.
No fear of money stolen.

Demerits:

Uneducated people's will not use it.
Transaction error.
Hackers hack our money.

Hi everyone,

Merits.

1. No fear of stolen money.
2. Save paper and trees.
3. Black money can reduce.
4. We can transfer money from anywhere.

DEMERITS.

1. It needs internet.
2. Only educated peoples can use.
3. Lot of hacking problems.
4. It losses money jobs who are working under banking sector like ATM Feeder, securities, money deposit vehicle drivers.

Merits-.

1. It is easy to send money without carrying cash.

2. There is no fear to steel it.

3. All over the world you can send or receive money in a few seconds.

4. Use of cash less economy, paper and trees will be safe.

Demerits-.

1. Without the internet, a cashless economy no of use.

2. Afraid of hackers.

3. It is no use of an unadulterated person.

4. Without a mobile phone/laptop/computer it is not possible.

These are merits and demerits of cashless economy.

First of all, we understand what is a cashless economy.

So the economic term is related to money, wealth.

But cashless economy means when the transaction is not based on paper notes, coin in short the transaction is done by without cash is called cashless economy so here all transactions in the form of using digital money like bitcoin, cryptocurrency.

According to me, the cashless economy is better because it reduces corruption or illegal money also helps to reduce the risk of keeping money through oneself.

Also, it helps to speed up transactions so time reducing.

It helps people to easy access for buying or purchasing something.

It can be used everywhere no need to hold a pocket.

But it has some demerits like it has major risks like cybercrime.

Specialized skills are required so common people not understand easily this type of transaction in the market.

Illiteracy is the major problem across cashless economy.

Hi everyone,

In my opinion, the cashless economy is in comparison to cash eco. Has many benefits and advantages.

There was a time when we use to deal with every financial activity with cash only whether it was purchasing property, vehicle or any other commercial transactions and no doubt there were problems in doing so.

Problems such as long queues in banks, shops, corruption due to no transactional record, delay in work etc.

Upcoming decades after 2040 will have a cashless economy, this will save time along with paper and inks that we use now for printing notes.