Merits and Demerits of Cashless Economy

What I believe is that the Cashless economy is a boost for emerging and developing India as it will help it to emerge as a global development centre. Introduction of cashless technology will reduce much of the efforts of a common person, saving time and reducing the stress of standing in long queues in banks or store. It will also help in reducing corruption and theft and help the government in maintaining tracks of transaction thus making the process more transparent and efficient. It also boosts the e-commerce and e-governance sector creating more job opportunity. Also, It increases a nations competencies and reputation among others.

On the other side, it is only beneficial to the educated class of people as they are having the knowledge and skills for exploiting the technology to the fullest. Whereas the uneducated/illiterate people of rural areas will be more of helpless and more prone to errors and problems. Which increases the chances of fraud and information theft leading to the emptying of bank accounts.

The main need is to spread more information and knowledge of the cashless economy, its pro and cons to the rural and uneducated people, helping them understand it and enjoy the benefits.

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

The demerits of the cashless economy have been overcome by its merits.

Merits.

* Easy flow of money.
* Easy to use.
* Saves a lot of time.
* Quick transactions.
* Helps in development.
* No fear of losing money.
* Effortless transactions.
* 24 hours service.
* Opportunity to make transactions in different countries.

Demerits. The demerits may be due to a fault by us or it may also be because of some technical problem. So people should carefully follow the instructions.

In my point of view, the cashless economy is a great initiative of digitalization. Every coin has two faces similarly everything has merits and demerits. First I am going to tell about the merits.


Easy to use, time saving, corruption reduces because direct tax deducted from transaction; saves our energy because not stand in a queue for long time, no use of paper in cashless economy so tree''s are safe, not to break big notes when we don't have change we can use Paytm now days, e-shopping e-banking save are whole day because there no issue of going to purchase and stand in big queue in bank. There are lot of more merits but now talk about demerits.

Rural people are not much aware of online things, and we before suggesting anyone to use it, we have to aware them about frauds on online stuff. So cyber security is a big issue.

We can conclude here that cybersecurity is a big issue which has to solve first and also rural areas problem can be solved by government programme awarding people about the Internet and it's are an individual duty that if we see any people which is not aware of the Internet and helpless in atm we must help them.

Thank you.

According to my point of view.

Cashless economy is one of the sign for development.

Merits:

-> we can transfer money from any place to other places within a fraction of seconds. (no need to stand in a bank for hours in a queue).
-> it is easy to debit tax by the government. (It will increase the probability of tax payment).
-> people are losing much money in the form of change. (neglecting small thing will leads to the larger difference. ).
-> the cashless economy will reduce the usage of paper. (it saves the environment by not cutting the trees).

Demerits:

-> internet connection is mandatory to transfer money.
-> online transitions are the home for Hackers. If you are unrealisable. They will clean out your account. (don't save your card anywhere. & don't share your personal details to anyone).
-> uneducated people will face many problems.

Thank you, sir.

I would like to say some points about the cashless economy as per my experience.

Merits are:
1) Easy, faster and mobile wallet.
2) benefits of cashback.
3) transparent.
4) Reduce corruption.
5) easy shopping with cash back for example in Paytm mall app, Amazon, Flipkart etc.
6) time-saving.

Demerits:

1) Internet connection is mandatorily required.
2) in pre-payment online shopping sometimes (rarely) you may get faulty or something like a different item.
3) if your work not done in online shopping or billing once your money deducted you may get back later or you may get back some percentage of your money that is lesser than the original amount.

-Thank you.

Hi everyone,

A cashless economy is the best option for Making transaction online and get benefits like Cashback.

Merits -.

1) Saves time and reduce work to go the bank and take or give money in a traditional way.

2) For doing an online transaction -there are many payment applications are available and it gives Cashback offer also, so there is a way to save our money, time etc.

Demerit-.

1) If one doesn't have any mobile, internet then he/she doesn't get any benefit of the cashless economy.

In my opinion, The Cashless economy is a great initiative, it will boost the economy of India. It will reduce corruption and also reduce the black money because it affects the direct taxes. Processes will get quicker and convenient but having said that the 2 hurdle we will have to face or so to say we are facing is.

1. Over 70 % of the population in India resides in the village, though most of them are aware with the internet and all they don't have awareness of transacting money through it, so anyway we need to make everyone aware with this.

2. The second thing which is very important one "cyber security". We need to make the system and processes better and more secure before suggesting anyone to use it.

Thank you.

I will say only that you can start any new things but if people don't have any information about this then there is no benefit to starting it.

People from urban areas get benefitted from the cashless economy but what about rural areas where people go bank for Money transfer even after the cashless economy.

So, this if government responsibility to get aware of these rural people.

Cashless Economy, it means that all the transactions should be performed without any exchange of cash currency. So in my opinion the following are the merits.

It is easier nowadays, no issue of demanding change for big currency notes, visibility of transaction, safety of money, easier divisibility. Well there are many but let me now talk about the demerits.

Specific training required for transaction safety, internet is necessary, occasion failure may cause panic for the costumer.

I hope I have listed few points on the topic correctly and hence I invite to group to discuss and add more.