Merits and Demerits of Cashless Economy
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Discussion:
434 comments Page 4 of 44.
Abhijit said:
7 years ago
Hello everyone,
Merits:
1) An individual does not need to carry cash with him or her everywhere.
2) It will reduce the chance of theft from the wallet.
3) Give freedom from the problem of change when the transaction is of the odd amount.
4)Transfer of money between virtual accounts usually takes less time.No need to stand in a queue at banks.
5) The advantage of cashless is that it is easier to track illegal transactions.
6) Since all transaction will be done through organised channels that is through banks and financial institutions. So, No businessman can evade taxes.
7) Cashless transactions would stop the operation of such businesses like prostitution, drug trafficking, terrorist financing, money laundering and election funding.
Demerits:
1) The small retailers in India deal only in cash and have not been able to invest in the digital infrastructure.
2)The biggest disadvantage of the cashless economy is that not everybody has the knowledge of doing digital transactions and hence its reach is limited to urban.
3) People having half knowledge of digital payments are exposed to cyber fraud and losing their hard earned money to online scam and hacking of bank accounts.
4) Digital mode of payments like the credit card, wallet payments, internet banking involves some transactions fee which is not the case with cash transactions .
Merits:
1) An individual does not need to carry cash with him or her everywhere.
2) It will reduce the chance of theft from the wallet.
3) Give freedom from the problem of change when the transaction is of the odd amount.
4)Transfer of money between virtual accounts usually takes less time.No need to stand in a queue at banks.
5) The advantage of cashless is that it is easier to track illegal transactions.
6) Since all transaction will be done through organised channels that is through banks and financial institutions. So, No businessman can evade taxes.
7) Cashless transactions would stop the operation of such businesses like prostitution, drug trafficking, terrorist financing, money laundering and election funding.
Demerits:
1) The small retailers in India deal only in cash and have not been able to invest in the digital infrastructure.
2)The biggest disadvantage of the cashless economy is that not everybody has the knowledge of doing digital transactions and hence its reach is limited to urban.
3) People having half knowledge of digital payments are exposed to cyber fraud and losing their hard earned money to online scam and hacking of bank accounts.
4) Digital mode of payments like the credit card, wallet payments, internet banking involves some transactions fee which is not the case with cash transactions .
(28)
Jyothi said:
5 years ago
Hello everyone!
Today we are discussing about merits and demerits of cashless economy.
In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.
However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.
Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.
So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.
Thank You!
Today we are discussing about merits and demerits of cashless economy.
In the present situation, Whole world is going to be digitized. It is very prominent to be update and develop ourselves. Everything in the world is invented to improve our life standards. In the process, cashless economy is also one. It improves standards of our life. It saves the most important thing in out life that is time. Everyone will run with time. Right!. Cashless economy rescues our time. Less crime is going to happen. By the cashless economy stealing of money won't happen.
However, every coin has its two sides this implies every thing has its advantages or merits and disadvantages or demerits.
Cashless economy has also some disadvantages. Data will be easily hacked by others. Only limited apps that is yono, sbi is official online transaction app for payments remaining all gpay, phonepe, and other payment apps are not official but we still use these apps for rewards. Our bank details and related data will be easily hacked by these and it may be used for illegal purposes. And next disadvantages is sometimes payment stuck in between the transaction however it may be recovered but is scare the people.
So, I request everyone to be aware of all these things and use everything properly. Everything is in our hands.
Thank You!
(10)
Hitesh yadav said:
5 years ago
Hi everyone.
We all are here to discuss the cashless economy.
We all know that the online transactions occur through net banking, phone pay, google pay e-wallets etc is known as the cashless economy.
Every technology has two aspects good or worse its totally depends on our thinking.
Good aspects of the cashless economy.
Firstly it eliminates the headache of putting money in the pocket every time. Most of the terrorist's attacks are also reduced due to a cashless economy. The problem of stealing or securing money is also sorted out.
Every department becomes corruption less or bribeless. We get easily accountability of each and every transaction, funds etc.
-Worse aspects of cashless economy.
For a country like India, there is the vast problem of connectivity and accessibility in rural area where there is no network available and also most of rural peoples are not able to operate the smartphones or in case if they will be learned at some extent the 2nd problem in front of is that they easily robbed by hackers and fraud's.
And in the online transaction, if we do by mistake a wrong transaction then we have no option to repent.
But in overall, my point of view cashless economy makes life more easy and fast.
We hope Our government must focus on education because without education nothing is good !
We all are here to discuss the cashless economy.
We all know that the online transactions occur through net banking, phone pay, google pay e-wallets etc is known as the cashless economy.
Every technology has two aspects good or worse its totally depends on our thinking.
Good aspects of the cashless economy.
Firstly it eliminates the headache of putting money in the pocket every time. Most of the terrorist's attacks are also reduced due to a cashless economy. The problem of stealing or securing money is also sorted out.
Every department becomes corruption less or bribeless. We get easily accountability of each and every transaction, funds etc.
-Worse aspects of cashless economy.
For a country like India, there is the vast problem of connectivity and accessibility in rural area where there is no network available and also most of rural peoples are not able to operate the smartphones or in case if they will be learned at some extent the 2nd problem in front of is that they easily robbed by hackers and fraud's.
And in the online transaction, if we do by mistake a wrong transaction then we have no option to repent.
But in overall, my point of view cashless economy makes life more easy and fast.
We hope Our government must focus on education because without education nothing is good !
(17)
Rajdeep kumar said:
3 years ago
Hello everyone.
My name is Rajdeep Kumar.
Today's given topic is the cashless economy.
In my opinion, a cashless economy is a good initiative for our country. The first-time cashless economywas started in 2016 by our respective prime minister Narendra Modi.
I would like to add some merits and demerits of a cashless economy.
As we know that every coin has two faces.
Merits of a cashless economy.
1. When a cashless economy comes it reduces roadside robbery.
2. You can easily send money from one corner of the country to another corner in just a second.
3. You don't need to go bank because if you to the bank it consumes so much time.
4. Many developed countries like America Japan china etc also used a cashless economy.
5. it reduces corruption.
And some demerits of a cashless economy.
1. Some areas like hills don't have proper network connections.
2. Most of people are not educated, they don't know how to use.
3. Hackers hack money easily.
Conclusion: In my point of view a cashless economy is good for your country it reduces corruption and saves time you can easily pay you don't need to go bank, I know some areas don't have a proper network connection but India is progressing day by day. So one day India will be free from cash and India will become a cashless economy.
Thanks, everyone.
My name is Rajdeep Kumar.
Today's given topic is the cashless economy.
In my opinion, a cashless economy is a good initiative for our country. The first-time cashless economywas started in 2016 by our respective prime minister Narendra Modi.
I would like to add some merits and demerits of a cashless economy.
As we know that every coin has two faces.
Merits of a cashless economy.
1. When a cashless economy comes it reduces roadside robbery.
2. You can easily send money from one corner of the country to another corner in just a second.
3. You don't need to go bank because if you to the bank it consumes so much time.
4. Many developed countries like America Japan china etc also used a cashless economy.
5. it reduces corruption.
And some demerits of a cashless economy.
1. Some areas like hills don't have proper network connections.
2. Most of people are not educated, they don't know how to use.
3. Hackers hack money easily.
Conclusion: In my point of view a cashless economy is good for your country it reduces corruption and saves time you can easily pay you don't need to go bank, I know some areas don't have a proper network connection but India is progressing day by day. So one day India will be free from cash and India will become a cashless economy.
Thanks, everyone.
(77)
Yukti said:
5 years ago
Cashless economy is an economy in which digital transactions are included. It has mobile banking, useof debit card or credit card. It focuses on the digital transactions.
Merits of cashless economy:
1. If we are using digital transactions for our payments then we will not carry cash in our pocket. Thus, it will reduce theft.
2. The digital transactions has increased the flow of money in the market and therefore it has increased the market efficiency.
3. Cashless transactions are transparent in nature and we can keep record of all the transactions.
4. People can pay their bills online and there is no need to go bank so, there will be no wastage of time.
Disadvantages of cashless economy:
1. Digital transactions are attacked by hackers and data thefs. They can hack your transactions and thus, we can loose our money.
2. India is a vast country and there are so many rural people who are not aware of these digital payments and transactions. So, it is hard to reach every person. Most people are not able to use different online websites and applications.
3. Cashless economy needs good internet connection which is not there in the every part of the country. Strong internet connections which can reach to a larger number of people at different urban and rural areas will reduce this problem.
Merits of cashless economy:
1. If we are using digital transactions for our payments then we will not carry cash in our pocket. Thus, it will reduce theft.
2. The digital transactions has increased the flow of money in the market and therefore it has increased the market efficiency.
3. Cashless transactions are transparent in nature and we can keep record of all the transactions.
4. People can pay their bills online and there is no need to go bank so, there will be no wastage of time.
Disadvantages of cashless economy:
1. Digital transactions are attacked by hackers and data thefs. They can hack your transactions and thus, we can loose our money.
2. India is a vast country and there are so many rural people who are not aware of these digital payments and transactions. So, it is hard to reach every person. Most people are not able to use different online websites and applications.
3. Cashless economy needs good internet connection which is not there in the every part of the country. Strong internet connections which can reach to a larger number of people at different urban and rural areas will reduce this problem.
(15)
Anchal Gupta said:
3 years ago
Hello everyone, Today I will be sharing the merit and demerit of a cashless economy.
Let us first understand the meaning of the Cashless economy, It is an economy where based on the idea of eliminating of physical cash and replacing it with other alternatives like- the digital rupee, UPI or any other electronic facility.
Let us first discuss the Merits of a cashless economy;
1. The first merit of the cashless economy will be it will eliminate unaccounted money from the economy since every transaction happening in the economy will pass through any banking medium.
2. It will help in countering black money, corruption and anonymous transactions.
3. It will save crores of rupees every year government has to spend on printing cash. The money saved can be used for other alternative welfare measures.
4. Since there is no need to carry physical cash, there are fewer chances of losing cash or any theft.
Demerits.
1. A majority of our elderly population will be deprived of the benefit of a cashless economy due to a lack of technical unawareness.
2. There will be a huge cost in streamlining functioning of the cashless economy that may outweigh its advantage,
3. There will always be a risk of hacking or any other malpractices that make common people prone to any unethical practices.
Let us first understand the meaning of the Cashless economy, It is an economy where based on the idea of eliminating of physical cash and replacing it with other alternatives like- the digital rupee, UPI or any other electronic facility.
Let us first discuss the Merits of a cashless economy;
1. The first merit of the cashless economy will be it will eliminate unaccounted money from the economy since every transaction happening in the economy will pass through any banking medium.
2. It will help in countering black money, corruption and anonymous transactions.
3. It will save crores of rupees every year government has to spend on printing cash. The money saved can be used for other alternative welfare measures.
4. Since there is no need to carry physical cash, there are fewer chances of losing cash or any theft.
Demerits.
1. A majority of our elderly population will be deprived of the benefit of a cashless economy due to a lack of technical unawareness.
2. There will be a huge cost in streamlining functioning of the cashless economy that may outweigh its advantage,
3. There will always be a risk of hacking or any other malpractices that make common people prone to any unethical practices.
(48)
Manisha Jadhav said:
4 years ago
Hello everyone,
I am here to give my opinion on a given topic.
So, first of all cashless economy is a very good initiative taken by the government. As you all know there are always two sides to anything like coins one is positive and the other is negative. So first of all we will see the merits of a cashless economy.
Merits:
It is a very easy, simple process that doesn't consume much time.
No need to carry much cash with us so there is no tension of robbery safety is achieved.
No worries about change.
Control on black money.
Proof and record of the transaction is maintained.
No need to print cash and thus time and work is saved.
We can give an exact amount to anyone.
No confusion in calculating what amount should we return or got in the market.
Sometimes in the market due to a shortage of change, we are unable to buy something but due to a cashless economy, this problem is resolved.
Demerits:
A strong network connection is required.
Cybercrime is the problem with a cashless economy.
Some chances of frauds are there if we are not alert all time.
In rural areas, some people still don't know how to do mobile banking and internet banking so they can't go with a cashless economy.
But the overall cashless economy is becoming fruitful to digital India.
Thank you.
I am here to give my opinion on a given topic.
So, first of all cashless economy is a very good initiative taken by the government. As you all know there are always two sides to anything like coins one is positive and the other is negative. So first of all we will see the merits of a cashless economy.
Merits:
It is a very easy, simple process that doesn't consume much time.
No need to carry much cash with us so there is no tension of robbery safety is achieved.
No worries about change.
Control on black money.
Proof and record of the transaction is maintained.
No need to print cash and thus time and work is saved.
We can give an exact amount to anyone.
No confusion in calculating what amount should we return or got in the market.
Sometimes in the market due to a shortage of change, we are unable to buy something but due to a cashless economy, this problem is resolved.
Demerits:
A strong network connection is required.
Cybercrime is the problem with a cashless economy.
Some chances of frauds are there if we are not alert all time.
In rural areas, some people still don't know how to do mobile banking and internet banking so they can't go with a cashless economy.
But the overall cashless economy is becoming fruitful to digital India.
Thank you.
(34)
Shrestha said:
6 years ago
Good evening everyone.
As we know that situation, more specifically of we take the example of a coin, it has two parts - head and tail, likewise every situation has two phases.
So moving towards the topic:
The advantages of the cashless economy are that nowadays the people who know how to use it can pay, can transfer money from one bank account to another as this service is valid 24 * 7 by there UPI accounts. There are various apps introduced like paytm, Google pay, pay pal which help us to pay from sitting in the home and is helpful outside our premises too like if we went out and we don't have cash with us and any of these facilities are provided then we can pay easily and its totally safe, we can even have the list of our future, past, present transactions and mainly we don't have to go to the banks and stand in a queue for a transactions. Now moving towards the demerits - these above-mentioned advantages are only possible if a person is techno-friendly like in rural area many people don't know how to use a mobile phone basically it refers to our past generations who are not so much open towards these technologies so cashless economy here is a failure and its useless in the area where people have no income source or where they can't afford a mobile phone.
As we know that situation, more specifically of we take the example of a coin, it has two parts - head and tail, likewise every situation has two phases.
So moving towards the topic:
The advantages of the cashless economy are that nowadays the people who know how to use it can pay, can transfer money from one bank account to another as this service is valid 24 * 7 by there UPI accounts. There are various apps introduced like paytm, Google pay, pay pal which help us to pay from sitting in the home and is helpful outside our premises too like if we went out and we don't have cash with us and any of these facilities are provided then we can pay easily and its totally safe, we can even have the list of our future, past, present transactions and mainly we don't have to go to the banks and stand in a queue for a transactions. Now moving towards the demerits - these above-mentioned advantages are only possible if a person is techno-friendly like in rural area many people don't know how to use a mobile phone basically it refers to our past generations who are not so much open towards these technologies so cashless economy here is a failure and its useless in the area where people have no income source or where they can't afford a mobile phone.
(54)
Aashlesha said:
5 years ago
Well, there are merits as well as Demerits to every change which is brought about.
An interesting and possible "merit" here is that the "demerits" of Cashless economy, which are low-quality internet and electricity and less awareness among the people, IF attempted to rectify, can fast forward the development of this country. People living in rural areas will be forced out of their nutshells and seeking good education and facilities will become more important for them. This could lead the government to prioritise their needs, collaterally igniting sparks of innovation and creativity in a lot of individuals, thereby plummeting the overall potential of this country to extremely high levels. This innovation can take a different and greater form even after these issues have been sorted.
However, there are some environmental concerns regarding radio waves and their impact on nature. Some studies have stated that an out of control presence of radio waves can affect human life and make them highly susceptible to diseases like cancer.
A simultaneous preparation to control this situation and not let it get out of hand could take not just this country, but the whole mankind to an environment-friendly, at the same time technologically advanced, sustenance.
An interesting and possible "merit" here is that the "demerits" of Cashless economy, which are low-quality internet and electricity and less awareness among the people, IF attempted to rectify, can fast forward the development of this country. People living in rural areas will be forced out of their nutshells and seeking good education and facilities will become more important for them. This could lead the government to prioritise their needs, collaterally igniting sparks of innovation and creativity in a lot of individuals, thereby plummeting the overall potential of this country to extremely high levels. This innovation can take a different and greater form even after these issues have been sorted.
However, there are some environmental concerns regarding radio waves and their impact on nature. Some studies have stated that an out of control presence of radio waves can affect human life and make them highly susceptible to diseases like cancer.
A simultaneous preparation to control this situation and not let it get out of hand could take not just this country, but the whole mankind to an environment-friendly, at the same time technologically advanced, sustenance.
(10)
Divya said:
4 years ago
Hello everyone,
A cashless economy is defined as the flow of currency through electronic devices such as debit/credit cards or as the name suggests 'cashless' there is no flow of cash. The cashless economy is having own boon and bean. It is a good initiative taken by the government of India.
Merits:
A cashless economy is useful for the measurement of the accurate flow of money from one bank to another bank.
It is a useful small scale business where clients can send the money within seconds. Customers need not stand in a long queue where they can pay their bills.
Paperwork has reduced and transparency in economic activities.
It will help in the growth of infrastructure and it very for developing country.
Many platforms like amazon pay, phonepe, google pay make people's life easier. People or customers can't carry valuable things with them.
Demerits:
Cybersecurity is the major drawback of the cashless economy. People who are lack technology with the use of mobile and technology will lead to a big problem.
In my opinion, a cashless economy is a revolution for the country. This is a great opportunity to improve our security in the digital world. Overall view on this topic is going significant change in all financial matter.
A cashless economy is defined as the flow of currency through electronic devices such as debit/credit cards or as the name suggests 'cashless' there is no flow of cash. The cashless economy is having own boon and bean. It is a good initiative taken by the government of India.
Merits:
A cashless economy is useful for the measurement of the accurate flow of money from one bank to another bank.
It is a useful small scale business where clients can send the money within seconds. Customers need not stand in a long queue where they can pay their bills.
Paperwork has reduced and transparency in economic activities.
It will help in the growth of infrastructure and it very for developing country.
Many platforms like amazon pay, phonepe, google pay make people's life easier. People or customers can't carry valuable things with them.
Demerits:
Cybersecurity is the major drawback of the cashless economy. People who are lack technology with the use of mobile and technology will lead to a big problem.
In my opinion, a cashless economy is a revolution for the country. This is a great opportunity to improve our security in the digital world. Overall view on this topic is going significant change in all financial matter.
(35)
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