Demonetization, which took place in November 2016, led to a surge in the use of digital currencies. As per NPCI (National Payment Corporation of India), India used Unified Payments Interface (UPI) for 246.37 Mn transactions alone in June 2018 — a 30% spike from 189.48 Mn transactions in May this year. On the value front, these online transactions came up to $5.95 Bn for the month of June, against $4.97 Bn (INR 33.2K Cr) in May.
Such a surge in online transaction clearly shows that India has started to prefer digital payments over the traditional way of making payments. Here, we will look at the benefits that digital currencies bring over the physical money.
A convenient way to carry money
One of the biggest moving factors for going online is the ease of doing business. When money goes online, you no longer have to carry real money, or even cards for that matter — forget queuing up at the ATM to withdraw your money.
Online money gives people the freedom of transaction — they can transact whenever or wherever they want. Earlier, payments could only take place during office or business hours in banks. However, now that everything has become online, it is much easier to transact during off business hours as well.
One of the biggest benefits which digital transactions bring to the economy is that they provide a lot of discounts. The government offers incentives on card transactions as well. For example, every time you pay for your fuel digitally, you receive a cashback of 0.75 percent.
You also get several promotional offers in other sectors of the market such as highway toll, purchase of insurance, railway tickets, and more. If you are conducting online payments through an internet wallet, you are eligible for even more discounts and cashback that will make your shopping experience even more fun.
People spend better once they start tracking where their money is going. With digital payments come the option to track the money. You know exactly where your money is going — how much you are spending and where. With online transactions, you can even gain access to your entire balance sheet.
This is helpful when you start filing your tax returns — it becomes much easier to explain and understand your expenses. Besides, there are various apps that are available online which can help you in tracking the areas where you spend most of your money, such as shopping, travelling, eating outside, or other activities.
Unlike a physical wallet that always carries the risk of being lost or stolen, digital transactions systems on phones, as well as cards, can be easily blocked online. Often, this can be done through your bank’s mobile app. Otherwise, you can contact the customer care to get the blocking done.
Opening economic gateways
A smoother means of transaction through digital payment implies that people will have better ways of spending their money. Once all the money is under scrutiny, it gets much easier to start saving and start investing elsewhere — in new businesses that create jobs, in stocks and ventures, and other things. The fact that all digital transactions take place within seconds opens up new opportunities for doing business independently.
With digital transactions, it becomes much easier to buy products on the EMI store as well. If you want to buy a product on EMI, then you can head over to Finserv MARKETS where you get the option to buy many products digitally.
The EMI store on Finserv MARKETS has offers that can get you hooked on shopping. All you have to do is submit a few KYC documents online for verification. This process is usually completed within a few minutes as the support team is always online. Post that, you get the EMI approved from the Bajaj Finserv EMI Store and the product is usually delivered on the same day.
The repayment options for these EMIs are quite flexible — they are designed in a way so that you do not have to worry about repaying your monthly installments. EMI options on Finserv MARKETS let you explore shopping in a way where you no longer have to stress about spending too much too soon, as it lets you span out your expenditure through flexible EMI plans.
Finserv Markets, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!