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 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.
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
(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.
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.
1 comments:
Write commentsCashless economy does not exist anywhere in the world. Less cash economy is possible.
ReplyFor 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.