The term demonetization has caused a lot of sensation into the lives of all. As the country moves towards a cashless economy, the initial awe and confusion have made rooms for a flurry of concerns. To divert the minds of all towards a cashless economy, the government has come up with a number of discounts. Following are the benefits of going cashless this time:
The ease of conducting your financial transactions and other important one’s is probably the biggest motivation to go digital. Now no need to carry a bundle of cash and making your wallet look heavy when the purpose can be achieved digitally with the usage of plastic card. It is best suitable for emergencies where you can just simple swipe rather than standing in long queue outside an ATM or bank for money.
Now is the time to increase your savings with digital transactions. The government to divert the crowd towards cashless economy has started off with providing freebies and offers. For example- 0.75%discount on digital purchase of fuel means that the petrol price in Delhi at Rs. 63.47per liter can be brought down to Rs. 62.99 with digital payment.
- Tracking Spends:
With digital payment mode on the swing people do now have an opportunity to keep a record and track of all the transactions being done in a month and even a year to have all the track records of their account details. It will in turn help you while filling for income tax returns and also in case of any sort of scrutiny among people and organization.
- Budget Discipline:
The written records of your spending will help in keeping a stop on your extra expenses. At the end of the month if you sit down with the list of all your spending throughout the month it will be less as compared in terms of cash in hands. According to a survey, a person is likely to spend more when having cash in hand as compared to a plastic money (card) or digital money.
- Lower Risk:
If your card is stolen or lost the best way to secure your things is by blocking your card. But it is not possible to get that amount of cash back once it gets stolen. This happens when you are travelling abroad when loss of cash gives you a lot of convenience and makes you more furimatic.
So these were some of the advantages or benefits of transforming your economy into a cashless economy. There could be several inconvenience at the initial stage but at the end the problems will ultimately fade away with the passing time.