Merits and Demerits of Cashless Economy

The cashless economy has merit but the number of demerits, for example, we have some transaction app like Google pay, pytm and etc this app is very much security means frauds people hacking this account by Google or any other by any way or if we have some net banking technology there is also some risk.

My point of view on cashless economy is a great ex factor for those people who had no time for go bank and transfer money. Cashless economy helps the India make a digital India. By this. The amount of corruption is less. We can't stop corruption in India.

Online transition easily develop the country by reducing travelling charges.

Terrisiom fact aslo be stop by online transition. For some point.

In my opinion, the cashless economy is beneficial for India and any other country. We can do transaction just in one click. It saves us time. In the modern age, no one wants hard work but all want smart work. But we know every coin has two faces so it's demerits also exist. It is not useful for illiterate people. By increasing education cashless economy grow. So the government should increase education for a successful cashless economy. In a cashless economy, there is less fear of theft. But sometimes hackers are successful in hacking.

Hi,

Merits and Demerits of Cashless Economy.

My scenario for Cashless Economy.

Cashless Economy is a new scenario for money. Cashless economy use to a transaction. The transaction is paid through with or without cash. Means cashless transaction do directly through Banks. This is the merits of cashless Economy.

Hello Everyone.

Cashless Economy means using mobile transactions not physical transactions by using apps like Phonepe, Gapy, Paytm Etc.

By using Mobile Transactions physical transactions can be reduced and robbery of the cash can be reduced but using mobile transactions is also a threat of Cyber security services some fake Websites can loot many by hacking. & Cashless payment can be difficult for illiterate people they can be confused by it.

So everything has a positive & negative.

Main Advantage of the cashless Economy is we can pay the amount without any care that we have change or not. & the transaction can be fast and Safe.

I believe there is more advantages of the cashless economy than it's disadvantage like cashless money transfer is more transparent, hence more manageable (means less corruption) , easy to transfer funds, requires less time.

For instance, if one lives in Delhi wants to transfer funds to Mumbai he can transfer that using internet banking or using a mobile wallet, credit card etc. So it was easy, it took less time than going to the bank and then transfer money.

Most of the times blank money gets accumulated because the bank (government) has no way to keep track of transactions happening, but in a cashless economy, the bank can keep track of it and if the applicable tax will be charged on those transactions.

Now coming to disadvantage, one of the biggest disadvantages is lack of security,

As now it has become rather easy for a thief to steal money by sitting in front of the computer.

India is a developing country. If we want to make it a developed one we should have these kind of initiatives and implemented in a way that it won't affect its citizens.

A 60 year old man has no idea how to pay in a electronic way while a 10 year kid knows how to pay through card and e-payments.

Cashless economy can be implemented only in countries which have developed a long time ago while in India this takes time.

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.

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.

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.