Though many people were already using cashless payment methods like credit/debit cards, internet banking, and checkbooks for transactions, the number was limited. However, governments demonetization certainly pushed the entire country to adopt various cashless ways for not just big transactions, but in fact, for the day to day transactions.
Here are 10 ways you can adopt for cashless transactions:
Internet banking
Internet banking as we all know allows financial transactions from anywhere in real time. Log in to your bank account, and you can recharge your mobile number and DTH connections, pay utility and credit card bills, and transfer funds anytime.
Debit cards
Debit cards can be said to be one of the first few ways of cashless transactions and have today become a necessity. There is no need to carry cash to make payments when you have a debit card handy.
Credit cards
Credit cards unlike debit cards as the name says work on credit and can be requested from your bank. Each time you use credit cards the payable amount is added to the credit card bill, which is to be paid at the end of the billing cycle.
Digital wallets
Digital wallets are one of the upcoming ways of cashless transactions, which allow you to store money in digital accounts. Digital wallets are offered by various mobile apps like Paytm, Freecharge, Mobikwik, etc, where you can transfer money in the e-wallet from your bank accounts and use it anytime to make payments.
USSD transfer
Unstructured Supplementary Service Data (USSD) is a relief for especially those people who do not use a smartphone and want to go cashless. You just need to have a mobile phone and a bank account to use the services of USSD. Dial *99# and follow the steps to undertake the various financial services through USSD.
UPI
Unified Payment Interface (UPI) enables the customers to transfer funds between two bank accounts. Register your mobile number with your bank account and download your bankss UPI app. You can easily go cashless without having to provide your bank account or credit/debit card details for payments when using UPI apps.
Aadhaar enabled payment system (AEPS)
Link your Aadhaar cards with your bank account to be able to avail the Aadhaar Enabled Payment System (AEPS) for making cashless payments. Give the merchant your Aadhaar card number and scan your fingerprint at the biometric machine to authorize the transaction and transfer the amount instantly.
Bharat QR code
With the introduction of Bharat QR code which has eliminated the need for any bank account/card/mobile number to make payments, transactions have become extremely easy. The customer just has to scan the QR code with the merchant from his/her phone to transfer the payable amount to the merchants account.
SMS payments
SMS payments is one of the most convenient ways to go cashless as the user need not even have a bank account for funds transfer. Provide your mobile number to the retailer and the amount will be deducted from your current mobile balance or added to your next statement if you are using a post paid mobile connection.
Forex cards
Forex cards, similar to prepaid cards, are widely accepted by all the retailers and can be availed through online banking. Though the forex cards have a limit, these can be reloaded once the limit is reached or the card is expired.
With so many ways for cashless transactions, making and accepting payments have become incredibly quick and convenient. Today, nearly everyone including the lower class people like small vendors and fruit/vegetable sellers have gone cashless through e-wallets and PoS machines.
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