Merits and Demerits of Cashless Economy

Hi.

I am Shravan.

A cashless economy means there is no physical contact between the receiver and sender.

Merits:

It very uses full for government to monitor heavy transactions. And it helps to reduce corruption. It helps to reduce the paperwork. It saves time. Overall it is very safe who well educated about technology and operations in net banking.

Demerits:

In India technology developed only in metropolitan cities. Awareness about online frauds was not up to the mark. It is very tough to go for cashless payments who don't have a proper education in online payment.

Let's first understand the term 'cashless economy', cashless means exchange of funds by the use digital money and economy means the prosperity and earnings of particular place or area.

In this world, everything has it's own merits and demerits. Similarly, if we talk about the merits of Cashless Economy, some of them are that it eliminate the paperwork, it saves the time, speed up the official work, eliminate the long queues in bank, help in the development of the Digital India and there are many more.

Now, if we move forward towards the demerits of Cashless Economy, one of the demerit is that it is of no use for illiterate people, some time transaction also get failed at the time of urgency.

Online fraud is one of the most common demerit of Cashless Economy, anyone can be the victim of online fraud.

Government is doing their work in this field but all over what we have to do is that we have to become more aware, more preventive while making the use of digital money or while doing online transactions.

Hello everyone I'm Abhijit patua

Definition of cashless economy.

* Cashless economy means that online transaction Where the money will not be exchanged, like called that digital India.


Merits.

* It will take less time.
* There will be no paper cost for the notes.
* Any money can be paid in retail.
* Money is not likely to be wasted.


Demerit.

* Firstly Must be educated to exchange money.
* Always important network connection.
* Everyone needs to have an Android mobile which is not possible in reality.
* Eligible to rely on mobile and Internet connection at all times.

Hello everyone.

The advantage of a Cashless economy is that,

It reduces paperwork, and do work very fast,

It also saves pen, paperwork and it is very convenient for the government to monitor every transaction easily. Cashless economy empowered County toward development, it reduces time so that it helps in improvements of economy, fast transaction save time which eventually boosts up the economy.

Online fraud can be detected easily and soon comparing cash fraud. A cashless economy improves school, college, hospitals, and other government and non-government official work speed.

Demerits:

Online fraud has been done by founders targeting illiterate people, it increases online fraud.

Conclusion : It would be better for improving the Indian economy and beneficial to save data at single platform.

Hi everyone,

In my opinion, the cashless economy is in comparison to cash eco. Has many benefits and advantages.

There was a time when we use to deal with every financial activity with cash only whether it was purchasing property, vehicle or any other commercial transactions and no doubt there were problems in doing so.

Problems such as long queues in banks, shops, corruption due to no transactional record, delay in work etc.

Upcoming decades after 2040 will have a cashless economy, this will save time along with paper and inks that we use now for printing notes.

First of all, we understand what is a cashless economy.

So the economic term is related to money, wealth.

But cashless economy means when the transaction is not based on paper notes, coin in short the transaction is done by without cash is called cashless economy so here all transactions in the form of using digital money like bitcoin, cryptocurrency.

According to me, the cashless economy is better because it reduces corruption or illegal money also helps to reduce the risk of keeping money through oneself.

Also, it helps to speed up transactions so time reducing.

It helps people to easy access for buying or purchasing something.

It can be used everywhere no need to hold a pocket.

But it has some demerits like it has major risks like cybercrime.

Specialized skills are required so common people not understand easily this type of transaction in the market.

Illiteracy is the major problem across cashless economy.

Merits-.

1. It is easy to send money without carrying cash.

2. There is no fear to steel it.

3. All over the world you can send or receive money in a few seconds.

4. Use of cash less economy, paper and trees will be safe.

Demerits-.

1. Without the internet, a cashless economy no of use.

2. Afraid of hackers.

3. It is no use of an unadulterated person.

4. Without a mobile phone/laptop/computer it is not possible.

These are merits and demerits of cashless economy.

Hi everyone,

Merits.

1. No fear of stolen money.
2. Save paper and trees.
3. Black money can reduce.
4. We can transfer money from anywhere.

DEMERITS.

1. It needs internet.
2. Only educated peoples can use.
3. Lot of hacking problems.
4. It losses money jobs who are working under banking sector like ATM Feeder, securities, money deposit vehicle drivers.

Hi everyone.

Merits:

No need to carry money.
Save paper save trees.
No fear of money stolen.

Demerits:

Uneducated people's will not use it.
Transaction error.
Hackers hack our money.

Hi Everyone,

Merits:
* Lossing of money is less.
* No need to carry much amount of money.
* Easy transaction anywhere and any time.

Demerits :
* Known people only will use.
* Sometimes occurs errors in transactions.
* Be careful while using, hackers will hack accounts.