Merits and Demerits of Cashless Economy

Hello everyone.

The Merit of a cashless economy is that it can reduce the robbery of money and easy in paying large transaction. It can also easy if we want to make a payment to the people who live in large distance by easily doing cashless transaction. It can also ease the people by helping in not going to bank for deposit their money because in cashless it directly go to the bank account it helps in giving electricity bill, gas bill and many other bill which can help the people in saving time. It also connects people digitally with technology.

Demerits of cashless money.

It may increase the cyber attack people who do not have knowledge about hacking may lose their money in a few minutes. For a cashless economy, it made the mandatory to the people to use the phone and it may also cause people to go to a bank account to getting cash because do not have the facility of using cashless transaction.

Today we talk about the merits and demerits of cashless economy.

Merits:
1. It reduces the extra time that you can use in some other works.

2. You don't need to stand in a long queue for paying your electricity bill and railway ticket you directly do this online.

3. In online you have many options pay your amount but in cash, only one option that is cash in online you have a debit card and credit card, google pay, Paytm, phonepe etc.

Demerits:

1. In online some people are scare because they thought it might be a chance of theft, fraud, fishing etc.

2. Some times there will be a technical issue that will happen.

3. One thing that I mentioned is when the payment failed and your amount has deducted from the account it takes 4 to 5 days to back, from my opinion it should be 2 to 3 days than people will be very happy.

Hello friends.

Today, our topic is the cashless economy.

According to my point of view, the cashless economy is very important for our country because the world is growing too fast and we need it. Cashless economy is the root of Indian economic development. Every coin has two faces good or bad so it depends upon you how to use it. We should be learnt how to use it. If we don't know how to use online transaction it's our mistakes. If we go to the shop and suddenly ATM card is not working in the ATM machine at that time we can use an online transaction. Hence we can say how much benefits of cashless economy.

Now I am explaining the demerits of cashless economy. Cybercrime is increasing after the establishment of the cashless economy so we should be awarded.

Hello Everyone.

So today our topic name is Merits and Demerits of Cashless Economy.

As we all know, everything has two sides i.e Positive or Negative also.

So first we talk about Merits:

-> It helps us very well because now for electric bill, e-payment and other renting things we don't need to stand in queue for hours.

Demerits:

-> Demerits are it is quite difficult for those who doesn't know how to use the online method and how to transfer money.

Hello Everyone,

Today our Topic is cashless Economy has everything as two sides good and bad. The cashless economy also has merits and Demerits.

Merits-.

- It makes it easy to transaction of money.
- It reduces the time of people to withdraw their cash.
- It make unneccessary to carry cash because everywere online payments are done.

Demerits.
- Due to some network issue transaction are restricted.

For now, it's so likely a demerit for us.

1. Cybersecurity will be crucial.
2. Pending transactions will be difficult for both sender and receivers.
3. Even internet available in all the places still many people are not using smartphones. Anyhow it can be card transaction.
4. Banks will give very fewer interest rates.

Hi, This is Rama Krishna Battula.

I would like to express my thoughts on the merits and demerits of the cashless economy.

Merit: Going cashless is simple and easy and all about a transaction between banks.
Demerit: Transaction does online so that there is a chance to theft, fraud and cyber-attack.

A warm welcome to everyone participating in this discussion.

I am Mayank, I would like to put some light on the cashless economy which as eventually come into the trends.

So starting with some positives I would tell you that going cashless has made the process of payment fast and efficient.

It has also reduced the extra efforts made by people for the payments from big to small, from goods to services, from country to states.

Going cashless has made all of them a work of seconds.

But digging under the topic to its roots.

It has become the top most reason of frauds and scams happening in the states, has effected a lot of people who are not aware of these malicious activities and news of thefts.

So, I would conclude by saying that though the people are ready for change in terms of payment and commerce but will be requiring knowledge and basic education for going online for the capital transaction.

Hello my name is Vasu lets come to the topic which is the cashless economy as we know them to love in 21 century without digitalisation is not possible our pm Modi ji started this campaign in 2015 as we know that everything ha it's pros and coms first talk about its pros. It reduce robbery and theft. Now people can book the tickets of aeroplanes and train just in seconds. One can transact money from one place to another place just in a sec but it increases the risk of cybercrime and hacking.

Cashless economy is a requirement of 21st era. Cashless economy means the transaction of money, a bill by online banking or digital payment apps.

Merits:.

1. Cashless economy made transaction transparent do it will minimize corruption.
2. It will save travel time, extra cost.
3. With online payment we can send money from one corner to another corner of the country in few seconds.
4. Now people cannot evade tax because all transaction are recorded.
5. E-ticketing, e-services reduce wasting of time.
6. Cashless economy minimise wasting money on cash printing.

Demerits:

1. Cybercrime theft issue arises.
2. Illiterate people can't understand cashless transaction so there are chances of happening fraud by duplicate payment app or duplicate website.