Merits and Demerits of Cashless Economy

Because of the cashless economy paper and printing ink can be saved which is more useful for nowa days.

Merits:

In our day to day life, technology is grown. We have to minimize energy, time and to increase efficiency in every work, so we need to improve as like cashless economy for the above-mentioned particulars.

Demerits:

We have to create knowledge about "cashless economy" to every uneducated people and make them access, I think this is one of the major problems if we try to provide a solution for this problem, this issue has also gone away.

Hello, my self Mangesh and it is very glad to me to be part of this discussion.

According to me, In recent time the used of cashless facilities has increases, which is a great thing to achieve the growth in the overall economy. There a lot of benefits of cashless such as it save the time, cost and many more. I don't think so that the cashless economy has a disadvantage but only fact that data security is an important factor to be considered. I n my opinion after making any platform for a cashless transaction, along with that we should educated the people especially the backword section of our country regarding there uses and it's benefits.

Hi,

As we all know what is cashless economy. It means all the transactions in the economy only be done through our bank account by using many apps like paytm, google pay, phone pay etc. By using this app all the transactions done through our bank, so there is no loophole for income evasion, corruption or others.

The merit of the cashless transaction - we don't need to take the burden of cash to carry, transaction going to be very secure and safe, getting a lot of offers from many apps for using online payment etc.

The demerit of the cashless economy -It is going to be very tough for the persons who are uneducated because they don't know how to use a phone or the internet for making payments.

Advantages:

1. The biggest advantage of cashless economy is "it makes our economic lives simple and fast. At the time when we don't have smartphones, people have to go to the banks, stand in a queue, fill a form, only to deposit some money. Now we can perform these works in minutes.

2. You can get Bank transaction records more frequently.

3. We can not withdraw amounts (e.g- 330,450,211) from ATMs, but it is possible with an online transaction.

Consequences:

1. Most peoples of India are illiterate, or unable to handle a smartphone. That is why they are unable to get the benefits of a cashless system.

2. Chances of cybercrimes increases.

Those peoples can be easily trapped by the cybercriminals, who don't know much about the world of smartphones.

Hi everyone my name is Lalatendu Nayak.

This topic is very much important nowadays.

Merits: Today cashless transaction is most important for every people and various companies because now a day people can't take money on hand on safe this time every business take some personal app to make money online.

Demerits:

Nowadays a man can't take money on hand and go to market this is very harmful and the transaction can do online it's very much dangerous now a day because hacker is hack data and every personal data. This is very harmful.

If we see ten years down the line this cashless economy is going to benefit the society a lot.

But as of now it is not that much useful because of unawareness among people. Most of the people are resisting these changes because they don't have proper idea about the merits and demerits of the implementation.

So, as a citizen of India we all should have to take the initiative to teach all ar make everyone aware about the changes taking place in our country.

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.

I would like to say fee points only about the cashless system. We know that every system have some merits and demerits also so due to the cashless economy we can save the currency from wear and tear no thefting occurs as well as our money is safe we from other such issues while having no internet service available in your area then you may got trouble with this cashless economy. So if it have 70% positive point then we can not deny that it also have at-least 30% of trouble issues.

That's it.

As per my point of view, we all know what is the cashless economy. Definitely, any advancing is going to happen in our life there are some merits and demerits and we have to check it. Merits are definitely saved our time, it also prevents corruption, there is transparency in the transaction because we have the history of the transaction. But while thinking on the demerits I think there is only one. That is human error. If we are going to do online transactions then definitely we have to take attention to certain points. Then only there are only merits. And also if we are stepping up in any advancing we have to make their base like we have to make a strong network, reliable and easy to understand service, so anyone can take the opportunity of it.