After demonetization in India, there has been a huge cash crunch noticed due to less availability of Rs.2000 and Rs.500 notes in the market. To cope up with this issue, government is promoting and focussing on cashless transactions of small or big amounts for all types of businesses. Yes! Say it for buying vegetables or selling a crop, paying bills or collecting them, paying school fees or doing business, it’s all possible without cash.
With the growing popularity of digital transactions, here are the best and securest ways to do cashless transactions:
1. Net Banking: To pay money through net banking, you may need to know payee’s bank account number and IFSC code and to receive payment, you may need to share these details as well. However, good part is that you can make big payments of up to 10 lakhs in a day.
2. Plastic Cards: Basically Debit and Credit cards which can be swiped in PoS machines to make payments or at ATMs to withdraw cash. These are pretty easy to use. All you need to do is to swipe the card, then enter the amount you wish to withdraw or make payment, and then enter your card’s PIN and the transaction is done.
3. UPI: It’s Unified Payments Interface. It’s the easiest and fastest way to do cashless transactions provided both parties have created their VPA (Virtual Payment Address) under UPI. Instant payments can be made or collected within seconds by merely punching in the VPA which looks like an email address. For eg. yourname@axisbank. Click here for details about How to transfer money using UPI?
4. E-Wallets: This is another coolest way to transact money. The amount can be received or transferred directly to registered mobile number. You e-wallet is linked to your bank account so this is like two way process to get it in bank. However you can also do shopping or pay bills via e-wallet balance directly.
5. USSD: It’s Unstructured Supplementary Service Data. You can make payments without internet. All you need to do is to link your mobile number with your bank account and then dial *99#, follow the steps and make the payment.
6. AEPS: It’s Aadhaar Enabled Payment System. This is the most advanced type of cashless transaction system being introduced by the Indian government. In it, you can link your Aadhaar Card number with your bank account and the authentication of the payment will be done using your fingerprint.
So guys, stop lamenting on cashless fiasco in the country, go cashless, use these cashless transaction techniques and freely and happily buy or sell whatever you want to!!