StudentSpeak - Benefits of Cashless Transactions

Anurag Joshi - XC speaks on 'Benefits of Cashless Transactions'

Good Morning to one and all present over here.

Cashless transactions mean financial transactions handled by the means of credit cards, bank transfer, cheques etc. and not by the means of cash, coins or bills being handed from person to person. There are multiple advantages of cashless transactions.

Ease and convenience of transaction is probably the biggest motivator to go digital. Once you are digital you don't need to carry wads of cash or bundles of cheque books. It is also a safer option while spending during travel. It can be useful in case of emergencies like sudden hospital visits or unplanned purchases. You also have the freedom to transact whenever and wherever you want.

The biggest factor especially for the people with an Indian mentality is probably discounts. Recently the government had waived tax on cashless transactions up to Rs. 2000. It is an incentive provided by the government to promote digital transactions. Various mobile wallets like paytm , free charge, etc. offer discounts on mobile bills, landline bills, movie tickets and so on, to involve more and more people in their cashless system.

Only factors like ease and convenience and discounts aren't enough. The biggest factor on which people rely on is security. If stolen, it is easy to block a credit card or mobile wallet remotely, but it is impossible to get back your cash. So digital payments prove to be more secure. When the futuristic cards and mobile wallets will evolve to use biometric id like finger print or eye scan, it will be more difficult to copy them thus making it a safer option.

           

Every digital transaction gets recorded. Hence all transactions can be tracked by the government. This will control illegal purchases and sales. It will automatically reduce corrupt practices. Every deal can be monitored; so people will tend to avoid underhand dealings and stashing away of black money. This will result in a clean society.

I would like to conclude my speech with the point of small gains. It may not seem much of an advantage but by becoming cashless one can easily ward off borrowers. One more plus is that you don’t have to carry and offer exact change to the shopkeeper; you can pay him the exact amount through a digital transfer.

So friends, let’s go digital and cashless and fight against the black money together.