Merits and Demerits of Cashless Economy

Hi everyone,

Our today's topic is "Merits and Demerits of Cashless Economy" which is very broad term in itself.

So, in my point of view, pros & cons totally depend on us, if we have a better/complete knowledge of cashless economy then there will be no cons right!

Do you think around 50%-60% population which is educated, they use smartphones and they know how to use the internet, all they aware of cybercrime or digital robbery?

Before discussing merits and demerits I think awareness is a must.

According to me, the cashless economy is one of the major steps for India to become a developed country.

Merits:

Going cashless makes customer to make payment in a flexible way, the technology is so advanced that people started using payments online for many purposes like education, and education is also completely digitalized every person is able to access the education through payment online and it has become a root of many dreams.

Demerits:

Especially in villages, people not having any idea about technology can face problems in this which can also lead to robbery or theft sometimes.

Making India a cashless economy is a good initiative. It'll benefit the people in many ways. But at the same time, we cannot ignore the fact that it has some demerits too. For instances, the area where there is lack of resources for this process, it is impossible to function this system properly. Moreover, a great number of people in India are still illiterate. For them, it will be difficult in the transaction of money.

Hello friends.

Good afternoon.

I would like to express my view on cashless economy. By changing and enhancing the technology, instent needs a cashless economy play a major role for easily working. Which help us remove a robbery cases. It is beneficial for people who are living in urban area.

Demerits - mostly a rural areas literacy rate is low this is a one of the demerits in India in case of cashless.

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.

In my opinion I would like to add some demerits. The cashless economy is much useful rural people but it's a total burden for urban pepole. The urban people is not aware of technology and they need some assistance and they are charged extra for it. For paying an electric bill in a browsing centre one urban people has to spend atleast 20rs which is a big one for ordinary urban pepole. So cashless economy increased burden to the urban people.

The cashless economy is geat for educated people but not suited for uneducated people.

Hi friends.

In My point of view, the cashless is very best because my country, not development is corruption so this corruption is less my country development used to cashless methods so very best to the cashless method.

In my point of view, The advantage of a cashless economy is very important Step or part of making digital India. This program also reduces or prevent being stolen by theft & making peoples safe. The Internet is playing a very role & it is needed to making a cashless economy.

However, the peoples are coming from rural area & uneducated peoples are facing some problem. But for future it's provides great towards India.

Hi everyone,

Digitalization of India has many merits and demerits as we can say we can save the time, we can record our transaction and it will be more beneficial and save our time and not fear a lost of it. But on the other hand, India has lot of people who are iliterate they don't know about online payments and all. As we see the people from the village they don't know about any digitalization as they don't hve any smartphone, internet connectivity.