Merits and Demerits of Cashless Economy

Hello good morning.

Today we can discuss abou merit and demerits of cashless economy. I think that there are more merits than demerits and also everything it's merits and demerits.

Merits.

1. Indian government take the decision of cashless country so it is helpful to reduce corruption.

2. We can save time with the help of this. Because We can excess the money anytime and anywhere on our mobile application like G pay, phone pay.

3. As we know about the cash so trees are cut and made cash due to which cashless economy is ecofriendly.

Demerits.

1. In rural area, there is a network problem and they are not excess that one.

2. In village people are not aware about mobile application.

So awareness is important to and helpful to cashless India.

Thanks.

Hi everyone,

Everything has prons and cons as such, Cashless economy has also its merit and demerit.

When we talk about the merits of the cashless economy then first thing comes in our mind is it is an easy way to transfer the cash through digitalization.

Secondly, This saves the huge money on print the currency.

Thirdly, you can track every transaction easily. It may help reduce the corruption and malpractice that things affect our economy.

And last but not least it helps grow our economy very swiftly. And it also reduces the threat of fake currency that majorly affects our economy.

When we talk about demerit of cashless economy.

Firstly, we need a proper law and regulations. And it should be implemented on the ground. And I think there is an authority or body like SEBI, RBI who regulate all these things.

Secondly, there is a lack of knowledge may be the big hurdle of the cashless economy and many rumours as well.

And, if we see a cashless economy then the government should remove the limits on e-transaction.

Hello everyone.

My name is Ankit and I am here to give my points on the given topic.

First of all, let me tell you what is cashless economy? Cashless economy means doing anything, buying anything without paying money in cash form.

This is really great initiative taken by pm Modi to make India digitalize and cashless.

There are so many advantages of cashless economy.

Advantages:

1. Due to cashless economy now we need not to wait in a que for any type of transaction, hence it saves a lot of or time and energy.

2. It keep us safe everywhere from robbery as we need not to carry cash with us everywhere.

3. We can easily make payments in few seconds without having cash with us with the help of Google pay, Paytm, Yono SBI etc.

4. We need not to fill form and wait for our time by standing in a queue in bank. Hence it saves our time, energy etc.

5. We can book train ticket, flight ticket and can pay from home sitting at any place.

As every coin has two sides it has some demerits too.

Demerits:

1. The biggest challenge is internet as every online work depends on internet, if there is not proper internet available we can not use these resources in proper way.

2. In villages and hilly areas there is a lot of networking issue so these resources doesn't work there.

3. India is a developing country As technology is increasing day by day hackers are also increasing that can hack our data. So there is security issue but our government is very strict against it.

4. In India there is a lot of problem of unemployment so there are many people who has no electric device such as smartphones to use these resources. So it is not available for every type of citizen.

In conclusion I would like to say that cashless economy is time saving, energy saving, that is a golden opportunity for us but we have to take care of our security, and government should also do something good in villages by solving problem of electricity, and government should also take care of our security and should take very strict action against hackers.

Thanks a lot for reading carefully.

There are two sides of any coin same and there are two advantages and disadvantages of the cashless economy first I would like to my opinion on the positive side of the cashless payment digital payment system there are too many effective and time-consuming systems using that there is control many types of theft and crime people can easily pay in anywhere any time so they can save their time and utilise in a proper way also it will more helpful in the COVID time.

And there are some disadvantages also it will be digital payment and when the digital word comes there is most important internet and the internet not properly till now work in many villages so that their people no use that.

Also, it will be affecting to the high range so birds numbers are decreasing day by day so my opinion is it's useful but there are some advantages and disadvantages.

The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

Merits:
1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

Demerits:
1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

Hi, friends.

First of all, I am telling about demerits of the cashless economy in India.

I am talking about India because all we are living in India.

In my opinion, the cashless economy is a bane for our county. Now the question is raises why and how the cashless economy is a bane for our country.

Simply answer is digital or financial Illiteracy is one of the main cause because literate people or hacker easily cheat that type of people and such a person doesn't know the importance of ID, passwords as well as OTP.

Then how the government imagine cashless economy is good for our country.

Second thing, If you peep another side our GDP is continuously reduced after the campaign of cashless economy.

In the year of 2015 our GDP rate is 8.16 % but now our GDP is only 7 % and these reductions prove the our country is not ready for cashless Economy.

Third things are.

Our cyber security, India's cybersecurity is very poor and according to SWH record 350% cyber attack done in India and aprx all attack related to credit card or debit card.

Our Infrastructure is also poor.

Only 4 lakh ATM in our country, pos machines also not work properly.

And the last thing I want to share with you.

The biggest fear are theft of identity.

Merits:
1. No need to stand in a queue.
2. Easy to transfer money one account to another all over the world.
3. 2 way authentication made it very secure.
4. Time Saving.

Demerits:
1. it is effortless, making people lazy.
2. Chances of failure due to the low-speed internet.
3. Take time to refund when transaction declined.
4. it is not for everyone.
5. not useful everywhere.

Merits of Cashless Economy:
1. It does not need to carry cash with him or her everywhere which in turn reduces the chances of theft from the wallet.
2. It saves the time and paperwork.
3. We can transfer anywhere in a few seconds in the world from one to another place.

Demerits of Cashless Economy:
1. Only educated people can do these things.
2. Good internet connection required.
3. We should have very careful while doing transactions.

Hello friends,

As the topic, today is "merits and demerits of the cashless economy", first of all, what is the cashless economy?

It is the way of using digital money instead of physical banknotes and coins.

I think this is a great initiative. Using digital money instead of notes is a SECURE option! we do not have to worry about our money to get stolen by a thief. Also, it is making life easier since no more we carrying huge bundles of notes to buy a fridge/AC/car etc.

Also in my case, there is a demerit too. The risk of getting HACKED! there are a lot of ways by which the money in digital form could be wiped off. Hence we should be aware and also make our family members aware of the ongoing threat.

Hence, I think the cashless economy is a better option if we use it in the right way and also learn to be safe over the internet.

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