Merits and Demerits of Cashless Economy

Group Discussion
Points to remember before you participate in this discussion:
  • Assume you are one of the members of a real group discussion.
  • Take the initiative to participate and contribute your thoughts.
  • Contribute your positive thoughts towards providing the solution.
  • Post your thoughts here.
Discussion:
434 comments Page 6 of 44.

Gouttam kumar dash said:   4 years ago
Hellow everyone.

Thank you so much to the jury panel for providing us with such an aware topic.

In my point of view, the cashless economy provide. Safety. Security. And our data are safe. It is enough to have the benefits.

Let's come to its Merits.

* it reduces curation.
*it reduces the printing of money.
*it helps to do faster transactions everywhere in the country.

Let's discuss its demerits.

*it needs a strong network connection.
*it needs literate people.
(35)

WAJID SHAIKH said:   4 years ago
There are some merits and demerits of a cashless economy.

Merits:

1) No fear of stolen money.
2) Saves paperwork.
3) Saves time.
4) We can make payments from anywhere.

Demerits:
1) Not much secured.
2) The internet is a must.
3) Mobile or other devices must make payment.
4) we can't refresh or can't go back during transactions.
5) Only educated people can do.
(21)

Tikachandra Oli said:   4 years ago
Hello everyone,

Thank you so much to the jury panel for providing us such a emerging topic.

I believe there are far more benifits of cashless economy as compared to its flaws.

Cash in itself carries a risk; including from the risk of theft, risk of tearing up, risk of fade out, risk of carrying, risk of loss, risk of transmiting disease, etc. The cashless economy will help us to get rid of all these risks. People don't need to carry a bundles of cash with them, they don't have to worry about theft, loss, fade out, and tearing of cash. Also in current pendamic situation, cashless economy will save us from transmiting the disease through cash. All the parties involved in transaction will get benifit from cashless economy.
(38)

Narinder Kumar said:   4 years ago
Hello friends.

It is modern era and now all things are updating with a new technology which not only saves our time but also reduce our tension. A cashless economy is one of the best ideas. It has many advantages. Firstly, it saves our time now we don't need to stand up in the long queue for deposit and withdraw money. It also reduces the tension of being robbed. There is no need to carry notes with us because of ATMs, credit cards etc. Replace cash. It is safe and easy to carry. Now transactions become easy with online payment within seconds to any part of the country or world. But it requires some knowledge of using technology. In rural areas, there is often remain the problem of network. There remains the fear of being hacked if we don't follow all rules and regulations.

At last, I want to say that it has more advantages than disadvantages so the awareness should be increased so that all people take benefit of it.

Thank you.
(29)

Rishabh said:   4 years ago
Hii everyone,

Talking about the first merits of a cashless economy.

1. It saves a lot of time for doing transactions as it takes few seconds to transfer money.
2. There is no paperwork to do, all records are digitally available.
3. Nowadays for doing banking we need minimum bank branch visits.

Now coming to demerits:

1. As the cashless economy is growing also online cyber fraud cases are increasing.
2. People living in rural areas or people who are less familiar with digital technology are more victims of such cyber frauds.
(21)

Gaurav Patil said:   4 years ago
Cashless is a new word introduce in Indian people dictionary few years back and various discussions started.

Some of have fear of using online transaction and frauds and someone had some excitation of use new technology for transactions.

But after going long way in last few years lots of people accepted it as daily routine transaction. As its have more advantage over few disadvantages.

ADVANTAGES:
1) We don't need to stand in long rows of banks and ATM's.
2) We don't need to take our Wallet in our pocket before leaving home.
3) We can do any business with small asset.
4) We can grow our business unlimitedly without physical restrictions.
5) We don't need to waste our time by going market.

Disadvantages.

1) Frauds.
2) Fraud E-Commerce sites.
3) Rural people need some more time to become familiar with this new normal.
4) Minors make lots of mistake which may become big problems for their parents.
(10)

Aishwarya R D said:   4 years ago
Merits:

Any online payments can be done within a minute or so.

There is no contact between people which is very essential during this pandemic.

Demerits:

Sometimes the transaction occurs, but it is told that the transaction failed, making us think where the money went.
(6)

Rupender Singh Shekhawat said:   4 years ago
Every coin has two sides, so first I speak about merit. It is very process like it take nearly 5sec to transfer money.

Second pointed it solve problem of chain. Like I have 500 rs note and I want to purchase 20 rs product it create problem for shopkeeper to give me chain.

Third point it help government to track money. And stop illegal activities.

Demerits.

Firstly, The technology is new and evolving. So there is lot of people send referral and try to steal your money on app like phone and Google pay.

Second like uneducated parent do not know it properly so they take from their children to transaction. Due to this power comes in children hand due to this some child misuse it.
(36)

Priya said:   4 years ago
Merits of cashless economy:

First, don't fear theft.
Covid time cashless economy is very useful.
All money transfer is using online transaction is used for low corruption.

Demerits:
The cashless economy only useful to the mobile phone users.
(18)

Ajay Pawar said:   4 years ago
Hey Everyone,

From my point of view, the cashless economy is the best thing for all of us. It will make our life very easier. And it will beneficial uneducated people who don't have knowledge for banking transaction and they were sitting in a que and waiting and wasting so much time. It's a very easy and simpler process.

Merits:

* We can online pay our payments easily without any problem.
* Cash requirement will become less and no bourdon of taking care of cash.

Demerits:

* Mainly hacking problem.
* Suggestion for my side to everyone: If you are educated and you know the things so can help others so they can also make their life easier and government also have to provide some camps for explaining it in rural areas.

Thank you.
(17)


Post your thoughts here:

Your comments will be displayed after verification.