Merits and Demerits of Cashless Economy

I would like to add my point that Cashless economy means we can say digital economy which is trackable. It helped us to reduce one of the most dangerous disease "corruption".

It reduces the use of paper, it promotes us to make a payment by digital system which is much more comfortable and easy.

The cashless economy has many merits as well as some demerits also.

Merits-

# reduces black money.
# reduces the fear of theft of money during travelling.
#saves trees and also printing cost of notes.
# easy to send money as it saves time also.
# 24/7 service.
# government benefits are reaching out to people directly.
# reduces tax evasion as tax directly deducted in each transaction automatically.

Demerits-.

# Cybercrime also increasing. So sometimes transactions are tracked.
# ATM and ATM pins are captured while using ATMs.
# for cashless transaction internet or network of mobile must be good otherwise no transaction can be done.
# most part of India is rural, so they are still unaware of technology. For them it is useless.

That's all about the cashless economy. Thank you.

Cashless economy is good, it will save our time. And this system will give the chace to some uneducated people to learn some new technologies so that they will know the thrill of the life and technologies.

It's not possible only by the governments it is the responsibility of all the educated people also so that all rural area people also get the benefits of technology and our country also move forward.

Overall it's good till the misusing of the technology.

A ' Cashless economy' another good approach and trending topic after 'digital India'.

India is a place where there is more than 90% transactions are done through cash, so it is really an attractive initiation. If we talk about its prose then it reduces corruption, lessen black money, tax evasion, cost of printing notes, saves time, gives security to our money to some extent too. Its like everthing will be done by just clicking one button. Overall scenario, it is a great boom to e-commerce sector. But there is some hiccups which are as below.

1. First India is a developing country which is rather a labour incentive than to capital incentive. So where most of the labourers work on daily based system of wages.

2. Suppose if you reside in a low network area, how would you complete your transaction ?

3. Security problem :As we all know being digital or cashless both attract cybercrims.

Thus, according to me, a vision of cashless economy is really a good initiation and approach with its own type cons.

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.

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.

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.

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.

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, 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.