Merits and Demerits of Cashless Economy

Hello, everyone Jai hind to all of you.

Today, I am going to discuss the merits and demerits of the cashless economy as we all know that there are two faces of every coin so the cashless economy has also two sides. First, I will discuss the good side of the cashless economy. Due to cashless economy, we can save our time because you can pay in a minute by paying, phone pay, other digital apps but in my opinion, India is not ready now for the cashless economy because as we all know that the most of people in India are illiterate so they don't know how to do payments by phone or computers so I think India will be ready for the cashless economy after two or three-decade. Now I will tell you about the bad effect of the cashless economy. There is a lot of risk for cybercrime. As we know that there is not any strict rules in India for cybercrime so it is increasing day by day. So if your account would get hacked then you will lose your money.

Jai hind to all.

Respect Sir and my dear friends.

Today We gather here to discuss an interesting topic and our topic is Merits and demerits of cashless economy.

Merits:

1. Our data and information about the transaction will be safe.
2. Save our time.
3. Reduce corruption.
4. Easiest method to transfer fund one person to another person.
5. No need to go bank and ATM.
6. Rapid growth in online buyers.

Demerits:

1. Chance of hacking.
2. Cyber Threat - As we know that in India there is no strong law against the cyber threat and cybercrimes increasing day by day. As per data 12592 cybercrimes are recorded in 2019.
That's why people hesitate to a cashless transaction.
3. People lost their money in fake transection app because most of them uneducated.

I don't think India is ready for a cashless economy. It is on the way of cashless economy. India needs two to three decades to become a cashless economy. Here is the reason for not becoming India into a completely cashless economy. Right now many people of India are illiterate. There is no proper banking connectivity all over India. There is also no proper connectivity of the Internet. Corruption rate in India also very high tremendous effort of the government also failing in this field. Many labourers in India are dependent on cash for their daily expenses and they are illiterate or half-educated. So to tackle all these things India need more time to be cashless.

Hello,

My name is Sudhanshu Kumar.

Here I am talking about merit and demerits of cashless economy.

MERIT:

1. Pay and accept money in seconds.
2. Protection from spreading duplicate currency.
3. Protection from theft.
4. Prevent inflation.
5. Safe and secure debit and credit.

DEMERIT:

1. Chance to cyber theft.
2. Transaction can't be done in lack of network.

Cashless economy means appealing and ideal. But the thing is our government is yet to perfect its the current monetary system.

1) Government should "abolish" all kinds of manhandling of currency. Currency is global dignity of a country.

2) Mishandling, making of fake currency should be heavily investigated and punished properly to an extent it simply stops.

3) Meanwhile Gov should be formulating and working efficiently towards the secure virtual system. It should join hands to the newest generations for this. And take info from cyber culprits who have done related crimes to make sure it doesn't happen.

4) The change should be slow and perfect.

The cashless economy can minimize paper wastage and reduce all sorts of cash-related crimes. But it brings a whole new set of problems in the cyber level where our country is yet to properly believe and invest in. How can a Gov that cannot yet handle ancient monetary issues cope with the newest ones? It's better to take time and start with a bang; not let hackers make use of naivety.

Hello everyone,

This is the Ram, today I'm going to speak about merit and demerit of the cashless economy.

We are in the 21st century that is the digital era.

By adopting the cashless system we are so much benefited. Like, pay bills just in few seconds, by ticket quickly and many more.
It's a good initiative by our government.
It also has some drawback for which we have to careful.

Hi,

Merits and Demerits of Cashless Economy.

My scenario for Cashless Economy.

Cashless Economy is a new scenario for money. Cashless economy use to a transaction. The transaction is paid through with or without cash. Means cashless transaction do directly through Banks. This is the merits of cashless Economy.

Cashless economy means we do our transaction by cards and many digital apps like Paytm phone pe and others. By this, we do our transaction safely. It also saves our time because in one click we do our transection. But this is not useful for illiterate people. Many parts of India is not access to internet so that it is a problem for those people who live in these areas. But it is very beneficial for progress in the country.

Hello friends.

I am Bipan Kumar.

According to my opinion, the cashless economy is a safe method away from robbery and corruption. In it every person can stay happily without any tension to how I am kept a large amount of money from one place to another place. It is possible with the help of digitalization.

With the merits it's having a demerits also in such cases sometimes when we do transactions through ATM our cash didn't recd but from account has deducted the money that time the person has harrassed.

Hello everyone,

My name is Raj. As you know that today topic is the cashless economy. In today's world, every country who is more cashless is less burdened with corruption. In this system, the exchange of money is done digitally so there is every chance of embezzlement and also provides a secure and easy mode of payment. But on the other hand, everyone technology has some weakness and this cost very much because in this system if we don't keep or pay our money by a very secure or insured platform a large amount of money can be looted just by one click. So we also have to keep precautionary measures while using the cashless system.