10 BEST METHODS FOR CASHLESS PAYMENT
Post demonetisation: 10 easy ways to go for cashless transactions
Are you one of the many lakhs of people in the country who have just received their monthly salaries, but don't have the cash in hand to spend it? The good news is that you can move around with lakhs of rupees of purchasing power in your pocket – the only thing is, it won’t be cash.
1) Net banking: It allows you to use your banking services from any place across the country. All you need is an internet connection, a username and a password to log in to your net banking website – and voila – ou are ready to use net banking. With the help of net banking, you can check your account balance, statements, you can pay your credit cards bills, electricity bills, do a wi-fi recharge…you can even recharge a mobile or any prepaid connections.
2) Credit Card: Suppose you went to a shop and purchased grocery for Rs 5000 and on an agreed future date of payment in good faith, you made the payment on that particular day. Extending the same logic, why should you carry cash when you can simply use a credit card which serves the same purpose? The credit card saves your time as there is no need to go to banks or ATMs. You only need to swipe your card through a machine which shopkeepers and grocery stores normally keep these days.
3) Debit Cards: They are just like credit cards, without the ‘credit’ element. Whenever you are in need of money, this card will provide you cash 24×7 through any ATM machine. There is no need to worry about bank timings, stand in queues for withdrawing cash – leaving out special circumstances like the one we are seeing right now. These are bank account-linked ATM cards, that are mainly used for withdrawing cash.
4) Gift/Forex Cards: These are prepaid cards which have certain cash limit assigned to them. These are readily accepted cards and can be used at any shop and can also be used for online purchase of products. Most of these cards are reloadable but they are reloaded only when the amount is either consumed or gets expired. You can request for this prepaid card through your net banking by going into the card section and selecting the option of ‘request for prepaid cards’ and with few verifications, you will get your card at your doorstep.
6) UPI (Unified Payment Interface): Simply put, it enables you to transfer money from one bank account to another. It is an infrastructure provided by NPCI’s (National payment Corporation of India) to all the public, private & cooperative banks where they can build their own interface and help the common man easily make micropayments with a maximum cap of Rs 1 lakh through various modes like virtual address (a single identifier code), account no with IFSC code, mobile number or adhar number. It will ease the e-commerce payment gateway where we do not have to share account number or any sensitive information between person to person. Moreover, UPI works 24×7 on real-time fund transfer system.
7) E- Coupons: These electronic coupons are offered by various online mega stores. They are very helpful in taking discounts on purchase done through online shopping.
8) Physical coupons: These are paper coupons which come in small denominations of Rs 10 to Rs 50 with a validity of 6 months to 18 months. These are used by corporates to reward their employees. The best use of these coupons can be done in buying meals from places such as Pizza Hut, Dominoes, KFC, Big Bazaar, etc. Out of many, two big giants that are providing these coupons are Sodexo and Ticket Restaurants.
9) AEPS (Aadhaar Enabled Payment System): Going ahead, you can use Aadhaar cards as a debit card in various merchant stores. These cards have been already linked to your bank accounts. You will be provided with a finger scanner at the merchant’s store to do your payments. Aadhaar-cum debit cards will allow you to do micro-payments for not more than Rs 4000. However, there are several questions like which bank account will be taken into consideration for making payments.
10) Med Health Cards: These are discount cards specially designed to avail benefit from the healthcare sector. These cards provide various health care savings programs. These cards provide free OPD consultation service. You can use this card and get a health check up done.
