PM Narendra Modi’s demonetization drive has paved the way for going cashless and will also compel people to switch to a digital medium for making financial transactions. So, if you want to avoid any inconvenience in the future, you need to become digital-savvy as soon as possible.
If you are not a frequent user of digital apps, then start with a few. Buy a McDonald’s burger from any of the restaurants and celebrate your new year by doing cashless transactions.
Here are some the digital financial systems which can help you go cashless in the new year:
Use of digital app
The launch of e-wallets has eased out the payment process. Transfer of payments can be done from one person to another by using the same application from both the ends. Transactions can be done through mobile number, QR code and one-time password (OTP)
Companies like Paytm, Mobikwik, Freecharge, Oxigen, Reliance Money and even banks like SBI, HDFC, AXIS, ICICI have already launched their mobile wallet apps.
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Use of cards
Make use of credit/ debit cards for making any transaction. These cards are widely accepted across the nation. You may also avail various benefits by using co-branded credit cards. These cards save your time. You need not need to carry cash or go to ATM every time before planning a purchase. Moreover, these cards serve you the best while doing online shopping. However, if you are in need of urgent cash, you can withdraw amount 24*7 from any of the ATM machines located near your place.
Use of net banking
Net banking acts like an e-bank where you are the manager of your account. Under the purview of net banking you can check your statements, electricity bills, recharge, pay and transfer any amount to the third party beneficiary and much more. The services offered are IMPS, NEFT, RTGS, which help in transferring the funds on an instant basis or in batches as per the necessity.
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Use of Aadhaar number
If your Aadhaar card number is linked to all your bank accounts, you can easily make transactions with any of the merchant stores from any of your Aadhaar-linked bank accounts. You need to provide your Aadhaar number to the merchant for doing necessary payments. The payments are authenticated by using the fingerprint of the customer.
Use of UPI
For doing micro-payments, you can use the UPI app provided by various banks. Download the app from e-market store, create a virtual address and make the best use of it in transferring payments with disclosing your bank details to the other beneficiary. UPI app works on a real-time basis and can be accessed 24*7.