Merits and Demerits of Cashless Economy

Hello everyone,

My name is Rajneesh Mishra and I would like to put my point on cashless economy.

I think every thing have two face so cashless economy also have merit and demerits.

If we are talking about merit we can easily pay money to anyone with in second so it take less time and we don't need to take more money in pocket. Our money secure by the thief. It is very secure and we have detail of every transaction that we can easily see.

We don't need to stand long queue of bank line we can easily pay to everyone with record and with security.

And if we talking about demerit of cashless economy.

1. Not more educated people so it create problem because there are many hacker they Target to that people and stolen the money with fraud.

Conclusion-India is not ready to totally cashless economy, first thing goverment must take organize the camp for people awareness.

As we know everything has it's own merits and demerits. My view is it has lots of benefits we can easily transfer money we don't need to go to the bank regularly. We can pay anywhere easily. And don't need to carry cash so there is no fear. And it's an advanced technology so we should go with this.

But ya there is a bad side as well like security issues. And in villages, there are no any facilities like Paytm and Google pay. So I may get in trouble.

But the thing is if we use it appropriately then it will really beneficial for us. So I think it's good to be cashless with some knowledge to how to use online transaction apps.

Good morning friends, My name is Vipin Saroj.

I live at Pratapgarh in Uttar Pradesh. Let me start the discussion on the given topic MERIT AND DEMERIT OF CASHLESS ECONOMY. The cashless economy has more benefit. Like to protect corruption. With cashless, we can easily pay all the payment like bill, shopping and other things. But the cashless economy also has the demerit. The cyberattack is very dangerous for cashless. And it is not comfortable for everyone because some illiterate person does not understand the cashless economy.

The Cashless economy refers to performing all the money related transactions via the internet or any other method which doesn't involve the use of physical currency. Earlier people had to carry cash whenever they had to do a transaction. Also if the amount was large there was always a fear of either the cash being stolen or lost. Along with this, we had to stand for hours in a queue to complete our payment, spending a majority of our time and energy. But with the introduction of a cashless economy, all these problems have been solved. Now you need not carry even a single penny in many places, thanks to the services like paytm and other online methods. You can now complete your transaction in an instant no matter where you are. All you need is a device with internet access. Along with this earlier people had to face a lot of problems during the public holidays as the banks used to be closed or had limited working hours but due to the cashless economy, you won't have to solely be dependent on banks as the service itself is 24x7. Therefore, it can be said that the concept of cashless economy has been a life changer as it has got many advantages over the traditional banking methods.

Now coming to the other part as we know nothing is perfect in the world. Same is with the cashless economy. It too has got some demerits. Talking about the rural areas the people are not well aware thus are easily becoming victims of fraud and as a result, are losing their trust towards this concept. Also there are cyber crimes incidents, thus putting the people's money at risk.

A sort of another disadvantage is that you can't do your transaction if you have got a poor internet connectivity.

But has a whole, as per the observation, the cashless economy has acted as a boon thus simplifying our lifestyles and has been adopted by many people thus making it successfull.

N 8th November 2016, our honourable prime minister of India, Shri Narendra Modi made an announcement that the 500 and 1000 rupee notes would be banned. With this announcement, 86% of currency notes in India were just mere pieces of paper. The main objective was to curb black money and eliminate the circulation of fake currency in the Indian economy. India is a cash-centric economy where less than 5% of all transactions happen by money. But with demonetization there resulted in a currency crunch and many people started making online payments. Thus Demonetization took an unprecedented turn of trying to make India move towards a cashless economy. Cashless transaction means using debit, credit cards, internet banking, e-wallets for making payments instead of paying in hard cash. The cashless economy has its own pros and cons.

Merits of cashless economy:

People to boost their customer base even in far of geographic locations and hence will result in enhanced business.

The real estate prices will come down because of the curb on black money, as most of the black money is invested in Real estates.

Electronic payments will improve transparency and accountability. Most of the cashless societies are corrupt-free as all the transactions are being traced, are visible and are transparent.

Making online payments are handy and it will lead to slim wallets as people need not carry cash.

Majority of election funding is done through Black money. Cashless transactions will make it impossible for political parties to spend thousands of crores of unaccounted money on elections. Buying votes by giving cash will also come to an end. True democracy will come into the picture.

Amount of tax collected will also increase, and it can be spent for the betterment of poor and underprivileged people.

Generation of counterfeit currency will be reduced and hence terrorism can be prevented.

It will reduce pickpocketing and robbery of cash in crowded locations.

Through online payment, one can view the history of their expenses and plan their budget in a smart way.

Printing costs of notes and maintenance itself is accounting to 27 billion; this can be removed by electronic payments as there would be no need of paper currency.

De-merits of Cashless economy:.

Many of the rural people and even some urbanites still do not have a functional bank account in order to make online payments.

A majority of India's population is in rural locations, and there are no proper internet facilities available to make online payments.

People in rural areas are not educated about the digital mode of payments.

There are still some places which take cash and do not accept cards. Making a purchase at such locations with card becomes difficult. Small retailers in India still deal only in cash as they cannot afford to invest in digital infrastructure.

Cash is not under your control, you will try to spend excessively.

If you lose your debit/credit card, it takes some time to get a new one.

Hacking and cyber theft are challenging problems which can be caused by online transactions. Cyber Security measures have to be brought in place to prevent money from going into wrong hands.

Even in big cities, sometimes online transactions cannot be made because of poor internet facilities.

In a country like India where cash is more pervasive, it requires some time for India to take a transition towards Cashless economy. Meanwhile, the government of India has to address many challenges to meet the objectives of the cashless economy. The government has to provide internet facilities and financial literacy to all its people. While a cashless economy is still not here, the move towards less cash economy is on the move.

In my opinion, the cashless economy is good. But only for urban areas not for rural areas because maximum person doesn't aware from these kind of things like online payment, cards net banking etc. As we know every coin has two sides similarly cashless economy is very efficient to Stop trees cutting and making paper free world. It also benefits to reduce our hard work to stand in a queue for a money payment or withdraw anything.

Good morning everyone.

My name is Jeevan.

The cashless economy has changed the path of our country, economic situations of the country.

The best outcome of implementing cashless economy is.

- transparency & anti-corruption.
- elevation of the standard of India on the international stage as a digitally developed country.

I Am extremely joyful with these as an Indian,

As we all know that India is one of the most populous countries and also the country villages, here two main things come into our consideration.

- Unemployment and the second thing is.
- illiteracy.

Coming to;

1) UN EMPLOYMENT: although there is a slight reduction in the unemployment with the cashless economy there is a more chance of employment if the illiteracy rate can be reduced and pushed into the learning of computer and its programming knowledge.

2) ILLITERACY: though 80-90 % of the present generation is studying, out of the 70% are completely unaware of the process, techniques and benefit of the cashless economy and slow injection of the cashless transactions into their daily life transactions, showing them the benefits of the cashless transactions and bringing awareness can only make this possible.

Hence I conclude that a successful noble and strong development and rise of the standard can only be achieved if the whole mechanises, supports and involves it.

Let's hope for a better India.

Thank you.

Hello,

Everyone today's topic is about the cashless economy it means carrying out business and.

Economic activities without using of money physical or in ". It is less flow cash on people ".

Every topic have its own pros and cons cashless economy also has some advantages and disadvantages they are:

Benefits:

*By using advanced technology the money can be transferred for anybody and anywhere.
*The best apps like phone pay, Google pay, Bharath pay etc.
*It saves precious time and fewer efforts to do work.
*It is best for old people because they need not stand online for a long time.
*If there is no money their will no robbery.
*The bills can be easily paid and we will get cashback also.

Defaults:

*Using cashless economy is dangerous because their will be harmful for uneducated people.
*There will be hackers they can hack our money.
*There is no evidence for bill transaction it will become difficult for payment of tax.
*Old people and village people will become foolish because of fraud people.

At last, I can say that we need a cashless economy to overcome from its cons is to educate about new technology to everyone is only the solution.

Thank you.

The cashless economy better says it as digital Economy As we already know every coin has two faces.

So, this also has merits and demerits.

Merits :
1. Easy transfer of money from one corner of the country to other.
2. Reduces corruption.
3. Reduces cash robbery.
4. Saves trees as no use of paper.

Demerits:

1. Very difficult to understand for uneducated people.
2. Problem for network less prone areas.
3. Chances of a cyber attack on the account.
4. Bank server issues.

Hello everyone, Today I will be sharing the merit and demerit of a cashless economy.

Let us first understand the meaning of the Cashless economy, It is an economy where based on the idea of eliminating of physical cash and replacing it with other alternatives like- the digital rupee, UPI or any other electronic facility.

Let us first discuss the Merits of a cashless economy;

1. The first merit of the cashless economy will be it will eliminate unaccounted money from the economy since every transaction happening in the economy will pass through any banking medium.

2. It will help in countering black money, corruption and anonymous transactions.

3. It will save crores of rupees every year government has to spend on printing cash. The money saved can be used for other alternative welfare measures.

4. Since there is no need to carry physical cash, there are fewer chances of losing cash or any theft.

Demerits.

1. A majority of our elderly population will be deprived of the benefit of a cashless economy due to a lack of technical unawareness.

2. There will be a huge cost in streamlining functioning of the cashless economy that may outweigh its advantage,

3. There will always be a risk of hacking or any other malpractices that make common people prone to any unethical practices.