Many countries have embraced the idea of transitioning to a cashless society. After all, only one in four people carry cash on them and, mobile payments lower the risk of theft and overspending. But what’s the deal with all the cashless transaction hype? The answer is ease of usage. You can make swift payments through your phone without the hassle that is involved with traditional methods of payment. There are many benefits to switching from cash and moving towards more convenient digital spending options. As we make our way to a cash-free world, it is best to have a better understanding about online payments and how phone payment apps work.
Benefits of Going Cashless
- Higher Safety
The shift from cash-based welfare payments to cashless mobile payments contributes to a lower crime rate. Carrying cash makes you an easy target for thieves, but if, have your money in your mobile wallet, only you have access to your money. Almost all merchants and businesses offer an online mode of payment for their customers. That way, it is easier to make safe and quick online transactions.
- Swift Transactions
Paying with cash and accepting cash is time-consuming. You have to make sure you have enough cash to purchase something. Also, you have to count up the exact amount to pay the cashier and, later, you get your change that you have to carry around with you. On the other hand, cashless payments are simple, you can scan the QR code and fill in the PIN to make an instant online bill payment.
- Easy International payments
When you travel, you may need to exchange your currency with another country’s currency. If the country you are travelling to accepts cashless transactions, you can use your smart device to transfer funds digitally. This saves you from the hassle of wondering how much local currency you need to withdraw.
- Better Money Management
Another benefit of going cashless is that it aids in managing your monthly budget. Handling cash for your budget can be burdensome since you always need to carry at least a small amount of cash with you. It is also easier to lose track of your expenses once you start spending hard cash. However, with phone payment apps you will be able to view your transaction history on the app itself. So, it is easier to track all your expenses online with your phone, eliminating the need to carry cash around.
How to Go Cashless with A Payment App?
There are several ways to go cashless. You can opt for any of the below-mentioned modes of payment that you find convenient.
- Mobile Banking
You can download the banking app of your bank where you have an active savings account. The app allows you to check your account balance, transfer money, pay bills and make payments on the go. One more plus point of mobile banking is that payment apps do not store account information, making them a secure payment method.
- Online Banking
In online banking, you can pay directly through your online bank app. You have many options to transfer funds online such as RTGS (Real-Time Gross Settlement), NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service) for instant money transfers. It is a quick way to send money to your family, friends, online merchants, or service providers.
- Mobile Wallet
A mobile wallet is a virtual wallet on your phone that you can use to make online transactions. There are numerous options available in digital wallets. You can do your research and opt for the one that suits your digital requirements. The Airtel Thanks App has Airtel Money, which you can use to make an online bill payment, mobile recharge, online shopping, etc.