The Necessity Of Digital Payments In Cashless Economy
Cashless payment was not a preferable mode of payment in India before demonetization. However, some employed people, company executives, and business classes were definitely using credit cards or debit cards for cashless transactions. Since demonetization was implemented in the country, leading to the cash problem, the scope of cashless transactions has grown tremendously. The government is also driving a big campaign to make the economy cashless by announcing various discounts and rewards for those who conduct cashless transactions. Moreover, banks and many companies are introducing new software and mobile applications to promote and facilitate cashless transactions.
What is a cashless payment?
However, the biggest obstacle to cashless payment in India is the lack of information among people. The interest of people towards cashless payment and transactions is increasing in the cities and among the educated crowd, but in cities and rural areas, people face problems due to ignorance of its methods and means. Indeed, to promote a cashless economy, it is very important for everyone to be aware of the available methods for promoting transactions. In the past, people used to do cashless payment methods like debit or credit card or net banking only for bigger payments or at selected places. But now, with all the means available, every type of transaction, from the big amount to the small, everything is possible through digital payment. Daily expenses, like, filling the fuel in the car, buying ration items, vegetables, etc., are also being done through digital payment.
Ease of cashless payment
By making cashless payments, people get many benefits:
● With the rise in cashless transactions, now people do not need to roam around with money in their pockets. People are completely sure about the safety of their money.
● By carrying out cashless transactions, our country is also moving step by step with the other countries of the world because nowadays, money has been paid using online mode of payments in all countries.
● Digital transactions make people aware of their expenses, due to which people are now able to keep an accurate account of their expenses and income. Budget creation is also easy through cashless transactions.
● Cashless transactions have also made a lot of things easier, like ticket payment or hotel booking, simply by sitting at home.
● Through cashless transactions, people are able to pay tax easily, as well as the government is now fully capable of taking the correct tax based on the records of the income of the people.
● The flow of black money has also come down due to cashless transactions.
● Due to cashless transactions, liquidity has also come into the bank operations, making everything very transparent.
Zambo has played an important role in building cashless payment systems viable. Zambo allows the user to avail of the facilities like prepaid recharge, postpaid bill payment, DTH recharge, electricity bill payment, etc.