There’s no denying the fact that cashless payments are good for the growth and development of the economy. While India is nowhere near the developed countries in terms of cashless means of payments, the demonetization of 500 and 1000 rupee notes have pushed the Indian economy further towards cashless payments. Making cash obsolete has been the main aim of the world economy ever since the introduction of debit and credit cards. However, the recent time has witnessed the introduction of innovative cashless options such as online banking and digital wallets. In the earlier days, cashless or digital payments were only restricted to the urban population. However, that divide is slowly obscuring due to the widespread availability of internet connectivity in the rural areas. Here are some important things you should know about going cashless.
The convenience of conducting financial transaction is one of the major reasons why there is a boom in digital payments. With cashless instruments such as debit cards and credit cards, you can forget about the hassles of carrying wads of cash, everywhere you go. Going cashless is especially useful during emergencies such as hospital payments. With cashless payments, you can forget the never-ending queues at banks and ATMs for withdrawing cash. Now you can access all your money anytime and anywhere.
Carrying a lot of cash is laden with risks. There is always a danger of your cash getting lost, stolen or misplaced. However, making online payments is a highly secure process. Hence you can make all sorts of purchases without any threat. Even if you lose your debit or credit card, you can always get your account blocked with a simple phone call to the bank.
Limits Your Expenditure
As opposed to cash spends, all your online transactions are recorded. Hence tracking your expenditures becomes extremely easy. When you can keep better tabs on your expenditure, you can budget efficiently. With cash, it is not possible to keep track of everything you spend on, hence you tend to overspend.
With digital payments, you can enjoy great discounts even on routine payments such as petrol price, recharges and bill payments.