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.

The cashless economy should be implemented in our nation in a proper way such that people who are illiterate, and from rural areas are not much aware of the online payments so that they should be aware of these Technics as such, they can also use this process in a proper way. Having a cashless economy is very beneficial in our present situation as it replaces many problems. It may lead to the reduction of corruption, increases safety, makes work easy, time consumption will be reduced.

Nowadays we all are familiar with digital transactions with the internet, and it's a way throughout the generation we can also say that it is one-way development of the country, now each and every item is made online lives like groceries, shopping, medical etc. All people are familiar with digitalization.

By day by day technology also increases and also provides a lot of job opportunities for all people online transactions are more risk than offline transactions but securing a record is safer than a piece of paper.

The Merits are and it easy to carry and need only the internet and easily transferable it is safer for people who don't carry a lot of cash and reduces the paper.

The Demerits are Cyber crimes are high and people are also easily trapped by hackers and old-generation people totally depend upon the young generation.

Hi everyone.

Today we are discuss about cashless economy.

Every coin have two faces first is good and second one is bad.

First we discuss about merits.

- cashless economy is reduced our time to make a payment compare to offline cash.

- To reduce the chances of thife and robbery.

-If we forgot our wallet at home we make a payment through online UPI.

Demerits.

The disadvantage of cashless economy is the old people don't know how to use online payment.

Nowadays online hacking is increase Day by day.

In rural areas, the cashless economy is not successful because there is a network issue.

Hello everyone,

Thank you so much to the jury panel for providing us such a emerging topic.

I believe there are far more benifits of cashless economy as compared to its flaws.

Cash in itself carries a risk; including from the risk of theft, risk of tearing up, risk of fade out, risk of carrying, risk of loss, risk of transmiting disease, etc. The cashless economy will help us to get rid of all these risks. People don't need to carry a bundles of cash with them, they don't have to worry about theft, loss, fade out, and tearing of cash. Also in current pendamic situation, cashless economy will save us from transmiting the disease through cash. All the parties involved in transaction will get benifit from cashless economy.

Good evening everyone.

I am Nikhil Krishna Kumar.

Firstly,

Thanks for giving me this opportunity and today's topic is cashless economy.

Firstly, we want to understand what is a cashless economy it means there is no physical transaction of money and the money is transferred directly from one bank account to another bank account by using a digital payment method.

Advantages of the cashless economy.

1. Fast and secure transaction of money.
2. Reduce paper consumption.
3 it will reduce theft.
4 it reduces corruption and black 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.

As we all know that our government is in the process of making India digital, so cashless economy is also a part of digital India. Cashless less economy is one of the best idea implemented by our Indian government. People can make transactions anywhere and anytime without carrying cash. Carrying cash is a very risky thing, as it increases the chances of theft and being stolen. By cashless economy people don't have to worry about carrying cash and being stolen. Though it is a smart move for making India develop but we can't ignore its demerits. People from rural area are not so educated and don't have much udea about technology. They may suffer problems and online transactions also have a risk of online frauds.

So, cashless economy is definitely a great move towards making India technology based but we can't even ignore the problems related with it presently.

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.

Every coin has two sides, so first I speak about merit. It is very process like it take nearly 5sec to transfer money.

Second pointed it solve problem of chain. Like I have 500 rs note and I want to purchase 20 rs product it create problem for shopkeeper to give me chain.

Third point it help government to track money. And stop illegal activities.

Demerits.

Firstly, The technology is new and evolving. So there is lot of people send referral and try to steal your money on app like phone and Google pay.

Second like uneducated parent do not know it properly so they take from their children to transaction. Due to this power comes in children hand due to this some child misuse it.