In the modern world of today, cashless financial transactions have become a reality. This was a dream to be thought of till a few decades back. With the advent of the internet, information technology, computers, laptops, other online devices; cashless transactions have become a reality in today’s world.
This has followed several years of research, development and implementation of the same across industry sectors.
- The first vital element was the transfer of all banking and financial systems to the world of the internet. All financial transactions need the support of banks. So all banking work including high-end administrative work to daily private banking work is transferred online. Many major banks now offer paperless transactions. So of course the common man can access all of his banking work via the internet. He can access his accounts and make payments online.
- Another aspect is that bill payments which forms a large part of financial transactions has become online accessible. It is possible to make most of the electricity, gas, utilities, etc. payments online via their online portals. This has cut down a lot on cash transactions.
- A big part of cashless transactions is online shopping. One doesn’t have to go to physical shops for the daily shopping these days. You can do all your shopping of groceries, clothes, etc. via the websites of these shops. And of course, the payment happens online too. This has taken another big part of daily financial transactions onto the online platform, and into the cashless form.
- Salaries are also paid online in a cashless manner directly into your bank accounts. Similarly, tax filings, etc. can also be done via their online portals.
Various cashless transaction tools are available.
Debit cards and Credit cards
You can pay using these cards which make cashless payments directly from your bank account.
There are various online payment tools available like Paytm, Paypal, etc.
Direct online bank transfers
All banks provide portals for direct online transfer of funds from your account.
Cashless transactions have made life easier and safer.