The Good Life
7 reasons to go Cashless
3 min read
•
Apr 23, 2021
Table of contents
Digital payments are becoming popular – and with more and more people accepting this trend, it’s time to acquaint yourself with and embrace this new normal.
Digital payments are fast evolving and reshaping the financial ecosystem. With an aim to instill trust, transparency and minimize the risk of non-cash payments, the coming years will continue to witness incredible innovation in the digital payments industry. Further, the pandemic has further accelerated the adoption of digital payments. While most seniors still prefer using hard cash, here are a few reasons it makes sense for you to adopt this trend today.
1. Increased security
For seniors, carrying cash or stashing it at home can be risky. However, with digital payments, this risk is eliminated to a great extent. Digital payments require proper verification and authentication in the form of OTPs and other cross-verification features – this helps prevent fraudulent transactions. Moreover, it is easy to block a credit/debit card or mobile wallet remotely if stolen.
2. More convenient
The ease of conducting financial transactions is probably the biggest motivator to go digital. You no longer need to carry wads of cash or plastic cards, or queue up at the ATM. At a restaurant, why not pull out your phone to scan the QR at the cash counter? Make a quick payment – without the hassle of carrying exact change. What’s more? In bigger cities, you will now spot even auto-rickshaws accepting QR payments! The AU Mobile app allows you to make payments in just 2 to 3 taps using the ‘Scan and Pay’ feature. Now, that’s a welcome change that makes life easy!
UPI (Unified Payments Interface) enables simple, easy and quick transactions on a variety of bank and wallet apps. Once you have registered for UPI on any app, such as AU Mobile, you can make payments quicker by scanning the QR of the person you want to send money to. With AU Small Finance Bank, you can also share your QR code and enable others to make quick payments to you as well! What’s more? You can also raise disputes in case of failed/pending transactions.
The main advantage of such a facility is you don’t have to remember your banking details. All you need is a virtual payment address of the payee to make a digital transaction. Wallets are helpful even while traveling abroad, where the loss of cash or card can cause great inconvenience. That’s where wallets like PayPal come handy.
3. Seamless transactions
One of the main advantages of digital payments is that they offer more seamless transactions than regular cash transactions. Right from credit cards/debit cards, internet banking to digital wallets like PhonePe, Google Pay, PayTM, etc, you can now choose from a wide range of options to make payments. Today, all kinds of businesses accept digital payments. So, whether it's groceries, pharmacy, clothing, or regular bill payments, you can pay with only a few clicks.
4. Offers and Discounts
Digital payments provide various ‘online-only’ cashback offers, discounts, reward points and loyalty benefits. Moreover, banks like AU Small Finance Bank offer special rewards and offers to senior customers. This is one of the best ways to increase your savings.
5. Physical distancing
Digital payments offer safe and contactless transactions. With the pandemic situation, contactless payments have emerged as an essential solution for all, since it reduces physical contact and limits the spread of the virus.
6. Track expenses
With cash payments, it’s difficult to maintain a manual record of every expense you make. However, with digital payments, your task becomes simpler. Digital payment systems automatically log all your transactions. You know exactly how much you spent, and when and where you spent it.
7. Budget discipline
Digital payments help you cut down excessive spending. This controlled spending behavior not only prevents budgetary leaks, but also helps you stay financially fit.
Digital payment methods are witnessing immense growth and we are about to experience much more sophistication in the immediate future as well. Easy, fast and secure – join in the effort to build a Digital India and discover the convenience of leaving home without a wallet.
Read more
about the Dos and Don’ts of correct UPI usage.
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