cashless economy - debate point .

CASHLESS ECONOMY - MERIT & DEMERIT

A cashless society describes an economic state whereby financial transaction are not conducted with money  in the form of physical banknotes or coin , but rather through the transfer of digital information parties as like mobile wallet and cards .Cashless economy is the digital payment making method, that now most developed nations prefer . This is why the cashless economy is on the force in India .  Many debate are held on the basis of this topic that how cashless economy is boon for us or a hindrance  for us . Lets know some merits and demerits of cashless economy .

           
                         MERIT OF CASHLESS ECONOMY
Here are some merits points of cashless economy which would support the point that we should use cashless economy .

• Reduce risk of counterfeit and stolen - cashless economy eliminate the risk of counterfeit and stolen because this is digital payment option and if we take cash in our pocket for payment or accept cash as payment so it increases the risk of stolen because if we forget our wallet somewhere so may be the person who would get wallet , would take all your money . but if you use cashless economy so the risk would be less because the mobile wallet or cards payment needs pin to make payment .
• No need to wait in banks line - As it is common that many times we finds a long line at bank that irritates us and some people also get stammered because of staying in sunlight for a long interval . So cashless economy would also eliminate this major problem as we would be able to make payment from home by our mobile device or by payment  card.
• Time saving - as this is simple way of payment , so we can save our time by making all payment at home that would save the time of going to bank then waiting in line then withdraw or deposit money and then coming back to home takes much of time that we can save by cashless payment .
• Machines never go on lunch break - As it happens that we reach to bank and it is to said that its lunch break wait for half an hour than you would get your money that sometimes becomes irritating because of waiting and wasting time for money .
• Many cashback and discounts on mobile wallets apps- As there are many apps from which we can make payment and can gets many of cashback and discounts  . This feature attract people to use digital payment option.

                             DEMERIT OF CASHLESS ECONOMY

Here are some demerits of cashless economy that is a kind of hindrance of digital infra .lets know some points that proves that why should we not embrace the cashless economy .

• There is high possibility of bank account hacking - Now a days the hacking news are on the peak , that is  why many people fear to use digital transaction and payment . Hackers hacks accounts just in a second with little bit online information about the user .
• An uneducated person cannot use cashless economy - In Indian rural areas most of people are not that much educated that they can use digital payment option as they finds convenience in physical cash payment . Here uneducated means computer illiterate people who not know to use smartphones or mobile wallets .
• It also needs high internet speed- This is major problem and issue that can create sometimes huge problem if unfortunately we lose our network connection somewhere and we have all money in our mobile wallet so at that time it would be very difficult to make payments .

So here you read about both merits and demerits of cashless economy , now it  depends to you that how you examine yourself according to these points .

    Thanks to be a part of our knowledge team

                          

                                    AYUSH MISHRA