Merits and Demerits of Cashless Economy

The cashless economy is a new way of doing business. It's faster, safer and easier than handing over notes or coins to buy things in person.

The cashless economy refers to the transactions made using debit cards and credit cards that are linked to bank accounts.

A lot of people have started using their mobile phones for payments instead of carrying cash around with them so they can save time, effort and money when shopping or paying bills online or at restaurants etc.

The biggest benefit of a cashless economy is that it's safer. With more and more people using cashless transactions, you can be sure that your money isn't going to get lost or stolen.

The following companies use cashless cards:

Small businesses, such as restaurants and shops, are the most likely to use a cashless card system.

Transaction speed is much faster with a cashless system. You can use your phone or card to make purchases in seconds instead of standing in long lines waiting for cashiers to ring up your purchase.

Conclusion:

A cashless economy making life easier for customers and businesses alike, this payment method has only just begun its reign as one of the most popular payment methods around today.

Hello everyone. Thank you so much for allowing me to speak on cashless topics merits and demerits.

Merits.

It's easy to transfer money and it does not take too much time to transfer.
It is beneficial for us because we used to carry cash all the time and sometimes it was risky and robbery etc.
One more point is that as we use a lot of UPI accounts such as Google Pay, phone Pay and mobile banking we can see our transactions whenever we require.

Demerits:

It is not good for uneducated people because they don't know how to use and it works.
It is risky for those people who lack knowledge and backing knowledge because they face a lot of issues, and sometimes they lose their money from scams etc.

Good evening everyone.

I am Nikhil Krishna Kumar.

Firstly,

Thanks for giving me this opportunity and today's topic is cashless economy.

Firstly, we want to understand what is a cashless economy it means there is no physical transaction of money and the money is transferred directly from one bank account to another bank account by using a digital payment method.

Advantages of the cashless economy.

1. Fast and secure transaction of money.
2. Reduce paper consumption.
3 it will reduce theft.
4 it reduces corruption and black money.

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.