Merits and Demerits of Cashless Economy

As we all know everything has basically merits and demerits.

Taking about its merits.

1. It is less time-consuming as compared to the cash holding economy in the terms of money transfer, balance inquiry and in many ways.

2. In any situation, it is not possible to come out from their house or shelters so on that time it is beneficial for some of the situations when it can be a useful emergency in-country, many pandemics etc.

3. In my opinion, it is safer than cash holding economy. Because security is too high in these platforms.

4 - it will definitely reduce the corruption in our country.

5- it will provide a good boost to Indian GDP By giving high employment in the country.

Talking about the demerits.

1. In the terms of security it should be improved because many apps consist of many bugs, and those bugs became a great opportunity for the hacker.

2. So in India, everyone doesn't have a phone, because most of the people in India are lower middle class and if they have so, there are many places in India where there is not even a connection of the internet, on such areas it is not possible to use.

First of all, Thanks for giving me this opportunity to present my views on the cashless economy.

It was started in November 2016 after demonetization in India & it was a great step for our country to grow the economy.

But everything has its good and bad sides, so the merits of a cashless economy are:-.

1. An emergency:- in our daily life no one knows what will happen or what requirements we need if anywhere in our country we have to transfer money to our family, clique or anyone it is possible to send it as fast as we can because of this cashless idea.

2. From this we can save a lot of time without moving in a bank or atm for withdrawal or transfer.

3. We can buy anything online and pay for it online in just a second.

4. When we need we can check all of our bank details, transactions, and many more without wasting our time.

Now, this has also some demerits:-.

1. Nowadays there's a lot of risk of account hacking.

2. Sometimes we face network issues and failed to do our work.

3. In India 50% of people don't know how to operate a smartphone.

But the merits of a cashless economy cover all demerits and from this, we can't say that India is developed but we can say that we are improving ourselves more day by day.

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.

Everything comes with cons and pros. Because of reference frame of ours.

Merits:

I will say that it wipes help in saving the environment because of the less paperless sacrifice of trees.

Also, there will be less flow of money in the market.

Black money-related problems would be solved.

More money in the market leads to inflation.

Demerits:

Many Indians don't know the digital ways so it will be difficult for them.

More than half of our population is poor or below the middle class. They earn the day they spend. They don't want to go to the bank and give money of small amount that they need for day to day requirements.

Hey guys. First of all, I would like to thank you for giving me such a wonderful chance to share my view.

In this evolving world, a cashless economy is a major step toward an easy way of living e. G it makes it easier to do business transactions at any time without even giving a thought about having cash in hand at that moment. Another plus point is that it takes too little time and as it is cashless so there is less chance of theft.

The best part of this is in time of need of someone, you can send money without following any long-term old bank deposit way.

However everything comes at a cost, so here the cost is online fraud, sometimes network glitches and fewer awarenesses of this technology.

Thank you.

Every coin has two sides.

As well as this topic has merit and demerit. If talk about the merits. Are server merits?

1) if our country is cashless so we grow our economy because there is no existing black money.

2) Taxpayer increases.

3) Many apps will launch. When the app is launched employment is automatic increases and then when employment increases so demand is also increased when in demand is increases economy automatically more growing.

4) if our country is digestion in the money sector so small banks also grow up because they provide loans and they take interest from people.

If Talk about demerits.

1) Everyone has not purchased a digital phone so how can they survive in this era.

2) And what about cyber security there is a lot of fraud in digitalization and cashless.

3) The person does not know how to use mobile and how to use phone pay and Google Pay how to they use.

In my opinion cashless always beneficial for our country. In almost every developed country cashless transaction is used.

Cashless transactions have several benefits such as cashless transaction is saving our time. As many apps launched in the market such as phone pay, Google pay, etc.

We don't have to carry money all the time, it is another advantage. Due to this transaction system, there is no problem of change while buying anything. With the help of these methods, we can complete our work in one snap.

The cashless economy is growing and irrespective of whether we like it or not, it is the future.

Let's look at reasons why it is inevitably the way forward,

A) It saves TIME. The bustle of waiting in ATMs/Banks for cash and looking for a change in case of smaller transactions is eliminated. Transactions can be made by the click of a button.

B) It helps the government keep a check on all financial activities. This not only prevents IT frauds but also aids in better management of monetary resources.

C) It makes international transfers much easier, attracting foreign investments and thus giving a boost to the ever-growing international trades.

D) It also makes it easy for individuals to manage their finances, one doesn't have to worry about updating their passbooks or keeping a check on their chits because a cashless economy helps them easily invest online through mutual funds and various other methods.

E) Cashless transactions have made spending money much easier for a middle-class man, one can order food sitting at home and can access entertainment platforms remotely. As a result, there are increased employment opportunities in new sectors.

As fast as cashless transactions have taken control of our economy in recent times, it is important to note that there are various threats that accompany this move,

A) People with half baked financial knowledge find it easier to invest now and hence end up putting their hard-earned money blindly into cryptocurrency, NFTs and similar modes in high hopes that they will receive high dividends only to end up with huge losses the majority of the time.

B) Most people with poor economical backgrounds aren't exposed to the harsh realities of the internet world and fall prey to fraud online stores, brokers and various other scammers.

C) Cashless economy gives you the luxury of spending money sitting at the comfort of your house and this has led to people spending more money on online platforms of big companies. This financially hurts local shops that rely on people physically coming to their store to buy their products.

Merits:.

When it comes to making a cashless or digital economy it doesn't only make you save a large amount of time which you could've wasted roaming around govt offices but also it is very affordable.

2. We have been seeing the transformation that has come after adopting Aadhar. How direct benefits are going to the people's Bank account and how it made the system transparent.

Demerits:

There could be online cyber frauds that are on the rise these days.

2. A large population of our country do not trust this system.

3. A large chunk of the rural population would find themselves disconnected.

All in all, we can conclude that a cashless economy is beneficial for all in this country but people should be given appropriate knowledge about how to deal with fraud. If we want to make a modern India we should adopt the current technology at the right time but at the same time we must not leave behind those who are not much digitised.

Merits:.

First of all, when it comes to Cashless money. The person who knew to hack is only able to steal the money from your bank account.

There is no physical money, so no chances for roadside robbers.

We don't want to go to the bank and stand in a queue.

Fake paper money's difficulties do not happen.

Demerits:

Network issues stop to make digital transfers at emergency times.

We are giving our bank data's to private applications instead of government-related banks.

So, Chances of misuse will be there.