Merits and Demerits of Cashless Economy

Hi, friends.

First of all, I am telling about demerits of the cashless economy in India.

I am talking about India because all we are living in India.

In my opinion, the cashless economy is a bane for our county. Now the question is raises why and how the cashless economy is a bane for our country.

Simply answer is digital or financial Illiteracy is one of the main cause because literate people or hacker easily cheat that type of people and such a person doesn't know the importance of ID, passwords as well as OTP.

Then how the government imagine cashless economy is good for our country.

Second thing, If you peep another side our GDP is continuously reduced after the campaign of cashless economy.

In the year of 2015 our GDP rate is 8.16 % but now our GDP is only 7 % and these reductions prove the our country is not ready for cashless Economy.

Third things are.

Our cyber security, India's cybersecurity is very poor and according to SWH record 350% cyber attack done in India and aprx all attack related to credit card or debit card.

Our Infrastructure is also poor.

Only 4 lakh ATM in our country, pos machines also not work properly.

And the last thing I want to share with you.

The biggest fear are theft of identity.

Merits:

1. Cashless economy is not consume so much time so within the fraction of second we can transfer the money to anyone through UPI transaction so we don't have to stand in a long que of bank for withdrawal of money.

2. A most important benefit is that the transparency between the two parties is important so by the cashless economy the transparency is 100 per cent.

3. There is never a fear of money stolen.

4. The use of paper will be reduced.

Demerits:

1. Only useful to those who have a Android mobile or laptop or computer.
2. There is fear of hacking.
3. Illiterate people don't know how to use.

At last, I want to say that the right now our country is considered as a developing country and the cashless economy is one of the step to make our country from developing to a developed country. And for demerits, there also have a solution for hacking cybersecurity is there and by providing proper training to illiterate people after training they can also capable to use Android mobile. So, at last, we have to go for a cashless economy because to change our self and our system with the time it is nature. It doesn't change our system then we will be considered as old lack of technology even though we have technologies.

First of all, Thanks for giving me this opportunity to present my views on the cashless economy.

It was started in November 2016 after demonetization in India & it was a great step for our country to grow the economy.

But everything has its good and bad sides, so the merits of a cashless economy are:-.

1. An emergency:- in our daily life no one knows what will happen or what requirements we need if anywhere in our country we have to transfer money to our family, clique or anyone it is possible to send it as fast as we can because of this cashless idea.

2. From this we can save a lot of time without moving in a bank or atm for withdrawal or transfer.

3. We can buy anything online and pay for it online in just a second.

4. When we need we can check all of our bank details, transactions, and many more without wasting our time.

Now, this has also some demerits:-.

1. Nowadays there's a lot of risk of account hacking.

2. Sometimes we face network issues and failed to do our work.

3. In India 50% of people don't know how to operate a smartphone.

But the merits of a cashless economy cover all demerits and from this, we can't say that India is developed but we can say that we are improving ourselves more day by day.

Hello everyone.

Today we are going to discuss about merits and demerits of cashless economy. With rapid innovation in technology sector, advanced methods and processes are being adopted that are make life easier. Cashless economy is such a thing where trade is done digitally unlike on paper. It is fast and more accurate but it comes with its own problems and that is what we are going to talk about.

Cashless economy has led to less paperwork involvement which can also reduce space required to handle and store the documents. Because of that access to reports and documents has also become easy because everything is just one click away. However it is prone to cyber attacks and a system has to be designed properly to make it hack-proof.

It can also be used nefarious purposes like we can take the example of Bitcoin. It is known that through Bitcoin people conduct underworld and sinister businesses online and because of the technology of bitcoin there is no way to track it. This can cause some serious problems in legal businesses of corruption is money is not traceable.

In brief, system of cashless economy should be designed in such a way that it is easily traceable and hack-proof and only it will be a trustworthy system.

What I believe is that the Cashless economy is a boost for emerging and developing India as it will help it to emerge as a global development centre. Introduction of cashless technology will reduce much of the efforts of a common person, saving time and reducing the stress of standing in long queues in banks or store. It will also help in reducing corruption and theft and help the government in maintaining tracks of transaction thus making the process more transparent and efficient. It also boosts the e-commerce and e-governance sector creating more job opportunity. Also, It increases a nations competencies and reputation among others.

On the other side, it is only beneficial to the educated class of people as they are having the knowledge and skills for exploiting the technology to the fullest. Whereas the uneducated/illiterate people of rural areas will be more of helpless and more prone to errors and problems. Which increases the chances of fraud and information theft leading to the emptying of bank accounts.

The main need is to spread more information and knowledge of the cashless economy, its pro and cons to the rural and uneducated people, helping them understand it and enjoy the benefits.

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 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.

Good morning to one & all.

Today our group discussion topic is "Merits & demerits of cashless economy". We all know about the concept of cashless economy but I don't know why we won't follow that procedure. Although it is very simple and easy to use. Especially in our country we plan to make innovative ideas but we won't follow them that is the main drawback.

Merits are:

*We can pay our bills at any time from anywhere with complete security.
*No need to withdraw our money from any bank or ATM.
*No chance of money stolen or robbery.
*We can save a lot of time by sitting in the same place.
*The main advantage is we can pay or get each and every rupee so that no money will be wasted.

Demerits are:

*There will not be any disadvantages if we take some safety measures while doing payment through online.
*Of course there may be a chance of getting hacked from the website or from the anonymous people so we should not share our personal data to anybody.
*If anyone is performing online payment for the first time please take some precautions from an experienced one.
*While doing online payment please check that perticular website is authorised or not.

In the era of digitalization and automation it is very necessary to grow with them. Cashless economy has numerous aspects. Let me add some of the merits:

1. Environmental friendly. With increasing population in the country like India it is very necessary to stable our paper use in order to not to harm nature. Which is somehow degraded due to cashless economy.

2. Monitoring is improved. Government or citizen doesn't have records if the transaction are in cash whereas in cashless each and every transaction is recorded.

3. The printing cost for the cash is more whereas in cashless this expense will be on hold, and thus economically beneficial.

4. Easy to handle:

Let's me introduce another dimension to this topic:.

1. Japan is a country with cashless based economy still the interest rate for there citizen is 0.04% only and its negative in some banks. So there are several aspects for the value of money if the economy will be cashless.

2. In the remote locations where network is still a issue it is not convenient.

There are several merits and demerits of the cashless economy but it weigh more in merits direction so I believe to have cashless economy.

In my point of view, the cashless economy is a great initiative of digitalization. Every coin has two faces similarly everything has merits and demerits. First I am going to tell about the merits.


Easy to use, time saving, corruption reduces because direct tax deducted from transaction; saves our energy because not stand in a queue for long time, no use of paper in cashless economy so tree''s are safe, not to break big notes when we don't have change we can use Paytm now days, e-shopping e-banking save are whole day because there no issue of going to purchase and stand in big queue in bank. There are lot of more merits but now talk about demerits.

Rural people are not much aware of online things, and we before suggesting anyone to use it, we have to aware them about frauds on online stuff. So cyber security is a big issue.

We can conclude here that cybersecurity is a big issue which has to solve first and also rural areas problem can be solved by government programme awarding people about the Internet and it's are an individual duty that if we see any people which is not aware of the Internet and helpless in atm we must help them.

Thank you.