After
the much-debated ban on the high currency notes by Modi Government, a big
segment of population is left confused over the idea of cashless society. ‘Will
it be beneficial or is it going to be a big trouble?’- This is the common question
that seems to perturb everyone in search of a better living. However, if you
are also baffled enough to get to a single verdict, you have come to right
page! This post is giving you the chance to explore the common benefits and drawbacks
of going cashless.
The advantages:
Huge cut rates- Although the idea of
going cashless has raised a glut of concerns among people, the announcement of
a number of lucrative discounts on digital transactions has actually opened a
new slide for the entire country. The recent abdication of Rs 2,000/- on the
service tax is one of the best incentives ever declared by the Government. A
great medium to promote digital transactions, this exclusive step has also
introduced a spur of freebies and concessions. So, if you are looking for a
good saving, nothing can be better than making the best use of these
deductions. From the railway tickets to the highway toll, a digital payment can
actually save your pocket to a great extent. Moreover, the cash back offers of
the digital wallets have perked up the cash flow to a significant level.
Smart and easy – The convenience of monetary
transactions is one of the main advantages of going digital. Standing in long
queues for money withdrawals will just become a myth as soon as the Government
makes digital deal a compulsory choice. Apart from being smart and easy, it
will also come to the best use in any case of emergency.
Minimum risk factor- With the top-rate
advancement of technology, blocking a credit or debit card is no longer a
challenge. When getting your stolen money back becomes more than impossible,
blocking your money wallet or the monetary cards takes no less than a minute!
Also, with the proposal of launching biometric ID cards, it’s going to be much
safer as well as risk-free.
A disciplinary method – Better budgeting is
always one of the most important ways how you can improve your cash flow. The
concept of going digital will help you keep a better track on your spending and
give you a clear sight of your budget. The top-end applications for digital
transactions will give you an exact detail of your expenditure at the end of
the month, thereby seizing the chance for budgetary leaks.
The pitfalls:
No good for the tech-unsavvy crowd- In a developing country
like India where a greater segment of people are still illiterate and making
their living as laborers, the concept of cashless country is nothing but a
threat. Also, the elder people who are not much acquainted with the modern
technology may find themselves out of the loop. So, digital transactions may
prove out to be a curse for many of them who need more time to be familiar with
the technology.
Lose your phone and you will lose
everything
– As digital transaction is completely reliant on the applications of smart
phones, losing it can really make you face a number of hurdles. It will not
only leave you helpless, but can also lock you out of the world, as you will
not have any other payment mode to adhere to. Also, you have to keep your phone
charged for the maximum time, as doing otherwise can get you in serious
trouble.
Extravagance – Researches show that
people having physical cash are less likely to misuse money than that of those
who prefer to opt for card transactions every time they purchase things. Thus,
according to the financial experts, using cards will lead people into more recklessness.
Also, the threat of
cyber-attacks can never be ignored and hence, to suggest a cashless economy,
the Government has to consider all the benefits as well as the drawbacks simultaneously.
Still, to conclude, going cashless has a lot of advantages to offer for the expediency
of common people as well the Government.
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