Merits and Demerits of Cashless Economy

Hello everyone.

The advantage of a Cashless economy is that,

It reduces paperwork, and do work very fast,

It also saves pen, paperwork and it is very convenient for the government to monitor every transaction easily. Cashless economy empowered County toward development, it reduces time so that it helps in improvements of economy, fast transaction save time which eventually boosts up the economy.

Online fraud can be detected easily and soon comparing cash fraud. A cashless economy improves school, college, hospitals, and other government and non-government official work speed.

Demerits:

Online fraud has been done by founders targeting illiterate people, it increases online fraud.

Conclusion : It would be better for improving the Indian economy and beneficial to save data at single platform.

Hello everyone I'm Abhijit patua

Definition of cashless economy.

* Cashless economy means that online transaction Where the money will not be exchanged, like called that digital India.


Merits.

* It will take less time.
* There will be no paper cost for the notes.
* Any money can be paid in retail.
* Money is not likely to be wasted.


Demerit.

* Firstly Must be educated to exchange money.
* Always important network connection.
* Everyone needs to have an Android mobile which is not possible in reality.
* Eligible to rely on mobile and Internet connection at all times.

Let's first understand the term 'cashless economy', cashless means exchange of funds by the use digital money and economy means the prosperity and earnings of particular place or area.

In this world, everything has it's own merits and demerits. Similarly, if we talk about the merits of Cashless Economy, some of them are that it eliminate the paperwork, it saves the time, speed up the official work, eliminate the long queues in bank, help in the development of the Digital India and there are many more.

Now, if we move forward towards the demerits of Cashless Economy, one of the demerit is that it is of no use for illiterate people, some time transaction also get failed at the time of urgency.

Online fraud is one of the most common demerit of Cashless Economy, anyone can be the victim of online fraud.

Government is doing their work in this field but all over what we have to do is that we have to become more aware, more preventive while making the use of digital money or while doing online transactions.

Hi.

I am Shravan.

A cashless economy means there is no physical contact between the receiver and sender.

Merits:

It very uses full for government to monitor heavy transactions. And it helps to reduce corruption. It helps to reduce the paperwork. It saves time. Overall it is very safe who well educated about technology and operations in net banking.

Demerits:

In India technology developed only in metropolitan cities. Awareness about online frauds was not up to the mark. It is very tough to go for cashless payments who don't have a proper education in online payment.

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.

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.

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.

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.

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.

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.