Merits and Demerits of Cashless Economy

Hello friends.

As we know that economic development is more inclined toward technology. A cashless economy is also a part thereof and has so many positive aspects as well as negative aspect.

Positive aspects:

1. Reliable and time saving for the transaction of money from one user to another user accounts.
2. Transparency at the governance and individual level ex: many government schemes or fund benefit can be directly put into the beneficiary account.
3. Control on corruption to some extent.
4. Mitigation in the environmental issue (use of paper to print money or some time metal also).
5. Availability of money transfer system for 24 * 7 hrs.
6. Increment in the Security causes decreament in the risk.

Negative aspects:

1. Many people are not aware about cashless economy so they are unable to use it.
2. Literacy is a major factor because it is the primary need to operate it.
3. Chances of failure of transaction and will take more time in refunds create unwanted annoyance in people, But it happens sometime.
4. Less probability of hacking of data.
5. Unavailability of internet connection create a barrier in cashless economy.

Hello, Everyone.

1. Cashless economy brought a huge difference in poeple life.

2. It saves our time, a few years back when we have to give someone's money and we don't have cash then it takes a lot time to pay the money but now everyone has their own phone wallet and this transaction can be done in seconds.

3. Almost every class of people are interested in cashless transactions, people who are involving in small businesses like tea seller or even rickshaw business also have their phobe wallet.

4. Now even a small amount of money is easily transferred to the bank's account without going to the bank.

5. We can pay our home's bill like electricity, cable etc without going to the office.

Good evening everyone.

Today we are talking about the merits and demerits of cashless economy. It was a great initiative was taken by our prime minister to make digital India.

Merits:

1. Reduces the cost of printing, storing and transportation of money.
2. There is no need for carrying a lot of cash.
3. The transaction of money is traceable.so there will be less corruption in the country.
4. It provides us with the transparency of work.
5. Secure transaction.
6. We can pay many kinds of bills like the transportation bill, electric bill etc. We can buy movie tickets, pay the food bill in one touch.

Demerits:

1. More than 60%of people in India come from a rural area. 25% of them are illiterate and a large percentage of people illiterate of mobile and computer.so they are not comfortable with this.
2. Security is another big reason for cashless transaction.
3. Sometimes internet speed and electric may problem some tie.

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 payment 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

Hi Everyone,
I know everyone has their own views. I share my thought regarding the cashless economy. I know everything has two prospectors good or bad. it depends to the person. In my point of view, it is good for our generation. everyday new technology comes and I accepted.

Here we mention the Merits of a cashless Economy:

1. It is easy to carry and needs only the internet and is easily transferable.
2. It is safe for people who don't carry a lot of cash.
3. It saves paper.

Demerits of a cashless Economy.
1. Those people don't have much knowledge of how to use a cashless economy.
2. Old generation totally depends on the young generation.
3. People easily trap hackers.
4. physical crime rate is low but the digital crime level is high.

This is my point regarding the cashless Economy.

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.

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.

Hello everyone, I'm Suresh, I strongly accept that a cashless economy has lots of benefits. The people of India having many advantages from this project. Today we can send money to anyone in this world by sitting in your home or by the place where you are. This cashless economy helps to reduce robbery because people won't carry money in their pockets. , also it reduces printing paper to make currency notes. In order to do transactions, we still are using applications like PhonePe, google pay, etc, which helps in digital marketing also., most of the Indians are from agriculture backgrounds they are not much aware of this banking transaction or online transaction and all but we can teach them and we can improve it. And also it helps in the reduction of Black money transactions Because everything will be transparency.

Cashless economy is one of the recent reforms undertaken by the government of India. Nevertheless, as every coin has two sides, even this also has its own merits and demerits.

First of all, I would like to discuss the merits of cashless economy.

1. It was a commendable initiative by the government to curb private illegal transactions of black money via cash and rather make the system transparent to reduce tax evasion.

2. It eliminated the frustration of civilians standing in big queues in banks for even small transactions.

3. It became lot easier for people to keep a track record of their expenses via online apps and internet banking rather than noting them down.

4. It made shopping go very smooth, where people could just pay for any item using mobile phones when in earlier times they had to carry huge cash with lingering fear of theft.

5. It saved resources like paper and ink and even time as all the online transactions are too fast and even accurate as there's no question of counting mistakes and all.

6. Earlier, on holidays, when banks remain closed, people really faced a lot of trouble for emergency needs, but this problem too was solved with cashless economy.

7. Within few minutes money can be transferred into the bank accounts of anyone who is in need, that too round the clock.

Now, coming to the limitations or demerits of cashless economy.

1. The biggest concern is the breach or leakage of bank account details by hackers. So, it is the government's prime duty to secure the transactions and details of every citizen or else people will lose trust on this system.

2. Cashless economy is a boon for the urban population but people residing in rural areas are not that educated and awate that they could understand these technology based apps and Internet banking. It becomes a challenge for the government to have training courses in villages to ensure that atleast one member in each family is trained for online transactions to avoid cyber crime and leakage of data and proper understanding of the cashless system.

3. Even senior citizens who don't have much knowledge about these things find it really difficult to operate mobile phones.

In my view, Cashless economy will be a great solution for many things.

1) for making notes paper is required which in turns causes the trees and green wealth reducing day by day. So digital money will, in turn, provide us the afforestation.

2) There are many people who make fake notes. On the digital state of the transaction, this problem can be solved.

3) Corruption will be almost eliminated because the banks and other agencies can keep an eye on all digital users.

4) When not corruption, we can have the fastest deploying nation.