With the world driving crazily towards technology, everything is getting processed through the internet. People are under the influence of the internet and seek the internet for help at all times. When banking has gone all online, how can payments lay back? With the fast adaptation to the technology-driven lifestyle, people have found faster and easier ways of getting things done, payments being one of them.
One Step Towards Make In Digital India E-Payments
Electronic payments have made people’s life easier. E-transfers have not only saved time but also made people smarter and efficient. The trust in e-payments has raised to a level that people don’t give a second thought rather make sure e-payments are made as the processing is faster and easier. No one prefers to go to a bank or make payments manually. A person who sends the money gets it done mostly through his/her internet banking as it is instant and safe.
Transactions using cash has taken a dip in the recent times as it is the time of plastic money. People swipe a card and they are done. Not only does maintain a record but also saves fraud or theft.
With the people going tech-savvy there have been e-donations also started at places and the scenario continues to be the same the shagun on shaadis will soon have provision to transfer the money directly into the account. Most of the young generation have started doing so. With Paytm also doing the advertisement campaign where you can paytm the amount. That’s somewhere convenient too.
The massive shift to e-payments/ online card payments from usual payments and cash transaction owes to the demonetisation drive in 2016. At midnight, people became cashless and the high currency denominations lost all its value. People went head over heels and hence this shift towards digitisation. E-payments, e-wallets, ATMs, internet banking all of them were the preferred options.
Since then the digitisation in the finance sector is picking a pace and has reached the underbanked section. Everything is available on e-payments now. That has also pushed the online market sector. As people do not have to visit shops to buy things from groceries to clothing everything is available online and people prefer to shop online. When the services are available at the doorstep, why would anyone bother themselves?
Benefits of Electronic Payments
E-payments have made people’s life easy and also have proved beneficial since there is less mobility of black money and every transaction has a clear record. With the payments getting electronic, the chances of theft and fraud have reduced manifolds. The hackers are trying to find a way out to hack the accounts but comparatively, chances are less since the confidential information is difficult to hack.
With payments made electronic, the people have started keeping a thorough record of their expenses as even a small payment is tracked and keeping a regular check on the bank statement and transaction history has helped them manage expenses well and not running out completely. Digitisation in finance is the ultimate motive of the government to make people used to technology and its advantage. People need to adopt smart ways of processes and get faster that is how the initiative of Digital India came into existence and make the country developed as a whole.