This is the 21st century and its best era in terms of highly advanced technology. Now we use many innovations of technology starting from the morning until day end. Now the world is moving ahead in the era of a cashless economy and making things digital. Cashless payment is getting more popular across countries and this time when we are struggling with the covid pandemic then its even more popular since it helps us pay the money with no physical contact.
Digitization is easy to use, convenient, cost-effective, and even a safer option for making payments. Now we can pay anyone with just a tap through cards, wallet payment and even with the internet we can pay in a jiffy. So let us try to understand what is the cashless economy.
Cashless economy means an economic system where digital transactions like net banking, mobile banking, digital wallets, payment through debit cards and credit cards are used to replace the traditional method of payments made via cash or coins.
The traditional payment system is getting upgraded with new-age digital solutions and with these options, we get more convenience. India is one of the countries that is going through the transformation phase and lakhs of users are joining this digital economy every month however it will be taking a long time to bring everyone on this segment. Its because the population is big and not everyone is so tech-savvy so making them understand this new system will take longer. The new generation will adopt this payment system easily however for the people who have been using the traditional payment systems, it will be slightly thought but that is the area where need to pay more attention.
I have been using the digital payment for the last few years but earlier acceptance was limited however with covid things have improved and now almost every place accepts digital payment. Now I rarely use my debit card to withdraw cash since I get the option to pay directly using my wallet and even I avoid using cards and prefer a wallet to pay. Paytm wallet is the one I use a lot and its very easy to use. This wallet is good to use because I need not share my card details and this is the safest way in my opinion.
What you think about the cashless economy and do you think that its good for us as well for the country to make things in digital form?
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Thank you so much team. appreciate it.