Going cashless is the need of the hour. With India relying more and more on cashless payments, thanks to secured banking, we are contributing a bit to make the process easier. 50% of India’s population already has access to the internet with most users accessing the internet through their smartphone. Over the years, smartphones have gotten smarter and are equipped with high-end technologies like powerful processors, substantial memory, high-resolution cameras, barcode scanning, GPS geocoding, social media platforms, etc. With all these technologies in place, every smartphone has smart payment capacity.
Smartphones and its related technologies have revolutionized digital payments. Coupled with security technologies such as tokenization of card details for reducing fraud, biometric-enabled multi-factor authentication, EMV standards for user authentication, NFC-capable readers at merchant stores, hardware-based secure element approaches, etc., new users are turning towards digital payments.
Advantages of Cashless Payments
Ease of payment
You can carry lakhs of rupees in pin enabled Debit or Credit card. You will never have to fear getting robbed while making huge huge payments. The ease of financial transactions is probably the biggest motivator to go digital. Nowadays many transactions are possible without plastic cards which makes it even more safer and easier while travelling.
If you are in a remote location or a rural area, thanks to aadhar enabled Micro ATMs, even withdrawing cash is easy and hassle free. One can pay utility bills and conduct banking using Micro Atm services.
The recent waiver of service tax on card transactions up to Rs 2,000 is one of the incentives provided by the government to promote digital transactions. If used rightly, using these discounts at the right place. Similarly, saving on rail tickets, highway toll, or purchase of insurance through digital payment can help cut your costs.
Tracking spends and setting a budget discipline
Tracking your spending is easy digitally and can help while filing income tax returns and, in case of a scrutiny, people will find it easy to explain their spending. People know exactly when to stop spending and saving or can easily plan their budgets. Controlled spending could also result in higher investing.
If your debit or credit card is stolen or if your mobile wallet password is compromised, it can be blocked remotely through SMS or call. However getting your money back is not possible with digital payments.
With Fastpay Payments, you can now go digital whether you are in a city, remote area or villages. With a range of cashless options, banking is now hassle-free and convenient. We have made cashless payments easy for all.