Merits and Demerits of Cashless Economy

In my point of view, the cashless economy is a great initiative of digitalization. Every coin has two faces similarly everything has merits and demerits. First I am going to tell about the merits.


Easy to use, time saving, corruption reduces because direct tax deducted from transaction; saves our energy because not stand in a queue for long time, no use of paper in cashless economy so tree''s are safe, not to break big notes when we don't have change we can use Paytm now days, e-shopping e-banking save are whole day because there no issue of going to purchase and stand in big queue in bank. There are lot of more merits but now talk about demerits.

Rural people are not much aware of online things, and we before suggesting anyone to use it, we have to aware them about frauds on online stuff. So cyber security is a big issue.

We can conclude here that cybersecurity is a big issue which has to solve first and also rural areas problem can be solved by government programme awarding people about the Internet and it's are an individual duty that if we see any people which is not aware of the Internet and helpless in atm we must help them.

Thank you.

The demerits of the cashless economy have been overcome by its merits.

Merits.

* Easy flow of money.
* Easy to use.
* Saves a lot of time.
* Quick transactions.
* Helps in development.
* No fear of losing money.
* Effortless transactions.
* 24 hours service.
* Opportunity to make transactions in different countries.

Demerits. The demerits may be due to a fault by us or it may also be because of some technical problem. So people should carefully follow the instructions.

I would like to share my comments on the merits of a cashless economy. As money is the most important part of our lives even for fulfilling the basic necessities of life we want money as earlier barter system was being followed and then currency came into existence. With the growing scope of ebanking now things can be transacted online by the click of just one button money gets transferred from one account to another.

Merits of cashless economy.

1. It saves, the printing expenditure on making currency as a huge amt of the country goes on such task.

2. It makes the transactions safe secure and of course speedy.

3. It reduces the chances of theft and misplacement of cash anywhere.

4. It helps in developing of the economy as in cashless every individual will know how to access the net and how to deal with things online.

5 It helps in reducing the commission of the fraud of meditators that increases the cost of things uselessly.

As I would like to conclude and one must make the less use of cash as possible due to all the reasons that are being discussed in the above mention points.

Thank You

What I believe is that the Cashless economy is a boost for emerging and developing India as it will help it to emerge as a global development centre. Introduction of cashless technology will reduce much of the efforts of a common person, saving time and reducing the stress of standing in long queues in banks or store. It will also help in reducing corruption and theft and help the government in maintaining tracks of transaction thus making the process more transparent and efficient. It also boosts the e-commerce and e-governance sector creating more job opportunity. Also, It increases a nations competencies and reputation among others.

On the other side, it is only beneficial to the educated class of people as they are having the knowledge and skills for exploiting the technology to the fullest. Whereas the uneducated/illiterate people of rural areas will be more of helpless and more prone to errors and problems. Which increases the chances of fraud and information theft leading to the emptying of bank accounts.

The main need is to spread more information and knowledge of the cashless economy, its pro and cons to the rural and uneducated people, helping them understand it and enjoy the benefits.

In my opinion, the cashless economy is good. But only for urban areas not for rural areas because maximum person doesn't aware from these kind of things like online payment, cards net banking etc. As we know every coin has two sides similarly cashless economy is very efficient to Stop trees cutting and making paper free world. It also benefits to reduce our hard work to stand in a queue for a money payment or withdraw anything.

In my opinion, India holds 122th rank on GDP rate. This rank evidently shows that India is in the agile side of development than earlier. Cashless economy reduces the effort of printing money, counterfeiting is eradicated not only that it inspires people and make its necessary for the people to adapt the technology. With lead India to globalize it's people.

In my opinion, cashless economy is good for those people who have basic idea of e-banking and the improvement of technology. Without a proper knowledge of online transactions it is better not to share our card details to unknown person because they may misuse them for their own benefits.

Adding two more points 1) it reduces the paper usage for printing cash 2) it reduces our time and effort to going bank for transactions.

Merits-.

1. It helps to put an eye on every transaction and that will reduce the tax evasion.
2. It increases the feeling of security, as we have seen many robbery cases at the time. E of money transfer as a cash amount.
3. It will save the costly paper on which we are dependent on import on a large scale, and thus save the valuable foreign currency.
4. From cashless transaction we can also earn money as many e- wallet are proving cashback.
5. Easy to handle account any time from anywhere this saves precious time.

DEMERITS-.

As everything has its dark side also, so cashless economy have some demerits also.

1. For rural people or people having lack of knowledge get trapped in a web of e- thugs.
2. We have seen cases of hacking of account by hackers which results in loss of entire belonging earned day and night.
3. Lack of awareness increases illegal trading.
4. By giving small greed to poor people rich one fulfil their dreams, or convert their black money into white (as happened during the time of demonetization).
5. Unavailability of pos (point of sale) machine and poor network become an obstacle in the path of cashless economy.

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.

A cashless economy means economic state whereby transaction are not done by the physical banknotes but rather through the digital transformation between the two parties. In simple words we can say that if we do transaction by our bank cards is a cashless transaction.

It has huge benefits, If we have all the resources to use it especially in urban cities. It stops crimes, like nobody can steal your money, keeping cards is easy apart from carrying good amount of money in your bag.

It generally doesn't have much demerits but the basic demerit is like if we don't have money in our hand we have to run for ATM.

But nowadays paytm, phone pay application are providing the best services to make it convenient and successful. Slowly, being cashless will be our second nature. It just needs little patience by the people if India, and Govt has to put some efforts to modernize the rural place and we should appreciate many program, schemes and campaign organized by our Government.

Thanks.