Merits and Demerits of Cashless Economy

From my point of view, the cashless Economy is a kind of digitisation of our nation. In order to compete with developed nation Cashless Economy is a powerfull tool. It also reduces black money easily accessible.

A cashless economy is good because you have not to carries money in the wallet and not to fear lost of it.

I think the cashless economic system is very good for big business there no recurred cash for transforing money or storing.

This approach also helps a general people in their daily life.

It's safe over money from robbery but not safe to server hacking.

Hi everyone,

We all know about the cashless economy but I want to ping to in our country most of the people lives in the village and they don't know how to use it? So first, we need to educate them about the cashless economy.

So, I want to share some merits and demerits.

Merits:

1. In a cashless economy, the transactions are transparent so chances of corruption will decrease.
2. Easy to the transaction or transfer the money and time-saving process and also safe.
3. Don't need to state in question in front of ATM or bank for the cash.
4. It is safe for the Thief, sometimes we heard the Thief stole the bag that has much cash.

Demerits:

1. It depends on electronic gadgets that help for the transactions if gadgets are discharged at that time you think you have nothing.
2. Chances of hacking devices.

Hello, guys. There are too many merits an demerits of cashless economy in India.

PM, Narendra Modi started digital India it helps lots but something disadvantages are also there, first I discuss the merits. The main advantages of cashless economy is you have to don't take money with you anywhere with you. You can directly transaction with mobile or your card. You can pay the bill for electricity etc are pay directly with your home is your time is save and also free of travels. You can do at your home directly.

Hey everyone, in my opinion cashless is a great initiative when we see easy way to pay out bills, to make payments for anything, to order anything online become so easy and quick but there are people on the other side who don't know online payment system because of lack of education and facilities to them.

Merits of the cashless economy is way too much as compared to the demerits, a world without currency note is definitely a big dream for many of our economists.

Personally, in my view, the cashless economy should only be applied where the literacy rate is 100% both in academics and computer world knowledge otherwise it may be biased for some section of our society.

Cashless Economy is a good idea but to implement this we should a well security. The merit of cashless economy is that transaction can be done very fast and the amount of papers used for creating Cash can be reduced. And no one store their Black money. The Demerit is that not only the educated peoples are living here. There are some uneducated peoples for them handling these things Is quite risky. Some people may take advantage of this and if there is no well security given the cash can be hacked even the richest person can become poor in seconds.

Hello.

As we all know a good things have both merit and demerit. So, In this case, Digitalisation is very crucial. Because. When. We want to check our balance or transfer money, at that time may be holiday will be there, many people will be in the line. So it's really difficult to overcome from this situation. Hence digitalisation is the only process to overcome from this situation. But also there are some demerits like leakage of data, haking. But in comparing to merits, it is quite less.

According to me, the merits of cashless economy is saving time and not going to any bank make transactions speedy.

Demerits of cashless economy is risk of hacking and internet connection mandatory.