Merits and Demerits of Cashless Economy

The cashless economy will help in India's economic growth by transparency in money transaction and least corruption. On the other hand, where people are taught how and why to use toilet this seems a big challenge for the government.

All things have merits demerits if I consider with demerits so as will all know that our INDIA economy based on the agriculture so it is very difficult for any farmer to enjoy the cashless INDIA because they are dealing with such a poor person "those people do not have any bank account ". So it is very difficult to grow this because we cannot change the economical tract, . And along with that, there are chances of hacking.

The merits is that there is a less chances of hiding the black money &and the person always give tax to the govt anyhow.

Hello.

As we all know a good things have both merit and demerit. So, In this case, Digitalisation is very crucial. Because. When. We want to check our balance or transfer money, at that time may be holiday will be there, many people will be in the line. So it's really difficult to overcome from this situation. Hence digitalisation is the only process to overcome from this situation. But also there are some demerits like leakage of data, haking. But in comparing to merits, it is quite less.

Hello friends.

In my point of view, I just want to say as every coin has two faces similarly everything has its own merits and demerits. But in the case of the cashless economy where there are some demerits also has very much merits which can't be neglected. As with the growth of the cashless economy, bank transaction becomes easy and all the transactions are recorded by the government which leads to reduce the corruption. It saves alot of time and energy.

Hello everyone!

I will go with the positive side first, "Cashless revolution" is playing a beautiful role in India's growth and development. We don't have to carry our wallet with us every time to pay. Transactions have become a way easier and efficient for everyone. It even saves our time to some extent. But as it is said, every coin have it's two sides!

Negativity/Demerits of the cashless economy are also there. Demonstration played a great role in lifting up some so-called *brands* and increased there market value to the skies. Today everyone is dependent on it. Even a small roadside vendor is having such applications for money transfer. It is a big source of income for the company. I think cashless transactions to have the same condition so as the cash paying system with reference to fraud.

In the end,I want to conclude that, it may be cash or cashless if there is the willingness of anti-corruption in mind in every individual's mind, no one can stop India's economic growth.

Thanks.

Hello

The Cashless economy is one of the great things of digital India.

Merit: there are Lots of merits of the cashless transaction following are some of them
1. Transparent economy
2. Time-saving of people
3. It will reduce the work load of banks
4. It helps to reduce corruption means the bank can easily record each and every transaction

Demerits:
1. A cashless economy is difficult for the rural area of India because near about 60 to 80 per cent population stay in the rural area they are not very aware of the cashless transaction
2. Also, the internet connectivity is a major problem for the cashless transaction.

Cashless Economy is a good idea but to implement this we should a well security. The merit of cashless economy is that transaction can be done very fast and the amount of papers used for creating Cash can be reduced. And no one store their Black money. The Demerit is that not only the educated peoples are living here. There are some uneducated peoples for them handling these things Is quite risky. Some people may take advantage of this and if there is no well security given the cash can be hacked even the richest person can become poor in seconds.

I am much convinced with many of the merits written by you people. Some stated that people of the rural area can learn to perform cashless transactions (without much difficulties) if they wish too. But I think before working on cashless or digital India we should work on the ground level development of the country like still there 40,000 villages where electricity is still unaware to the resides. With many transactions together the servers come to death. Many people don't trust being cashless because of many incidents (fraud or errors by site) experienced by them. And being cashless is not so easy when it comes to each n every person for everyday transactions.

Hello everyone.

Cashless economy is the best thing it save our time and money. We use so many online payment apps which are very helpful to us. The use of these apps are no more difficult it's very simple. In the rural areas most of the people are also use internet after the Jio came. I know other part of people in rural areas they are no familiar with online transaction or social media but it doesn't mean they can't learn. There are some need of awareness and need of training to them.

Cashless economy save our money. I give you an example I am an engineering student and before the cashless economy in 2015 I have paid my fee through demand draft. I had paid 700 more than the my fee. But in this year I paid my fee by online transaction I didn't pay any extra ammount even I got 200 rupees.

But there are certain demarits in cashless economy like cyber crime, server problem, chamces of data leakage. So we need to work on these demerits and make the digital India.

Hello everyone.

The merits of cashless economy is that by this we can save our lots of time. There is no need to go to the bank or atm for the transfer of money, now we can do all these things in a smart way, a lots of website and apps like paytm, tez etc. Are came for making the work easy no need to go through the huge paper work which is saving the tree from cutting. After demonetisation the cashless work was increased rapidly. But there is some people also who don't know how to get benefit of this thing, these are the rural area people, I think there should be proper awareness of these things among those people only then cashless economy will work.