As we all know, the end of 2016 brought about temporary confusion and chaos due to the abrupt and sudden demonetisation announced in the country. However, after the initial mayhem, it witnessed the dawn of a new era in the nation, as more and more people moved in unison towards cashless transactions. This government incentive to go cashless has many advantages in India. Take a look at all the benefits of cashless transactions:
Ease of Transfer
The most obvious benefit of going cashless is the ease and convenience of money transactions. When it comes to paying bills, withdrawing money or even paying your restaurant cheques, you no longer need to carry physical money in your wallet. One does not need to stand in queues outside the ATM or waste time in actually going to the bank or to pay your electricity dues. More than anything, cashless transactions are simple and straightforward for most of the population and are beneficial for nearly all individuals.
When we deal in cash, we often tend to forget keeping a proper record of all our financial transactions. Most of the time, we do not pay heed to how much money we are spending because we do not have a record of it. This leads to more monetary losses and counting mistakes. Instead, when we have cashless transactions, we have a systematic record of our expenditure, and a digital note of our previous transactions. It can also be useful when it comes to the essentials such as filing income tax returns, as individuals can better display and explain the money spent and help them to do their taxes in a more efficient manner.
There are many times when carrying around a wad of cash in your wallet can prove to be risky. Anybody can steal the cash, or you can even accidentally drop it somewhere. However, with cashless payment modes such as credit cards and debit cards, the theft risk drastically decreases as one can always block the cards. They are also less riskier to carry around cashless payment methods while travelling abroad as compared to physical money.
It is very easy to have unaccounted expenditure when you are dealing with cash. Therefore, it becomes difficult to budget yourself as you end up spending more than you initially decided to. However, when it comes to doing it the cashless way, it helps to keep a tab on your spending and thus you can easily set a budget, tweak it and stick to it. Cashless payments make budgeting easy!
Discounts and other Small Benefits
The government is providing many discounts to promote cashless transactions in the country, which means that you can hop on the bandwagon and get lots of freebies and financial cuts. In order to incentivise cashless modes of payment, the government also provides savings on railway tickets, toll, insurance, etc. Moreover, online mobile wallets such as Paytm and GPay give offers and points that you can redeem. All small things add up to savings!
There are many benefits to going cashless in India right now, and you can enjoy all the advantages further on Finserv MARKETS EMI Store by purchasing all your favourite products online through the Bajaj Finserv EMI Card. Go Cashless with Bajaj Finserv today!