Why to go Cashless and use digital payments

The entire nation has one single topic to discuss as we come to the end of 2016: the demonetization drive! The word ‘cashless’ features in every discussion among family, friends or colleagues.

After all the raving and ranting, you have to sit back and take stock of the situation. If you look at it from a positive aspect, this may be a good opportunity for you to start doing something that all developed nations of the world are doing: go cashless.

Why to go cashless?

It is not without reason that going cashless is actually beneficial for you. 7boats pins down the top 3 reasons for you to go cashless:

• Better Documentation: When you pay through cash, the only documentation you have are the ones you ignore to carry: the bills! The restaurant bills, the fuel pump bills and several other pieces of paper that you toss aside the moment you step out of the place in question. Later, you have nothing to remind you where all the cash went by and how!

Going cashless resolves this problem. You have a digital trail to trace every payment you make, through plastic cards or mobile wallets. You can keep track of expenditures and even cut down on silly ones, as you feel quite embarrassed later on to see the digital payment trails getting taller for trivial payments.

• Lighter Wallets: Stashing up your wallet with cash makes them stick out of your pocket. Moreover, they feel heavy and clunky. Sometimes, when you stick them up in your hip pocket, you have to shift a little uneasily to sit comfortably! And you go through all of this for no valid reason whatsoever. Just carry a couple of plastic cards, may be debit or credit.

Additionally, stock up some money on digital wallets. It could be third party vendors like FreeCharge or PayTm. It could be on app cab wallets like Ola Money. When you do that, you are all set to pay your way through easily, without needing to fish out cash. You are hard pressed to find any cash anyway, what with queues outside banks and ATMs not getting any shorter. So, embrace the digital payment mode and live a stress-free life.

• Loss Prevention: The worst nightmare of carrying around loads of cash is losing your wallet. When that happens, your cash is gone forever. You have no way to retrieve the money because you cannot provide the police with a trail and neither can they track it down. Cash is easy spending for the perpetrators.

It is different for cashless payment modes. The moment you realize your wallet is gone, a few texts here and there and all your plastic cards are blocked. No one can withdraw any money from these cards. If your phone is gone, digital wallets provide insurance against theft and you will get the stolen or misused balance back to your wallet.

Why to use digital payments in India?

• Convenience: Digital payments offer a high level of convenience as they eliminate the need to carry cash around.

• Security: With digital payments, the risk of theft and fraud is significantly reduced.

• Transparency: Digital payments leave an electronic trail, which can help with tracking expenses and reduce the risk of fraudulent activity.

• Time-saving: Digital payments eliminate the need to wait in long queues at banks and ATMs, saving time for people.

• Financial inclusion: Digital payments can help in promoting financial inclusion as they enable people to participate in the digital economy.

• Government support: The government of India is promoting digital payments and has launched several initiatives to make digital payments more accessible to people.

• Discounts and cashback: Many digital payment services offer discounts and cashback to their users, which can help in saving money.

• COVID-19: The COVID-19 pandemic has made it more important than ever to go cashless and avoid physical contact as much as possible.

• Environmental impact: Digital payments can help in reducing the use of paper, which can have a positive impact on the environment.

• Efficiency: Digital payments can help in improving the efficiency of the payment system as they are faster and more reliable than traditional methods.

Make the best of this demonetization drive and go cashless. It is the way to pay for the future. Join our cashless transaction course today.