Cashless Economy: Is Society ready for transformation? - page 5.

chip1994

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

hmmm .. this is really hard. India is a populous country but the poor are in the majority. That is why I am very concerned about this policy in their future. The poor also means that they have poor knowledge, so their exposure to modern technology and equipment limits their ability to use services. so I don't think it's a good idea or it can only exist in a few wealthy Indian cities.

TitanGEL

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Quote from: greatr on January 13, 2020, 05:43:31 PM

It doesn't matter how good this sound might have bad influence. On this subject, we have countries far ahead of the rest of the world, but what can be downside of this project or attempt for others. That's what I mean. Those who live in the country where poor connectivity to the internet could stop payments, this is a major issue. Anyone can lose access to cash, it will be on such a large scale in this hacking that if you pay or not, no one will guarantee. So it's really important, probably yes in some cases, it's probably not safe, it's going to be good for everyone, most likely.

Our society is not yet ready to become cashless society, fiat currency have important role in our economy. Cryptocurrencies are good but still there are a lot of problems why adoption is slow. There are users saying fiat money is more convenient because they do not need internet or smartphones in order to transact. Old people do not easily understand also how the cryptocurrency works. It will take more years before we see that our society will become cashless.

greatr

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It doesn't matter how good this sound might have bad influence. On this subject, we have countries far ahead of the rest of the world, but what can be downside of this project or attempt for others. That's what I mean. Those who live in the country where poor connectivity to the internet could stop payments, this is a major issue. Anyone can lose access to cash, it will be on such a large scale in this hacking that if you pay or not, no one will guarantee. So it's really important, probably yes in some cases, it's probably not safe, it's going to be good for everyone, most likely.

Blackdeath

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In my own opinion, the society is still not yet ready for us to become a fully cashless society, even there are already online wallets and credit cards because not every store in a country can accept digital currency as a payment method. There are still people who are not okay in using smartphones and other new devices, so it is impossible for everyone to become cashless.

Naida_BR

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It is a trend that banks implement it in societies.
But they don't know that this is going to push more people in cryptocurrencies. Making the society cashless is going to promote cryptos more as an alternative to the cashless services that banks provide.

wack slacker

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I think this is the trend in cities. They will save a lot of time on paying bills. That means their money will be used more thoroughly to pay. But in the countryside, not all poor people can own their own smartphone device or certain knowledge about cryptocurrencies. Moreover, the exchange rate of cryptocurrencies has an unstable exchange rate that makes people worried about owning them.
If the world wants to use cryptocurrencies completely, then they have to learn from China. They have deployed the wallet through Alipay, WeChat ... The world is absorbing that convenient point. They are currently trying to bring out their national cryptocurrency. I think that is their advantage compared to other countries in the world.

jameshugo17

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The cashless economy is now a reality. People carry credit cards instead of carrying a lot of paper money in their pockets. In the next stage, they will only be able to shop with their phones. It is expected to become widespread only if the system is ready for the situation.

Brunus

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A society without money has already existed in the past, obviously before money was invented.
Unfortunately bartering is a very uncomfortable way of making transactions.
If we talk about electronic money, we will probably get there, but it will be managed by the state and the banks. And it won't be crypto ... Sad

iamsheikhadil

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India is a huge country with over a billion people and hence I don't think a truely cashless economy can be established here because many people even lack the gadgets and educations gor doing and storing such transactions. Much of the population is under poverty too!

supercanada1

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Quote from: bohr on January 11, 2020, 12:20:27 PM

Quote from: @prashant on January 03, 2020, 03:50:24 AM

Absolutely not, during demonetisation usage of ewallet increased but it has drastically decreased now. Major ewallet such as paytm are providing various offer and services to users but we still have cash dominant society . Reasons behind this is our black economy so we are still not prepared for it. I think govt should or a separate private should start a campaign to attract consumer to digital space then only we can step forward to cashless transformation.

Many governments are being unrealistic about the cashless economy that they are trying to push on their population, there are countries that are very rich and have a very good distribution of their wealth that can in fact move to a cashless economy but in a country like India in which there are so many poor people that do not have access to electricity, do they really expect that people are going to use digital options instead of cash or something physical to exchange their goods? It doesn't really makes a lot of sense.

Even in rich countries, poor and homeless people exit. If we talk about USA and China, both have poverty as well, both have homeless people. Apart from this, there are senior citizens who are not ready to get in complications of doing all online. They will never allow complete transformation to cashless society. The best thing is to give public both options and let them choose what they want to use.

meliodas

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Quote from: Janation on January 12, 2020, 07:45:53 AM

Quote from: Palider on January 12, 2020, 07:37:36 AM

This is hard especially for those country that don't have enough knowledge about technology especially in mobile phone use. I think there's many need to be done to be cashless world like all people have own smart phones, personal computer and als stable internet. Many needs to develop and we will having a hard time to make this happen.

It is not the country but its people.

Just imagine if it was implemented that quickly and there are a lot of people who don't even know how to use it will be swindled by a lot of people. With that kind of payment system or monetary system, people who have no knowledge of it will be at loss. Another thing is that people having their own mobile phones, what more of their own PC, will be a problem since not all of the people can afford them.

It is still the country that needs to do a lot of work to make this transformation into a reality. It is not the people because they can learn how to cope up with this transformation once it is happening. The government can launch different programs like seminars to educate the people about the cashless system of the society.

Janation

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Quote from: Palider on January 12, 2020, 07:37:36 AM

This is hard especially for those country that don't have enough knowledge about technology especially in mobile phone use. I think there's many need to be done to be cashless world like all people have own smart phones, personal computer and als stable internet. Many needs to develop and we will having a hard time to make this happen.

It is not the country but its people.

Just imagine if it was implemented that quickly and there are a lot of people who don't even know how to use it will be swindled by a lot of people. With that kind of payment system or monetary system, people who have no knowledge of it will be at loss. Another thing is that people having their own mobile phones, what more of their own PC, will be a problem since not all of the people can afford them.

Palider

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

This is hard especially for those country that don't have enough knowledge about technology especially in mobile phone use. I think there's many need to be done to be cashless world like all people have own smart phones, personal computer and als stable internet. Many needs to develop and we will having a hard time to make this happen.

bohr

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Quote from: @prashant on January 03, 2020, 03:50:24 AM

Absolutely not, during demonetisation usage of ewallet increased but it has drastically decreased now. Major ewallet such as paytm are providing various offer and services to users but we still have cash dominant society . Reasons behind this is our black economy so we are still not prepared for it. I think govt should or a separate private should start a campaign to attract consumer to digital space then only we can step forward to cashless transformation.

Many governments are being unrealistic about the cashless economy that they are trying to push on their population, there are countries that are very rich and have a very good distribution of their wealth that can in fact move to a cashless economy but in a country like India in which there are so many poor people that do not have access to electricity, do they really expect that people are going to use digital options instead of cash or something physical to exchange their goods? It doesn't really makes a lot of sense.

FlightyPouch

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Quote from: Wintersoldier on January 03, 2020, 09:33:00 AM

One big hindrance to make this possible is to make the internet widely used first, make a router and wifi access points all over the country because no one could possibly transact without the internet today. So with the cashless transaction to be possible, we should all have access to free wifi and internet. Or else, we will have countless problems concerning wages and transactions is emergency and urgently needed, but without means of making possible because of lacking internet connection.

This is the reason why offline transactions is in the topic in the past but I don't think it will be that easy. But I agree that the number one reason is the accessibility of the internet or the connection. With those people outside the range of connection, they can't access their wallet also they are so far from the development that is happening. We are still far from this and this proof says it all.

makolz26

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Quote from: Karmakid on January 03, 2020, 07:03:12 AM

The society is ready for the cashless economy because we all have the equipment that we need to do cashless transactions. We have a stable internet and we all have the smartphones which it can act as an all around tool for calls, text and also to scan barcodes from the different stores to pay for the stuff or services that we availed.

I think that we are just open for this but we are not really ready yet for cashless society as not all people yet are ready for this, there were still a lot of people who has no idea what Bitcoin is, they don't even know what internet is and don't have any experience in operating a computer or doesn't have even cellphone , so it will take more years before it will happen.

Wintersoldier

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One big hindrance to make this possible is to make the internet widely used first, make a router and wifi access points all over the country because no one could possibly transact without the internet today. So with the cashless transaction to be possible, we should all have access to free wifi and internet. Or else, we will have countless problems concerning wages and transactions is emergency and urgently needed, but without means of making possible because of lacking internet connection.

Karmakid

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The society is ready for the cashless economy because we all have the equipment that we need to do cashless transactions. We have a stable internet and we all have the smartphones which it can act as an all around tool for calls, text and also to scan barcodes from the different stores to pay for the stuff or services that we availed.

Aying

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Quote from: Jane Smith on February 28, 2019, 03:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

It's too early to do that and it's too difficult because a lot of people in india does not know about crypto or about digital currency. Is India's extremely technologically advance to do that for that step? or all of people in india already know how it works? if not, then they are not that ready for that kind of transformation. they let their people make an decision that they don't want and they will be difficult to do.

abeecrypto

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I don’t think India is ready for a cashless society.
India, like most other countries, Speak of digitalizing their country like it is so easy. Especially when a huge part of their population needs a certain level of education to cope with the proposed cashless society.
It is possible. But not with the total eradication of paper money.
I am not even sure any country is ready for that.

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