9 Dec 2016

shahid khan

Time to go cashless: Pay Digitally

Time to go cashless: Pay Digitally


It has been over a month since demonetization of Indian currency took place and yet the problem of cash circulation is not solved as most of the ATMs are either out of cash or generating only Rs 2000 notes. In order to tackle this cash crisis Government is trying to persuade the people to go for digital transactions for their day to day purchases. The government is greatly emphasizing on cashless economy so that people don’t have to struggle with the cash crises. And this somewhat a great deal for both the consumer and marketer as both are facing this crisis. Companies like Paytm are cashing out this opportunity by appealing people to come on board and enjoy the transaction benefits. Ever since, other e commerce sites are also using this cash crisis as a great opportunity for their business. Even Prime Minister Modi requested the citizens of the country to go for digital method as it will be much easier and loaded with discount benefits: As far as the Government initiative for cashless economy is concerned various digital transaction methods have been recommended for both consumer and marketer. Just have a look at these methods:

UPI


UPI (Unified Payments Interface) is an advanced technology that allows you to do direct bank to bank secure money transfer through Virtual Id/ Virtual Payments Address.
For example: Recharging your e wallet from your bank account to use any services that your e- wallet provides. And this service is as simple as sending message from your phone and all the banks offers this service. So it’s one of the methods to transact your money without cash involved.

E-Wallet






E-Wallet is your digital wallet that is connected to your bank account in a way that you can transfer your money to your e-wallet from your bank account and enjoy the online purchase to buy various commodities online. Paytm is one of the E-wallet service providers in our country with more than millions of users. E-wallet is playing a huge role in cash crisis and government is also recommending this option to the people so that their transactions can happen easier. E-wallet is being used by small traders, shopkeepers and vegetable sellers to ease the transaction process.



Aadhar Enabled Payment System




Link your Aadhar card with your bank and stay carefree. With the help of Aadhar enabled payment system you don’t need to carry your ID proof and other documents to verify your identity in bank as Aadhar card is a one solution for all.  If you haven’t linked your bank account with Aadhar then do it now and enjoy the benefits.

USSD




USSD (Unstructured Supplementary Service Data) is an advanced technology that allows you to perform transaction/banking without an internet. USSD works with banks and telecom operator that helps the user to use the banking features through SMS. The beauty of USSD is that it works on every kind of phone no matter how old the phone model is. As long as SMS feature is available in your phone USSD service can be availed anytime. So, don’t feel sorry if you don’t have a high end smart phone as you can use the same banking service on your low level phone.

Card, POS




If you are a Credit or Debit/ATM card holder, you don’t have to worry too much about transactions as in many places like malls, shops, theatres; etc card processing machines are available to accept your money digitally. And for the small traders POS (Point Of Sale) swiping machines can be really helpful in this atmosphere of cash crisis, all they need is a POS swiping machine to receive money for their goods through Cards.

Read more :5 Better Ways the Government Must Use to Handle the Demonetization Crisis

1 comments:

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21 December 2016 at 05:41 delete

Cashless economy does not exist anywhere in the world. Less cash economy is possible.

For this Government should take following steps:-

Firstly big denomination notes of Rs.2000 and Rs.500 should be permanently withdrawn from circulation

Secondly a ceiling should be fixed on all cash transaction maybe Rs.5000/-

Thirdly cash transactions above Rs.5000/- treated as illegal.

Fourthly all transactions above Rs.5000/- through banks, electronic transfer, debit/credit cards, mobile transfer or online transfer only.

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