India is going to be cashless very soon. The digitization has led to a reduction in using cash and this has increased the usage of money as much as possible. These days, it is not difficult to pay money if the person doesn’t have cash. By doing money transfer via online, the hassle of payment is removed.
The process of digital money transfer is known as Electronic Fund Transfer which is abbreviated as EFT. The use of cashless money transfer is growing so rapidly and simultaneously that the companies are giving cut-throat competition to each other. Today online money transfer is a common thing. Everyone has a Smart Phone and internet. If not exaggerating, every third person is habitual of using the internet. Using online money transfer has lots of benefits to the users and government.
What are the benefits Digital Money Transfer?
Online money transfer is not popular without reason. India was in the dire need of cashless money transfer system. To put lights on them, below are the main benefits of going cashless:
- Online money transfer has broken all the records of being convenient. The process is very convenient for the users. It does not even require the user to go to the bank or somewhere. Just a Smartphone and laptop with the internet is all that is required and the amount is paid to the second party.
- One of the benefits of using online money transfer facility is that there are fixed discounts and many other offers on different e-commerce payment systems. One can get attractive cash back offers and discounts which were not available in cash payment service.
- One of the extremely good aspects of digital money transfer services is that the user can keep track of his or her record. He can be aware of when his money is deducted and whether the transaction is completed or not. This ensures the transparency of the money transfer process and make it more customer-centric.
- Since there is a record of transactions stored in the application of a specific user on monthly basis, it encourages the user to make a budget. Unlike cash payment, the online money transfer is not at all haphazard and maintains the expenditure.
- There is a lower risk of money theft or stealing. If a proper amount of money is maintained in the wallet, it is safe and nobody else than the user can use this. If the card is stolen it can be blocked right away and hence the money in bank account is safe.
- One more advantage of using online money transfer is that you do not have to go to ATM again and again to withdraw money. This saves effort and also fuel expenditure. This might not seem a benefit or a big saving but practically this becomes a good amount when gets piled up.
Above are the benefits of using online money transfer system. Thus, using digital money payment does not merely depend on the convenience, but it gives a lot to the user and eventually the economic system.