Merits and Demerits of Cashless Economy

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.

Hello everyone.

According to me, the cashless economy is the need of this generation, no one has time to stand in the bank queues.

Also, our govt takes initiative so that it reaches to each n every person in the country, in the remote areas too. Bheem app is so easy to operate even an illiterate person can handle it very well.

But we need to give time and keep patience.

Everything has drawbacks but the cashless transaction has more pros than cons.

This topic is very interest but the cashless economy decreases the unemployment. Due to this unemployment Very big problem in India but we need to terminate this cashless economy due to the next generation it is very problematic.

Hi friends.

As my friend, told the cashless economy is a good initiative by the government. My this it is easy to know the how much transaction is going on and by this we can track the black money holders and their will be an esay calculations.

In my point of view, the cashless economy is very good. Because to keep the money in a safe way. To reduce the stolen of money some other people. And easy to transact the money where every we want in the emergency situation. So need to stand in a bank line.

In my opinion, the cashless economy is beneficial for us it saves our time. Before this, we have to withdraw our money to do shopping or buy anything. But after this, we can pay anywhere using our mobile app like phone pe or Google pay. When we pay using this app then we also got some cash back.

Apart from merits, there is some demerit of this technology like our data is not safe. Some person misuses our data to steal our money.

Hello guys.

I am Anjali now the topic is about the merits and demerits of cashless economy. There will be merits as well as demerits in anything. First I want to tell you all about the merits which will have with the cashless economy is fewer chores i.e, thefts easy to access without carrying money. With this, anyone can buy anything from anywhere easily through online transactions. Soo, it is easy and with this cashless economy, there are lots of merits. Now demerit is all the people can not use it because illiterate and urban people are unable to access with lack of knowledge. It can be overcome through giving awareness about the cashless accessing etc. Then it will overcome so there will be no more demerits regarding this. Thank you, guys.

Cashless Economy : Merits and Demerits.

Cashless Economy is an idea brought by the government of India. In cashless economy, the transaction is done online through various apps such as Google pay, Phone pay, Paytm, etc. Being cashless has its own merits and demerits. Becoming cashless reduces income evasion, corruption and others. Also, there will be no burden of carrying cash while traveling. The cashless economy also helps us to save our valuable time. It reduces the paperwork. There are some of the international countries which are fully cashless such as Sweden, etc.

As there are demerits of everything cashless economy has its own demerits such as data can be hacked, there is low connectivity of internet in rural areas. Also, it will be more difficult for the people of rural areas. The solution to this is that the government should educate the people about digitalization and new technologies before introducing any scheme.

A cashless economy is very good thing to have for a country to function properly.

Talking about the merits regarding a cashless economy then there are various good reasons for the cashless economy to work in India. The cashless economy will help the investments to grow. It will stop people from Carrying Large amounts of money with themselves to avoid getting it lost. It is a good substitute for people who often carry lots of money for business or another purpose.

The cashless economy will also motivate people to use technology as it includes using ATMs or credit cards or UPIs which will improve people's knowledge about technology.

When talking about the demerits cashless economy uses the internet to operate and that's why there are several security issues. There is a huge risk of hacking the accounts having lots of money. The cashless economy can also be a problem if not used wisely as it can be easily transferred to bad peoples including terrorist organizations through online methods so it will be responsible for the government to keep a good watch on these transactions.

MERITS:

1. Digital Economy is a boon for India's economy with a view that it makes transactions more efficient and transparent.

2. In the world of Globalisation, Adaptability to the digital world brings new opportunities for startups and technological efficacy.

3. Subscribing to online courses via cashless transaction brings up-gradation in knowledge and skills at any corner of the world.

4. Long-distance money redressals through smartphone is another merit of cashless economy.

5. In Remote areas, with no sign of ATM's or Bank's, the cashless economy is a lifeline.

6. Even a heavy amount of transactions are made possible through instant bank verification, which makes the process more secured enough.

DEMERITS:

1. Cashless economy is a curse for people having zero understanding about digital world especially Rural uneducated class.

2. The factor of Security is a major deal when performing cashless transactions, cases of fraud and bribery may arise.

3. Practically, Not everyone carries smartphone today, thus this brings an urgency for cash-based monopoly.

4. Govt. Of India's plan to digitise every corner of the nation is still in the long run unless every citizen is made aware about the fundamentals of Digital economy.

5. Direct Bank to Bank transfers via phones makes compulsory for Banks to scrutinize their privacy policy and uphold the sense of confidence among people to use cashless economy without fear.