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Still using cash? Time to upgrade to digital payments

The way we transact is no longer the same as our parents or grandparents. From cash payments to various payment apps, the way money changes hands have gone through a sea of changes.

Many individuals have opted digital payments mechanism to transfer money to their family and friends and to carry out transactions.

Latest release from Reserve Bank of India (RBI) titled ‘Furthering Digital Payments‘ has shown that there has been an increase in the overall adoption of digital payment mechanisms. During the period October 2018 to September 2019, digital payments constituted a high 96% of total non-cash retail payments. Further, the National Electronic Funds Transfer (NEFT) and Unified Payments Interface (UPI) systems handled 252 crores and 874 crore transactions with year on year growth of 20% and 263%, respectively.

This shows that more people are opting for digital payment mechanisms and they have made it as a part of their lifestyle.

Do you still doubt digital payments? Do you still select “COD” when you are shopping online?

If the answer to these questions is “Yes”, it is time to change it and embrace non-cash payment solutions. To popularise digital means, RBI has come out new incentives. Banks, too, are doing their part by upgrading their security systems and providing offers to their customers.

Digital payment methods have various advantages.

Here’s why you should opt for non-cash ways? 

Ease of transaction: 

The number one benefit of digital payments is the ease of transaction. With a number of merchants accepting debit cards, payment wallets, customers can now pay for their goods and services online. In this scenario, no cash is involved.

Moreover, you don’t have to waste several minutes to tender the exact change. All you need to do is just open the app, scan the QR code or enter the number and you can pay the exact amount without any fuss.       

Lower risk: 

The digital payment mechanism is less risky than carrying cash. With your phone lock, the requirement of UPI password and ATM PIN, it will be hard for anyone to hack your account. Also, you can easily lock your account if you believe there has been unusual activity. In case you lose your debit card, you can opt for a new debit card and blocking the old debit card. The new card will arrive at your doorsteps within a few days.

On the other hand, it is next to impossible to recover lost or stolen cash. Hence, digital payment mechanisms are safer options than carrying cash.  

Rewards:

Carrying out online transactions can be a rewarding experience as well. Many online portals and banks give offers to customers if they carry out transactions over a certain limit. Many portals such the shopping portals or restaurant aggregator sites offer varying discounts for payments done on different online payment options. Banks are not far behind and they have daily discounts with different merchants.  

Track your spending:

Online transactions make it easy to track your spending. Whether you are using a payment app or your debit card, you will receive a notification on your registered number for the same. Later, you can see the transactions made through the app on the online passbook. The transactions will also reflect on your bank statement.

This will help you to understand your spending pattern and figure out the areas that require attention.    

Things to keep in mind

  • Have a phone lock such as PIN, password or pattern
  • Don’t use public wifi when carrying out the transaction
  • Don’t write your ATM PIN and UPI PIN on your phone or paper
  • Monitor your bank account activity on a regular especially the bank account that you don’t use on a regular basis.  

Conclusion: Digital Payments are easy and convenient to use and has a lot of other advantages. So, start transacting online without any hassles.

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