Merits and Demerits of Cashless Economy

I would like to share some aspects about Cashless Economy. This is a great initiative arises due to digital India Campaign. The merits of Cashless Economy are:

1) Cases of money thefts are reduced and people feel more secure with their money.

2) Reduction in Tax invasion.

3) People do not have to wait in long queues for money transactions which in turn saves precious time.

4) Senior citizens do not suffer difficulties as their pensions are directly transferred to their accounts.

5) Advancement in Technology as more and more robust apps (such as Tez, Phone-pay) are developed for transactions.

6) Paper and printing ink is saved.

As every coin has two faces, similarly for cashless economy demerits are:.

1) Only urban society make full use of cashless economy as they know how to use different apps while rural societies face problem in transactions.

2) high risk of data privacy.

3) Credit card fraud.

As per my knowledge, merits of the cashless economy is more beneficial over its demerits, like you can pay anyone to anywhere, it reduces theft, our country gets digitalise in way of using different apps like tej, phone pay, paytm and many more advantage of cashless economy.

This topic is very good. Because cashless economy is very very beneficial in today's life. Cashless economy has both merits and demerits.

(Merits) :
In this timeless life our life is very busy in the work and students are busy in there study. So they have no time to stand in line and do all works by going in market. But by cashless economy all works we are doing by phone or computer by phone pay and paytm app. And cashless economy is also useful to send money to whom who are live out of station.

(Demerits) :

Demerits of cashless economy is defined as increase in unemployment. And main problem of cashless economy is that people stored there money in phone and give security to that so this is very riske because many hacker hack your security and stole your money.

So, there are many demerits and merits cashless economy. So, the person who use cashless economy system then use it safely.

Thankyou.

The Cashless economy is the great discovery in our civilization. By this technique, we can do business with the help of the internet. The consumers can buy any products at a reasonable price. But it has the disadvantage. The rural areas has not the facility of internet connection and the people are not so up to date. The hackers can collect the all the information of consumers if he or she has not the proper antivirus software.

If I say about merits about cashless economy, then there are lots for the people who are living in urban areas. We can easily get transaction anywhere, we shouldn't have wait for a long time in queues, specially for railway tickets. For shopping, we should not have to carry cash, which sometimes creates a bit risky from robber and many more.

But when it comes to the people belonging in core of heart, basically in rural areas. They even didn't have proper electricity connection, they had the connection for the name sake. People use to charge their mobile in local markets at a cost of around Rs. 20 for full charge. So, What can the cashless economy make change their life.

In short, I want to say that cashless economy is benefiting only to the people who are residing in urban areas or who have proper financial knowledge. We should think about the rural people more, that how differently cashless economy could benefit them.

Of course, the cashless economy very beneficial for us to progress in our country. It helps us to provide money any time and anywhere in the universe. Earlier on the occasion of festival banks are off, ATM was not available in villages so people have to suffer many problems for money. But now digitization has removed this problem. But every villagers are not able for using mobiles Internet. So there are same problems people have to face. I see when I go to bank there bankers were not providing good service to illiterate peoples, and they are not use the digital facilities. This are the some problems which India have to face.

It is wonderful to discuss. 2 years back I have a mobile and it is only for playing games chatting with friends and spent time on social sites. But when the cashless transaction started. I use my mobile totally different now. I can pay electricity bills, I fill the online forms and do the transactions very easily. And by it, corruption is also Less. But there are issues in rural areas people don't know about the cashless economy and. In cashless transactions. There is an issue of security. But this problem is solved nowadays. So, Only one issue to educate the rural areas people how to use these platforms.

Thank you so much for listening to me patiently.

Some ideas change a whole world and that one is cashless and cashless comes from digitisation. Cashless growing rapidly due to easily available of Mobile. Cashless do our work more easy by a single click on button. Like :- If you want to pay money anyone anywhere through cashless traction.

But this is totally depend on network if it network is fail then may snarl in poblem. That is why villages person are not use easily.

Without any doubt, the cashless economy is a wonderful concept. It checks the risk of theft of both life and property. Cashless directly or indirectly keeps us burden free. Here the transaction of the bigger amount can be done in a fraction of second but along with that as we know that everything in this world has both merit and demerits so this concept also has the both. The main demerit is that the stealing of important information and data security but although it can be checked by various measures.

Thank you.

Because of the cashless economy paper and printing ink can be saved which is more useful for nowa days.