Merits and Demerits of Cashless Economy

Hello everyone, according to me, they are two parts of all things first is merits and the second one is demerits. The first talk about the merits of a cashless economy is beneficial for us. We don't need to carry so much money with us. We can do payment also using Google pay, phone pay, Paytm and mobile banking. It is really good and beneficial for us we don't have any fear of theft. And the demerits are there is a huge risk of hacking accounts. And sometimes online transactions are not secured for all. But the cashless economy is motivates people to use this technology.

Thank you.

Hello everyone,

According to me, they are both side effect on the people, like merit and demerits. So, first I talk cashless economy is the best thing to growing yourself and learning new things. Like I am purchasing something from somewhere and I don't have the cash to pay so I use of payment mode like Google pay, phone pay, and mobile banking so, if I know how to use then I get benefits of the cashless economy but if I don't know about this process this system how it works and also I don't have a smartphone so I can't get this benefits. So these all things are really important in our life.

Hello everyone.

In my opinion, going forward to a cashless economy is the right step for the future. It basically means the digitilization of cash. Like every other system out there in the world, even this has its own merits and demerits. It provides a safer method of transaction through secured banking. In the times of covid it also helps in contactless transactions. Digitalized banking opens the door at home services where an individual need not wait at long queues and spend his/her entire day in the bank. Most of the local vendor nowadays are shifting towards cashless transactions which in turn helps them to keep a legitimate, safe and a reliable method to track their incomes.

Despite its merits, there is one big problem right now which will be eventually sorted out in the future is to reach of the program. Not many people are aware or know how to run online banking websites. Many banking sites don't have a very easy user interface which makes online banking a hectic and time consuming process. Although online banking exists there are some processes which require human verification hence we can say that it isn't completley digitalized.

Hello everyone,

A cashless economy is defined as the flow of currency through electronic devices such as debit/credit cards or as the name suggests 'cashless' there is no flow of cash. The cashless economy is having own boon and bean. It is a good initiative taken by the government of India.

Merits:

A cashless economy is useful for the measurement of the accurate flow of money from one bank to another bank.

It is a useful small scale business where clients can send the money within seconds. Customers need not stand in a long queue where they can pay their bills.

Paperwork has reduced and transparency in economic activities.

It will help in the growth of infrastructure and it very for developing country.

Many platforms like amazon pay, phonepe, google pay make people's life easier. People or customers can't carry valuable things with them.

Demerits:

Cybersecurity is the major drawback of the cashless economy. People who are lack technology with the use of mobile and technology will lead to a big problem.

In my opinion, a cashless economy is a revolution for the country. This is a great opportunity to improve our security in the digital world. Overall view on this topic is going significant change in all financial matter.

Hi everyone.

In my view, cashless economy is a most worthly thing today.

Merits of it include:

- accurate measurement of money in terms of huge amount to being measured. It helps many of us who forgets money at home when we go outside or even if we don't have money in our pocket but in our bank accounts, the cashless way will help us by the available amount in our hands at any time & anywhere. It also protects us from thieves from stealing money as it is riskier because there might be fighting between us and thieves just because of money.

A cashless economy helps the government by giving a calculation of each rupee and avoids the storage of money as like black money which avoids any malpractice related to money.

As a coin has two sides, this concept also has demerits:

Detailed information must be needed to one who has to do cashless or online mode money transaction.

One wrong key will get someone in huge loss Of money.

Deep care must be taken in order to do online transaction i.e. beneficiaries whole information is required.

Password or OTP for this process must be kept secure otherwise it may lead to loss of money.

Sometimes network issue arises in rural areas as it leads to going transactions in pending mode and we have to wait for it to clear the same.

The allover cashless economy will best initiative, troubleless effortless, but with some precautions.

My views on cashless.

In my opinion, a cashless economy is the best option for a developing country. There is less chance of stealing money from the wallet. There is no need to carry money all the time we can use online transaction for payment.

In 2014 online transaction is introducing to the nation. According to the reverse bank of India between 2014 to 2017 online transaction has been done 2000 crore. Rbi also issues the guidelines for the online transaction like do not share your pin with anyone. The cashless economy also restricted corruption and fraud but there are many demerits of the cashless economy like.

Cybercrime is one of the biggest crime problems in a cashless economy many hackers are trying to steal your money if you don't follow the guidelines according to reports some people trying to show fraud transaction to the retailer.

Hello everyone,

I am here to give my opinion on a given topic.

So, first of all cashless economy is a very good initiative taken by the government. As you all know there are always two sides to anything like coins one is positive and the other is negative. So first of all we will see the merits of a cashless economy.

Merits:

It is a very easy, simple process that doesn't consume much time.
No need to carry much cash with us so there is no tension of robbery safety is achieved.
No worries about change.
Control on black money.
Proof and record of the transaction is maintained.
No need to print cash and thus time and work is saved.
We can give an exact amount to anyone.
No confusion in calculating what amount should we return or got in the market.
Sometimes in the market due to a shortage of change, we are unable to buy something but due to a cashless economy, this problem is resolved.

Demerits:

A strong network connection is required.
Cybercrime is the problem with a cashless economy.
Some chances of frauds are there if we are not alert all time.
In rural areas, some people still don't know how to do mobile banking and internet banking so they can't go with a cashless economy.
But the overall cashless economy is becoming fruitful to digital India.

Thank you.

Hello everyone.

According to my point of view, the cashless economy is the need of today's world as nowadays time is not money but more than money.

Every coin has two sides.

So, the Merits are;

* Time-saving is one of the best benefits in a cashless economy.
* If we take proper care during the transition there is safe payment can be done.
* Otherwise, if you do not take care during simple payment by giving cash there is the possibility of fake people.
* There is many ways of payment like UPI GPay, phone pay, Paytm.

Demerits:

* Cybercrime is happening.
* Fake advertisement.

But if we take a proper care I think it can be avoided.

Hello everyone.

My name is Ankit and I am here to give my points on the given topic.

First of all, let me tell you what is cashless economy? Cashless economy means doing anything, buying anything without paying money in cash form.

This is really great initiative taken by pm Modi to make India digitalize and cashless.

There are so many advantages of cashless economy.

Advantages:

1. Due to cashless economy now we need not to wait in a que for any type of transaction, hence it saves a lot of or time and energy.

2. It keep us safe everywhere from robbery as we need not to carry cash with us everywhere.

3. We can easily make payments in few seconds without having cash with us with the help of Google pay, Paytm, Yono SBI etc.

4. We need not to fill form and wait for our time by standing in a queue in bank. Hence it saves our time, energy etc.

5. We can book train ticket, flight ticket and can pay from home sitting at any place.

As every coin has two sides it has some demerits too.

Demerits:

1. The biggest challenge is internet as every online work depends on internet, if there is not proper internet available we can not use these resources in proper way.

2. In villages and hilly areas there is a lot of networking issue so these resources doesn't work there.

3. India is a developing country As technology is increasing day by day hackers are also increasing that can hack our data. So there is security issue but our government is very strict against it.

4. In India there is a lot of problem of unemployment so there are many people who has no electric device such as smartphones to use these resources. So it is not available for every type of citizen.

In conclusion I would like to say that cashless economy is time saving, energy saving, that is a golden opportunity for us but we have to take care of our security, and government should also do something good in villages by solving problem of electricity, and government should also take care of our security and should take very strict action against hackers.

Thanks a lot for reading carefully.

Good morning.

Cashless economy is the revolution in the digital world whether it is used in the field of business just like as a marketing field, educational field and many other governments and private sector so when our country is used is as a platform of digital interface, also when the user of the cashless economy all over world trade recognition is very vast revolve on the basis of phonpay, google pay so the using of cashless economy whatever we used a currency in modulation.