On the 8th November, 2016, Prime minister of India has announced demonetization and with immediate effect Rs.500 and Rs.1000’s note are discontinued. Due to the demonetization effect, there was big shortage of cash in India; government of India has pushed for cashless economy.
Top 5 Benefits of Cashless Transaction
Many people from urban areas had supported demonetization and cashless economy. But in rural areas, where there is very low number of smart phone users are exist and very low coverage of internet in rural area, there was big trouble for them to go cashless.
But to solve this issue, government of India has launched BHIM Application and aadhar based payment option under which user don’t require smart phone; one can make payment via USSD code as well. But many people are still in confusing about benefits of cashless economy. So, here we are offering some of the major benefits of cashless economy.
Major Benefits of Cashless Economy
Below we have mentioned some of the important benefits which will provide you more emphasis to follow cashless economy.
#1 Easy way to track spending Account Transaction
Since, most of the transactions are done via mobile application. One can easily track all the spending, transaction with just simple click. You can save more money and get accountability of money transaction. It will help you to fill income tax return as well.
#2 Online Shopping offers Big DiscountsUnlike all offline shopping, online shopping sites offers big discounts. Sites like amazon, flipkart and other sites offer big discounts. To get best product at low price, you can refer to product review blogs where you get list of top products and help you to decide which product you buy.
And part form this offers, you get cash back offers for using some debit cards/credit cards for payment. And using mobile wallet payments, you can more discounts. Some online shopping sites also conduct online sales festival where you get more discounts. Government of India also offered discounts on service tax, fuel surcharge, e-IRCTC ticket booking with cashless traction.
#3 most convenient wayYou don’t need to carry big bundle of cash and worry about cash theft. But using cashless payment of cards, you can pay for all shopping expense with just card. You don’t need stand in long ATM queues for cash withdrawal, and waste your time. Using card payments, you can just go for safe and saving mode shopping.
#4 Don’t need to worry about ChangeWith cash payments, for small payment of bills, you need to arrange changes, small amount of notes for exchange. But with card payments, you don’t need to worry about changes. You pay exactly for exact amount. This is most convenient way to pay for small amount and for fraction.
#5 Very Low RiskThough, some risk like cyber theft and other are also associated with cashless traction, but its quite lower than cash transaction. One can use bio-metric Ids to get identify yourself while making payment with cards. Other verification process like OTP and password verification is still convenient to use.
Overall, it’s a most advance way to make payment and easy as well. But some people are not ready to go with cashless, government is making tutorials for cash transaction and building infrastructure. But with increasing number of Smartphone buyers and reducing internet plans of mobile company, there is high chance that soon more people will start following cashless transaction.
We also recommended our readers to join the digital mission and adopt the digital payments as soon as possible and also it helps to go paperless, save the environment.