The thought running inside every Indian’s mind is about the demonetization and the subsequent cashless modes of payments. The cash crunch in the economy has made common people to resort to more and more digital payments in the past few weeks. The government and the digital payment companies expect this trend to keep raising, at least till there is free availability of cash in the market. In fact with the array of incentives that are made available by the finance ministry newly, the surge is sure on the high and it fully supports the government’s attempt to bring in honestly and transparency into the system.
As of now there are too many options for us to choose from, as a part of the going digital scenario from credit/debit card, UPI, IMPS, USSD, RTGS, NEFT, and the new e-wallets such as Paytm, Freecharge etc. But if you are new to the scenario of digital or if you wanna refresh your memory, read ahead about the benefits of the digital payment system.
The ease of the financial transaction is the main attraction of the digital payment method. We may not have to carry cash or even stand in the long ATM queue for picking out cash anymore. In case of emergencies, the use of digital payments cannot be emphasized more.
These days almost anyone can do a digital payment from anywhere at anytime, within a click of a button. You can use even your mobile to transfer and receive money into your account.
Do you think it is safe anymore to carry cash anywhere around? Even if you lose your credit cards or forget your password for your account, it is easy to reclaim them and to minimize the financial loss.
Budget and Tracking the Expenditure
Online or digital payment helps us to shape a budget for our financial life. Every transaction we do is being logged into our banking records and thus it is more than easy to track them, compare and understand where and when we spend and cut the fringe expenses.
The Indian Government has offered many promotional schemes and freebies as an incentive to induce people to use more cashless transactions. The digital payment companies also offer lots of offers and coupons depending on your interests and usage. Some offer even loyalty programs and credit points to help you save some cash.
If you are running a business, using digital payment options for your customers may prove more attractive, as it would save them the hassle of having to use cash. Giving out store credits and loyalty points would have a better impact.
So why not use these digital payment methods and lead a better and comfortable life?