Merits and Demerits of Cashless Economy

Hello everyone.

According to me, the cashless economy is the need of this generation, no one has time to stand in the bank queues.

Also, our govt takes initiative so that it reaches to each n every person in the country, in the remote areas too. Bheem app is so easy to operate even an illiterate person can handle it very well.

But we need to give time and keep patience.

Everything has drawbacks but the cashless transaction has more pros than cons.

Hello everyone, in my opinion, the cashless is a very wonderful concept because it is very useful for the people government has taken this initiative so that it can reach to each and every person in the world. But it has certain drawbacks like our data is not safe.

And important information.

This topic is very interest but the cashless economy decreases the unemployment. Due to this unemployment Very big problem in India but we need to terminate this cashless economy due to the next generation it is very problematic.

Hello everyone!

In the cashless economy, we have both merits and demerits and I would like to agree with the statements of merits and demerits give by all the above participants such as.

-we can avoid the corruption.
-we can maintain the transparency.
-we can save the lots of peoples time -.
-we can save lots of paper wastage.
-ink wastage. Etc as merits and.
-lack of knowledge to the illiterate people.
-lack of security ect.

But, still we can work out with the technology to avoid the demerits such as.

-providing the fingerprints, face recognition to avoid security problems.
-Acknowledging the rural people while they buy their smartphone like (govt was giving the training to the people who wants to learn driving and they certify by the driving test) they have to acknowledge them how we can use the smartphones and the how to use cashless economy.

So, everyone can enjoy the cashless economy happily.

Thank you.

Hello Everyone!

Today's topic is "Merits and Demerits of Cashless Economy".

So, to start with I want to explain what a cashless economy actually is. We are all aware of the UPI, mpockets, net banking, credit and debit cards and most recently the crypto-currencies. What all these actually do is nothing but give you the liberty to not carry your purse full of cash but then also being able to transfer or transaction of money in things.

I will be giving the possible merits that of course most of us are already experiencing are,

1. It is possible that you have money in your bank account but are out of cash now, this is the time when being cashless pays off.

2. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.

3. You want to buy something expensive, handling that much cash may be proved to be really a hazard, while just a single swipe of your credit or debit card will be more than enough.

So,

Secure, easy, faster and authorization these are the fields where the cashless economy have its merits.

But, as there is a saying every coin has two sides one of it is good and the other bad, so, Cashless Economy is also no exception.

Possible demerits are,

1. You should be more alert while using digital currencies, if one's personal account details are known to someone else then they can easily hack through that account.

2. Sometimes the transactions are wrongly made due to the lesser speed of concerned internet connection, though we get the refund it causes a problem initially.

3. Till now the cashless economy hasn't been broadening for all the citizen of our country as an integral part of them are still finding it difficult to meet their both ends.

Finally, I want to conclude by saying that the merits of the Cashless Economy are obviously broader than the demerits it has which can be avoided with proper care while using. I personally am using it for quite a few years and obviously, it made my life simpler.

Thank You.

Merit:

Cashless economy is hassle free from the bundle of cash that we usually keeps with us while travelling and concern about losing it or being theft. It is more secure now to keep and transfer wherever we want and to whomsoever we want.

Demerit:

As the use of online transaction is increasing and the world is going digital so the cyber theft is also increasing. If in 10 years from now cyber crime/theft related to this do not increase then it could say that cashless economy is better or the best.

The Cashless economy is the most popular topics of this time. It is beneficial but not for everyone.

Merits:
1. No need to carry cash before we have to purchase something like electronic equipment.
2. No tension for theft.
3. Only carry a small card.
4. Save time to pay bills through Paytm.
5. Save money through online transaction no need for going to the bank and save petrol.
6. It supports banking also.
7. No need for change.
8. Records of every transaction in the bank.
9. If the card is missing then we block the card from the bank.

Demerits:
1. Dependency in the bank.
2. Only educated people are use and aware.
3. No privacy of every transaction.

Hi friends.

Today our GD topic is the merits and demerits of the cashless economy. In my opinion, the cashless economy is better. Because with cash if you go to buy a gold jewellery there's a chance to stole the money.

Hello everyone.

I am with cashless economy, Today each and every new phone support online transaction facility by which you can transact the money at any time through your phone, as you debit cash from atm there are some conditions of transactions (eg. Like 4-5in a week), the UPI is totally different from it and you can transact at any time without any type of deduction.

It also offers some bonus while transaction.

Transaction records are available so that you can check your weekly or monthly expenditure from it with high accuracy.

It is very secure.

The conclusion is that In an atm we can't transact rupees in order like (eg. 670) but from a cashless transaction we can transact money in any order, that means there is no reason to hold changes in your pocket if you use cashless transaction.

Thank you.

The Cashless economy has two sides of the coin it will very beneficial for people who are educated or good knowledge of smartphone such people can easily go cashless but limitations of this system is a rural area which is nearly unknown about cashless transaction due to illiteracy.