Benefits of using cashless transactions
The Indian government is promoting the use of digital payment options and reducing cash transactions in the country.
The money ban and cash shortage also forced many Indians to go cashless. Here are few reasons that show that staying cashless is better than using cash.
Cashless payment is easy to do than carrying cash around. Apps like Paytm and Freecharge also make day to day money transactions simpler.
Keeping the track of spending and expenses becomes easier and transparent.
It also becomes easier to save money. Making a budget and using the funds economically becomes better when you can see where the money is going.
Credit card/debit card can be blocked if lost or misplaced, keeping the money safe. However, a lost or stolen wallet can rarely be recovered.
Several apps offer discounts and deals when used for payments and help spend less.
Users also get the option to buy first and pay later with apps like Slicepay, that give monthly loans to people.