As we all, know that from 8th Nov, Government initiated demonetisation drive and had banned the existing notes of Rs. 500 and Rs. 1000. These notes won’t be considered as a legal currency. Hence we’ve shared this post to help you to make the cashless payments. The announcement was made by the Prime Minister, Narendra Modi in an unscheduled live televised address at 20:15 (IST) on 8th November. Further, Government has given two options to the public, the existing notes either be:-
- Exchange for new notes
- Deposited into the Bank
The demonetization of a high denomination currency creates a lot of shortage of cash in the economy, in spite of government’s best efforts to provide new notes. Nowadays every person in the country facing this problem whether he is a big businessman or a small shopkeeper. Even people have no cash to purchase necessary things. they are not able to transact due to lack of the availability of cash in the economy.
However one should remind that the cash is not the only way to make payments. So are another ways through which one can make payments easily. So today with the help of this article we will tell you about the useful ways to make cashless payments. As our country going to become a cashless economy so now it is very much important to know and learn about the ways through which we can make cashless payment with the ease.
So read this article know about best and proven ways to make CASHLESS payments.We’ve listed best eight ways to make your any payment Cashless.
- Demand Draft DD
- E- Wallets #Trending
- Net Banking/Online Transfer
- Mobile Banking
- Gift Cards
- Debit/Credit Cards
- And UPI Apps
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Now this time to explain all above methods to make cashless payments.
Best 8 Ways To Make Cashless Payments
1. Demand Draft (DD)
This is a very useful and secure way of making payment. Making payment through demand draft is generally prefer by those who doesn’t want to take the risk of payment faults. It is the secure way and signed by the banker.
Demand draft is created by the bank hence for making payment through demand draft one has to visit the bank. For making a demand draft bank collects some bank charges. If someone receives payment through demand draft, then he has to visit ATM/ Bank.
All you know about the cheque– way to make cashless payments. This method is a most popular and used by the people for making payments. This method is being used from very long time, and everyone knows about this method. You can issue a cheque for a specified amount from your bank account to be transferred to the account of the person to whom you want to make the payment by issuing the cheque.
However, it will take few days for payment get transferred. There is an another risk of default as the cheque may get dishonored.
Hence nowadays other ways are being used for making payments to avoid such type of default risk associated with cheque payments. So lets discussed the other ways of making cashless payments.
3. E – Wallet
This is the most trending way to make payment. E-Wallet is a very Mobile Payments way to make cashless payments. As nowadays everybody has a smartphone and these smartphones can be used as E-WALLET by using some Apps like PayTM, Free-charge, Mobikwik, etc.
E-Wallets are easiest options to make small payments before demonetisation, this method hardly saw acceptance in a non-urban area or even in non-metro cities of India. Now these make an efficient alternative for cash.
For receiving payments through E-Wallets, the receiver doesn’t require having any card machine. To use these specials kind of E-Wallet, one will have to charge their account through online payments. The service provider save some of the card information to make the transaction quicker with the very attempt.
After the initiation of demonetization drive by the government the use of such digital wallets has increased drastically as it is very easy to use make payment.
4. Net Banking / Online Transfer
This is again a trending way of making payment. With the growing use of the internet, net banking is getting popular. As its name suggest, this is done through the internet. You don’t have to go to the bank to do an account transfer. For making the online transfer you just have internet banking ID and password. This way is very faster, and there won’t be any risk of payment default.
Now you don’t have to depend upon the banker or to visit the bank. You can do account transfers your self-using your mobile or laptop. Net Banking is very fast if the account transfer is between the two accounts of the same bank then the transaction take place instantly. However, if this transfer is between the accounts of the two different banks, then it will take some time for the transaction being processed.
5. Mobile Banking
Mobile Banking has turned mobile phones into the banking portal. The applications made for banking are specially optimized for smartphones. Apart from the net banking user ID, the customer will have to make a unique PIN to access services.
Gradually, many banks are using additional security options available on the smartphones such as fingerprint sensor to make logging safer.
6. Gift Cards
It is the latest way for making the gift to someone. Now instead of giving cash, you can gift a card which has a preloaded amount in the card. Some of these cards can only be used at selected retailers, but some other can be used at any place where the Debit /Credit cards are accepted. You can also create such a card for the fact that it is mainly used for gifting.
7. Debit Cards /Credit Cards
Nowadays Debit or Credit cards are used very commonly and acceptable easily. These are being used in India for a very long time. However after the initiation of demonetization of the currency the use of Debit or Credit cards has been increased..
The cards can be used at ATMs or Point of sale devices that are available at the retail outlets. The merchant to whom the payment is being made should have a swipe machine, and the payment would be made instantly once you the swipe the card.
Credit cards even come with certain privileges which reward a user for payments done using.
8. Unified Payment Interface – UPI
This method is more a part of mobile banking but with the particular emphasis on security. For transferring funds using mobile banking, the sender has to reveal his account number to the receiver but in UPI user will be able to send money using a unique username. Hence this method is considered more Mobile Payments of view.
The option can either be accessed via internet banking or mobile banking application.
So we are hoping that this article will help you for making cashless payments. Now I’ll be waiting to hear you in comments, about your suggestions or any query… If I mistakenly missed any other method to make cashless payments, then you can feel free to suggest me, and why not help!! Us by hitting those social share button given below to share this post on social media. After all, sharing is caring 🙂