Cash is King, but things have changed and that’s not the case anymore. Digital payment systems have spread like wildfire especially in the last three years. India has been one of the frontrunners when it comes to digital payments. According to a report by NITI Aayog, In FY 2016-17 itself, digital payments rose by 55% in India. According to a report by the National Payments Corporation of India (NPCI), UPI users in India have crossed 100 million. If you think about your most recent transactions, you might realize that you make most of your online payments digitally. You use debit/credit cards or UPI to pay bills and purchase things. So, what makes digital payments so popular and why should we further embrace digital payment solutions? Here are the top benefits of doing so.
1. Greater convenience
It’s human tendency to chase after convenience. We want everything on our fingertips, and rightly so. Ensuring that you always have enough cash on you can be difficult. You also have to be worried about safety since anyone can use your cash if they steal your wallet. Digital payment systems, on the other hand, have made things so much easier!. Left your wallet at home? You can still pay for your auto ride simply by scanning a barcode through your e-wallet system! With one tap of the finger, we can pay our mobile bills, electricity bills, house rent and even buy food when we feel like a snack.
2. Improved security features
The government is pushing digital payments because it wants to increase transparency among monetary transactions among people. Indians have traditionally held on to cash but now we have slowly understood the safety and security that accompanies digital payments. When you carry cash, there’s a high probability of it being stolen. Even withdrawing Rs.5,000 rupees from an ATM at night especially can be worrying. You’re constantly anxious about what’s in your wallet. With digital payments, all these issues don’t even come up. Many digital payment systems are protected with fingertip sensors or special codes. So even if someone steals your smartphone, they won’t be able to access your bank account from your e-wallet system.
3. Helps you keep track of your payments
With cash payments, a person would have to maintain a manual record of every expense they make. But this is very difficult to sustain in the long-term as it’s unrealistic to keep track of every small payment you make. Digital payment systems automatically log all your transactions. You know exactly when you sent what amount to whom. This also helps to cut down excessive spending and become more frugal.
4. Multiple digital payments options
Digital payment options are abundant. You have several UPI options, debit cards, credit cards, NFC, all aided by highly secure payment gateway systems. In fact, several payment gateway companies have blossomed because of this digital revolution. Money gets immediately deducted from your account and also gets added when you receive money from someone. There’s absolutely no delay of any kind. When you embrace digital payment systems, you embrace a comfortable life.
5. No bank visits
Nobody likes visiting a bank. In fact, it’s one of those boring tasks we keep pushing because it can be a long and tedious process. Cashing cheques involves standing in long lines and having to visit multiple tellers before you finally get what you need. Getting a DD takes around 24 hours as well. And needless to say, waiting in long ATM queues isn’t the best way to spend your precious time. So avoid these hassles and embrace digital payment solutions! In fact, companies like ZestMoney also make it unnecessary for you to have to go to a bank to get an EMI approved or to apply for a credit card. Since you can avail no-cost EMI on a range of online and offline partner stores without a debit or credit card, bank visits and paper forms are a thing of the past!
6. Tax benefits
The government has provided service tax waivers for several goods and services. Service tax is waived up to Rs. 2000 on card transactions. You can also avail discounts on fuel, train tickets and some insurance. The government has taken these steps with the intent of pushing people to embrace digital payment systems. Mobile wallets like PayTM even provide cashbacks and reward points which can be redeemed later.
7. Women empowerment
The digital payment solutions revolution in India has been a pioneer in empowering women across the country. Many women in India have traditionally been dependent on men to handle their finances. Men used to control the amount of cash that women could use for household purchases. These days, an increasing number of women are accessing their accounts directly through digital payment systems for even the smallest things such as buying vegetables from local kiranawallas.
Digital payment systems are indeed the future of finance. ZestMoney is going a step further to spread digital transactions across the country. ZestMoney provides credit to people, even without a credit card! This is revolutionizing card-free transactions in India.
All you need is to be an Indian citizen above 18, have a valid bank account and submit KYC documents. Once you sign up on Zest and submit valid documents, wait for ZestMoney to assign you a credit limit. With Zest credit, you can purchase whatever you want across our partner websites. Once you do, you can pay back in regular no-cost EMIs. EMI repayment periods include 3,6,9 and 12 months. Millions of people without a credit card can now use credit to make transactions.