Merits and Demerits of Cashless Economy

Everything comes with cons and pros. Because of reference frame of ours.

Merits:

I will say that it wipes help in saving the environment because of the less paperless sacrifice of trees.

Also, there will be less flow of money in the market.

Black money-related problems would be solved.

More money in the market leads to inflation.

Demerits:

Many Indians don't know the digital ways so it will be difficult for them.

More than half of our population is poor or below the middle class. They earn the day they spend. They don't want to go to the bank and give money of small amount that they need for day to day requirements.

What do you mean about black money? I am not very familiar with the term. But I agree with the other comments. Cashless economy is a major leap forward to growth. Plus, it's extremely convenient too.

First of all, Thanks for giving me this opportunity to present my views on the cashless economy.

It was started in November 2016 after demonetization in India & it was a great step for our country to grow the economy.

But everything has its good and bad sides, so the merits of a cashless economy are:-.

1. An emergency:- in our daily life no one knows what will happen or what requirements we need if anywhere in our country we have to transfer money to our family, clique or anyone it is possible to send it as fast as we can because of this cashless idea.

2. From this we can save a lot of time without moving in a bank or atm for withdrawal or transfer.

3. We can buy anything online and pay for it online in just a second.

4. When we need we can check all of our bank details, transactions, and many more without wasting our time.

Now, this has also some demerits:-.

1. Nowadays there's a lot of risk of account hacking.

2. Sometimes we face network issues and failed to do our work.

3. In India 50% of people don't know how to operate a smartphone.

But the merits of a cashless economy cover all demerits and from this, we can't say that India is developed but we can say that we are improving ourselves more day by day.

As we all know everything has basically merits and demerits.

Taking about its merits.

1. It is less time-consuming as compared to the cash holding economy in the terms of money transfer, balance inquiry and in many ways.

2. In any situation, it is not possible to come out from their house or shelters so on that time it is beneficial for some of the situations when it can be a useful emergency in-country, many pandemics etc.

3. In my opinion, it is safer than cash holding economy. Because security is too high in these platforms.

4 - it will definitely reduce the corruption in our country.

5- it will provide a good boost to Indian GDP By giving high employment in the country.

Talking about the demerits.

1. In the terms of security it should be improved because many apps consist of many bugs, and those bugs became a great opportunity for the hacker.

2. So in India, everyone doesn't have a phone, because most of the people in India are lower middle class and if they have so, there are many places in India where there is not even a connection of the internet, on such areas it is not possible to use.

Hello everyone, there are also more advantages have: if people get an online salary then they get a salary slip, it helps to take a loan through show salary slip.

And also if people continuously buy a product through EMI their CIBIL will get good then they can easily be bought loans.

Cashless economy ensures that the loss due to damage of materialistic currency can be prevented. It will become easy for government to have a track of all the money they have circulated in the country. No duplication of currency. But at the same time ensuring high security from online fraud and all related cyber crimes are some of the major concern. And another obstacles is that the accessibility of technology to all groups of people in our society.

First of all, thank you for giving me this opportunity to start the discussion, in present time we see more advantages of cashless payment.

* It is very is a process.
* Less time-consuming.
* No mistake in counting the balance.
* Not more crowded in Bank etc.

Disadvantages:

* Fraud ness is more.
* Less secure.
* Less reliable.
* vBalance is finished high rate.

Everyone here prefers cashless money as it is safer and more convenient to carry. But on the other hand, it is more venerable to stole and you can't do anything except pray to god.

The cashless economy has brought a revolution in financial and economical fields. It has proved beneficial in many ways but also has become a hindrance for many.

Merits:

1. Anytime and anywhere possibility of monetary transactions.
2. Much safer and quicker.
3. Useful in emergency.
4. Effective growth and advancement in technology.
5. Risks of fraud and theft have been reduced.

Demerits:

1. As India have lower literacy rate, many people face problems in understanding the system.
2. Risk of hacking has become prone As details are mentioned.
3. Technical problems can be faced in some cases.
4. Complicated to understand.

The cashless economy has definitely changed the vision of people. A person becomes self-reliant and saves lot of time, energy and work.

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.